Illustration photo of Vanguard from LeapRate
Vanguard has admitted to sending clients inaccurate data regarding income for nearly a year.
The Pennsylvania-based asset manager oversees $6.3 trillion for over 30 million investors around the world. On 31 August, clients reported difficulties logging in their accounts and conducting trades. On the same day Apple and Tesla announced stock splits.
These and other disruptions led clients and observers to believe that Vanguard has under invested in client service capability in its determination to reduce fees and charges. The company has denied these accusations.
The first to highlight the error was Daniel Wiener, the editor of the Independent Adviser for Vanguard Investors newsletter. He noted that his monthly brokerage statements revealed the estimated yield on Vanguard’s New York Municipal Money Market fund (VYFXX) to be unchanged at 1.27% between October 2019 and September 2020.
But Vanguard’s website had reported the fund’s SEC yield, a metric required by US regulators, as varying between 0.05% and 2.88% over the same period.
For more information please refer to the original article: https://www.leaprate.com/forex...
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