Faced with the inevitable, this week I transitioned from the mutual fund to the brokerage platform.
My situation with agent authorization had been that I'd filed a form many years ago designating someone to have full agent authority on my account. Vanguard tells me this had been in effect until now, but won't be in a few more days unless my agent takes action specified in a message they'd been sent via secure messaging.
But my agent has never had a Vanguard account. My idea with the full agent authority was that I thought it would act like a PoA, since Vanguard won't accept the generic PoA she already has. My idea was that when she needs to us it, she'd create a Vanguard account, and the PII provided on the paperwork (SSN, primarily) would enable that account to have full access to my account (admittedly maybe with some help from Vanguard.) In part I thought it not important for her to have a Vanguard account proactively, since an inactive account with no balance would likely be closed anyway.
But now there is this new hurdle. Vanguard says they can't confirm or deny (to me, but could to her) but suggests that she has a "profile" with Vanguard, based on me filing the form, but not a fully functional account. They suggest a conference call, which is a little difficult to arrange due to Vanguard's limited outside-of-business-hours and variable hold times. We can probably do that but maybe not within the remaining time frame Vanguard is allowing.
Does anyone else have experience with this situation of an agent not having a Vanguard account, and being an agent "on paper" only? I could file another form on paper, but it seems like now (unlike years ago) it might not "work" without my agent confirming it via a web account. Vanguard reps seem to say this is not a common situation, although it is common that people have these Vanguard profiles without having actual accounts.
My situation with agent authorization had been that I'd filed a form many years ago designating someone to have full agent authority on my account. Vanguard tells me this had been in effect until now, but won't be in a few more days unless my agent takes action specified in a message they'd been sent via secure messaging.
But my agent has never had a Vanguard account. My idea with the full agent authority was that I thought it would act like a PoA, since Vanguard won't accept the generic PoA she already has. My idea was that when she needs to us it, she'd create a Vanguard account, and the PII provided on the paperwork (SSN, primarily) would enable that account to have full access to my account (admittedly maybe with some help from Vanguard.) In part I thought it not important for her to have a Vanguard account proactively, since an inactive account with no balance would likely be closed anyway.
But now there is this new hurdle. Vanguard says they can't confirm or deny (to me, but could to her) but suggests that she has a "profile" with Vanguard, based on me filing the form, but not a fully functional account. They suggest a conference call, which is a little difficult to arrange due to Vanguard's limited outside-of-business-hours and variable hold times. We can probably do that but maybe not within the remaining time frame Vanguard is allowing.
Does anyone else have experience with this situation of an agent not having a Vanguard account, and being an agent "on paper" only? I could file another form on paper, but it seems like now (unlike years ago) it might not "work" without my agent confirming it via a web account. Vanguard reps seem to say this is not a common situation, although it is common that people have these Vanguard profiles without having actual accounts.
Statistics: Posted by tibbitts — Fri Jun 21, 2024 5:22 pm — Replies 0 — Views 106