I thought I would share what I have learned so far.
First of all, I agree that Annuities are not technically investments, but still feel this is the best place for this post. Please move if appropriate.
For several reasons beyond the scope of this post(mostly tax related), I am the owner of some Vanguard Variable Annuities, along with other investments through Vanguard.
A few days ago while logging into Vanguard, I received the following message:
"Upcoming administrative changes to your Vanguard Variable Annuity
Vanguard will be transitioning the client service and account administration for the Vanguard Variable Annuity to Transamerica within the next 12 to 18 months. The underlying investments in your annuity are not changing, and there is no action you need to take."
Vanguard has different levels of service, based on assets under management(AUM). I was wondering whether this change would lower my AUM, and therefore effect my level of service, so I sent a request for more details. Here was their reply:
"At this point in time, there will be no changes prior to the actual
transition, which will occur in the next 12 to 18 months. As we move
through the transition process, more information will be available on how
this could impact your client group status. We will update you once that
information is available."
The message I WANTED was "your level will not be effected", but clearly that was not their message at this time. It is clear to me that my status MIGHT change as a result. I will post updates as I receive them.
Has anyone worked directly with Transamerica before? How was your experience?
I feel a little abandoned by Vanguard. Anyone else feel the same?