Bogleheads.org

Merrill Edge is a crap platform with crap service, but it's pretty popular simply for the bonus you can get on BoA credit cards by holding $100k there, which can be any normal indexed ETF. What kind of problems did you have with Merrill Edge? I have an account there and it seems to be fine so far, what should I watch out for? Not much in the way of problems per se, but the app is very limited in what it can do and the website is very non mobile friendly. It's not nearly as nice as Fidelity. But, it functions. Reaching support is very hit or miss. It's typical big bank level of support, again, not as convenient as Fidelity or Vanguard, but it's not something I use much, either I guess it depends on what a customer needs in the app. It shows...

I use Schwab as a one-stop shop for IRAs, brokerage, checking. Any fund you would use for the three-fund approach should be zero cost trading. The only real disadvantage is that they no longer use a money-market sweep account if that matters to you (you can always buy a MM fund). OTOH, it's an immediate cash transfer from brokerage/IRA accounts to checking, no worries about settlement time. I looked at Schwab and was really attracted because of their reputation for good service, but I am nearing retirement and I wanted automatic RMD withdrawals. They can only do that if you sign up for their "Intelligent" services and they can only do ETFs with that. I have Schwab and they do the RMD for us without any Intelligent service. OK, I ...

I use Schwab as a one-stop shop for IRAs, brokerage, checking. Any fund you would use for the three-fund approach should be zero cost trading. The only real disadvantage is that they no longer use a money-market sweep account if that matters to you (you can always buy a MM fund). OTOH, it's an immediate cash transfer from brokerage/IRA accounts to checking, no worries about settlement time. I looked at Schwab and was really attracted because of their reputation for good service, but I am nearing retirement and I wanted automatic RMD withdrawals. They can only do that if you sign up for their "Intelligent" services and they can only do ETFs with that. I have Schwab and they do the RMD for us without any Intelligent service. That's...

GAAP wrote: ↑Tue Mar 21, 2023 11:45 am I use Schwab as a one-stop shop for IRAs, brokerage, checking. Any fund you would use for the three-fund approach should be zero cost trading. The only real disadvantage is that they no longer use a money-market sweep account if that matters to you (you can always buy a MM fund). OTOH, it's an immediate cash transfer from brokerage/IRA accounts to checking, no worries about settlement time.

I looked at Schwab and was really attracted because of their reputation for good service, but I am nearing retirement and I wanted automatic RMD withdrawals. They can only do that if you sign up for their "Intelligent" services and they can only do ETFs with that.

dukeblue219 wrote: ↑Sat Mar 18, 2023 7:02 am Merrill Edge is a crap platform with crap service, but it's pretty popular simply for the bonus you can get on BoA credit cards by holding $100k there, which can be any normal indexed ETF.

What kind of problems did you have with Merrill Edge?

I have an account there and it seems to be fine so far, what should I watch out for?

Just adding something interesting here. I can't buy Wellington in my 401K, so Wellesley is useful there. I buy 50% Wellesley and 50% Total Stock (VTSAX).

Have any of you older Bogleheads had any experience with VWIAX? (Wellesley Income Fund) No experience yet, but I've been looking at Wellesley a lot lately. I'm considering simplifying my portfolio to a mix of Wellesley and Lifestrategy Moderate Growth, half and half. I don't want the Lifestrategy alone because of the high percentage of international and the lack of a value tilt which I currently have. This mix would come close to what I currently have with fewer funds and little need to rebalance. I don't want Wellesley alone because I don't want a 100% actively managed portfolio. When I put the two portfolios into Portfolio Visualizer earlier this week, the 2 fund portfolio had a tiny bit more return with a little less risk and a tiny bit...

chinchin wrote: ↑Fri Mar 17, 2023 12:19 pm Gary gets it. Zero is cheaper.

A lot has been discussed here about the Fidelity zero funds. Their total stock market FZROX fund hasn't really had any better return than Vanguard VTSAX, despite the zero fees. And, you don't want this in a taxable account if you think you might ever want to transfer those assets to another brokerage. It's fine for an IRA, Roth, or 401K though.

And this is one reason why Fidelity can offer their "zero" funds. They roll their own index so don't have to pay the fee for the index.

Since the business world is so interconnected world wide, I always wonder why US equities have done better. I guess Ben Felix is saying it's luck?

I'm just wondering if I'm the only one who bought I Bonds last year but has sort of lost enthusiasm for them. It seems like it is going to result in a more complicated portfolio and the resulting more complicated management, especially as I get older and/or my wife has to take over the finances.

I'm in a similar situation, though I still work at the company. I sell every time they offer, then invest in mutual funds.

Ben Felix wrote: ↑Wed Mar 15, 2023 4:29 pm

brad.clarkston wrote: ↑Wed Mar 15, 2023 3:28 pm [Inappropriate comment remoived. Moderator Pops1860]


He's right but didn't make a compelling anything.

I don't really like to hear my voice, but thanks for the feedback otherwise.

Your voice seems fine to me. At least it doesn't put me to sleep like some others.

Apathizer wrote: ↑Wed Mar 15, 2023 2:33 pm

brad.clarkston wrote: ↑Wed Mar 15, 2023 2:12 pm

GaryA505 wrote: ↑Wed Mar 15, 2023 1:43 pm Does anyone think AVGE having only $136M in assets is a reason for concern?

Nope.

Why would it be? It's still fairly new, and probably not that well known outside of us investing geeks. If it does well I'm sure it will be flooded with assets. I'd rather accumulate assets before/if that happens.

Just curious.

brad.clarkston wrote: ↑Wed Mar 15, 2023 2:12 pm

GaryA505 wrote: ↑Wed Mar 15, 2023 1:43 pm Does anyone think AVGE having only $136M in assets is a reason for concern?

Nope.

Does this raise the possibility of liquidity issues?

Does anyone think AVGE having only $136M in assets is a reason for concern?

Thanks for all your feedback on VWIAX. As I am 85 and wanted to keep things simple, I have been in it for quite a few years. Hasn't done well lately but I got tired of juggling the 3 fund portfolio and this just seemed easier for me. I appreciate all the comments. I think Wellesley is a fine all-in-one holding and it is indeed simple, and the cap gains distributions don't matter if it's in a tax-deferred (IRA, 401K, etc.) or tax-free (Roth) account. Even in a taxable account, in lower income brackets the taxes are not an issue. Of course you can see almost the exact same past result for a 35/65 mix of VIVAX (Vanguard Value Index) and VBILX (Vanguard Interm-Term Bond Index). You would get the pleasure of knowing you don't have manager risk ...

They called me a couple of weeks ago I answered this time. The guy was nice, but when he realized I wasn't a noob he ended the call really fast. I'm sure I'm on their "don't waste your time on this guy" list.

I asked specifically if he could send me something showing their outperformance and he agreed to send it. I never got anything.

watchnerd wrote: ↑Sun Mar 12, 2023 1:23 pm

GaryA505 wrote: ↑Sun Mar 12, 2023 12:07 pm

tibbitts wrote: ↑Sun Mar 12, 2023 11:53 am

GaryA505 wrote: ↑Sat Mar 11, 2023 10:02 pm I would be interested to see all the available data, not just 1966 to present. Is that even possible?

Why? Surely at some point as you go back, the data, even if available, would become completely irrelevant. Having lived through a period longer than 1966 to present, I really don't see much relationship to the economic conditions of today vs. then. What would the point of irrelevance be for you?

My thinking is, why would data from 1966-present be more relevant than data going back further?

Why would going back further be more relevant?

Pre 1972, you're getting into an era when the gold standard was still partially used.

Good point. Maybe we should be looking at the data starting in 1972?

tibbitts wrote: ↑Sun Mar 12, 2023 11:53 am

GaryA505 wrote: ↑Sat Mar 11, 2023 10:02 pm I would be interested to see all the available data, not just 1966 to present. Is that even possible?

Why? Surely at some point as you go back, the data, even if available, would become completely irrelevant. Having lived through a period longer than 1966 to present, I really don't see much relationship to the economic conditions of today vs. then. What would the point of irrelevance be for you?

My thinking is, why would data from 1966-present be more relevant than data going back further?

tibbitts wrote: ↑Sun Mar 12, 2023 11:53 am

GaryA505 wrote: ↑Sat Mar 11, 2023 10:02 pm I would be interested to see all the available data, not just 1966 to present. Is that even possible?

Why? Surely at some point as you go back, the data, even if available, would become completely irrelevant. Having lived through a period longer than 1966 to present, I really don't see much relationship to the economic conditions of today vs. then. What would the point of irrelevance be for you?

My think is, why would data from 1966-present be more relevant than data going back further?

I would be interested to see all the available data, not just 1966 to present. Is that even possible?

giftsplash wrote: ↑Fri Mar 10, 2023 9:32 pm Good article on how adding managed futures to most portfolios (Swensen, Swedroe, 60/40, Harry Brown) improves performance.

Comments welcome.

https://blog.mtlucas.com/2022/12/09/dir ... o-element/

You mean "improved performance" (past tense).

It would be great if this "US equity vs. international equity" debate could be settled once and for all. Then everyone could just invest in a globally-weighted portfolio and be happy. :happy It's not necessarily versus, but and. Ex-US markets provide different sources of risk and potential return than only US markets, so it makes sense to hold both. I agree it makes sense to hold both. The arguments for international equity diversification always make sense to me, logically. What I don't know, and nobody knows, is whether it will lead to better future return. I wouldn't take the past underperformance of international to mean that it will or won't outperform in the future. Logically I would think it should, but obviously nobody kn...

It would be great if this "US equity vs. international equity" debate could be settled once and for all. Then everyone could just invest in a globally-weighted portfolio and be happy.

Exactly what I said. We can show almost anything by picking the right time period. And, it's all in the past so doesn't mean anything going forward. The past means nothing? Really? I understand cautiousness in relying too much on past returns, but disregarding them entirely seems even more imprudent. At the very least global diversification improves risk-adjusted returns which is especially important during the withdrawal (retirement) stage of investing. To me this seems like a compelling reason on it's own regardless of whether it improves overall returns. I've read that "global diversification improves risk-adjusted returns" so many times and I'd really love to believe that it's true. Seems like global diversification improves ...

International is the most important DURING retirement when you are making withdrawals. You've already reached your goals, and increased diversification mitigates sequence risk. If we are going into a period as a retiree like 1966, you would wish you would have added exUS diversification 30 years later. 20% is probably the minimum you would want in exUS. Vanguard recommends 40%. https://i.imgur.com/zyIL716.png I still haven't made a decision, but I'm much closer. I'm thinking about adding 15 percent. My mentor said not to exceed 20 percent so that seems reasonable. PS I'm not performance chasing. My investing thoughts have evolved from active investing with sales load -> active investing without commission -> mostly index funds -> all index...

Well, I'm 100% US with 2.5 years to go until retirement. I've been US forever, initially due to ignorance, and most recently deliberately. I'm finally 100% indexed - the two-fund portfolio. At this stage of the game, do I take the next step and add international, or just stay the course? International is the most important DURING retirement when you are making withdrawals. You've already reached your goals, and increased diversification mitigates sequence risk. If we are going into a period as a retiree like 1966, you would wish you would have added exUS diversification 30 years later. 20% is probably the minimum you would want in exUS. Vanguard recommends 40%. https://i.imgur.com/zyIL716.png I still haven't made a decision, but I'm much c...

stilllurking wrote: ↑Fri Mar 10, 2023 12:40 pm CCR has a quarterly limit of $2500 spending.
PR and UCR have unlimited rewards with no cap on spending.

Dang, I'm going to use the BofA card more and just keep my Citi Double Cash card as a spare (and for the Virtual CC feature).

Oh wait, the $2500 limit is only for the 75% bonus on the 3% for the selected category.

Morning. 1) what is the PR card? I only know about the CCR and the UCR card. 2) I am awaiting the ACAT of assets from my Vanguard Roth IRA to the Roth I opened at ME. Is it too early to apply for both the CCR and UCR simultaneously, or do I have to wait for assets to be received? 3) out of curiosity, do Netfli, Disney, or online streaming services fall under the online shopping category? 1) PR is premium rewards credit card, where you get a minimum 2.625% back on everything with platinum honors status, and extra for travel and dining. 3) streaming and subscription services in general do not count as online shopping 1) ... subject to the monthly limit. No monthly limit on the Premium Rewards, Unlimited Cash Rewards or Travel Rewards cards. ...

At their ages and with income exceeding expenses, my thought is that they are investing mostly for their heirs so 60/40 is reasonable.

OrangeKiwi wrote: ↑Fri Mar 10, 2023 12:07 pm

bbrock wrote: ↑Fri Mar 10, 2023 11:48 am Morning.

1) what is the PR card? I only know about the CCR and the UCR card.

2) I am awaiting the ACAT of assets from my Vanguard Roth IRA to the Roth I opened at ME. Is it too early to apply for both the CCR and UCR simultaneously, or do I have to wait for assets to be received?

3) out of curiosity, do Netfli, Disney, or online streaming services fall under the online shopping category?

1) PR is premium rewards credit card, where you get a minimum 2.625% back on everything with platinum honors status, and extra for travel and dining.

3) streaming and subscription services in general do not count as online shopping

1) ... subject to the monthly limit.

nisiprius wrote: ↑Wed Mar 08, 2023 12:48 pm

watchnerd wrote: ↑Wed Mar 08, 2023 12:11 pm

HEDGEFUNDIE wrote: ↑Thu May 14, 2020 11:09 am

tk1978 wrote: ↑Thu May 14, 2020 9:20 am Today is yet another example why holding at least a portion of your fixed income allocation in LTTs is a good idea. If your taxable has grown sufficiently that you do not need a dedicated cash emergency fund anymore and you are worried that you may need to sell a portion of your portfolio in an emergency and don't want to sell equities when they're down, there is nothing like having a sizable chunk of your investments in LTTs. Maybe EDV.

Not just a good idea today, or yesterday, but for the past 10+ years!

This did not age well....

Yikes.

KneeReplacementTutor wrote: ↑Mon Mar 06, 2023 3:15 pm I once bought a mattress from a mattress company owned by Berkshire Hathaway. This specific model was named after Mr. Buffet and appropriately labeled The Warren. It wasn't that comfortable for me. I guess WB and I are different somehow. If he can't even make me a comfortable mattress, I doubt he'll do well building my portfolio.

Sure, but did you try a Blizzard or a Coke?

Ricola wrote: ↑Sun Mar 05, 2023 10:40 am

UpperNwGuy wrote: ↑Sun Mar 05, 2023 5:22 am I don't consider Warren Buffet to be an expert on personal finance for the average guy.

Exactly. Buffett is in business. And what does he sell...a basket of Stocks. He also recommends Soda, Candy, and Icecream

What, you mean heart disease, stroke, kidney disease, diabetes, fatty liver, obesity, etc. aren't good?

alexbogle wrote: ↑Sun Mar 05, 2023 7:29 am One reason i only keep a minimum amount at merrill: Costumer service at boa is terrible. The merrill agents tend to be better. But both have ridiculous hold times compared to schwab and fidelity.

I must have gotten lucky last week. I called a couple of times to get my mistake with the promo code fixed and didn't wait more than a few minutes. First a called BofA, then Merrill. Merrill even offered to call me back to confirm the problem was fixed, and then they actually did it.

prettybogle wrote: ↑Sat Mar 04, 2023 5:27 pm After a quick read of this thread, it appears merrill edge is no-brainer for balances over 100k. I am now wondering why I should stick with big brokerages like Vanguard or fidelity. Anyone in the same boat ?

Yes. I'm thinking the same thing. There are other benefits as well. Having all accounts accessible from one screen, very easy transfers to/from checking, is attractive to me.

GaryA505 wrote: ↑Sat Mar 04, 2023 1:13 pm I'm a little confused about the Platinum Rewards tiers. I'm in the Platinum Honors tier, but it looks like I'm only getting 3% category reward.

Can anyone explain?

EDIT: I have a Customized Cash Rewards card.

Nevermind I got it.

3% plus %75 bonus is 5.25%

Duh.

I'm a little confused about the Platinum Rewards tiers. I'm in the Platinum Honors tier, but it looks like I'm only getting 3% category reward.

Can anyone explain?

EDIT: I have a Customized Cash Rewards card.

Considering investing some of my taxable account in bonds and am in a no-tax state but high marginal fed rate. If I buy a muni etf- such as SCMB- how do that fund’s earnings get disbursed to me? Would it be through appreciation of stock price (presumably subject to capital gains) or a disbursement (subject to dividend tax)? I assume it is neither of those and that you get interest payments on a regular basis (but how often?) that are demarcated as fed tax exempt (as applicable to the etf’s holdings) on a 1099-int. Is that right? Any guidance here is appreciated. It's interest, non-taxable for federal tax. My 1099 shows it as tax-exempt interest. Much of my taxable account is in a MUNI mutual fund. If you set the holding to distribute the i...

Just a heads-up for anyone considering opening a Merrill account to get the $1000 bonus. I had been a little confused as to why they showed one bonus ($600) on the BofA website and a bonus of ($1000) on the Merrill website. In all honesty, if I had read all the fine print I would have known that they are actually different bonuses with different requirements. I won't do into the details about all of the differences because I don't really know them, but the key requirement for the $1000 is that it has to be transferred in from outside BofA/Merrill. I just got off the phone with Merrill support. I had clicked on the (incorrect) link on the BofA website when I opened my account, which automatically enrolled me in the $600 bonus program. Oops. ...

kellysian wrote: ↑Tue Feb 28, 2023 2:50 pm Reinvest half back into the stock market and the rest into CD's.

That's what I was thinking. Half in total stock market and half in fixed income (i.e. CDs, treasuries, MUNI fund, whatever).

I think a 1% AUM fee could be worth it in the case of someone who:
1. Can't be trusted not to do something stupid.
2. Refuses (for whatever reason) to buy a target date fund, 3-fund portfolio, or balanced fund.
3. Thinks they can time the market.
4. Has diminished mental capacity.

I'm sure there's more, but the basic idea is that someone could do way more than 1% damage to their portfolio.

vaylie wrote: ↑Sun Feb 26, 2023 11:12 pm You should call customer service to see if they will apply the 1000 bonus for you. I applied using the 600 bonus too (the 1000 wasn't available at the time) and they actually ended up rewarding me as though I'd signed up for the 1000 without me even asking. So I think if you call, your chances of success are pretty decent.

Thanks, I'll give them a call.

So I opened a Merrill account today. When I went through the BofA link for the promo it said $600 maximum so I figured, oh well, they changed it. When I went through the application process they never asked for the promo code which I thought was strange. And ... when I went over to the Merrill web site I saw the $1000 promo there. What the heck? Apparently when you open it through the BofA link they just apply the $600 code automatically, so you don't get the $1000 bonus.

Has anyone else had this problem? What do I do? Close the account and open another one, making sure to use the link from the Merrill web site so I can enter the promo code?

I was in the mood for a challenge so I went ahead and talked to him for a while. I could tell he was very rehearsed. He kept coming up with arguments that I kept shooting down. He finally just gave up. He said, "I get the sense that you would not change you mind and invest with us". I said, "well, I will if you can show me you always beat the market after fees".

Fisher investments called me today. I told the guy if he could show me that they beat the SP500 over any time period I pick, that I would invest with them. It was a short call.

exodusNH wrote: ↑Thu Feb 16, 2023 10:01 am

Taylor Larimore wrote: ↑Thu Feb 16, 2023 9:52 am Bogleheads:

"At Vanguard, we offer more than 75 ETFs and 160 mutual funds."

In my uninformed opinion, this appears ridiculous. Can anyone explain?

Best wishes.
Taylor

Jack Bogle's Words of Wisdom: "I'm not into all these market strategies and theories and cost-benefit analyses - all the bureaucracy that goes with business. In investing, strip all the baloney out of it, and give people what you promise."

If you go to the full list, they've got 81 ETFs listed and 268 mutual funds. Of course the latter includes closed funds, the different share classes (investor, admiral, institutional) and all of the target date funds.

Way too complicated.

vasaver wrote: ↑Wed Feb 15, 2023 11:01 am It might have a new name but for awhile with less than 500k you get to call into a group of advisors. Over 500k you have been given a dedicated advisor.

What does this "dedicated advisor" do?