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Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 10:33 am
by retired_tom
Am I glad I found Bogleheads. After scanning through some of the subjects on the forum, and reviewing my investment statements, I'm realizing I'm just throwing my money away.
I'll put the investment information in the correct format, and ask for investment fund help as soon as I can pull everything together. What I'm looking for right now is some simple advice. First a quick overview on how I got where I am.
My 401k was administered by Fidelity as well as my ESPP. All my Dad's investments were with Merrill Lynch. He was in some kind of investment advisor program with them. At that time, the advisor negotiated his rate at .75 AUM. In 2009, Dad passed away, and I inherited the investments. Here is where I probably made the biggest mistake, I stayed with Merrill Lynch in the investment advisor program. They got me to transfer my Fidelity 401k to them as an IRA, when I retired in 2015. So all my investments are now with ML with the exception of the stock from my ESPP, which is still with Fidelity. And the ML advisor fee is now 1.75% AUM. I'm not withdrawing any money from my ML investments, but I'm watching the balance go down as the advisor fees are eating them up. I think I've seen the light.
My question: What is the consensus regarding keeping everything at ML, but with Merrill Edge, or should I just move everything to Fidelity?

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 5:13 pm
by Earl Lemongrab
Normally I would recommend Edge because of their bonus program. However, I don't know that assets currently at Lynch would eligible. You could ask.

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 5:18 pm
by ERguy101
Move it all to Fidelity. Holy shit that AUM fee!

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 5:20 pm
by 123
It's time for a fresh start and a break out of the Merrill Lynch world. You don't want to risk being sucked back into it. Do your fresh start with either Fidelity, Schwab, or Vanguard. Since you've got ESPP with Fidelity it's proably just as well to go with them.

Wow that AUM fee! I'm amazed they got the cajones to charge that for what they do. We're glad you woke up!

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 5:22 pm
by SlowMovingInvestor
if you have more than $1M at Merill Lynch, you can likely ask Fidelity to give you a bonus if you transfer there.

Otherwise you can round-trip (transfer to Fidelity, then back to Merill Edge for a bonus). Since this is an IRA, you won't have any problem with selling any high cost funds they've put you in too.

Etrade will give you a bonus too, and they have an excellent lineup of commission free funds and ETFs. Indeed, Etrade might be the best choice for you.

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 5:22 pm
by AllieTB1323
ERguy101 wrote:
Thu Feb 07, 2019 5:18 pm
Move it all to Fidelity. Holy shit that AUM fee!
Move!

Ouch !.75% and I thought my inherited account at RBC with a 1.25% AUM fee was bad.

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 5:28 pm
by radiowave
Another vote to move it out to Fidelity, Vanguard or Schwab. If you go with Fidelity, you want to invest in their index funds so be careful if you get an advisor wanting to put you back in similarly high expense funds. Also, settle on a new brokerage firm, then "pull" the ML funds into the new brokerage this minimizes any interaction you may have with ML who I suspect will do everything they can to keep you there.

Please come back and give us more info and the forum members can give you feedback

and welcome to the forum!

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 5:37 pm
by Shabber
I use Merrill Edge and really like it. I have no Adviser or Adviser Fees. Here is what I like:
1. Great app and website with lots of functionality
2. Very easy to transfer from Bank Of America to ME. Happens almost instantly
3. With the ME balance, I get maximum perks from BOA such as no ATM fees anywhere, bonus Cash Back on CC, basically no fees of any sort
4. Special phone number for Preferred customers to call for help.
5. They treat you well. I needed a replacement ATM. It was over-nighted at no charge.

What don't I like:
There are some Admiral level Vanguard funds I can't buy through them anymore like VWIAX, so I have to buy VWINX. .16% vs. .23% Expense ratio. This costs me a bit annually but not enough to lose all the other things I love.

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 5:46 pm
by bluquark
Fidelity provides better tools for Boglehead-ish investors. Merrill Edge shows its origins as a more pure brokerage platform type of thing. It's great for holding individual stocks and ETFs, but its fund support is lacking. It doesn't have any good money market funds, for example.

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 5:54 pm
by steadyeddy
It really doesn’t matter. They’re both great options, and you can switch easily if you change your mind.

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 5:54 pm
by NoHeat
Earl Lemongrab wrote:
Thu Feb 07, 2019 5:13 pm
Normally I would recommend Edge because of their bonus program. However, I don't know that assets currently at Lynch would eligible. You could ask.
In making the OP's decision, I would suggest ignoring bonuses paid by brokers for opening an account, because they are smaller (typically about 0.1% of assets, or less) than just one month of the AUM fee that's being paid by the OP.

A phone call to Merrill Edge or Fidelity is all that's needed, to get it started. They are eager to get new accounts, and will make it easy for the OP to pull the funds out of the existing accounts. Sure, ask them about bonuses, and free trades, but these incentives are just nickels on the street compared to the AUM fees.

One way to choose, for Fidelity vs ME: I'd choose Fidelity if my money market sweep balance is likely to be bigger than half my annual credit card charges. That's because Merrill Edge has lousy sweep funds (costing you about 2% each year on that balance) but enables terrific credit card bonuses (roughly 1% better on a transaction than what you'll easily find elsewhere). That's my take, based on having accounts at both.

Re: Merrill Edge or Fidelity

Posted: Thu Feb 07, 2019 6:06 pm
by ruralavalon
retired_tom wrote:
Thu Feb 07, 2019 10:33 am
Am I glad I found Bogleheads. After scanning through some of the subjects on the forum, and reviewing my investment statements, I'm realizing I'm just throwing my money away.
I'll put the investment information in the correct format, and ask for investment fund help as soon as I can pull everything together. What I'm looking for right now is some simple advice. First a quick overview on how I got where I am.
My 401k was administered by Fidelity as well as my ESPP. All my Dad's investments were with Merrill Lynch. He was in some kind of investment advisor program with them. At that time, the advisor negotiated his rate at .75 AUM. In 2009, Dad passed away, and I inherited the investments. Here is where I probably made the biggest mistake, I stayed with Merrill Lynch in the investment advisor program. They got me to transfer my Fidelity 401k to them as an IRA, when I retired in 2015. So all In investments are now with ML with the exception of the stock from my ESPP, which is still with Fidelity. And the ML advisor fee is now 1.75% AUM. I'm not withdrawing any money from my ML investments, but I'm watching the balance go down as the advisor fees are
them up. I think I've seen the light.
My question: What is the consensus regarding keeping everything at ML, but with Merrill Edge, or should I just move everything to Fidelity?
OUCH, that 1.75% annual fee is devastating to your returns.

I suggest a low cost provider, such as --
1) Vanguard,
2) Fidelity, or
3) Schwab --
in that order of preference.

Vanguard offers by far the largest selection of low expense ratio mutual funds offered anywhere. Vanguard funds are more tax-efficient, because of their unique structure with ETFs being a share class of the mutual funds. Vanguard offers more tax-exempt bond funds. Vanguard money market funds have higher returns.

Re: Merrill Edge or Fidelity

Posted: Fri Feb 08, 2019 7:13 am
by retired_tom
Wow! Thanks for all the replies. I'll call ME this afternoon and see what they say. I don't want to give them any personal information, since I would NOT want them to alert my advisor that I'm looking to move. I guess I shouldn't worry too much about it. My original advisor retired in 2011. I was given another advisor that lasted until 2014, when she left them to go elsewhere. I then got an advisor that called me once in 2015. I know that she is no longer with ML. I've never heard from the assigned advisor since. I'll make a decision based on what ME tells me.
I am hedging toward Fidelity. They had my 401k plan originally, and I liked the service.
I have a brokerage account ($100k) and my IRA ($200k) with ML. I already checked and Fidelity also has all the holdings in my ML brokerage account, so it should just be a transfer-in-kind. The IRA should just transfer with no tax issues.
Now to work on the 3-fund portfolio, and the AA.

Re: Merrill Edge or Fidelity

Posted: Fri Feb 08, 2019 8:32 am
by Jack FFR1846
I would be really angry at that 1.75% plus whatever the ERs are on the funds you're in. On principal alone, I would have Fidelity pull everything out today. Right now. You can open an account online with Fidelity and likely do the complete transfer online. They'll want a PDF of your last statement or the present balance. About half the time, I've been able to do the entire rollover online, only printing out the signature pages and scanning them back in.

You will get a call from ML. When you do, tell them you're tired of being raped by them. Use those words. Then hang up.

Re: Merrill Edge or Fidelity

Posted: Fri Feb 08, 2019 8:33 am
by jakehefty17
Holy AUM fee Batman!

In my opinion Fidelity, Schwab, Vanguard and Merrill Edge are the top broker choices available right now.

For 401k/IRAs I'd lean on Fidelity or Vanguard for the variety of mutual funds offered. I have a Roth IRA with Vanguard.

Schwab has a nice checking account and more ETFs, but less options for funds. I use them for my taxable account and am happy.

Merrill Edge is nice for taxable ETF accounts if you can qualify for free trades with the preferred rewards program. This also includes nice cashback bonus rates for BoA credit cards among other perks.

Any choice you make is far and away better than that AUM fee. Glad you've seen the light.

Re: Merrill Edge or Fidelity

Posted: Fri Feb 08, 2019 8:33 am
by yougotitdude
I use Fidelity and Merrill Edge. I'll have to say that Fidelity's interface and technology are a little better. The platforms are actually more similar than most other firms (I've used TD Ameritrade, Etrade and Interactive Brokers). I currently use Merrill Edge, Fidelity and Interactive Brokers.

If I had to go with either Fidelity or Merrill Edge, I'd go with Merrill Edge (assuming you have the $100,000 for platinum honors). You get 100 free trades a month (stock and ETF), and the credit card rewards are the best out there for cash back (with the higher tier).

I'm not a huge trader but it is nice not having to stick with a certain etf list or if I want to buy or sell a stock for a free commission.

Re: Merrill Edge or Fidelity

Posted: Fri Feb 08, 2019 8:43 am
by bling
Merrill edge is the overall better package. Free stock trades and because you have over 100k you get a minimum 2.625% cashback on their credit cards, and with the recently refreshed cash rewards card you can get 5.25%.

Re: Merrill Edge or Fidelity

Posted: Fri Feb 08, 2019 10:43 am
by Aak732
Hello retired_tom,

If you are in Non-Retirement accounts, you will take a significant tax-hit on any gains if you have to sell anything in the (non-retirement) ML accounts. An immediate strategy is to call the Advisor and tell them to shut off the Wrap-Fee of the Account(s) that have the 1.75% fee. That way the fee is gone and you can now step back and view your options. One thing before you shut-off the fee, is that you should sell all of your individual securities (i.e. stocks, closed-end funds, ETFS) as those do not incur a trading fee while the Wrap-Fee exists. Once those are sold, then shut-off the fee. You can always sell the Mutual Funds later and not incur a fee (or pay a nominal fee of $5.95 when selling at that time).

My 2 cents...as I happen to be in the same boat as you with the Fee situation at ML.

Re: Merrill Edge or Fidelity

Posted: Fri Feb 08, 2019 11:02 am
by pward
Fidelity has my vote. 0% ER total stock market and total international index funds, no commissions on all iShares ETF trades, no commissions on U.S. treasury bond/note/bill purchases, auto-roll for U.S. treasury bills and notes. Fidelity is a great low cost and high quality of life broker for a DIY boglehead.

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 10:04 am
by retired_tom
Just a quick update. Looking at the website for Merrill Edge, my accounts at ML do not count toward the $600 program.

Offer Limitations: This offer does not apply to business/corporate accounts, investment club accounts, partnership accounts and certain fiduciary accounts held with Merrill Edge, or to any types of accounts (including IRAs or CMAs) held with other business units of Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S).

Assets transferred from other accounts at Bank of America, MLPF&S, U.S. Trust, or 401(k) accounts administered by MLPF&S do not count towards qualifying net new assets.

So, Fidelity it is.

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 12:46 pm
by Earl Lemongrab
retired_tom wrote:
Mon Feb 11, 2019 10:04 am
Just a quick update. Looking at the website for Merrill Edge, my accounts at ML do not count toward the $600 program.

Offer Limitations: This offer does not apply to business/corporate accounts, investment club accounts, partnership accounts and certain fiduciary accounts held with Merrill Edge, or to any types of accounts (including IRAs or CMAs) held with other business units of Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S).

Assets transferred from other accounts at Bank of America, MLPF&S, U.S. Trust, or 401(k) accounts administered by MLPF&S do not count towards qualifying net new assets.

So, Fidelity it is.
You could contact Edge and see. Let them know that it's there or somewhere else.

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 12:52 pm
by Wiggums
retired_tom wrote:
Thu Feb 07, 2019 10:33 am
And the ML advisor fee is now 1.75% AUM.
Yikes. AUM fee of point 75 was bad enough. 1.75 means you need to pack your bags and move ASSP. I got the truck. Let me know if you need help packing your stuff.

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 1:10 pm
by Shabber
bluquark wrote:
Thu Feb 07, 2019 5:46 pm
It doesn't have any good money market funds, for example.
There is a list of all the MM's available at Merrill. The two I like the best are TMCXX and PVOXX. 2.51% and 2.55% now if you can put in the minimums. One is Black Rock and the other Federated. Hope that helps you out.

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 1:53 pm
by bluquark
Shabber wrote:
Mon Feb 11, 2019 1:10 pm
bluquark wrote:
Thu Feb 07, 2019 5:46 pm
It doesn't have any good money market funds, for example.
There is a list of all the MM's available at Merrill. The two I like the best are TMCXX and PVOXX. 2.51% and 2.55% now if you can put in the minimums. One is Black Rock and the other Federated. Hope that helps you out.
I can’t see a way to invest in those with Merrill Edge, they seem exclusive to Merrill Lynch for some reason?

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 2:07 pm
by Shabber
bluquark wrote:
Mon Feb 11, 2019 1:53 pm
I can’t see a way to invest in those with Merrill Edge
It works for Merrill Edge, that is what I have. You just go to "Trade - Mutual Fund" and put in the symbols. Not sure why you have to do it that way now, but it works. I think there is a $100k minimum for the initial deposit. You can find the info on a PDF at the bottom of the Merril Edge main page after you login. Look for "Deposit Account & Money Fund Rates (PDF)"

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 2:32 pm
by blackfish
retired_tom wrote:
Thu Feb 07, 2019 10:33 am
the ML advisor fee is now 1.75% AUM.
YIKES

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 5:08 pm
by yeahman
You can do both. $100k at ME for Platinum Honors and the rest to Fidelity.

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 5:43 pm
by kranil123
bling wrote:
Fri Feb 08, 2019 8:43 am
Merrill edge is the overall better package. Free stock trades and because you have over 100k you get a minimum 2.625% cashback on their credit cards, and with the recently refreshed cash rewards card you can get 5.25%.
Hi Bling,
Can you please let me know which card you see to get the 2.625%. I only see the ones that yield 1% + 75% bonus. Thank you.

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 6:15 pm
by yeahman
kranil123 wrote:
Mon Feb 11, 2019 5:43 pm
bling wrote:
Fri Feb 08, 2019 8:43 am
Merrill edge is the overall better package. Free stock trades and because you have over 100k you get a minimum 2.625% cashback on their credit cards, and with the recently refreshed cash rewards card you can get 5.25%.
Hi Bling,
Can you please let me know which card you see to get the 2.625%. I only see the ones that yield 1% + 75% bonus. Thank you.
BoA Travel Rewards is 1.5 points and with the 75% bonus, that's 2.625 points but it's non-transferable travel points, best used for incidentals.

BoA Premium Rewards is 1.5% cash back and 2.625% with the 75% bonus but there's a $95 annual fee. You'd need to put $15.2k a year on it to beat a 2% card.

Personally, I don't think it's worth it. I may or may not hit $15.2k in non-category spend and I may or may not have a lot travel incidentals. 2% straight cash back is good enough. On the other hand, the category spend on the BoA Cash Rewards with Platinum Honors is unbeatable.

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 6:19 pm
by radiowave
Shabber wrote:
Mon Feb 11, 2019 2:07 pm
bluquark wrote:
Mon Feb 11, 2019 1:53 pm
I can’t see a way to invest in those with Merrill Edge
It works for Merrill Edge, that is what I have. You just go to "Trade - Mutual Fund" and put in the symbols. Not sure why you have to do it that way now, but it works. I think there is a $100k minimum for the initial deposit. You can find the info on a PDF at the bottom of the Merril Edge main page after you login. Look for "Deposit Account & Money Fund Rates (PDF)"
Does the no commission apply for these mutual funds?

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 6:23 pm
by Shabber
radiowave wrote:
Mon Feb 11, 2019 6:19 pm
Shabber wrote:
Mon Feb 11, 2019 2:07 pm
bluquark wrote:
Mon Feb 11, 2019 1:53 pm
I can’t see a way to invest in those with Merrill Edge
It works for Merrill Edge, that is what I have. You just go to "Trade - Mutual Fund" and put in the symbols. Not sure why you have to do it that way now, but it works. I think there is a $100k minimum for the initial deposit. You can find the info on a PDF at the bottom of the Merril Edge main page after you login. Look for "Deposit Account & Money Fund Rates (PDF)"
Does the no commission apply for these mutual funds?
Yes, they are free. 2.55% is great.

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 6:23 pm
by Dottie57
123 wrote:
Thu Feb 07, 2019 5:20 pm
It's time for a fresh start and a break out of the Merrill Lynch world. You don't want to risk being sucked back into it. Do your fresh start with either Fidelity, Schwab, or Vanguard. Since you've got ESPP with Fidelity it's proably just as well to go with them.

Wow that AUM fee! I'm amazed they got the cajones to charge that for what they do. We're glad you woke up!
Agree.

Re: Merrill Edge or Fidelity

Posted: Mon Feb 11, 2019 10:25 pm
by kranil123
yeahman wrote:
Mon Feb 11, 2019 6:15 pm
kranil123 wrote:
Mon Feb 11, 2019 5:43 pm
bling wrote:
Fri Feb 08, 2019 8:43 am
Merrill edge is the overall better package. Free stock trades and because you have over 100k you get a minimum 2.625% cashback on their credit cards, and with the recently refreshed cash rewards card you can get 5.25%.
Hi Bling,
Can you please let me know which card you see to get the 2.625%. I only see the ones that yield 1% + 75% bonus. Thank you.
BoA Travel Rewards is 1.5 points and with the 75% bonus, that's 2.625 points but it's non-transferable travel points, best used for incidentals.

BoA Premium Rewards is 1.5% cash back and 2.625% with the 75% bonus but there's a $95 annual fee. You'd need to put $15.2k a year on it to beat a 2% card.

Personally, I don't think it's worth it. I may or may not hit $15.2k in non-category spend and I may or may not have a lot travel incidentals. 2% straight cash back is good enough. On the other hand, the category spend on the BoA Cash Rewards with Platinum Honors is unbeatable.
Thank you

Re: Merrill Edge or Fidelity

Posted: Wed Feb 27, 2019 1:45 pm
by canbonbon
Shabber wrote:
Mon Feb 11, 2019 1:10 pm
bluquark wrote:
Thu Feb 07, 2019 5:46 pm
It doesn't have any good money market funds, for example.
There is a list of all the MM's available at Merrill. The two I like the best are TMCXX and PVOXX. 2.51% and 2.55% now if you can put in the minimums. One is Black Rock and the other Federated. Hope that helps you out.
PVOXX rate of 2.54% is higher because its current expense ratio is 0% (fully waived). I believe that can change anytime. TMCXX has the expense ratio included in the 2.51% rate. Just wanted to let you know so that you can make an informed decision.

Re: Merrill Edge or Fidelity

Posted: Wed Feb 27, 2019 2:03 pm
by ruralavalon
canbonbon wrote:
Wed Feb 27, 2019 1:45 pm
Shabber wrote:
Mon Feb 11, 2019 1:10 pm
bluquark wrote:
Thu Feb 07, 2019 5:46 pm
It doesn't have any good money market funds, for example.
There is a list of all the MM's available at Merrill. The two I like the best are TMCXX and PVOXX. 2.51% and 2.55% now if you can put in the minimums. One is Black Rock and the other Federated. Hope that helps you out.
PVOXX rate of 2.54% is higher because its current expense ratio is 0% (fully waived). I believe that can change anytime. TMCXX has the expense ratio included in the 2.51% rate. Just wanted to let you know so that you can make an informed decision.
Neither is useful for the ordinary investor.
Federated Instl Prime Value Obligs Instl (PVOXX) has a minimum of $500,000.
BlackRock Liquidity TempCash Instl (TMCXX) has a minimum of $3,000,000.

Re: Merrill Edge or Fidelity

Posted: Wed Feb 27, 2019 2:14 pm
by mptfan
retired_tom wrote:
Thu Feb 07, 2019 10:33 am
My question: What is the consensus regarding keeping everything at ML, but with Merrill Edge, or should I just move everything to Fidelity?
I don't know what the consensus is, but my advice is to move everything to Fidelity. You are being screwed but good by the 1.75% AUM, and I'm sure there are other fees as well, not to mention high expense ratios.

Re: Merrill Edge or Fidelity

Posted: Wed Feb 27, 2019 2:37 pm
by retired_tom
Everything has been moved to Fidelity. They transferred everything in kind with no issues from Fidelity receiving them. ML charged me a $95 transfer fee for each account, and Fidelity reimbursed me for those fees. Everything was in place at Fidelity as of Monday, and I received a call from the local Fidelity rep on Tuesday asking if I needed any assistance or any questions answered. I plan on setting up an appointment with him as soon as I can find some free time to go over what I have and where I want to go with it. Right now, since it's all invested, as opposed to cash, there is no immediate rush to make changes. I'm already saving 1.75%.

Re: Merrill Edge or Fidelity

Posted: Wed Feb 27, 2019 2:47 pm
by hap_ca
yeahman wrote:
Mon Feb 11, 2019 6:15 pm
kranil123 wrote:
Mon Feb 11, 2019 5:43 pm
bling wrote:
Fri Feb 08, 2019 8:43 am
Merrill edge is the overall better package. Free stock trades and because you have over 100k you get a minimum 2.625% cashback on their credit cards, and with the recently refreshed cash rewards card you can get 5.25%.
Hi Bling,
Can you please let me know which card you see to get the 2.625%. I only see the ones that yield 1% + 75% bonus. Thank you.
BoA Travel Rewards is 1.5 points and with the 75% bonus, that's 2.625 points but it's non-transferable travel points, best used for incidentals.

BoA Premium Rewards is 1.5% cash back and 2.625% with the 75% bonus but there's a $95 annual fee. You'd need to put $15.2k a year on it to beat a 2% card.

Personally, I don't think it's worth it. I may or may not hit $15.2k in non-category spend and I may or may not have a lot travel incidentals. 2% straight cash back is good enough. On the other hand, the category spend on the BoA Cash Rewards with Platinum Honors is unbeatable.
The travel rewards card doesn’t have to be used for incidentals. If you charge anything coded as travel like a flight or hotel you can redeem points against that.

For the premium rewards you can buy American Airlines giftcards which qualify for the $100 annual reimbursement. However I agree with your assessment. It’s probably not worth it over a 2% Citi double cash especially if the price rewind kicks in sometimes and you get reimbursed for that.

Re: Merrill Edge or Fidelity

Posted: Wed Feb 27, 2019 2:48 pm
by hap_ca
retired_tom wrote:
Wed Feb 27, 2019 2:37 pm
Everything has been moved to Fidelity. They transferred everything in kind with no issues from Fidelity receiving them. ML charged me a $95 transfer fee for each account, and Fidelity reimbursed me for those fees. Everything was in place at Fidelity as of Monday, and I received a call from the local Fidelity rep on Tuesday asking if I needed any assistance or any questions answered. I plan on setting up an appointment with him as soon as I can find some free time to go over what I have and where I want to go with it. Right now, since it's all invested, as opposed to cash, there is no immediate rush to make changes. I'm already saving 1.75%.
Congrats! Just don’t get sucked into another AUM with a Fidelity advisor after that meeting ! :beer

Re: Merrill Edge or Fidelity

Posted: Wed Feb 27, 2019 2:53 pm
by canbonbon
ruralavalon wrote:
Wed Feb 27, 2019 2:03 pm
canbonbon wrote:
Wed Feb 27, 2019 1:45 pm
Shabber wrote:
Mon Feb 11, 2019 1:10 pm
bluquark wrote:
Thu Feb 07, 2019 5:46 pm
It doesn't have any good money market funds, for example.
There is a list of all the MM's available at Merrill. The two I like the best are TMCXX and PVOXX. 2.51% and 2.55% now if you can put in the minimums. One is Black Rock and the other Federated. Hope that helps you out.
PVOXX rate of 2.54% is higher because its current expense ratio is 0% (fully waived). I believe that can change anytime. TMCXX has the expense ratio included in the 2.51% rate. Just wanted to let you know so that you can make an informed decision.
Neither is useful for the ordinary investor.
Federated Instl Prime Value Obligs Instl (PVOXX) has a minimum of $500,000.
BlackRock Liquidity TempCash Instl (TMCXX) has a minimum of $3,000,000.
I thought you were at Merrill Edge. There the minimum amount is only $100K. From your earlier posts I thought you'd qualify.
https://www.mymerrill.com/publish/conte ... esheet.pdf

However, you cannot setup these as cash sweep accounts. You actually have to call them to move your money into them and if you want the money back in your account, you need to call again and it takes about a day. No transaction costs to buy or sell at Merrill Edge.

Re: Merrill Edge or Fidelity

Posted: Wed Feb 27, 2019 3:12 pm
by sarabayo
retired_tom wrote:
Wed Feb 27, 2019 2:37 pm
Everything has been moved to Fidelity. They transferred everything in kind with no issues from Fidelity receiving them. ML charged me a $95 transfer fee for each account, and Fidelity reimbursed me for those fees. Everything was in place at Fidelity as of Monday, and I received a call from the local Fidelity rep on Tuesday asking if I needed any assistance or any questions answered. I plan on setting up an appointment with him as soon as I can find some free time to go over what I have and where I want to go with it. Right now, since it's all invested, as opposed to cash, there is no immediate rush to make changes. I'm already saving 1.75%.
Excellent, congratulations. Sounds like everything went very smoothly for you! Thanks, Fidelity!

Re: Merrill Edge or Fidelity

Posted: Wed Feb 27, 2019 3:24 pm
by canbonbon
retired_tom wrote:
Wed Feb 27, 2019 2:37 pm
Everything has been moved to Fidelity. They transferred everything in kind with no issues from Fidelity receiving them. ML charged me a $95 transfer fee for each account, and Fidelity reimbursed me for those fees. Everything was in place at Fidelity as of Monday, and I received a call from the local Fidelity rep on Tuesday asking if I needed any assistance or any questions answered. I plan on setting up an appointment with him as soon as I can find some free time to go over what I have and where I want to go with it. Right now, since it's all invested, as opposed to cash, there is no immediate rush to make changes. I'm already saving 1.75%.
Congratulations on your move to Fidelity. And yes you were right in pointing out that your balances would *NOT* qualify for any move within Merrill Umbrella for the bonus. But you can always come back after an year :happy
I have accounts both at Fidelity and Merrill Edge. I like them both.

Re: Merrill Edge or Fidelity

Posted: Wed Feb 27, 2019 3:44 pm
by ruralavalon
retired_tom wrote:
Wed Feb 27, 2019 2:37 pm
Everything has been moved to Fidelity. They transferred everything in kind with no issues from Fidelity receiving them. ML charged me a $95 transfer fee for each account, and Fidelity reimbursed me for those fees. Everything was in place at Fidelity as of Monday, and I received a call from the local Fidelity rep on Tuesday asking if I needed any assistance or any questions answered. I plan on setting up an appointment with him as soon as I can find some free time to go over what I have and where I want to go with it. Right now, since it's all invested, as opposed to cash, there is no immediate rush to make changes. I'm already saving 1.75%.
Congratulations in the move :) .