Which Brokerages Offer Good Perks for High AUM?

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Hannibal Barca
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Which Brokerages Offer Good Perks for High AUM?

Post by Hannibal Barca »

I have a low seven figure portfolio scattered in with a number of brokerage firms. It's a mix of 401ks, IRAs, Roth IRAs, and taxable accounts. I'm curious what perks / benefits brokerages might offer if I were to concentrate some or all of those funds in one place. For example, I know Vanguard offers some minor perks when you hit $1M in assets, but it's not a particularly appealing package. I'm not looking to pay for a robo advisor or in-person advisor in exchange for the perks though.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by chicagoan23 »

Read This.

Over the past five years or so I have used this thread to make around $4,000.
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djheini
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by djheini »

I enjoy the Bank of America increased credit card rewards (up to 5.25%, minimum base rate of 2.62% on anything) for having $100k+ parked at Merrill Edge (can be in self-managed ETFs)

https://www.bankofamerica.com/preferred-rewards/
dukeblue219
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by dukeblue219 »

djheini wrote: Wed Apr 28, 2021 11:53 am I enjoy the Bank of America increased credit card rewards (up to 5.25%, minimum base rate of 2.62% on anything) for having $100k+ parked at Merrill Edge (can be in self-managed ETFs)

https://www.bankofamerica.com/preferred-rewards/
Also unlimited ATM reimbursement, and while you get that elsewhere, it's not common with big banks. Free safe deposit box if you can find one available.

When you move six figures to ME you can usually get at least $1000 for your trouble after 180 days, so don't forget that.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by radiowave »

If you know someone who has a Schab account, you can get a referral with a transfer bonus of $500 for 100k or higher new account: https://www.schwab.com/public/schwab/nn ... ect.html . Note if you don't know someone with a Schwab account, just find your local Schwab office and engage one of the financial advisors and they can give you a referral code.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by pkcrafter »

What are the fees associated with investing through BofA?

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rich126
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by rich126 »

You can certainly chase brokerage bonuses and some people do that well.

In general if you just want perks, then usually you are paying for the perks and the paying isn't likely worth the perks.

I doubt brokerages consider low 7 figures something worth giving away a lot of perks. 8 figures maybe.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by dukeblue219 »

pkcrafter wrote: Wed Apr 28, 2021 12:28 pm What are the fees associated with investing through BofA?

Paul
Same as most others. Free stocks and ETFs. No transaction fee funds available, or $20 for other funds. I don't know if they have every VG fund available if that's your style, but the ones they have are $20 per buy which isn't bad compared to Fidelity, for example.

The Merrill Edge app sucks. Be aware.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by djheini »

dukeblue219 wrote: Wed Apr 28, 2021 12:05 pm
djheini wrote: Wed Apr 28, 2021 11:53 am I enjoy the Bank of America increased credit card rewards (up to 5.25%, minimum base rate of 2.62% on anything) for having $100k+ parked at Merrill Edge (can be in self-managed ETFs)

https://www.bankofamerica.com/preferred-rewards/
Also unlimited ATM reimbursement, and while you get that elsewhere, it's not common with big banks. Free safe deposit box if you can find one available.

When you move six figures to ME you can usually get at least $1000 for your trouble after 180 days, so don't forget that.
That's true, though I don't use my BoA checking account for anything other than the occasional ATM deposit, otherwise it just sits there with $1 in it. Main reason I don't use it as an actual bank account is no free ACH transfers, so I use Ally as my main hub account and day to day checking account (which also has ATM reimbursement up to $15/month which is enough to cover my needs).
Topic Author
Hannibal Barca
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by Hannibal Barca »

dukeblue219 wrote: Wed Apr 28, 2021 12:39 pm
pkcrafter wrote: Wed Apr 28, 2021 12:28 pm What are the fees associated with investing through BofA?

Paul
Same as most others. Free stocks and ETFs. No transaction fee funds available, or $20 for other funds. I don't know if they have every VG fund available if that's your style, but the ones they have are $20 per buy which isn't bad compared to Fidelity, for example.

The Merrill Edge app sucks. Be aware.
How does Merrill deal with reinvesting dividends from ETFs and mutual funds? One of the nice things about Vanguard is the auto reinvest. I hate having cash do nothing in my account.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by gma »

I've been chasing deposit bonuses, since most of them can qualify by just moving the same security and holding it for whatever time period they require. Plus usually there are some extra perks as well.

As mentioned already above BofA Platinum Honors which gets you eligible for some pretty good credit card programs (I get 2.625% effective cash back on any purchase and 5.25% on most online purchases). You can qualify with a $100K+ Merrill Edge account, they used to do deposit bonuses but reading online sounds like it might have ended this month. I would keep this account forever, as I find Platinum Honors to be of value to me.

Schwab at $250K balance you get $100 off the Schwab AMEX Platinum Fee, at $1MM you get $200 off the annual fee (up to you to decide if paying for an AMEX Plat is worth it, good travel perks, that's about it and if you maximize all their benefits, the fee is relatively cost neutral). As mentioned above there should be a deposit bonus as well ($500 for $200K). I would keep my Schwab account forever, as their checking account is great (free ATM use worldwide).

The best most recent deposit bonus I found was to become Chase Private client. There should still be a $2,000 bonus for moving $250K into a JPM brokerage account (not the self-directed account, that won't qualify you). While that sounds like its heavy with fees, if you just do basic online trades there should be no fees. Its a nice deposit bonus and then you qualify for Chase Private Client which has some perks. Outside of the deposit bonus, I could care less about this account. Maybe the only great perk is as being private client you do get free incoming and outgoing domestic wires, which I think are generally costly, but that is of little value to me since I generally don't need to wire anything. Otherwise you can get the free checking/atm/etc all that stuff at Schwab with no required minimums.
Last edited by gma on Wed Apr 28, 2021 12:57 pm, edited 1 time in total.
dukeblue219
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by dukeblue219 »

djheini wrote: Wed Apr 28, 2021 12:49 pmI don't use my BoA checking account for anything other than the occasional ATM deposit, otherwise it just sits there with $1 in it. Main reason I don't use it as an actual bank account is no free ACH transfers
Hmm? I've never been charged for ACH in or out, whether pushed or pulled. Incoming wires are also free.

Eta: I may have been wrong on the outgoing ACH (unless initiated elsewhere)
Last edited by dukeblue219 on Wed Apr 28, 2021 2:33 pm, edited 1 time in total.
calwatch
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by calwatch »

Hannibal Barca wrote: Wed Apr 28, 2021 12:50 pm How does Merrill deal with reinvesting dividends from ETFs and mutual funds? One of the nice things about Vanguard is the auto reinvest. I hate having cash do nothing in my account.
They do dividend reinvestments just like every other broker I have (maybe IB excepted since they don't do partial shares). They don't allow purchase of fractional shares otherwise, while Schwab and Fidelity do.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by CuriousTacos »

dukeblue219 wrote: Wed Apr 28, 2021 12:57 pm
djheini wrote: Wed Apr 28, 2021 12:49 pmI don't use my BoA checking account for anything other than the occasional ATM deposit, otherwise it just sits there with $1 in it. Main reason I don't use it as an actual bank account is no free ACH transfers
Hmm? I've never been charged for ACH in or out, whether pushed or pulled. Incoming wires are also free.
I'm seeing that outgoing ACH initiated from BoA (push) has a $3 fee.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by dukeblue219 »

CuriousTacos wrote: Wed Apr 28, 2021 1:22 pm
dukeblue219 wrote: Wed Apr 28, 2021 12:57 pm
djheini wrote: Wed Apr 28, 2021 12:49 pmI don't use my BoA checking account for anything other than the occasional ATM deposit, otherwise it just sits there with $1 in it. Main reason I don't use it as an actual bank account is no free ACH transfers
Hmm? I've never been charged for ACH in or out, whether pushed or pulled. Incoming wires are also free.
I'm seeing that outgoing ACH initiated from BoA (push) has a $3 fee.
Shoot, I think you're right for ACH initiated from BOA. Edited above. Thanks.
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Hannibal Barca
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by Hannibal Barca »

How about relationship pricing for mortgages? Does anyone know how good those preferred rates are vs. what you can get elsewhere? I wonder how much a big bank with high capital requirements can flex on rate vs. a non-bank mortgage originator. Or does relationship pricing only kick-in if you have a money manager (so you're paying much larger fees).
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by radiowave »

CuriousTacos wrote: Wed Apr 28, 2021 1:22 pm
dukeblue219 wrote: Wed Apr 28, 2021 12:57 pm
djheini wrote: Wed Apr 28, 2021 12:49 pmI don't use my BoA checking account for anything other than the occasional ATM deposit, otherwise it just sits there with $1 in it. Main reason I don't use it as an actual bank account is no free ACH transfers
Hmm? I've never been charged for ACH in or out, whether pushed or pulled. Incoming wires are also free.
I'm seeing that outgoing ACH initiated from BoA (push) has a $3 fee.
The workaround is to "pull" the funds out of BoA rather than "push" them out from BoA.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by VictorStarr »

Hannibal Barca wrote: Wed Apr 28, 2021 3:53 pm How about relationship pricing for mortgages? Does anyone know how good those preferred rates are vs. what you can get elsewhere? I wonder how much a big bank with high capital requirements can flex on rate vs. a non-bank mortgage originator. Or does relationship pricing only kick-in if you have a money manager (so you're paying much larger fees).
1 million in investments may buy you 0.5% off a mortgage. See this thread for details:
viewtopic.php?t=280692
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by VictorStarr »

Hannibal Barca wrote: Wed Apr 28, 2021 11:29 am I have a low seven figure portfolio scattered in with a number of brokerage firms. It's a mix of 401ks, IRAs, Roth IRAs, and taxable accounts. I'm curious what perks / benefits brokerages might offer if I were to concentrate some or all of those funds in one place. For example, I know Vanguard offers some minor perks when you hit $1M in assets, but it's not a particularly appealing package. I'm not looking to pay for a robo advisor or in-person advisor in exchange for the perks though.
$1M gives you private client status at Fidelity and better status with Schwab. This status gives you:
- personal advisor (advisor maybe useful as POC for complex inquires)
- better customer support
- free TurboTax at Fidelity
- ATM fees reimbursement for Fidelity brokerage account
- free outgoing wires at Schwab
- free trades of one mutual fund family at Schwab
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by SrGrumpy »

I got $1,200 from Schwab for a portfolio a little smaller at the time. I think someone here recently said he got $1,500. I got it by calling the main number, and then someone from the local office called me to hammer out the details.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by NewMoneyMustBeSmart »

Hannibal Barca wrote: Wed Apr 28, 2021 11:29 am I'm curious what perks / benefits brokerages might offer if I were to concentrate some or all of those funds in one place.
Schwab gave me a very low (Federal Funds Rate+1%=1.25% today) margin rate along with several thousand dollar bonus to move money into them and keep it for a year. ACATS FTW.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by abuss368 »

Hannibal Barca wrote: Wed Apr 28, 2021 11:29 am I have a low seven figure portfolio scattered in with a number of brokerage firms. It's a mix of 401ks, IRAs, Roth IRAs, and taxable accounts. I'm curious what perks / benefits brokerages might offer if I were to concentrate some or all of those funds in one place. For example, I know Vanguard offers some minor perks when you hit $1M in assets, but it's not a particularly appealing package. I'm not looking to pay for a robo advisor or in-person advisor in exchange for the perks though.
Welcome to the forum! Moving to Vanguard was the best financial decision we ever made.

Call Vanguard.

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Re: Which Brokerages Offer Good Perks for High AUM?

Post by softwaregeek »

VictorStarr wrote: Wed Apr 28, 2021 5:32 pm
Hannibal Barca wrote: Wed Apr 28, 2021 3:53 pm How about relationship pricing for mortgages? Does anyone know how good those preferred rates are vs. what you can get elsewhere? I wonder how much a big bank with high capital requirements can flex on rate vs. a non-bank mortgage originator. Or does relationship pricing only kick-in if you have a money manager (so you're paying much larger fees).
1 million in investments may buy you 0.5% off a mortgage. See this thread for details:
viewtopic.php?t=280692
Started that thread. Can confirm. Some at various banks have gotten as much as .625.

I personally benefitted 30k, which would have been the cost of buying half a point rate reduction, and the account move bonus and origination fee reduction.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by 8foot7 »

I would not, repeat not, establish a *new* 7 figure+ relationship with Vanguard at this time. You will almost certainly be disappointed, and there are much better choices from a customer service perspective (Schwab, Fidelity) that would allow you to also hold Vanguard index funds at no cost at that level of balances. In this way you can have your cake and eat it.
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Hannibal Barca
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by Hannibal Barca »

softwaregeek wrote: Thu Apr 29, 2021 2:18 am
VictorStarr wrote: Wed Apr 28, 2021 5:32 pm
Hannibal Barca wrote: Wed Apr 28, 2021 3:53 pm How about relationship pricing for mortgages? Does anyone know how good those preferred rates are vs. what you can get elsewhere? I wonder how much a big bank with high capital requirements can flex on rate vs. a non-bank mortgage originator. Or does relationship pricing only kick-in if you have a money manager (so you're paying much larger fees).
1 million in investments may buy you 0.5% off a mortgage. See this thread for details:
viewtopic.php?t=280692
Started that thread. Can confirm. Some at various banks have gotten as much as .625.

I personally benefitted 30k, which would have been the cost of buying half a point rate reduction, and the account move bonus and origination fee reduction.
When you say 0.625%, is that off what that specific bank would otherwise have offered, or off what the market (i.e., lowest) APR was?
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by softwaregeek »

Hannibal Barca wrote: Thu Apr 29, 2021 1:41 pm
softwaregeek wrote: Thu Apr 29, 2021 2:18 am
VictorStarr wrote: Wed Apr 28, 2021 5:32 pm
Hannibal Barca wrote: Wed Apr 28, 2021 3:53 pm How about relationship pricing for mortgages? Does anyone know how good those preferred rates are vs. what you can get elsewhere? I wonder how much a big bank with high capital requirements can flex on rate vs. a non-bank mortgage originator. Or does relationship pricing only kick-in if you have a money manager (so you're paying much larger fees).
1 million in investments may buy you 0.5% off a mortgage. See this thread for details:
viewtopic.php?t=280692
Started that thread. Can confirm. Some at various banks have gotten as much as .625.

I personally benefitted 30k, which would have been the cost of buying half a point rate reduction, and the account move bonus and origination fee reduction.
When you say 0.625%, is that off what that specific bank would otherwise have offered, or off what the market (i.e., lowest) APR was?
I was getting 2.75 when market was 3.15 to 3.25. But the big banks own the jumbo market anyways.
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Re: Which Brokerages Offer Good Perks for High AUM?

Post by softwaregeek »

My list:
ALL offer mortgage discounts, usually minor starting $250k and really getting good at $500k-1M, with the best mortgages at $5M assets and up, possibly with higher tiers beyond that (that I am unaware of.

A FEW offer the ability to pass these mortgage discounts to children of asset holders. (I have not seen this with discount brokers, but am aware of two full service brokers that do it).

ALL offer negotiated rates on margin, should you be into that sort of thing.

ALL offer better service, easily waived fees, and generally no-fee banking in general.

ALL offer free ATM reimbursements, or free wires. Some domestic, some domestic and international.

NONE offer competitive interest rates on anything, anywhere so you are best using these to warehouse ETF's.

Schwab offers discount Amex platinum cards, up to $200 off with $1M assets in brokerage.

BofA/Merrill at 100k, offers a 75% bonus on credit card rewards. Which can be the best cash back card in the business. They also offer a fantastic and little known museum card one weekend a month, but that is not a tiered benefit. $1M in merrill edge gets a dedicated contact, who is not a traditional broker but is responsible for helping with paperwork etc. There is a $10M tier but I dont' know what it involves.

Chase at $250k offers some minor benefits and a dedicated contact. Plus, a museum card that doesn't overlap with BofA and is good every week of the month. And a free tiny safe deposit box, if you can find one (they are rare now). Plus better F/X rates. Plus "nanny card" limited debit cards. (I would have liked this - I gave my nanny a prepaid card to buy stuff for the kids since I didn't want her to have access to my general banking accounts). But YMMV and I hated the dedicated contact they gave me. On the bright side, I got free entry to the local zoo, which enabled me to drop my membership for, as I recall, about $150 a year. I think I got about $300 in use out of that museum card the year I had it. So I'll call this $400, between the museum and the safe deposit and some other minor stiff. There is another non-public tier at $5M I hear.

WF/Wellstrade offers a 50% credit card points bonus at 250k. Plus at very high spend levels their credit card bonus is another 35% higher, meaning they are quite competitive in the credit card space with up to 5% back on dining. But I still don't find the offer compelling.

Citi offers $150 a year of subscriptions and memberships, and ThankYou credit card points, which are convertible to airline miles with their $200k citigold package. Plus a 15% bonus on the ThankYou points that are earned on cards, plus a $150 discount on the fanciest credit card citi offers. Package should be worth $500+ a year to the average person.

HSBC offers a free top-tier credit card with lounge access and convertible points with their $1MM jade package. Plus a fancy concierge service, and apparently some perks like gold status on etihad airlines. The downside is you have to do business with HSBC. I can't vale the perks, but the credit card has as $300 fee, so I'm thinking $500 value? for the package. Could be more if you use the concierge a lot, which I wouldn't.

First Republic offers insanely low student loan refinance deals for lawyers and doctors. Also mortgage deals from time to time. It was worth thousands to a young lawyer I knew. She did have to commit to using the bank, but she saved thousands.

In general, it's the mortgage discount that is very valuable and credit card benefits that are somewhat valuable. I bank with BofA because they gave me the best relationship rate on a 30 year fixed mortgage. And Since I was there already, I got the credit card and utilize the museum card quite heavily.
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