Hello, all. I received a letter from Vanguard today about the forced transition to a brokerage platform. I have successfully put it off until now, and just two months ago they assured me I could keep the directly held mutual fund structure, but today they advised I will be forced to a brokerage platform by the end of this July.
Here's the problem... I'm a registered rep with another broker/dealer and am unable to have a brokerage account outside of my Firm. (and no... I'm not a broker or anything close to it.) If you're not familiar with working in this industry, essentially your direct manager has to "supervise" your trading activity and has direct access to all of your personal accounts. In the finance industry we have little financial privacy, but having my direct manager knowing all of my personal finances could impact future raises, promotions, or impact layoff considerations. This is something I have tried to avoid with great effort. Now I seem to be forced into a corner.
My question is are there any other low cost mutual fund providers which will allow you to directly hold their mutual funds outside of a brokerage platform? I contacted Fidelity but, long story short, they are not a solution. I've been a loyal Vanguard customer for over 25 years but they are unfortunately showing me to the door...
Anyone have any other fund company suggestions?
***Edit to add all of these assets are in tax deferred IRA's and I would not incur any taxes to transfer.
Here's the problem... I'm a registered rep with another broker/dealer and am unable to have a brokerage account outside of my Firm. (and no... I'm not a broker or anything close to it.) If you're not familiar with working in this industry, essentially your direct manager has to "supervise" your trading activity and has direct access to all of your personal accounts. In the finance industry we have little financial privacy, but having my direct manager knowing all of my personal finances could impact future raises, promotions, or impact layoff considerations. This is something I have tried to avoid with great effort. Now I seem to be forced into a corner.
My question is are there any other low cost mutual fund providers which will allow you to directly hold their mutual funds outside of a brokerage platform? I contacted Fidelity but, long story short, they are not a solution. I've been a loyal Vanguard customer for over 25 years but they are unfortunately showing me to the door...
Anyone have any other fund company suggestions?
***Edit to add all of these assets are in tax deferred IRA's and I would not incur any taxes to transfer.
Statistics: Posted by dime — Tue Jun 25, 2024 9:18 pm — Replies 4 — Views 342