In the Margins

Assets, complaints up at Vanguard

February 17, 2017

By InvestmentNews

As Vanguard Group's assets under management have risen, so have customer complaints. Customers flooded Vanguard funds with $323 billion in new money last year, and another $49 billion in January 2017. "The volumes were off the charts, beyond our forecasts: We handled more than 10 million phone calls, answered 1.4 million emails, and transacted 17 million brokerage trades," said Vanguard spokesman John Woerth. Jeff DeMaso, director of research at advisory firm Adviser Investments, said: "We've had enough complaints about Vanguard's service that we really can't ignore them. We've heard a lot of complaints about required minimum distributions and reinvesting distributions." Read the original story from InvestmentNews.