Wrap up codes
Opening of an account with Vanguard
Open an account
Check received for VBA with restrictions what process do you follow
1. If a check is received for a VBA with restrictions check will be held for four days
2. We will send outreach communications to clients and provide instructions to remove restrictions on their VBA account
3. If the client does not reach out to us within the hold period check will be rejected and sent to the client
What is the account closure and full transfer out fee?
Starting July 2024 a $100 fee may be charged to clients for each account closure and full transfer out of VBA retirement and nonretirement accounts to another contra-firm
Where do we find security code phone numbers?
Under profile and account settings, click on security and then security codes.
What general questions do you ask for discovering troubleshooting?
1. Is this device you usually use to log into the Vanguard website?
2.Have codes worked for you in the Vanguard website in the past?
3. Have you experienced this issue before?
4. Has anything changed about your phone service provider?
Providing a client information on statements how to access, frequency, and delivery settings
Account Value: statements
What process is followed for online purchases via ACH?
The client will not be able to make any purchase transaction with an account with restrictions?
Pro Tip: If a linked bank account was added on 6/5/2011 this is an indicator that the client never went through proper verification. Client will need to complete an updated bank auth agreement form and remove the restrictions from their VBA to use a linked bank account for an ACH purchase.
What segments are impacted?
Clients who will be impacted by the fees include: all self directed clients include legacy Flagship / Prioritized clients/ Self- directed plus clients (clients who have less than $5M in vanguard qualifying assets). Advised clients will only be subjected to this fee on their self-directed/ non-managed accounts.
Can you disable a phone number associated with a client's security code?
NO. clients must login online to disable the security code phone number or JSS must be contacted for approval
What resources do you use?
1. RAPTOR chatbot
2. RePAIR ticket
3. InfoWave- Security Codes
4. InfoWave- Security Codes FAQ
5. InfoWave- guidelines for contacting fraud
6. SharePoint- Web Security overview
assisted client with adding, linking, changing and remove bank(s) on file
Banking: Establish/assistance
What process is needed for a Check deposit via mobile app?
The client will not be able to make any purchase transaction on a VBA account with restriction until the client removes restrictions
(through the website or submitting the appropriate form)
How is the account closure and full transfer out fee collected?
In all instances, this fee will be deducted from the settlement fund for each free-eligible account. If there is no balance in the settlement fund, then a debit would occur. This debit is then transferred to the receiving firm. The receiving firm credits Vanguard Brokerage with the fee and then works to collect (or settle) the debit from the client at their firm.
What do we do when the client is not receiving security codes?
1.Confirm if the phone number on file is correct
2.Confirm if they receive by call or text
3.Confirm if the client has a mobile app
When do you submit a RePAIR ticket?
1. The client isn't receiving codes when they should be
2. The clients device should be recognized but the keep getting request for codes
3. The client is receiving codes when they are not attempting
4. Technology isn't working as intended
Client calling to obtain or receive help filling out forms regarding process for a deceased individual
Due to Death- Forms assistance
What process steps are used for Lockbox / Invest-mail-slips?
If a check and Invest-mail-slips is received for an account with the VBA with restrictions, the check will be placed in holdover for 4business days.
2. we will send outreach communication to the client through (secure message center or bulk mail) and provide them with instructions on how to remove restrictions on their VBA account.
3.If the client does not reach out to us within the holdover period, we will reject the check and send it back to the client
Pro tip: an alert will be placed on clients account that have Invest-mail-slips and are eligible for VBA
NOTE: Please inform client that they can no longer use Invest-mail-slips for VBA. And any Invest-mail-slips received for the client's former TA account may be subject to delays in processing. Any purchase request for a VBA should be completed online, mobile app
Client is fully transferring out their account and has questions about the Account Closure and full transfer out fee. What do we need to inform the client about this process?
1. As the client contacts the other firm to initiate the full transfer.
2. Crew can provide the client the full account number and account registration and account holding information
3. We should inform the client there is a $100 fee for a full out going ACAT transfer. If the client has multiple accounts, there will be a $100 fee for each account.
What do you do when the security code is not working when entered?
1. Have the client exit and refresh
2. restart process for client to get a new code
3. Use Raptor to submit a repair ticket
When submitting a ticket what do you include?
1. Select "security codes" under issue type
2. Detailed summery
3. Carrier
4. Phone number
5. Cell phone or landline
6. date / time when client requested security code
7. date / time when client received security code
8. Short code
9. automated call
10. security code future
11. attempted to log in via mobile app or website
12. did automated call work
Client called in requesting maintenance to their account such as update to date of birth
Maintenance: Other
What steps do we take for institutional checks (rollover/transfer into VG)?
1. If an institutional check for a asset transfer or rollover is received for a VBA with restrictions, the check will be placed in a holdover for 4 business days.
2. We will send outreach communication to the client (through secure message center or bulk mail) and provide them with instructions to remove restrictions for their new VBA account
3. If the client does not reach out to us within the holdover period, we will reject the check back to the firm's address that is listed on the check.
Can client pay the account closure fee and full transfer out fee with a check?
No. Checks for this fee amount will not be accepted. If a client is completing a full ACAT transfer of a VBA out of Vanguard, then the client should ensure that enough money is available in the settlement fund.
What steps do you take when a client is receiving security codes when not attempting to log in?
1.Ask the client if he shares his credentials with a spouse of family member
2. Ask the client if they use aggregation services
3.Check when the last login attempt was.
4.Reassure the client that on one can access their account without the security code
What best practices do you leverage as an opportunity to position strong security hygiene?
1. Add a secondary security code phone number to prevent getting locked out
2. Position enrolling in Voice Verification / share transaction link