A job fit for an administrative assistant rather than a financial advisor/relationship manager.
If you currently have an office, with your own admin, do not make the mistake of thinking the grass is greener at Vanguard. Not greener, grayer! Depressing grey cube redundancy that fits a “call center” on every aspect, even though the words out of everyone’s mouth is “we’re not a call center”. Additionally, the managers who are saying that are also thinking in their head; “Thank God I don’t have their job!”
A very dirty job. 2500 clients get dumped in your lap, and it's your job to handle everything maintenance oriented, and fix all of the problems. This is a job role where you do all of the maintenance work instead of the portfolio management. What makes it worse is all of the admin work is done on the most archaic system platform I have ever seen. The training on how to use the multiple systems is almost absent, proving to be the longest system acclimation process I have ever experienced, and I build my own computers.
As far as using your investment expertise, you must transfer a client who wants advice to a CFP who are most likely less qualified, have fewer years managing portfolios, and have no professional experience outside of Vanguard. The insult to injury is the client manager who started their professional career with Vanguard, just passed their series 7 exam, over your shoulder explaining how to have an investment discussion with your client.
Finally…the pay. Let’s just say without exaggeration, you can make more money opening checking accounts at a bank than what you will make at Vanguard. The sweet talk about partnership and annual bonuses will earn you a whopping 3-5 k if you and your direct manager frequent happy hour together. Unfortunately, Bogle’s integrity which formed the company doesn’t flow through some of the leaders who have the freedom to depart from professionalism, and character.
Needless to say, I have a few interviews lined up.
