Just thought I'd let the Boglehead community know that based on all the readings we've done here and confidence that we've gained, we just let our advisor go. We initially signed on as we were having a tough time making the emotional decision for some asset rebalancing we needed (since the market had done so well in '09-15).
Overall, we really had no complaints with our advisor and his abilities. Our only "complaint" was that we have 3 pots of money (2 not in VG-work )and VG really cant advise you on outside money or its asset allocation. So...we were still having to look our entire portfolio and make our own adjustments. We also just realized we are DIYers and hated paying the AUM fee, even at 0.3%.
I still use mine. I have found that If I tell what I have in other areas then the portfolio is discussed around it so included BUT wont be much longer for me too and I will or might cut the chord.
malbecman wrote: ↑Tue Dec 05, 2017 5:15 pm
Our only "complaint" was that we have 3 pots of money (2 not in VG-work )and VG really cant advise you on outside money or its asset allocation. So...we were still having to look our entire portfolio and make our own adjustments.
It took me a couple hours to build a nice spreadsheet to balance between all 3 of my pots. Now it's simple. Congrats on embracing the DIY route.
I love the fact that Vanguard's PAS can be used as "training wheels" and you can transition to a DIY mode any time you want. I don't think it works that way at many of the other advisory services.
If you (or anyone else having done this) don't mind answering, how did you let them go (by phone? by email?) and what was their reaction? Did they try to get you to stay? How quickly were you no longer a client (did you get their services through the period you'd already paid for)? And can you still see the graphics showing your projected timeline for your goal? Thanks.
I terminated our VPAS agreement a couple of months ago. I sent our advisor an email with an attached word document outlining the reasons why.
He did contact me and explained all of the value VPAS brought to the table. I politely thanked him for his service, but told him to process our request.
The termination process took 2-3 business days. The progress page and financial goals information pages are no longer available.
I did it via phone...we had just wrapped up our quarterly summary talk when we told him we were no longer interesting in using PAS...tried to make sure he understood it was just business and not a personal assessment of his abilities.
fear/greed wrote: ↑Sun Dec 10, 2017 10:53 am
If you (or anyone else having done this) don't mind answering, how did you let them go (by phone? by email?) and what was their reaction? Did they try to get you to stay? How quickly were you no longer a client (did you get their services through the period you'd already paid for)? And can you still see the graphics showing your projected timeline for your goal? Thanks.
I had a number of phone consultations and emails from the Flagship rep and his staff, also proposals over a period of time. I ended up not needing VPAS thanks to the experts here in "Bogleheadville". At Vanguard, I emailed the head rep and he was nice about things. Said if I needed help in the future to just call anytime. They were very nice.
j
malbecman wrote: ↑Mon Dec 11, 2017 6:24 pm
I did it via phone...we had just wrapped up our quarterly summary talk when we told him we were no longer interesting in using PAS...tried to make sure he understood it was just business and not a personal assessment of his abilities.
Did he try to change your mind or retain you as a client in any way? Reason I'm curious is that the forum has many threads about advisors often trying to retain clients who are trying to leave, even making it difficult for them to do so. I would hope Vanguard advisors don't do this and would even expect them not to (probably because I invest with VG).
"Yes, investing is simple. But it is not easy, for it requires discipline, patience, steadfastness, and that most uncommon of all gifts, common sense." ~Jack Bogle
Reflecting on our VPAS termination -
Yes, the advisor did call me after receiving our request. I’d categorize it as more of “are you sure you want to do this” type of call. It was not a hard sell by any means.
When he realized we weren’t going to change our position, he thanked us for the opportunity we gave him and we parted in a friendly manner.
Nothing negative to report on the termination process.
I have not used Vanguards PAS. However, I am considering telling my grown children that it would be helpful to use a Vanguard advisor until they get more confident about investing.
I have received the Vanguard free portfolio review several years ago and am considering doing this again in the future.
White Coat Investor wrote: ↑Wed Dec 13, 2017 12:57 am
No surprise there is no hard sell. I think they're salaried aren't they? I get the impression it's run at cost like anything else at Vanguard.
Right...we also had no hard sell once we told our advisor we wanted to end the relationship. I was wondering about their compensation...if it was pure salary or perhaps salary plus some % of AUM?
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