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Customer Service
Posted by: stockplayer, July 18, 2014 11:45PM
I posting this as a peripherally related investment question, since it involves an investment brokerage. I'm a Vanguard client, and I just had the most extreme customer service experience. I sought help at Vanguard on an advisor selection process for a Vanguard program I was interested in. I was offered a couple of advisors and declined them because they werenít a fit.

During that process, I sought clarification about the program with several managers (because one was not consistently available) and expressed some dissatisfaction with some of the answers because I felt they were not always complete. However, I was always clear that I remained interested in the program.

Without warning or notice, I received a call and was told by a manager that he was terminating my access to the advisor program because I declined the first two advisors offered. He also said I contacted management too much, though everyone I spoke with there did so voluntarily and there were no prohibitions on contacting management that Iím aware of. To say I was shocked is quite the understatement. I expressed my continued interest in the program, but the manager had made up his mind.

I felt the decision was unethical, particularly since there was no warning and never any indication that I couldn't decline the first two choices offered. Does anyone know if a client has any rights at Vanguard in circumstances like these? Is there any appeal or grievance process at Vanguard if a client feels she's been wronged? Is there any other recourse or suggestions anyone might suggest?


Re: Customer Service
Posted by: jainen, July 19, 2014 12:05AM
stockplayer Wrote:
>>I expressed my continued interest in the program<<

It sounds to me like the program is not a good choice for you. A business relationship should have bi-lateral trust, and the parties here seem unable to establish that.

You don't say what about the advisors didn't "fit," but obviously you want a program that offers more complete information and more consistent access to management. Apparently this particular one does not have what you are looking for, and they don't see it as an appropriate investment for you either.

Re: Customer Service
Posted by: stockplayer, July 19, 2014 07:19AM
Thank you for sharing your wisdom.

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