You're mixing two different things. The transfer bonus for bringing in Roth IRA funds to a new Edge account goes into the Roth, and is not a contribution. The credit-card cash-back gets a 75% increase if transferred into a BofA bank account or an Edge investment account. As that would not be earnings on the assets in the Roth, assuming you can get the bonus for a Roth transfer, then it would almost certainly be a contribution.JBTX wrote: ↑Wed Jun 20, 2018 6:49 pmNot Roth, only taxable for that. You might be able to put it in Roth, but it would be a contribution. To get the 75% rewards bonus, it has to either go into a BOA or Edge account.So is it a contribution or not?No, the Merrill Edge bonus for transferring over a Roth IRA goes into the Roth IRA (six months after the funds arrive) but is not considered a contribution. It is considered earnings or growth within the Roth. So it does expand your Roth-space somewhat.
Merrill Edge best choice for higher net worth accounts?
- Earl Lemongrab
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Re: Merrill Edge best choice for higher net worth accounts?
- triceratop
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Re: Merrill Edge best choice for higher net worth accounts?
Or you could own ETF ICSH - iShares Ultra Short-Term Bond. SEC yield is 2.44% with a duration of 0.4 years.
Remember that the commission-free status of any ETF means you can effectively use ETFs like these as your sweep.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."
Re: Merrill Edge best choice for higher net worth accounts?
OK thanks for clarifying.Earl Lemongrab wrote: ↑Wed Jun 20, 2018 11:37 pmYou're mixing two different things. The transfer bonus for bringing in Roth IRA funds to a new Edge account goes into the Roth, and is not a contribution. The credit-card cash-back gets a 75% increase if transferred into a BofA bank account or an Edge investment account. As that would not be earnings on the assets in the Roth, assuming you can get the bonus for a Roth transfer, then it would almost certainly be a contribution.JBTX wrote: ↑Wed Jun 20, 2018 6:49 pmNot Roth, only taxable for that. You might be able to put it in Roth, but it would be a contribution. To get the 75% rewards bonus, it has to either go into a BOA or Edge account.So is it a contribution or not?No, the Merrill Edge bonus for transferring over a Roth IRA goes into the Roth IRA (six months after the funds arrive) but is not considered a contribution. It is considered earnings or growth within the Roth. So it does expand your Roth-space somewhat.
As it stands right now a $250 bonus to transfer $100k doesn't really meet my threshold of worth doing. It would also net me about $300 a year more than my fidelity 2% card. Again not enough to move retirement investments back and forth.
Re: Merrill Edge best choice for higher net worth accounts?
It is unlikely to be a leak, so much as a referral. Regardless, BoA would make far, far more on an account at Merrill Lynch than in Merrill Edge. It was also part of how BoA explained Merrill Edge to the Merrill Lynch brokers: you give Edge your accounts <$250K and Edge will send accounts to you once the accounts are big enough to be worthwhile. Now, I agree that you won't be moved against your will or given the hard sell, but if you have substantial assets and your spouse takes over your finances, I would fully expect the Edge rep to say 'Why don't you let a dedicated advisor take care of you?'djd1950 wrote: ↑Tue Jan 16, 2018 12:07 am My IRA is with Merrill Edge; chose them for the $900 bonus and the 75% boost in cash back on their credit card. I have never heard from anybody other than a Merrill edge person offering help if I wanted it. Maybe I don't understand something, but I don't see how it would be to their advantage to "leak" a name to a Merrill Lynch broker, which might result in losing the Merrill Edge assets.
- Earl Lemongrab
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Re: Merrill Edge best choice for higher net worth accounts?
I look at it in terms of pay for effort. Moving assets these days is getting into the "dead easy" category. At Edge, you can generally do it all online, maybe 30 minutes of total effort to open an account (less if you have an existing account) and set up a transfer. So you'd be getting paid $500/hour for the transfer. The credit card cash is just that much more.
Re: Merrill Edge best choice for higher net worth accounts?
I don't disagree, I just conceptually not a big fan of moving retirement accounts to around for bonuses. Perhaps if I did it once I'd more more likely to do it. The other issue is my investments are not a simple 3 funds and I have too many funds and moving somewhere else may be a bit more of a chore.Earl Lemongrab wrote: ↑Thu Jun 21, 2018 1:00 pmI look at it in terms of pay for effort. Moving assets these days is getting into the "dead easy" category. At Edge, you can generally do it all online, maybe 30 minutes of total effort to open an account (less if you have an existing account) and set up a transfer. So you'd be getting paid $500/hour for the transfer. The credit card cash is just that much more.
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Re: Merrill Edge best choice for higher net worth accounts?
I transferred my brokerage account from Cap One Investing to Merrill Edge. I bank with BOA and enjoyed the booster benefit on my cash back credit card now that I have significant assets under the ME/BOA umbrella. I believe I get a .75% boost on my cash back with my BOA credit card.
ME gave me a $600 sign on bonus for transferring from CapOne to ME. The transfer was roughly $325k. The transfer went smooth and CapOne was closing their investment branch anyway and forcing me to move to ETrade which I didn't want to do... so it worked out. I also have a Vanguard Brokerage account where I keep just 2 VG Mutual Funds, VTSAX and VTIAX.
Overall, I actually think CapOne Investing had a better user interface and I liked the platform more. ME is a bit weird and not as slick... maybe i'm not comfortable with it yet, who knows. ME has been fine and I have unlimited free ETF/Stock trades if I so choose.
ME gave me a $600 sign on bonus for transferring from CapOne to ME. The transfer was roughly $325k. The transfer went smooth and CapOne was closing their investment branch anyway and forcing me to move to ETrade which I didn't want to do... so it worked out. I also have a Vanguard Brokerage account where I keep just 2 VG Mutual Funds, VTSAX and VTIAX.
Overall, I actually think CapOne Investing had a better user interface and I liked the platform more. ME is a bit weird and not as slick... maybe i'm not comfortable with it yet, who knows. ME has been fine and I have unlimited free ETF/Stock trades if I so choose.
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Re: Merrill Edge best choice for higher net worth accounts?
Depends on a few factors. If you're doing a complete account transfer, then it generally doesn't matter as long as there aren't any assets that can't transfer. I'm often doing a partial, so I have to list the ETF name and possibly the number of shares.JBTX wrote: ↑Thu Jun 21, 2018 2:13 pmI don't disagree, I just conceptually not a big fan of moving retirement accounts to around for bonuses. Perhaps if I did it once I'd more more likely to do it. The other issue is my investments are not a simple 3 funds and I have too many funds and moving somewhere else may be a bit more of a chore.Earl Lemongrab wrote: ↑Thu Jun 21, 2018 1:00 pmI look at it in terms of pay for effort. Moving assets these days is getting into the "dead easy" category. At Edge, you can generally do it all online, maybe 30 minutes of total effort to open an account (less if you have an existing account) and set up a transfer. So you'd be getting paid $500/hour for the transfer. The credit card cash is just that much more.
Re: Merrill Edge best choice for higher net worth accounts?
I captured $1k bonus for $250k move at ME. Have not heard from broker, I was liquidating company stock, so the free trades were very useful. Add in the platinum rewards credit card bonus of $500, and it was a great deal. Planning to move $150k somewhere but maintain tier for the credit card.
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Re: Merrill Edge best choice for higher net worth accounts?
Already have various retirement and taxable accounts with Fidelity, Schwab, and Vanguard, but we do all of our everyday banking with BoA. We have some treasury bills and I-bonds with Treasury Direct too.
We're considering transferring $100k for a house downpayment in 9-12 months from an online savings account at CIT into a new ME CMA in order to take advantage of their bonus offer. I was looking at brokered CDs vs. treasury bills for a safe place to put this money within ME for a short duration while keeping Platinum Honors. We're in a high tax bracket and live in California.
Any thoughts? Haven't ever bought brokered CDs or treasuries via broker before and want to keep things as simple as possible (will probably be consolidating some of these accounts in the near future for that same reason). Thanks!
We're considering transferring $100k for a house downpayment in 9-12 months from an online savings account at CIT into a new ME CMA in order to take advantage of their bonus offer. I was looking at brokered CDs vs. treasury bills for a safe place to put this money within ME for a short duration while keeping Platinum Honors. We're in a high tax bracket and live in California.
Any thoughts? Haven't ever bought brokered CDs or treasuries via broker before and want to keep things as simple as possible (will probably be consolidating some of these accounts in the near future for that same reason). Thanks!
Re: Merrill Edge best choice for higher net worth accounts?
One thing no one brought it up here yet is ME is most aggressive about not serving the expat community. They closed one of my accounts b/c I accidentally opened it without vpn on, and sent me an unpleasant letter with it.
It’s too bad as I could use their credit card boost. Obviously using a broker that close my account like that, partic a retirement account is a no-go. Will prob move more towards Schwab....
It’s too bad as I could use their credit card boost. Obviously using a broker that close my account like that, partic a retirement account is a no-go. Will prob move more towards Schwab....
Re: Merrill Edge best choice for higher net worth accounts?
Just a warning for those with 401k's at Merrill Edge:
401k do not qualify for Preferred Rewards or Transfer Bonuses. I initially called Edge and a representative told me my 401k did qualify but I needed to open a BOA Checking account first, after opening that checking account, I called a few days later and find out that it was wrong information and 401k are not part of the rewards program. Glad I at least hadn't opened the credit card yet.
So stuck with $7 trades in my 401k, oh well, better than a lot of other 401k options still.
401k do not qualify for Preferred Rewards or Transfer Bonuses. I initially called Edge and a representative told me my 401k did qualify but I needed to open a BOA Checking account first, after opening that checking account, I called a few days later and find out that it was wrong information and 401k are not part of the rewards program. Glad I at least hadn't opened the credit card yet.
So stuck with $7 trades in my 401k, oh well, better than a lot of other 401k options still.
Re: Merrill Edge best choice for higher net worth accounts?
Well, I’d give this person a less glamorous title of “red-tape pilot”. Merrill has more red tape than other brokers, in my experience, when changing things. For example, getting set up for my first backdoor Roth conversion at Merrill, I encountered more red tape than I found previously at Vanguard. So having this “deluxe” person just to help with the red tape came in handy.munemaker wrote: ↑Sun Jan 14, 2018 2:04 pmThat sounds deluxe!indexfundfan wrote: ↑Sat Jan 13, 2018 9:40 pm With your assets, Merrill Edge will assign a "Premium Elite Relationship Manager" to you.
Re: Merrill Edge best choice for higher net worth accounts?
I'm new to ME and still waiting to qual over time. Can someone do the math for me and tell me when my $375K that cleared on 01/04/2019 will qualify for a 3 month average of $100K assuming, for simplicity, nothing changes? I'm going to qualify for $20K, then $50K first I assume. My 26 yr business account doesn't apply to the personal side unfortunately for me. I'm basically starting over on the personal side.
ME perks all based on $100K+ 3 month average combined balance.
900ME code for signup bonus = $900 cash
BofA cash rewards CC spend 500 = $200 cash; perks are 75% bonus
Advantage Checking $4000 auto deposit = $300 cash (heard this offer is targeted and you may have go to bank to open) otherwise it's $100, free checking up to 4 accts, free standard checks, incoming wires, deposit box
ME perks all based on $100K+ 3 month average combined balance.
900ME code for signup bonus = $900 cash
BofA cash rewards CC spend 500 = $200 cash; perks are 75% bonus
Advantage Checking $4000 auto deposit = $300 cash (heard this offer is targeted and you may have go to bank to open) otherwise it's $100, free checking up to 4 accts, free standard checks, incoming wires, deposit box
Last edited by NewOldGuy on Wed Jan 23, 2019 12:23 am, edited 1 time in total.
Re: Merrill Edge best choice for higher net worth accounts?
They compute at the end of the month. You should be over 100k average on Feb 1. ThanksNewOldGuy wrote: ↑Tue Jan 22, 2019 11:37 pm I'm new to ME and still waiting to qual over time. Can someone do the math for me and tell me when my $375K that cleared on 01/04/2019 will qualify for a 3 month average of $100K assuming, for simplicity, nothing changes? My 26 yr business account doesn't apply to the personal side.
Re: Merrill Edge best choice for higher net worth accounts?
Thanks vis, then technically I should already qual for the $20K perk, then the $50K perk before $100K? Suppose I'll wait for notification by next month.viz wrote: ↑Wed Jan 23, 2019 12:21 amThey compute at the end of the month. You should be over 100k average on Feb 1. ThanksNewOldGuy wrote: ↑Tue Jan 22, 2019 11:37 pm I'm new to ME and still waiting to qual over time. Can someone do the math for me and tell me when my $375K that cleared on 01/04/2019 will qualify for a 3 month average of $100K assuming, for simplicity, nothing changes? My 26 yr business account doesn't apply to the personal side.
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Re: Merrill Edge best choice for higher net worth accounts?
BofA is literally the worst bank I’ve ever dealt with. I’m surprised so many people seem peaceful with it here.
Re: Merrill Edge best choice for higher net worth accounts?
No, they only evaluate once a month, and you’ll receive the highest tier that you qualify for. You don’t have to progress through the tiers.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
Re: Merrill Edge best choice for higher net worth accounts?
No thanks to "free stuff". Vanguard is straightforward and has everything I need. If you are using more than 25 trades per year than the higher interest on the money market account still probably outweighs the additional fee for $2 trades.
Re: Merrill Edge best choice for higher net worth accounts?
Funny, I've been with them over 35 yrs total and I can't say what their support is like now, but they've always been helpful in the past. When we went in last month to open our new checking/credit card/ discuss ME, I hadn't been inside the bank for at least 10 years. All contacts had been ATM and phone app. Like most mega-corps, you hope you never need their assistance. Only lately I've noticed BofA doesn't have chat or two-way messaging or email on their website. You either call or make an appointment to meet someone.michaeljmroger wrote: ↑Wed Jan 23, 2019 12:30 am BofA is literally the worst bank I’ve ever dealt with. I’m surprised so many people seem peaceful with it here.
As soon as my SS check gets auto deposited into the new checking acct, I plan to close my old business acct and credit card. I'm guessing there will be a few hiccups there. Knock on wood.
Now Merrill Edge has been very helpful and available. There's an agent in Florida that was assigned to me as well as an agent at my local BofA branch. They have been at my beck and call basically. Couldn't be nicer and more helpful. They both acknowledged my account is self directed and nobody has pushed anything at me.
Re: Merrill Edge best choice for higher net worth accounts?
This does not sound right to me.
Link to Asking Portfolio Questions
Re: Merrill Edge best choice for higher net worth accounts?
That sure is the truth.NoHeat wrote: ↑Tue Jan 22, 2019 10:58 pm
Well, I’d give this person a less glamorous title of “red-tape pilot”. Merrill has more red tape than other brokers, in my experience, when changing things. For example, getting set up for my first backdoor Roth conversion at Merrill, I encountered more red tape than I found previously at Vanguard. So having this “deluxe” person just to help with the red tape came in handy.
A year ago we opened 2 accounts to evaluate moving all assets from TD Ameritrade to MEdge. On our fist contact with ME we were told it would be simple for me to have my DW’s account linked to my account online. It had been extremely simple to do this at Fidelity, Scottrade and TDA.
Well after 3 visits and hours completing a ream of forms, some notarized, at the local BoA office it didn’t happen. We made countless follow up calls, including interventions to our ME “red-tape pilot”. We gave up after trying to get this done over a 4-6 week period, and then decided dealing with ME was way too burdensome. All assets have been moved back to TDA.
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Re: Merrill Edge best choice for higher net worth accounts?
+1 However, I think Wells Fargo is equally bad.michaeljmroger wrote: ↑Wed Jan 23, 2019 12:30 am BofA is literally the worst bank I’ve ever dealt with. I’m surprised so many people seem peaceful with it here.
Re: Merrill Edge best choice for higher net worth accounts?
That has been my experience too. Bank of America was terrible to me when I was a poor college student and early on in my working career. The platinum honors credit card perks are tempting, but I can't make myself go back to that evil banking empire after how I was treated the first time. Reddit is full of both Bank of America and Wells Fargo horror storries.michaeljmroger wrote: ↑Wed Jan 23, 2019 12:30 am BofA is literally the worst bank I’ve ever dealt with. I’m surprised so many people seem peaceful with it here.
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Re: Merrill Edge best choice for higher net worth accounts?
They froze the very large checking account for the family trust my MIL was using for living expenses. This was also the account where MIL's SS and 2 pension checks were auto-deposited. It was triggered by DH using the existing trust provisions to have the named successor trustee come into power after FIL died. This despite having MIL, DH (the successor trustee), and the estate attorney who drafted the trust all at the meeting with the BofA bank officer, B of A having a copy of the recorded trust document, and MIL being sharp as a tack.michaeljmroger wrote: ↑Wed Jan 23, 2019 12:30 am BofA is literally the worst bank I’ve ever dealt with. I’m surprised so many people seem peaceful with it here.
Several months later, BofA legal finally decided that, in fact, everything looked fine.
We moved every dollar away from B of A right after that.
Re: Merrill Edge best choice for higher net worth accounts?
I've had assets at Edge for a few years now. No complaints. The only issue I could possibly think of is a very slow securities transfer to Schwab Charitable in late 2017, but that was my fault -- I submitted it a few days before Christmas and it didn't get done until the first day of 2018. They were obviously swamped with everybody rushing to get things in before the end of the year and the change in the tax code.
I was solicited by a Merrill Lynch rep last year, but he didn't find me through Edge.
The only fee I've been stuck paying is $25/each for outbound wire transfers, even with the premium elite stuff. I recently moved some money to Vanguard and will just use them to send wires for free in the future.
All that said, while it's nice to never wait on hold when calling, I can't think of any other meaningful advantage in having >$1MM with Edge compared to >$100k.
I was solicited by a Merrill Lynch rep last year, but he didn't find me through Edge.
The only fee I've been stuck paying is $25/each for outbound wire transfers, even with the premium elite stuff. I recently moved some money to Vanguard and will just use them to send wires for free in the future.
All that said, while it's nice to never wait on hold when calling, I can't think of any other meaningful advantage in having >$1MM with Edge compared to >$100k.
Re: Merrill Edge best choice for higher net worth accounts?
I will probably have to ask Merrill Edge this question, but maybe someone here knows. My IRA is currently at Fidelity and is 100% invested in some AQR funds. I can't tell from the tools available on ME without opening an account whether I can continue to hold them at ME. I have QSPIX, QSMLX, QICLX, QEELX, and their N shares counterparts.
Is it standard procedure to liquidate mutual fund holdings at ME (or other brokerages) if they are not offered through the platform?
I'm not currently at $100K, but might reach it with a rise in the market or within a couple years. I also might move QSMLX to VFMF and it would be nice to have free trades, a free safety deposit box, and the higher earnings rate on credit cards. I could keep part of my IRA at Fidelity for rebalancing.
Is it standard procedure to liquidate mutual fund holdings at ME (or other brokerages) if they are not offered through the platform?
I'm not currently at $100K, but might reach it with a rise in the market or within a couple years. I also might move QSMLX to VFMF and it would be nice to have free trades, a free safety deposit box, and the higher earnings rate on credit cards. I could keep part of my IRA at Fidelity for rebalancing.
Re: Merrill Edge best choice for higher net worth accounts?
I think you're confusing Platinum honors with the transfer bonus. Platinum honors get you free trades and a 75% bonus on BOA CC rewards and I think requires a 100K in BOA/ME balance. Transfer bonus ($1500 if you transfer 500K in assets as an example) is separate.WL2034 wrote: ↑Sun Jan 14, 2018 9:56 am Currently the ME/BOA reward structure is maximized at $100k. So depending on your definition of “higher NW accounts,” you likely don’t need to transfer all your assets to ME to qualify. If you have a local BOA branch and/or find the credit card booster worthwhile, I think it is worth using. Car loans and mortgages are also reduced, but still need to shop around to ensure they are the best available. The interest rates at BOA for checking/savings are still low so it’s not worth it just for that.
I wonder if ME/BOA will add additional tiers as $100k seems a bit low for a cap if they are trying to incentivize people to hold large amounts of assets at ME/BOA.
Re: Merrill Edge best choice for higher net worth accounts?
I can tell you I transferred QSPIX as well as some Fido funds to ME (from Fido) late last year without a problem. Even the fractional shares transferred unlike stocks and ETFs where fractionals were liquidated and resulting cash transferred. The process was very simple. YMMV.Ketawa wrote: ↑Wed Jan 23, 2019 10:16 am I will probably have to ask Merrill Edge this question, but maybe someone here knows. My IRA is currently at Fidelity and is 100% invested in some AQR funds. I can't tell from the tools available on ME without opening an account whether I can continue to hold them at ME. I have QSPIX, QSMLX, QICLX, QEELX, and their N shares counterparts.
Is it standard procedure to liquidate mutual fund holdings at ME (or other brokerages) if they are not offered through the platform?
I'm not currently at $100K, but might reach it with a rise in the market or within a couple years. I also might move QSMLX to VFMF and it would be nice to have free trades, a free safety deposit box, and the higher earnings rate on credit cards. I could keep part of my IRA at Fidelity for rebalancing.
Re: Merrill Edge best choice for higher net worth accounts?
Thanks.pshonore wrote: ↑Wed Jan 23, 2019 10:53 amI can tell you I transferred QSPIX as well as some Fido funds to ME (from Fido) late last year without a problem. Even the fractional shares transferred unlike stocks and ETFs where fractionals were liquidated and resulting cash transferred. The process was very simple. YMMV.Ketawa wrote: ↑Wed Jan 23, 2019 10:16 am I will probably have to ask Merrill Edge this question, but maybe someone here knows. My IRA is currently at Fidelity and is 100% invested in some AQR funds. I can't tell from the tools available on ME without opening an account whether I can continue to hold them at ME. I have QSPIX, QSMLX, QICLX, QEELX, and their N shares counterparts.
Is it standard procedure to liquidate mutual fund holdings at ME (or other brokerages) if they are not offered through the platform?
I'm not currently at $100K, but might reach it with a rise in the market or within a couple years. I also might move QSMLX to VFMF and it would be nice to have free trades, a free safety deposit box, and the higher earnings rate on credit cards. I could keep part of my IRA at Fidelity for rebalancing.
Re: Merrill Edge best choice for higher net worth accounts?
I personally use Bofa/ME, and I have had no issues with them. ME lets you do everything online, has 24 hour chat and email customer service, and if you have more than $100k, you get 100 free trades a month on any stock, etf, mutual fund. Bofa doesnt have chat or email service which kind of sucks, but I only use it for my checking account, which only carries about $1000 at a time after monthly bills are paid. My excess savings gets transferred to my ME CMA after tax account where it is invested in VTI.
My emergency savings is usually at an online bank. I prefer Ally and CIT, its usually sitting wherever has the higher rate (currently its CIT at 2.45%).
I would recommend you bring over 200-250k of your IRA at a time to maximize the bonuses. Right now they are giving $900 for $200k, but I am not sure if the bonuses stack or not. If you don't have any accounts with them, I suggest you first open a checking and a ME account CMA. Put $100k in the CMA and then move it to preferred deposit, its yielding 2.07% right now. In a week or so, you will get the preferred rewards tier. At this point, transfer over your IRA balances, since the bonus is only $600 for people who aren't in the rewards program but you get a 50% bump if you are. Also, you'll avoid fees on trades with your newly brought over balance.
For safe deposit boxes, check with the branch before because its only free for the smallest size and a lot of banks are sold out of those sizes. I tried to get one too but the branch nearest me was sold out.
There are two threads I know of that discuss Bofa and Merrill benefits in detail. The cash back credit card, ME commission free trades seem to be the biggest benefits.
viewtopic.php?f=2&t=150033&start=450
viewtopic.php?f=2&t=266038&start=150
My emergency savings is usually at an online bank. I prefer Ally and CIT, its usually sitting wherever has the higher rate (currently its CIT at 2.45%).
I would recommend you bring over 200-250k of your IRA at a time to maximize the bonuses. Right now they are giving $900 for $200k, but I am not sure if the bonuses stack or not. If you don't have any accounts with them, I suggest you first open a checking and a ME account CMA. Put $100k in the CMA and then move it to preferred deposit, its yielding 2.07% right now. In a week or so, you will get the preferred rewards tier. At this point, transfer over your IRA balances, since the bonus is only $600 for people who aren't in the rewards program but you get a 50% bump if you are. Also, you'll avoid fees on trades with your newly brought over balance.
For safe deposit boxes, check with the branch before because its only free for the smallest size and a lot of banks are sold out of those sizes. I tried to get one too but the branch nearest me was sold out.
There are two threads I know of that discuss Bofa and Merrill benefits in detail. The cash back credit card, ME commission free trades seem to be the biggest benefits.
viewtopic.php?f=2&t=150033&start=450
viewtopic.php?f=2&t=266038&start=150
Re: Merrill Edge best choice for higher net worth accounts?
I feel uniquely qualified to comment on this because I have relatively large accounts at Vanguard (IRA/Roth IRA, taxable, Mom's accounts), Merrill Edge (Taxable) and Etrade (i401k/Roth 401k(now term) and taxable). There are some significant differences among them.Captain kangaroo wrote: ↑Sat Jan 13, 2018 9:35 pm Considering moving my money over from Vanguard to Merrill Edge.
I love Vanguard, but for accounts over 1,000,000 you don't really get any benefits from it. Their website has been a little clunky for me and I've heard their customer service isn't the best.
With ME edge I'll have access to all Vanguard etfs for free for my 3 fund portfolio with superior customer service.
I'll also get the platinum honors account from Bank of America, which seems to have some good perks and also a free safety deposit box, something I've been meaning to get.
Anyone use them? Almost seems like a no brainer. Same benefits as Vanguard but better customer service and some nice perks from BoA
1. Transfer bonus: Etrade gave me $2500 in my taxable account when I transferred my Schwab Solo-DB account to a new i401k. 2. Merrill Edge: I received a $900 bonus when I deposited proceeds from home sale in taxable account, linked to my BofA checking account. Vanguard gave me nothing for moving a bunch of money there.
2, As many above already mentioned, BofA credit card deals are the best, especially when paired with Platinum status. There are 2 cards to choose from . . .
3. Cash management/sweep accounts at Vanguard pay best. You can access good money market funds/rates at Etrade and Merrill but it is via manual trade.
4. Money availability: Vanguard is the best. I can sell a VG mutual fund on Wednesday and see the money in my BofA checking account Friday. Neither Etrade nor Merrill can do that. To perform immediate transfer from ET or ME, you have to open a margin account!
5. Customer Service: I'm going to call it a tie between Vanguard and Etrade. All 3 places give you a personal representative. I've had better experiences with VG and Etrade. For example, I am legal conservator for my mother. I wanted to convert her IRA to a Roth but couldn't do it online at VG. I called my Flagship rep and the already COMPLETED form arrived in my inbox the same day. All I had to do was sign it! Similar experience at Etrade when I terminated my Schwab Solo DB. My rep did all the phone, paperwork, etc. I only had to sign my name! When my rep helped me wire money to escrow account from Merrill, they charged me $50 fee for wire xfer! Had to make another phone call to reverse it . . .
6. All 3 places give free trades. I haven't paid for a trade at Etrade in over 5 years: my rep automatically reverses any charges that make it through. Etrade now has a bunch of VG mutual funds, transaction free (INCLUDING Admiral class) so transaction fees are a nonissue there for me now. Merrill has had free trades for ~ 10 years now.
7. I find Etrades website the best. VG and Merrill Edge are a bit more cumbersome.
So, in summary, cash rewards are the primary reason to choose Merrill Edge. Etrade and VG have had a little better customer service and access to VG mutual funds if you prefer (over ETF).
Hope that helps . . .
Re: Merrill Edge best choice for higher net worth accounts?
Is QSPIX your only AQR fund? I called Merrill Edge and gave them the tickers of my AQR funds (still same as above), and the representative said only QSPIX and QSPNX could be held with them.pshonore wrote: ↑Wed Jan 23, 2019 10:53 amI can tell you I transferred QSPIX as well as some Fido funds to ME (from Fido) late last year without a problem. Even the fractional shares transferred unlike stocks and ETFs where fractionals were liquidated and resulting cash transferred. The process was very simple. YMMV.Ketawa wrote: ↑Wed Jan 23, 2019 10:16 am I will probably have to ask Merrill Edge this question, but maybe someone here knows. My IRA is currently at Fidelity and is 100% invested in some AQR funds. I can't tell from the tools available on ME without opening an account whether I can continue to hold them at ME. I have QSPIX, QSMLX, QICLX, QEELX, and their N shares counterparts.
Is it standard procedure to liquidate mutual fund holdings at ME (or other brokerages) if they are not offered through the platform?
I'm not currently at $100K, but might reach it with a rise in the market or within a couple years. I also might move QSMLX to VFMF and it would be nice to have free trades, a free safety deposit box, and the higher earnings rate on credit cards. I could keep part of my IRA at Fidelity for rebalancing.
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Re: Merrill Edge best choice for higher net worth accounts?
It's delightfulmunemaker wrote: ↑Sun Jan 14, 2018 2:04 pmThat sounds deluxe!indexfundfan wrote: ↑Sat Jan 13, 2018 9:40 pm With your assets, Merrill Edge will assign a "Premium Elite Relationship Manager" to you.
"Prioritize and manage book of clients, constantly searching for opportunities to enhance client delight and advance our standing as the client's sole financial institution"
https://careers.bankofamerica.com/en-us ... ted-states
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Re: Merrill Edge best choice for higher net worth accounts?
+1triceratop wrote: ↑Sat Jan 13, 2018 9:57 pm No problem if you only need Vanguard ETFs. Some low-cost funds (munis) are offered only as mutual funds.
VWIUX - no where but Vanguard (that I'm aware of).
“Now shall I walk or shall I ride? |
'Ride,' Pleasure said; |
'Walk,' Joy replied.” |
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― W.H. Davies
Re: Merrill Edge best choice for higher net worth accounts?
You can use both. Since I bank with BOA and use their CC, I use ME a only invest in 2 funds (VTI and VXUS) and the rest goes to Vanguard with automatic investments every month based on my AA.
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Re: Merrill Edge best choice for higher net worth accounts?
VTEB is quite similar... similar enough that this reason shouldn’t stop someone from moving to a different brokerage.
Already impartial now...and you have a nice day.
Re: Merrill Edge best choice for higher net worth accounts?
I have VWIUX at Fidelity. That's new as of semi recently, and was the last thing I needed to move everything out of Vanguard.backpacker61 wrote: ↑Thu Feb 04, 2021 8:27 pm+1triceratop wrote: ↑Sat Jan 13, 2018 9:57 pm No problem if you only need Vanguard ETFs. Some low-cost funds (munis) are offered only as mutual funds.
VWIUX - no where but Vanguard (that I'm aware of).
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Re: Merrill Edge best choice for higher net worth accounts?
+1michaeljmroger wrote: ↑Wed Jan 23, 2019 12:30 am BofA is literally the worst bank I’ve ever dealt with. I’m surprised so many people seem peaceful with it here.
Someone I know that works at a different bank said that was the one they get the most complaints about.
For a higher net worth account, I really like Schwab and I have a local "team" that is incredibly responsive to everything. I've gotten FAR better service there than even full service places like Northern Trust and Morgan Stanley that I was paying a ton of money in fees to.
Re: Merrill Edge best choice for higher net worth accounts?
+1stan1 wrote: ↑Sun Jan 14, 2018 9:52 amOn this matter even if it did happen I think a polite but clear statement "Thank you for reaching out to me, but I am not interested. Please do not call me again." would do the trick. Upsetting potential high net worth clients is counter to their business model. Local Merrill Lynch offices and their employees do not want to be viewed as sleazy marketers.Glamdring56 wrote: ↑Sun Jan 14, 2018 9:33 am I have been considering Merrill Edge to get the platinum level rewards. My concern is if I transfer too much money to them; they might uncover my existence to a local Merrill broker and I might be a target of his/hers phone and marketing tactics.
I work for a financial firm in New York (not Bank of America) and the stated preference from a customer to "Do Not Call" is taken extremely seriously. It can be grounds for termination from the job. We are required to undergo annual training on this topic by our compliance department.
I can only suspect that other banks also follow the same rules.
Re: Merrill Edge best choice for higher net worth accounts?
I like Merrill Edge for everything except for our 529s (Vanguard wins here) and a Donor Advised Fund (Fidelity wins here).
A lot of it is personal preference but I like both the Merrill Edge web and mobile apps. When I go to Vanguard to look at some of my wife's investments, I find it to be a bit convoluted and lacking in detail (or hard to find).
I hear a lot of gripes here about being able to get customer support at Vanguard. At Merrill Edge, over a certain amount you get a "Premium Elite Relationship Manager" and I'd say you're never on hold for more then a couple minutes. They are very helpful.
I buy Vanguard ETFs, not mutual funds, so there are no fees.
A lot of it is personal preference but I like both the Merrill Edge web and mobile apps. When I go to Vanguard to look at some of my wife's investments, I find it to be a bit convoluted and lacking in detail (or hard to find).
I hear a lot of gripes here about being able to get customer support at Vanguard. At Merrill Edge, over a certain amount you get a "Premium Elite Relationship Manager" and I'd say you're never on hold for more then a couple minutes. They are very helpful.
I buy Vanguard ETFs, not mutual funds, so there are no fees.
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Re: Merrill Edge best choice for higher net worth accounts?
A year ago, I would have agreed, but Vanguard seems to have lost its way. After a deposit error on their part (Trad. IRA vs. Roth) I spent hours on hold the last week of the year (over the course of several tries) to correct the mistake. Mistakes happen more frequently than they used to. Meanwhile, Vanguard has amped up marketing of PAS and now advertises regularly on CNBC. I miss the days of old when Vanguard just quietly ran killer low cost funds and tended to my needs when needed. I have exposure to Fidelity through my work 401K's and they do a much better job of handling my occasional service needs. It is completely foreseeable that there will be year-end transactions and phones should be manned with extra staff and/or expanded hours to handle the demand.ruralavalon wrote: ↑Sun Jan 14, 2018 3:25 pm I have never had a problem with Vanguard customer service, it has always been prompt, courteous and professional.
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Re: Merrill Edge best choice for higher net worth accounts?
I have my Roth IRA at Merrill which is enough to qualify for the platinum rewards. No complaints.
Most of our other accounts are with Schwab which offers free ATM withdrawals even when traveling abroad. Their customer service is also excellent. I had a question about a transaction just yesterday. Despite tax season and a wild day in the markets I had a rep answer my question within 30 seconds. Also positive experiences with Merrill and Fidelity.
Most of our other accounts are with Schwab which offers free ATM withdrawals even when traveling abroad. Their customer service is also excellent. I had a question about a transaction just yesterday. Despite tax season and a wild day in the markets I had a rep answer my question within 30 seconds. Also positive experiences with Merrill and Fidelity.
Re: Merrill Edge best choice for higher net worth accounts?
Agreed. I very much want to love Vanguard, but a year ago I moved most of my assets to ME after horrendous customer service.
I had to call about a relatively simple matter which (for whatever reason) one couldn't do online. After a 45 minute wait, the system hung up on me. So I called back. After another 45 minutes, the system hung up on me. I called back, and after another 30 minutes, I reached someone. The person was incredibly helpful, but I was so irritated that I forgot to ask about a detail. So next day, I called back..and after 45 minutes the system hung up on me again. Called ME the next day, transferred my ETFs there, and haven't regretted it for a moment.
I had to call about a relatively simple matter which (for whatever reason) one couldn't do online. After a 45 minute wait, the system hung up on me. So I called back. After another 45 minutes, the system hung up on me. I called back, and after another 30 minutes, I reached someone. The person was incredibly helpful, but I was so irritated that I forgot to ask about a detail. So next day, I called back..and after 45 minutes the system hung up on me again. Called ME the next day, transferred my ETFs there, and haven't regretted it for a moment.
Outer Marker wrote: ↑Tue Jan 25, 2022 1:13 amA year ago, I would have agreed, but Vanguard seems to have lost its way. After a deposit error on their part (Trad. IRA vs. Roth) I spent hours on hold the last week of the year (over the course of several tries) to correct the mistake. Mistakes happen more frequently than they used to. Meanwhile, Vanguard has amped up marketing of PAS and now advertises regularly on CNBC. I miss the days of old when Vanguard just quietly ran killer low cost funds and tended to my needs when needed. I have exposure to Fidelity through my work 401K's and they do a much better job of handling my occasional service needs. It is completely foreseeable that there will be year-end transactions and phones should be manned with extra staff and/or expanded hours to handle the demand.ruralavalon wrote: ↑Sun Jan 14, 2018 3:25 pm I have never had a problem with Vanguard customer service, it has always been prompt, courteous and professional.
Re: Merrill Edge best choice for higher net worth accounts?
Acceptance of VTEB over VWIUX was my final hurdle to make the switch to ML over Vanguard. Similar enough satisfied it for me.saintsfan342000 wrote: ↑Thu Feb 04, 2021 9:34 pmVTEB is quite similar... similar enough that this reason shouldn’t stop someone from moving to a different brokerage.
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Re: Merrill Edge best choice for higher net worth accounts?
If using ME as your brokerage, be careful with DRIP; I was on the call for 2 hours yesterday trying to sell my fractional. Took an hour to reach a trading specialist who couldn't sell, another hour to reach a person in the Elevated DRIP team.
Now waiting for 2 days for my fractional to be sold.
Now waiting for 2 days for my fractional to be sold.
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Re: Merrill Edge best choice for higher net worth accounts?
I prefer Schwab, personally, but I do keep 100k in a ME account for plat honors at BoA
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Re: Merrill Edge best choice for higher net worth accounts?
Fidelity is the best for fractional ETF shares.Marseille07 wrote: ↑Tue Jan 25, 2022 4:32 pm If using ME as your brokerage, be careful with DRIP; I was on the call for 2 hours yesterday trying to sell my fractional. Took an hour to reach a trading specialist who couldn't sell, another hour to reach a person in the Elevated DRIP team.
Now waiting for 2 days for my fractional to be sold.