So, I think I am already late on this prediction. I was on the 529 website for the Nevada plan and look what I found in their participation agreement?If a business cannot maintain Trillions of dollars under management, Vanguard is leaving it. Actually they have already left most of them: 403b, Annuities, now solo 401k, etc.
If it is not a large MegaCorp 401K plan or a retail brokerage with significant assets, it just may be gone soon.
It looks like Vanguard already outsourced the administration a while ago!f I have chosen the automatic investment Plan (AIP) or the electronic bank transfer (EBT) option, I authorize the Plan and Ascensus Investment Advisors, LLC, upon telephone or online request, to pay amounts representing redemptions made by me, or to secure payment of amounts invested by me, by initiating credit or debit entries to my account at the bank named in this Enrollment Application. I authorize the bank to accept any such credits or debits to my account without responsibility for their correctness. I acknowledge that the origination of ACH transactions involving my account must comply with U.S. law. I further agree that the Plan, Ascensus Investment Advisors, LLC, and their respective affiliates will not incur any loss, liability, cost, or expense for acting upon my telephone or online request. I understand that this authorization may be terminated by me at any time by written notification to the Plan and Ascensus Investment Advisors, LLC. The termination request will be effective as soon as the Plan and Ascensus Investment Advisors, LLC, have had a reasonable amount of time to act upon it. I certify that I have authority to transact on the bank account identified by me in this Enrollment Application.
BTW, the 529 site is riddled with terrible reliability problems. I had access issues due to dormant account, the Vanguard reps told me they had no visibility into the 529 site and I had to call a different support number. After reading the participation agreement, I see why.
I am doubling down on the idea that Vanguard is exiting the retail, direct to investor business in an orderly fashion.
Statistics: Posted by retiringwhen — Tue Apr 23, 2024 6:41 am — Replies 197 — Views 16186