After an extended extended 6+ month process setting up accounts at Vanguard for my mother and my father who has severe dementia, we transferred all of my parents' assets to Vanguard and the Vanguard Personal Advisor Service, the bulk of which is in my father's tIRA. My mother was told she had completed everything necessary to have full control of and accesss to all of his accounts and money. We were told he needed a brokerage account in his name to receive his RMDs, and she needed the same. Both brokerage accounts are outside PAS and self-managed so she can pull cash when she needs it.
Last week we took RMD's from his tIRA and the proceeds were deposited in his brokerage account. This week we attempted to move the proceeds from his Vangaurd brokerage account to hers, so she can move it to her bank account to pay bills - but we were unable to move the money.
Today Vanguard told us the money cannot move from his brokerage account to her brokerage account despite her access and control of all of his accounts!!! Round and around we went with being put on hold and being told the same thing. They said the only solution is that they can send him a check for the money - but he has severe dementia and does not have a checking account, so we don't have any way that we are aware of to deposit this check!!
I sent her advisor a message inquiring if this means Vanguard has stolen my parents life savings by putting his money in accounts that she cannot really access!! Obviously I am more than furious.
(1) Has anyone experienced anything like this at Vanguard and what was the solution, or what are our possible solutions for depositing a check to him?
(2) Does anyone have similar situation or accounts set up at Fidelity or Schwab that actually work the way they are supposed to work?
I know this is going to get worked out, but I am furious and cannot see staying with Vanguard. I will probably move all of my money and my wife's money out of principle. I am now extremely worried as to what the process will be if she becomes incompetent - yes, they have all of my parents' powers of attorney naming me.
It seems one solution is to get my demented father placed onto my mother's bank account. This will be an extended process, so thank goodness she doesn't need the money immediately. But how ridiculous that we have to send money from his Vanguard brokerage account out to her bank account and then back into her Vanguard brokerage account?!?!
Thanks for any suggestions feedback to calm me down. At least it's taking my mind off the election!!
-Bimmer
Last week we took RMD's from his tIRA and the proceeds were deposited in his brokerage account. This week we attempted to move the proceeds from his Vangaurd brokerage account to hers, so she can move it to her bank account to pay bills - but we were unable to move the money.
Today Vanguard told us the money cannot move from his brokerage account to her brokerage account despite her access and control of all of his accounts!!! Round and around we went with being put on hold and being told the same thing. They said the only solution is that they can send him a check for the money - but he has severe dementia and does not have a checking account, so we don't have any way that we are aware of to deposit this check!!
I sent her advisor a message inquiring if this means Vanguard has stolen my parents life savings by putting his money in accounts that she cannot really access!! Obviously I am more than furious.
(1) Has anyone experienced anything like this at Vanguard and what was the solution, or what are our possible solutions for depositing a check to him?
(2) Does anyone have similar situation or accounts set up at Fidelity or Schwab that actually work the way they are supposed to work?
I know this is going to get worked out, but I am furious and cannot see staying with Vanguard. I will probably move all of my money and my wife's money out of principle. I am now extremely worried as to what the process will be if she becomes incompetent - yes, they have all of my parents' powers of attorney naming me.
It seems one solution is to get my demented father placed onto my mother's bank account. This will be an extended process, so thank goodness she doesn't need the money immediately. But how ridiculous that we have to send money from his Vanguard brokerage account out to her bank account and then back into her Vanguard brokerage account?!?!
Thanks for any suggestions feedback to calm me down. At least it's taking my mind off the election!!
-Bimmer
Statistics: Posted by Bimmer — Tue Nov 05, 2024 7:10 pm — Replies 15 — Views 2485