Vanguard opens special offices for $1 million clients

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miamivice
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Re: Vanguard opens special offices for $1 million clients

Post by miamivice » Tue Jan 23, 2018 6:28 pm

StevieG72 wrote:
Thu Feb 23, 2017 11:19 pm
I would prefer a coffee mug once my account reaches $1 million.
Yes. I also would like to say "Vanguard Flagship Status" and then I will drink from it while at meetings with both co-workers and management. I am sure I will make a lot of work friends once word gets out that I am a Flagship member.

Oops, I'm not actually a Flagship member so that won't work.

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StevieG72
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Re: Vanguard opens special offices for $1 million clients

Post by StevieG72 » Tue Jan 23, 2018 6:33 pm

RudyS wrote:
Tue Jan 23, 2018 11:21 am
StevieG72 wrote:
Thu Feb 23, 2017 11:19 pm
I would prefer a coffee mug once my account reaches $1 million.
Same here. NWIH they would ever open an office near me.
I received two Vangaurd Mugs for Xmas. I really like the mugs, but am a little disappointed in the quality.

They don't seem to keep coffee hot as long as some similar mugs I own, and the lid is not as spill proof as I would like.

Have not reached the milestone yet either btw.
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JamesSFO
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Re: Vanguard opens special offices for $1 million clients

Post by JamesSFO » Wed Jan 24, 2018 10:46 am

Btw have any of these offices actually opened yet?

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snackdog
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Re: Vanguard opens special offices for $1 million clients

Post by snackdog » Wed Jan 24, 2018 11:11 am

wstrdg wrote:
Sun Feb 26, 2017 5:22 pm
It seems that crossing the $1 million mark does not automatically upgrade your household to Flagship. My Personal Advisor said that the system periodically reviews and offers upgrades but otherwise you need to request the upgrade when your math shows that you qualify.
I believe you are eligible for assistance but no action occurs when you cross the threshold. If you are over $1MM, you may click on the advisor links or contact Vanguard (message/call) and ask to consult with an advisor. If you wish a dedicated advisor and CFP, it costs 0.3% of your assets under management per year ($3,000/$1MM).

From Vanguard -


As a Flagship client, you are always able to schedule a point-in-time
appointment with a Senior Financial Advisor on a complimentary basis.
Vanguard provides our Personal Advisor Services(R) specifically to help you
address such needs. If what you need is one-time assistance, you can get
help with determining the appropriate asset allocation at no cost.

If you would like to have an ongoing relationship with a Vanguard financial
advisor and Certified Financial Planner(tm), we also offer that option at
low cost of 0.30% of your assets under management, as you've come to expect
from Vanguard. You can have a personal relationship with a Vanguard advisor
who would help create an appropriate plan and manage your accounts. The
annual fee of 0.30% is assessed on a quarterly basis.

To learn more about how the service can help you reach your financial
goals, you can visit the link below:

https://investor.vanguard.com/financial ... ial-advice

spartanap
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Re: Vanguard opens special offices for $1 million clients

Post by spartanap » Wed Jan 24, 2018 9:08 pm

I just reached Flagship status within the last month. :D Received an email from my personal Flagship advisor two days ago.

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Re: Vanguard opens special offices for $1 million clients

Post by rerod » Sat Feb 03, 2018 6:00 pm

Well, I WAS a millionaire there for a second.. :oops: :thumbsdown

Makes no difference to vanguard if you have 1M invested. One consultation with a different adviser per year.

I don't know.. Maybe I just wanted to be able to chew the fat about my investments with the same young cfp.. Is that really to much to ask? But vanguards cfp's are probably per-programed with every response anyway..

I guess I will continue to simplify my port and manage it on my own, but in the last few days Iv felt like firing myself. :happy

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Re: Vanguard opens special offices for $1 million clients

Post by rustymutt » Sat Feb 03, 2018 7:57 pm

I hate to post this, but their service was superiorior before I hit the big mark in financial life. To whom much is given, much shouldn't be expected. I don't know. I'm still with them. I think I expect way to good service from those waiting on me. I must be out of line again.
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Re: Vanguard opens special offices for $1 million clients

Post by abuss368 » Sat Feb 03, 2018 8:10 pm

Thank you for the update.
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Re: Vanguard opens special offices for $1 million clients

Post by abuss368 » Sat Feb 03, 2018 8:13 pm

I am curious if Vanguard will ever open a bank or credit union either online or with offices. That was rumor a few years ago.
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FrugalInvestor
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Re: Vanguard opens special offices for $1 million clients

Post by FrugalInvestor » Fri May 25, 2018 1:31 am

JamesSFO wrote:
Wed Jan 24, 2018 10:46 am
Btw have any of these offices actually opened yet?
I will re-iterate the above question.......

Have these offices opened and has anyone had any experience with one?
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munemaker
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Re: Vanguard opens special offices for $1 million clients

Post by munemaker » Fri May 25, 2018 6:10 am

I prefer to deal with Vanguard online and, in rare cases, telephone. I wouldn't walk across the street to a special office unless I was desperate to resolve some serious issue, very unlikely.

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Re: Vanguard opens special offices for $1 million clients

Post by ReformedSpender » Fri May 25, 2018 8:07 am

FrugalInvestor wrote:
Fri May 25, 2018 1:31 am
JamesSFO wrote:
Wed Jan 24, 2018 10:46 am
Btw have any of these offices actually opened yet?
I will re-iterate the above question.......

Have these offices opened and has anyone had any experience with one?

As stated previously in this thread, these offices already exist

https://www.vanguardjobs.com/locations/

:beer
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letsgobobby
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Re: Vanguard opens special offices for $1 million clients

Post by letsgobobby » Fri May 25, 2018 8:26 am

I could probably think of an office for millionaires I'd feel less safe being spotted walking into than one in Mexico City but I'd have to work really hard at it.

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FrugalInvestor
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Re: Vanguard opens special offices for $1 million clients

Post by FrugalInvestor » Fri May 25, 2018 11:00 am

I am interested in the offices being available to my wife should anything happen to me. I think it would be good for her to meet with someone face-to-face to get the ball rolling on account transfers and management.

I sent an message to Vanguard through the website this morning and received the following prompt reply (abridged)......
Dear XXXXXXXXXX:

Thank you for your e-mail.

Vanguard Flagship Services(R) does offer the ability for our clients to
schedule walk-in appoints.

For security purposes only clients with scheduled appointments will be
granted access to the Vanguard XXXXXXXX office campus. However it is
possible to drive by and see where the campus is located.

I've included the address of the Vanguard XXXXXXX office as well as
directions from several surrounding areas.

If you have additional questions, please call Flagship Services(R).
One of our knowledgeable representatives will be happy to assist.
The address, directions and phone contact info. were also included.[/quote]

So the way I interpret the "offices" at this point is that in-person appointments are available at Vanguard's existing locations as ReformedSpender alludes to above. Good to know.
IGNORE the noise! | Our life is frittered away by detail... simplify, simplify. - Henry David Thoreau

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Re: Vanguard opens special offices for $1 million clients

Post by Munir » Fri May 25, 2018 11:19 am

ReformedSpender wrote:
Fri May 25, 2018 8:07 am
FrugalInvestor wrote:
Fri May 25, 2018 1:31 am
JamesSFO wrote:
Wed Jan 24, 2018 10:46 am
Btw have any of these offices actually opened yet?
I will re-iterate the above question.......

Have these offices opened and has anyone had any experience with one?

As stated previously in this thread, these offices already exist

https://www.vanguardjobs.com/locations/

:beer
Three office on the East Coast and one in Arizona. Not such a great geographic distribution- I wonder what the guidelines were for choosing the sites. California, Northwest, Midwest, New England....?

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Johnnie
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Re: Vanguard opens special offices for $1 million clients

Post by Johnnie » Fri May 25, 2018 3:44 pm

Physical locations do nothing for me but for some minor telephone service conveniences I would probably bring my Schwab accounts into VG (or vice versa) to meet the threshold.

I'm talking stuff the companies used to do automatically, like snail-mail IRA rollover or deposit forms rather than demanding everything be done online. (Where it often fails - adding time-wasting, frustration and stress to the services offered - and you have to talk to a human being anyway). Maybe some streamlined rebalancing assistance, or auto-rollover of expiring CDs to the highest current rate for the same duration, or some hand-holding on Roth conversions, etc.

IOW, old-school stuff that costs little and would be smart for a company to provide as a way of getting people like me to put my other eggs in its basket.
"I know nothing."

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Re: Vanguard opens special offices for $1 million clients

Post by Vanguard Fan 1367 » Sun Sep 16, 2018 9:44 am

My experience is that the picture of the personal representative is gone and when I call I get a group of people to help with things like a wire transfer to buy a house. There was a little drama in trying to do the wire transfer with a new rep but the house managed to get bought. I have done 2 other wire transfers when I had a dedicated rep and it seems like that went a little smoother because we didn't have to get the new person on the phone up to speed.

Is Vanguard's offer to give Flagship clients a personal representative still good?

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Re: anguard opens special offices for $1 million clients

Post by Ron Scott » Sun Sep 16, 2018 10:35 am

Sandtrap wrote:
Wed Feb 22, 2017 5:52 pm
Does this mean I will be able to walk into a physical Vanguard office in Phoenix just as I do Schwab in Scottsdale?
I'm with VG, happy, and Mom's with Schwab. I like Schwab too.

So in July I take her to the Schwab office a couple miles up the road to redo her RMD plan. Standard stuff but she wanted to do it in person. Everyone is pleasant, no line to wait on, I grab a lolly pop and a water. After understanding what we are looking to accomplish the rep on deck nods "no problem" and direct us to a fishbowl office with a phone, dials up the guy, and leaves. The guy comes on, verifies Mom's ID info, listens to the request, types away, tells us we're good to go and thanks us for being Schwab customers.

Mom is happy.
I am happy.
I take one of their pens.

Great to know there's a Schwab office in town!
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ge1
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Re: Vanguard opens special offices for $1 million clients

Post by ge1 » Sun Sep 16, 2018 10:51 am

I have been Flagship for a while and while it is "nice" to have a dedicated customer rep, it's not something I would ever pay for. I reach out to her less than once per year. If I have specific questions, this forum is much more knowledgeable than any adviser (and she seems actually very good).

So I love the fact that the main focus of Vanguard is keeping costs down for everybody. The moment they start building fancy branches everywhere it will be trouble...

tibbitts
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Re: Vanguard opens special offices for $1 million clients

Post by tibbitts » Sun Sep 16, 2018 11:05 am

Maybe instead of having remote offices Vanguard could travel the country in an RV. I just saw a 1984 Winnie for $1k. They could overnight in Walmart parking lots for free.

drzzzzz
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Re: Vanguard opens special offices for $1 million clients

Post by drzzzzz » Sun Sep 16, 2018 12:02 pm

Maybe my issues have been different, but I would value an office - now, if I want something done quickly and in a timely fashion without much hassle I use Fidelity since I can go to their local office and get it done easily without the email or phone back and forth that seems to occur with Vanguard and their message system. Fidelity has not asked for extra medallion guarantees and I get prompt callbacks after I have discussed an issue with them that needs more looking into usually with a level of expertise that my flagship rep often doesn't have or has to get back to me about (the rep even gives me a direct line to them so I don't need to go over the entire issue again).

My viewpoint of course is jaded by the fact that it took Vanguard 10 weeks to set up our revocable trust a few years back and Fidelity 5 days; then when I needed to separate out some assets from the Vanguard trust account into a new trust account they said that the paperwork needed additional signatures from all the beneficiaries instead of just the trustees when they had used the same paperwork to open it up 3 months earlier - it is pretty annoying to have a totally different interpretation of how to open up a revocable trust at the same institution because a different person is processing it. When I asked the flagship rep about, he had no answer and I had to expend a lot of energy to get it done the same way it was previously set-up. I appreciate their low cost, but don't knock service, and their IT - still waiting for mobile check deposit for brokerage accounts (must be about 2 years now that that hasnt been working).

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Re: Vanguard opens special offices for $1 million clients

Post by restingonmylaurels » Sun Sep 16, 2018 1:18 pm

bsteiner wrote:
Wed Feb 22, 2017 6:16 pm
davidkw wrote:Flagship Customers Only...
Interesting that only 60,000 out of 25 million Vanguard clients are Flagship.
Interesting stat. Does anyone know if this number of Flagship clients was accurate (or remains so)?

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Re: Vanguard opens special offices for $1 million clients

Post by AlphaLess » Sun Sep 16, 2018 1:20 pm

mouses wrote:
Sun Jan 21, 2018 11:41 pm
RadAudit wrote:
Wed Feb 22, 2017 7:57 pm
Sandtrap wrote: Same poor customer service
I'm not picking on Mr. Trap. Frankly, I'd like to thank him for bringing up a theme that is making the rounds. A theme I find to be interesting.

Now, what level of service does this forum believe is appropriate for a mutual fund company to provide to it's customers? And, how should that fund pay for this service?
I would like phone reps who actually know what they're doing and money that doesn't disappear for weeks.
Roger that!

My rep knew less than I did about the ins-and-outs of the website.
He spent 20 minutes trying to authenticate me (that was my fault, admittedly, because I chose answers that make no sense).
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Re: Vanguard opens special offices for $1 million clients

Post by AlphaLess » Sun Sep 16, 2018 1:22 pm

restingonmylaurels wrote:
Sun Sep 16, 2018 1:18 pm
bsteiner wrote:
Wed Feb 22, 2017 6:16 pm
davidkw wrote:Flagship Customers Only...
Interesting that only 60,000 out of 25 million Vanguard clients are Flagship.
Interesting stat. Does anyone know if this number of Flagship clients was accurate (or remains so)?
I would not call $1MM upscale.

In the wealth management industry, $10MM+ used to be the new norm (for 'wealth management').
With the growth we have seen in assets (stocks, R/E, etc) in the last 5 years, perhaps that has moved to $20MM.
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Re: Vanguard opens special offices for $1 million clients

Post by abuss368 » Sun Sep 16, 2018 2:31 pm

I would love to see Vanguard enter banking as was the rumor, articles, and surveys a few years ago. The bank could be very very conservative if they were to offer lending.

Perhaps a banking division could offer investment support if needed.
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am
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Re: Vanguard opens special offices for $1 million clients

Post by am » Sun Sep 16, 2018 7:42 pm

AlphaLess wrote:
Sun Sep 16, 2018 1:22 pm
restingonmylaurels wrote:
Sun Sep 16, 2018 1:18 pm
bsteiner wrote:
Wed Feb 22, 2017 6:16 pm
davidkw wrote:Flagship Customers Only...
Interesting that only 60,000 out of 25 million Vanguard clients are Flagship.
Interesting stat. Does anyone know if this number of Flagship clients was accurate (or remains so)?
I would not call $1MM upscale.

In the wealth management industry, $10MM+ used to be the new norm (for 'wealth management').
With the growth we have seen in assets (stocks, R/E, etc) in the last 5 years, perhaps that has moved to $20MM.
Not sure that’s true. Back when I used to read Barron’s, they’d rank advisors and many of the top had average assets of 1 mil.

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Re: Vanguard opens special offices for $1 million clients

Post by AlphaLess » Sun Sep 16, 2018 9:27 pm

abuss368 wrote:
Sun Sep 16, 2018 2:31 pm
I would love to see Vanguard enter banking as was the rumor, articles, and surveys a few years ago. The bank could be very very conservative if they were to offer lending.

Perhaps a banking division could offer investment support if needed.
What is the advantage of Vanguard offering banking.

IT would be an extremely costly expansion with very few benefits to Vanguard.
Last edited by AlphaLess on Sun Sep 16, 2018 9:32 pm, edited 1 time in total.
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Re: Vanguard opens special offices for $1 million clients

Post by abuss368 » Sun Sep 16, 2018 9:32 pm

AlphaLess wrote:
Sun Sep 16, 2018 9:27 pm
abuss368 wrote:
Sun Sep 16, 2018 2:31 pm
I would love to see Vanguard enter banking as was the rumor, articles, and surveys a few years ago. The bank could be very very conservative if they were to offer lending.

Perhaps a banking division could offer investment support if needed.
What is the advantage of Vanguard offering banking.
Low costs and better yields of course,
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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Re: Vanguard opens special offices for $1 million clients

Post by Vanguard Fan 1367 » Mon Sep 17, 2018 9:09 am

abuss368 wrote:
Sun Sep 16, 2018 9:32 pm
AlphaLess wrote:
Sun Sep 16, 2018 9:27 pm
abuss368 wrote:
Sun Sep 16, 2018 2:31 pm
I would love to see Vanguard enter banking as was the rumor, articles, and surveys a few years ago. The bank could be very very conservative if they were to offer lending.

Perhaps a banking division could offer investment support if needed.
What is the advantage of Vanguard offering banking.
Low costs and better yields of course,
If you are a Flagship client you get free checking and free bill pay with Vanguard. That takes care of a lot of people's banking needs.
s

livesoft
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Re: Vanguard opens special offices for $1 million clients

Post by livesoft » Mon Sep 17, 2018 10:36 am

Personally, I think it is terrible to have a dedicated rep. For all the people who are getting ripped off, it sure seems that they have one single person or advisor as their point of contact. That one person can churn their account and put them in expensive investments without attracting attention from others at the same employer. We have already seen how JPMorgan lets rogue advisors take advantage of customers:
https://www.nytimes.com/2018/08/24/busi ... ement.html

It is the same story repeated over and over again and again everywhere.

I would want a disparate team with members watching out that their colleagues didn't rip me off.
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HueyLD
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Re: Vanguard opens special offices for $1 million clients

Post by HueyLD » Mon Sep 17, 2018 10:41 am

Livesoft,

A flagship rep does not have any authority to trade on a customer's accounts.

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Re: Vanguard opens special offices for $1 million clients

Post by Dandy » Mon Sep 17, 2018 11:39 am

I don't know if a bank would provide the mutual fund service on site that a VG site would provide. The bank would likely have banking people to handle opening checking accounts, approving loans etc. unless it was not a typical bank.

It is nice, especially for a non investment savvy wife, to have a site where you could meet face to face and get serviced. I like having a personal rep. have used him/her a few times with excellent service. I haven't heard whether the VG sites are up and running and if they are what the experience has been.

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