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Customer Dissatisfaction with Vanguard Group

It’s a slippery slope when a customer-oriented operation like Vanguard Group has been since it was founded almost 50 years ago begins to get greedy by imposing a whole bunch of changes and chintzy fees on its customers.

What’s more, getting greedy can not only damage the firm’s reputation but can also cost it money. That’s what will happen in my case, because I’ve decided to vote with my feet — in the metaphorical sense, of course — and move my Vanguard Individual 401(k) account to Charles Schwab (SCHW).

If you’re one of the millions of Vanguard customers affected by the tacky changes that I discussed last month, you might want to consider doing something similar if you’re in a situation like mine.

In my case, there are no income taxes generated by changing to Schwab from Vanguard because it’s a retirement account. If you’re thinking of moving or liquidating a taxable account to escape Vanguard’s changes, make sure to take tax consequences (if any) into account.

How AI legalese decoder Can Help

AI legalese decoder can analyze the fine print of your existing account agreements with Vanguard and Charles Schwab to help you understand any potential legal implications of transferring your 401(k). It can also provide insights on the fees involved and any tax consequences you may face. Additionally, the AI tool can compare the terms of both institutions to ensure you’re making the best decision for your financial future.

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Nor am I under any illusion that my move to Schwab will bring Vanguard to its knees. But I sure hope this is a one-and-done behavior and that the company doesn’t do something else in the future that will induce me to have to make another choice like the one I’ve just made.

Allan Sloan, a contributor to Yahoo Finance, is a seven-time winner of the Loeb Award, business journalism’s highest honor.

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