Just my guess but if I had to pick one factor that affected transition delays it would be procrastination.Our CPA in Pennsylvania has more than 35 years tax prep experience and I am assuming she will be able to figure out how to report the data provided for the Vanguard Legacy mutual funds that we converted to Vanguard Brokerage Service June 26, 2024. I hope it is not too burdensome for her and costly for me. The Vanguard mandate that we convert our mutual funds from the so-called legacy platform to the Vanguard Brokerage Service platform caused us to set up a new check writing service and also re establish my agency to manage my wife's individual IRA, the latter using a confusing form called the Electronic Transfer Form. The 4 reps I spoke with were pleasant and helpful and one was particularly helpful. Presumably, this conversion will help Vanguard keep costs in check and that will benefit me. But I personally prefer vendors who do most if not all of the work when I buy from them. I can see why many Vanguard legacy platform customers dragged their feet for years on this transition and I find it hard to believe Vanguard will persuade their customers of all types and levels to convert without losing some to Fidelity and Schwab etc. without providing greater incentives.
As mentioned, the tax reporting of items doesn't change. If your accountant can't figure it out or charges more you should get a new accountant. I will say that the tax documents are simpler on brokerage and the number of entries required for most people who hold several assets is much cleaner.
Statistics: Posted by jebmke — Sun Jun 30, 2024 8:27 am — Replies 20 — Views 2908