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vanguard advisors. whats your experience


luckydriver
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i have a friend that will be depositing some sizeable sums (already is setup with other accounts there) and would get the advisor at the low vanguard rate. where she had the money before wanted 1 percent which i understand is probably the norm in the industry.  i def prefer the professionals pick the initial investments for her diversification ( i didnt want to be responsible for any bad choices)  but i'm interested in the process and choices they make of course. i read thru the advisor contract online and from what i read, it appears they can trade your money as they see fit. it wasnt clear to me if they have to get your confirmation first or they can just do what they want to meet your agreed upon goals. so i'm curious about that.  i just dont know if they churn like other advisors you hear about. all investments will just be in the vanguard mutual funds (my assumption).

 

also any positive or negative experiences you have or other advice

 

also i'm assuming if you liked what they setup for you and you are happy, you can just cancel the service after a year or so and monitor your own money?

 she has a call setup in a week to talk with then and if there are any questions she should be asking i'm all ears. she def isnt into micromanaging her own things but wants to be aware of where they money is of course.

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In the past year I've interviewed 7 wealth management companies, including vanguard. Vanguard made the cut to the top 3 but we ultimately picked a different company. Vanguard had the lowest management fee, well under 1%, but the range of products was more limited. Also, the advisor had about 400 clients whereas others we interviewed had closer to 125 clients. One concern I had with vanguard was access to "our" advisor. I did like the guy and the analyses he ran for us was clear and just as good as reports we got from the other companies.

 

wealth management is just that, you allow a firm to make trades on your behalf... that is what the management fee pays for. Vanguard does not "churn" and I found the plan they prepared for us very professional and along the lines of what I would expect.

 

That said, vanguard is perfectly fine if you want low management fees and investments into low-cost vehicles. In fact I think for most people it is probably better than large brokerage houses for wealth management since vanguard will not lock you into structured notes, private equity, etc.

 

We have large, non-managed, investments with vanguard for years and have no plans to move them.

 

 

 

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