Moving from Vanguard to Merrill Edge

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international001
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Moving from Vanguard to Merrill Edge

Post by international001 » Thu Mar 21, 2019 2:13 pm

Just for the bonus and the Preferred Rewards status ;-)

https://www.bankofamerica.com/preferred ... /#benefits
https://www.merrilledge.com/offers/900offer

My plan is
to get a Cash Management account
Move $200k to ME from Vanguard, just bond funds (VSIGX, VLGSX, VTABX). Note that this funds cannot be purchased at ME
After 90 days (I'd qualify for the $900 bonus) move back $100k to Vanguard
I keep the $100k a ME so I qualify from platinum honors

Sounds like a good plan?

bloom2708
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Re: Moving from Vanguard to Merrill Edge

Post by bloom2708 » Thu Mar 21, 2019 2:34 pm

Too much work. Added complexity. Low reward.

Sounds like a "Don't just do something. Stand there." opportunity.

:wink:
"We are not here to agree with you; we are here to provoke thoughtfulness." Unknown Boglehead

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international001
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Re: Moving from Vanguard to Merrill Edge

Post by international001 » Thu Mar 21, 2019 2:38 pm

I thought it was a good reward.
$900 for just some admin work
Lifetime spending rewards of ~ +1 %

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dodecahedron
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Re: Moving from Vanguard to Merrill Edge

Post by dodecahedron » Thu Mar 21, 2019 2:49 pm

international001 wrote:
Thu Mar 21, 2019 2:13 pm
Just for the bonus and the Preferred Rewards status ;-)

https://www.bankofamerica.com/preferred ... /#benefits
https://www.merrilledge.com/offers/900offer

My plan is
to get a Cash Management account
Move $200k to ME from Vanguard, just bond funds (VSIGX, VLGSX, VTABX). Note that this funds cannot be purchased at ME
After 90 days (I'd qualify for the $900 bonus) move back $100k to Vanguard
I keep the $100k a ME so I qualify from platinum honors

Sounds like a good plan?
I did something like this a few years back. At the time, the reward was $1K, not $900. It was not much trouble and has worked out well. I did it twice, once for a taxable account (CMA) and once for a Roth IRA. Got a $1,000 bonus each time. The one for the Roth was tax free.

Happy with all the extra rewards too: free ATMs anywhere, 75% bonus on credit card cash back, free safe deposit box, generally get VIP treatment when I occasionally need in-person assistance at the bank (e.g., for medallion signatures.)

atdharris
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Re: Moving from Vanguard to Merrill Edge

Post by atdharris » Thu Mar 21, 2019 3:31 pm

I have all my accounts at ME and enjoy the benefits they give you at Platinum Honors level. Only issue was you can't buy Vanguard mutual funds transaction fee free, but I was able to buy them when there was a loophole allowing you to a while ago. :)

erictiger
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Re: Moving from Vanguard to Merrill Edge

Post by erictiger » Thu Mar 21, 2019 3:32 pm

Just make sure the cost basis is still correct when you move back to Vanguard.
I have average cost at Vanguard but when I moved some shares to ME, they used FIFO. I was planning to move back to Vanguard but was afraid that they will mess up my cost basis as I since added more money at Vanguard.

gogleheads.orb
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Re: Moving from Vanguard to Merrill Edge

Post by gogleheads.orb » Thu Mar 21, 2019 4:14 pm

I did this a few years ago for the 1k. I turned my mutual fund into an etf before doing the transfer. It seemed easier that way to me. I've never moved anything back. the platinum rewards bonus on their credit cards is a good deal.

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international001
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Re: Moving from Vanguard to Merrill Edge

Post by international001 » Thu Mar 21, 2019 5:35 pm

erictiger wrote:
Thu Mar 21, 2019 3:32 pm
Just make sure the cost basis is still correct when you move back to Vanguard.
I have average cost at Vanguard but when I moved some shares to ME, they used FIFO. I was planning to move back to Vanguard but was afraid that they will mess up my cost basis as I since added more money at Vanguard.
This is one of my concerns. I use 'select your own shares'. ME representative told me cost basis was inherited, but not sure wether to believe him.

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international001
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Re: Moving from Vanguard to Merrill Edge

Post by international001 » Thu Mar 21, 2019 5:36 pm

atdharris wrote:
Thu Mar 21, 2019 3:31 pm
I have all my accounts at ME and enjoy the benefits they give you at Platinum Honors level. Only issue was you can't buy Vanguard mutual funds transaction fee free, but I was able to buy them when there was a loophole allowing you to a while ago. :)
My plan is to move them from Vanguard. Never buy anything on ME and use Vanguard as my main brokerage.

NMBob
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Re: Moving from Vanguard to Merrill Edge

Post by NMBob » Thu Mar 21, 2019 5:50 pm

international001 wrote:
Thu Mar 21, 2019 2:38 pm
I thought it was a good reward.
$900 for just some admin work
Lifetime spending rewards of ~ +1 %
It appears to be $900 for current honors platinum members. $600 for $200k otherwise. Doesn't sound that your are currently an honors platinum member, but perhaps you are or have a different advertsisement.

https://www.merrilledge.com/offers/900o ... RC9TDCH_CL

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international001
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Re: Moving from Vanguard to Merrill Edge

Post by international001 » Thu Mar 21, 2019 6:08 pm

NMBob wrote:
Thu Mar 21, 2019 5:50 pm
international001 wrote:
Thu Mar 21, 2019 2:38 pm
I thought it was a good reward.
$900 for just some admin work
Lifetime spending rewards of ~ +1 %
It appears to be $900 for current honors platinum members. $600 for $200k otherwise. Doesn't sound that your are currently an honors platinum member, but perhaps you are or have a different advertsisement.

https://www.merrilledge.com/offers/900o ... RC9TDCH_CL
I see.. so I have to become first platinium by adding $100k, and then adding an extra $200k

NMBob
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Re: Moving from Vanguard to Merrill Edge

Post by NMBob » Thu Mar 21, 2019 6:25 pm

I am not for sure. Be careful, it says "new account" so it would seem you need to open 100k of something total to be platinum, and then after that, open a "new account" (separate account?) worth 200k.

Your rewards level is a 3 month average so perhaps it may take 3 months to be designated platinum honors, will the special expire before the 3 months is up?

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international001
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Re: Moving from Vanguard to Merrill Edge

Post by international001 » Thu Mar 21, 2019 7:31 pm

NMBob wrote:
Thu Mar 21, 2019 6:25 pm
I am not for sure. Be careful, it says "new account" so it would seem you need to open 100k of something total to be platinum, and then after that, open a "new account" (separate account?) worth 200k.

Your rewards level is a 3 month average so perhaps it may take 3 months to be designated platinum honors, will the special expire before the 3 months is up?
You are right, I asked. Still, I can get the $600 bonus: https://www.merrilledge.com/cmaoffer

NMBob
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Re: Moving from Vanguard to Merrill Edge

Post by NMBob » Thu Mar 21, 2019 8:32 pm

excellent!

Nummerkins
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Re: Moving from Vanguard to Merrill Edge

Post by Nummerkins » Thu Mar 21, 2019 8:44 pm

I am in the middle of this right now -- waiting for money to transfer over.

$900 for opening the brokerage accounts
$100 for opening a checking account
$500 for opening a credit card

$1,500 total courtesy of BoA.

I also had Vanguard convert my mutual funds to ETFs. It happened overnight.

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Fri Mar 22, 2019 12:07 am

I am, of course, a big fan of getting the bonuses. I don't really understand the plan to have a bunch in bond funds in taxable though.

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Fri Mar 22, 2019 12:25 am

NMBob wrote:
Thu Mar 21, 2019 5:50 pm
It appears to be $900 for current honors platinum members.
No, check the terms:

3. You must be enrolled in Preferred Rewards as of 90 days from meeting the funding criteria described in Step 2.

You just have to get PP set up during the holding period.

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Fri Mar 22, 2019 12:35 am

international001 wrote:
Thu Mar 21, 2019 6:08 pm
I see.. so I have to become first platinium by adding $100k, and then adding an extra $200k
I don't see anything in the offer that says you have to be Platinum Honors to get the bonus. Just Preferred Rewards. I looked over the offer again, and I still don't. The only thing that references PH is in the free trades.

clown
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Re: Moving from Vanguard to Merrill Edge

Post by clown » Fri Mar 22, 2019 12:41 am

With respect, allow me to be a skeptic. Do you think ME is setting these up to benefit YOU? Or does it seem more likely that they are setting these up to benefit MERRILL? The answer should be pretty clear. In the long run, it benefits THEM or they wouldn't be doing it. It's just like buying the new car, when they want you to buy the warranty. They sell it because it benefits THEM.

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international001
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Re: Moving from Vanguard to Merrill Edge

Post by international001 » Fri Mar 22, 2019 6:29 am

Earl Lemongrab wrote:
Fri Mar 22, 2019 12:07 am
I am, of course, a big fan of getting the bonuses. I don't really understand the plan to have a bunch in bond funds in taxable though.
My personal decision was investing not only for retirement. Thus, I want a balanced portfolio in taxable

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international001
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Re: Moving from Vanguard to Merrill Edge

Post by international001 » Fri Mar 22, 2019 6:34 am

Earl Lemongrab wrote:
Fri Mar 22, 2019 12:35 am
international001 wrote:
Thu Mar 21, 2019 6:08 pm
I see.. so I have to become first platinium by adding $100k, and then adding an extra $200k
I don't see anything in the offer that says you have to be Platinum Honors to get the bonus. Just Preferred Rewards. I looked over the offer again, and I still don't. The only thing that references PH is in the free trades.
The question is when you become Preferred rewards and when you are able to add the $200k

I see 'Customers not enrolled in Preferred Rewards:' 'During the promotional period, the Preferred Rewards requirement to maintain your combined balances for a three month calendar period will be waived.'

So this means that you can add $200k, become preferred and get the $600, and then add another $200k and get the $900?

Perhaps the sales person I spoke with didn't know the workings very well

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Re: Moving from Vanguard to Merrill Edge

Post by Jack FFR1846 » Fri Mar 22, 2019 6:44 am

I personally was considering moving from Vanguard to ME. In the end, having seen how much work my wife had to go through to unravel her aunt's BoA accounts (oh, you want to see a teller to move $20 from savings to checking? That'll be $5). I just expect to regret going to BoA for anything. So instead, I mooed to TDAmeritrade. Lesser bonus of $600, but no hoops, no keeping thousands in one 0% account and thousands in another 0% account to avoid big maintenance fees. The transfer was easy as I had spent the month opening a Vanguard brokerage, moving the mutual fund, getting wrong information from Vanguard along with 2 emails confirming the wrong information :( and then finding from a Boglehead (thank you) that I had not called the "correct" telephone number where they have the correct answers (very strange structure at Vanguard, where if you call the wrong number, they give you wrong information with written wrong backup), and then was able to convert to an etf. The money is now happily at TDA and I've already received the bonus and bought the ETFs there with it.

I have no plans to move anything back to Vanguard. With the free trades I have, I could buy Vanguard ETFs if I wanted to.
Bogle: Smart Beta is stupid

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dodecahedron
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Re: Moving from Vanguard to Merrill Edge

Post by dodecahedron » Fri Mar 22, 2019 6:49 am

clown wrote:
Fri Mar 22, 2019 12:41 am
With respect, allow me to be a skeptic. Do you think ME is setting these up to benefit YOU? Or does it seem more likely that they are setting these up to benefit MERRILL? The answer should be pretty clear. In the long run, it benefits THEM or they wouldn't be doing it. It's just like buying the new car, when they want you to buy the warranty. They sell it because it benefits THEM.
Their motivation is a puzzle but all I can say is that I easily moved most of my funds out of Merrill Edge years ago (after satisfying the six month minimum holding period or whatever it was) and there clearly has been a significant benefit to me from costlessly parking the funds at ME for a while. I moved the VG funds in-kind very easily out of ME to Schwab.

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Re: Moving from Vanguard to Merrill Edge

Post by student » Fri Mar 22, 2019 6:50 am

clown wrote:
Fri Mar 22, 2019 12:41 am
With respect, allow me to be a skeptic. Do you think ME is setting these up to benefit YOU? Or does it seem more likely that they are setting these up to benefit MERRILL? The answer should be pretty clear. In the long run, it benefits THEM or they wouldn't be doing it. It's just like buying the new car, when they want you to buy the warranty. They sell it because it benefits THEM.
Why is this an issue as long as you take advantage of the rules and apply them to your benefit? If you use a reward credit card and pay in full every month, it benefits you.

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dodecahedron
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Re: Moving from Vanguard to Merrill Edge

Post by dodecahedron » Fri Mar 22, 2019 6:56 am

Jack FFR1846 wrote:
Fri Mar 22, 2019 6:44 am
I personally was considering moving from Vanguard to ME. In the end, having seen how much work my wife had to go through to unravel her aunt's BoA accounts (oh, you want to see a teller to move $20 from savings to checking? That'll be $5). I just expect to regret going to BoA for anything.
Sorry to hear of your wife´s experiences with BoA. Even before I was a Platinum Preferred customer at BoA, I never had to pay for using a teller, and anything they couldn´t handle was very graciously handled for free by a bank manager. I have been using the same local brick and mortar branch for both personal and business checking and safe deposit service for 29 years, long before it became part of BoA, and I have not noticed any change in the level of service.

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Re: Moving from Vanguard to Merrill Edge

Post by Watts » Fri Mar 22, 2019 8:42 am

I just did this about a month ago. I now have Platinum Honors status. I also signed up for the Premium Rewards card, so i now have 2.625% cash back on all purchases with the 75% premium rewards bonus. In addition, I signed up for a cash rewards card, and I have online shopping set as the "choose your own category," which allows for 5.25% cash back on online purchases with the 75% premium rewards bonus.

I also signed up for my free small safe deposit box at our local branch. Very happy thus far! Customer service has been excellent.

Frugal professor has a couple good articles about this:
https://www.frugalprofessor.com/best-cr ... 8-edition/
https://www.frugalprofessor.com/one-mon ... ards-card/

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Re: Moving from Vanguard to Merrill Edge

Post by theplayer11 » Fri Mar 22, 2019 8:49 am

Is the bonus going into an IRA account treated as a contribution for current year?

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Fri Mar 22, 2019 12:01 pm

international001 wrote:
Fri Mar 22, 2019 6:34 am
Earl Lemongrab wrote:
Fri Mar 22, 2019 12:35 am
international001 wrote:
Thu Mar 21, 2019 6:08 pm
I see.. so I have to become first platinium by adding $100k, and then adding an extra $200k
I don't see anything in the offer that says you have to be Platinum Honors to get the bonus. Just Preferred Rewards. I looked over the offer again, and I still don't. The only thing that references PH is in the free trades.
The question is when you become Preferred rewards and when you are able to add the $200k

I see 'Customers not enrolled in Preferred Rewards:' 'During the promotional period, the Preferred Rewards requirement to maintain your combined balances for a three month calendar period will be waived.'

So this means that you can add $200k, become preferred and get the $600, and then add another $200k and get the $900?

Perhaps the sales person I spoke with didn't know the workings very well
You keep talking about being Platinum. Where does it say you have to be Platinum status to get the bonus? Please quote THAT.

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Fri Mar 22, 2019 12:06 pm

Jack FFR1846 wrote:
Fri Mar 22, 2019 6:44 am
I personally was considering moving from Vanguard to ME. In the end, having seen how much work my wife had to go through to unravel her aunt's BoA accounts (oh, you want to see a teller to move $20 from savings to checking? That'll be $5).
All I can say is that experiences differ. My mother was at BofA. When she died and I was executor/POD beneficiary, the local branch was very helpful. The rep took care of everything, including discovering that she had credit card insurance (I know) and filling out the claim then faxing it after I signed.

During the several years I have been with BofA/Merrill Edge, my experiences with customer service have been quite positive, not that I needed very much.

If I had to choose one custodian for my investments, it would Edge.

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Fri Mar 22, 2019 12:06 pm

theplayer11 wrote:
Fri Mar 22, 2019 8:49 am
Is the bonus going into an IRA account treated as a contribution for current year?
No.

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Fri Mar 22, 2019 12:10 pm

clown wrote:
Fri Mar 22, 2019 12:41 am
With respect, allow me to be a skeptic. Do you think ME is setting these up to benefit YOU? Or does it seem more likely that they are setting these up to benefit MERRILL? The answer should be pretty clear. In the long run, it benefits THEM or they wouldn't be doing it. It's just like buying the new car, when they want you to buy the warranty. They sell it because it benefits THEM.
They've been doing this for years. I have had several bonuses and been getting the Platinum Honors boost to the credit card rewards. They don't push anything. Whether they expect a benefit overall is irrelevant to me. It's been a positive experience for me. Your example of an extended warranty is totally inappropriate. This is nothing like that. They aren't selling you anything.

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Re: Moving from Vanguard to Merrill Edge

Post by abuss368 » Fri Mar 22, 2019 12:11 pm

international001 wrote:
Thu Mar 21, 2019 2:13 pm
Just for the bonus and the Preferred Rewards status ;-)

https://www.bankofamerica.com/preferred ... /#benefits
https://www.merrilledge.com/offers/900offer

My plan is
to get a Cash Management account
Move $200k to ME from Vanguard, just bond funds (VSIGX, VLGSX, VTABX). Note that this funds cannot be purchased at ME
After 90 days (I'd qualify for the $900 bonus) move back $100k to Vanguard
I keep the $100k a ME so I qualify from platinum honors

Sounds like a good plan?
In my opinion it is additional cost and complexity. More important things to do in life. Consolidating and moving our investments to Vanguard was the best financial decision we ever made.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

theplayer11
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Re: Moving from Vanguard to Merrill Edge

Post by theplayer11 » Fri Mar 22, 2019 12:55 pm

moved my SEP from Schwab to ME as well as Roth from Vanguard to ME. $1,800 bonus(wife did same). I can buy Vanguard ETFs commission free. ME picked up all transfer out fees. I had checking at BOA, so it made sense. I'm liking the change, everything on 1 website.

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Re: Moving from Vanguard to Merrill Edge

Post by triceratop » Fri Mar 22, 2019 1:03 pm

abuss368 wrote:
Fri Mar 22, 2019 12:11 pm
international001 wrote:
Thu Mar 21, 2019 2:13 pm
Just for the bonus and the Preferred Rewards status ;-)

https://www.bankofamerica.com/preferred ... /#benefits
https://www.merrilledge.com/offers/900offer

My plan is
to get a Cash Management account
Move $200k to ME from Vanguard, just bond funds (VSIGX, VLGSX, VTABX). Note that this funds cannot be purchased at ME
After 90 days (I'd qualify for the $900 bonus) move back $100k to Vanguard
I keep the $100k a ME so I qualify from platinum honors

Sounds like a good plan?
In my opinion it is additional cost and complexity. More important things to do in life. Consolidating and moving our investments to Vanguard was the best financial decision we ever made.
If one is consolidating at Merrill Edge instead of Vanguard, where is the additional complexity?

Where is the added cost?

Why does your positive experience mean the OP's plan is not a good one?
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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international001
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Re: Moving from Vanguard to Merrill Edge

Post by international001 » Fri Mar 22, 2019 1:10 pm

Earl Lemongrab wrote:
Fri Mar 22, 2019 12:01 pm

You keep talking about being Platinum. Where does it say you have to be Platinum status to get the bonus? Please quote THAT.
I Didnt' mean that. I meant getting first the $600 (w/o Preferred status) and then the $900 (w/ Preferred status; platinum in this case, but could have been any Preferred status)

Not sure if getting both bonus is possible

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Re: Moving from Vanguard to Merrill Edge

Post by FootballFan5548 » Fri Mar 22, 2019 1:44 pm

When Capital One closed down their brokerage in 2018 I moved all my taxable stuff from CapOne to ME. I'm a BOA member so I got the $600 bonus plus now I'm platinum rewards as well. The platinum rewards are great for the BOA credit card. Free ETF trades, all around a good platform.

It's been a positive experience for me at ME so far.

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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Fri Mar 22, 2019 2:10 pm

abuss368 wrote:
Fri Mar 22, 2019 12:11 pm
In my opinion it is additional cost and complexity. More important things to do in life. Consolidating and moving our investments to Vanguard was the best financial decision we ever made.
What additional cost? Probably the third best financial decision I made was to start generating thousands of dollars per year in bonuses with very little work.

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Fri Mar 22, 2019 2:13 pm

international001 wrote:
Fri Mar 22, 2019 1:10 pm
Earl Lemongrab wrote:
Fri Mar 22, 2019 12:01 pm

You keep talking about being Platinum. Where does it say you have to be Platinum status to get the bonus? Please quote THAT.
I Didnt' mean that. I meant getting first the $600 (w/o Preferred status) and then the $900 (w/ Preferred status; platinum in this case, but could have been any Preferred status)
The offer is for $900 if you are enrolled in Preferred Rewards. You can qualify with an average daily balance of 20k after 90 days. You only need to be PR at the end of the 90 days following the funding period. For 100k, you will easily make that.

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international001
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Re: Moving from Vanguard to Merrill Edge

Post by international001 » Fri Mar 22, 2019 3:18 pm

I called again. They had to code me specifically to get the $900 bonus. This excludes the $600 bonus
The plan is to invest $200k and soon after I become eligible for being a Preferred Rewards Client, apply for it.

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Re: Moving from Vanguard to Merrill Edge

Post by Huskiez » Fri Mar 22, 2019 4:13 pm

Planning to do the same as OP. Debating on whether to do transfer of mutual funds or convert to ETF beforehand. Will probably just keep as mutual funds and make future purchases on Vanguard.

Seems overall a mix of reviews but the bonus with the credit card rewards seems like a good opportunity.

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Re: Moving from Vanguard to Merrill Edge

Post by dodecahedron » Fri Mar 22, 2019 4:22 pm

Earl Lemongrab wrote:
Fri Mar 22, 2019 2:10 pm
abuss368 wrote:
Fri Mar 22, 2019 12:11 pm
In my opinion it is additional cost and complexity. More important things to do in life. Consolidating and moving our investments to Vanguard was the best financial decision we ever made.
What additional cost? Probably the third best financial decision I made was to start generating thousands of dollars per year in bonuses with very little work.
What were the first and second best decisions? I am curious. (For myself, I am pretty happy with having gotten thousands of dollars in bonuses for moving some of my VG holdings in-kind to ME, but I am not sure I would list it as #3 on my list of top financial decisions in my life. I can think of many other decisions I would rank much higher. But it has definitely been a very good decision, and was close to a no-brainer, since I was already a happy long term customer of my nearby BoA branch.)

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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Fri Mar 22, 2019 5:10 pm

dodecahedron wrote:
Fri Mar 22, 2019 4:22 pm
Earl Lemongrab wrote:
Fri Mar 22, 2019 2:10 pm
abuss368 wrote:
Fri Mar 22, 2019 12:11 pm
In my opinion it is additional cost and complexity. More important things to do in life. Consolidating and moving our investments to Vanguard was the best financial decision we ever made.
What additional cost? Probably the third best financial decision I made was to start generating thousands of dollars per year in bonuses with very little work.
What were the first and second best decisions? I am curious. (For myself, I am pretty happy with having gotten thousands of dollars in bonuses for moving some of my VG holdings in-kind to ME, but I am not sure I would list it as #3 on my list of top financial decisions in my life. I can think of many other decisions I would rank much higher. But it has definitely been a very good decision, and was close to a no-brainer, since I was already a happy long term customer of my nearby BoA branch.)
First was formulating a sensible portfolio, where before I had a poor allocation and no plan. Second was Mega Backdoor Roth. You could argue that taking the job at MegaCorp was in the top three, but that wasn't really a plan. I didn't intend to work there long, but just sort of stuck. Just for purely financial decisions, I don't count that.

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international001
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Re: Moving from Vanguard to Merrill Edge

Post by international001 » Fri Mar 22, 2019 5:22 pm

Huskiez wrote:
Fri Mar 22, 2019 4:13 pm
Planning to do the same as OP. Debating on whether to do transfer of mutual funds or convert to ETF beforehand. Will probably just keep as mutual funds and make future purchases on Vanguard.

Seems overall a mix of reviews but the bonus with the credit card rewards seems like a good opportunity.
Also, the first representative didn't give me the right information
Some funds (mostly bond funds) cannot be transferred. So I initiated an ETF conversion. My guess is that I prefer to leave just over $100k on ME, so I prefer lower volatility.

Also surprisingly, VIMAX is supported but VMVAX is not

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abuss368
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Re: Moving from Vanguard to Merrill Edge

Post by abuss368 » Sat Mar 23, 2019 11:05 am

triceratop wrote:
Fri Mar 22, 2019 1:03 pm
abuss368 wrote:
Fri Mar 22, 2019 12:11 pm
international001 wrote:
Thu Mar 21, 2019 2:13 pm
Just for the bonus and the Preferred Rewards status ;-)

https://www.bankofamerica.com/preferred ... /#benefits
https://www.merrilledge.com/offers/900offer

My plan is
to get a Cash Management account
Move $200k to ME from Vanguard, just bond funds (VSIGX, VLGSX, VTABX). Note that this funds cannot be purchased at ME
After 90 days (I'd qualify for the $900 bonus) move back $100k to Vanguard
I keep the $100k a ME so I qualify from platinum honors

Sounds like a good plan?
In my opinion it is additional cost and complexity. More important things to do in life. Consolidating and moving our investments to Vanguard was the best financial decision we ever made.
If one is consolidating at Merrill Edge instead of Vanguard, where is the additional complexity?

Where is the added cost?

Why does your positive experience mean the OP's plan is not a good one?
Hi triceratop -

Is this a consolidation at Merrill Lynch? I was looking from the stand point that one may no longer qualify for lower cost funds. Perhaps moving $200,000 in and out of a bond fund after 90 days could result in a small capital gain (or loss). These costs may impact the overall $900 benefit.

Best.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

ThisJustIn
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Re: Moving from Vanguard to Merrill Edge

Post by ThisJustIn » Sat Mar 23, 2019 10:54 pm

Interesting. I'm a Merrill Edge account holder, and with this account, I have hold 100K before, and received $250 bonus at the beginning of the year. Now, I see this new 900 offer: https://www.merrilledge.com/offers/900offer . With my same account, can I hold 200K for 90 days and qualify for $900 dollars? Or should I do it with a new ME account?

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Sun Mar 24, 2019 12:15 am

ThisJustIn wrote:
Sat Mar 23, 2019 10:54 pm
Interesting. I'm a Merrill Edge account holder, and with this account, I have hold 100K before, and received $250 bonus at the beginning of the year. Now, I see this new 900 offer: https://www.merrilledge.com/offers/900offer . With my same account, can I hold 200K for 90 days and qualify for $900 dollars? Or should I do it with a new ME account?
You can likely get a rep to code the current account, if they will allow one that soon. I usually open a new account because you can automatically code it from the web link and it's fast when you have an existing account. The form prefills most information.

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dogagility
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Re: Moving from Vanguard to Merrill Edge

Post by dogagility » Sun Mar 24, 2019 8:43 am

Earl Lemongrab wrote:
Sun Mar 24, 2019 12:15 am
You can likely get a rep to code the current account, if they will allow one that soon. I usually open a new account because you can automatically code it from the web link and it's fast when you have an existing account. The form prefills most information.
For clarity, are you indicating a person can have two accounts at ME and receive the bonus for both accounts?
Taking "risk" since 1995.

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Sun Mar 24, 2019 11:46 am

dogagility wrote:
Sun Mar 24, 2019 8:43 am
Earl Lemongrab wrote:
Sun Mar 24, 2019 12:15 am
You can likely get a rep to code the current account, if they will allow one that soon. I usually open a new account because you can automatically code it from the web link and it's fast when you have an existing account. The form prefills most information.
For clarity, are you indicating a person can have two accounts at ME and receive the bonus for both accounts?
I'm not sure I understand the question. Whether you can get a bonus is probably not relevant to the number of accounts. For me it's easiest to open a new account when getting a bonus rather than trying to get it applied to a current one. If you had a recent bonus they might not allow another regardless of method.

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dogagility
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Re: Moving from Vanguard to Merrill Edge

Post by dogagility » Sun Mar 24, 2019 12:43 pm

Earl Lemongrab wrote:
Sun Mar 24, 2019 11:46 am
I'm not sure I understand the question. Whether you can get a bonus is probably not relevant to the number of accounts. For me it's easiest to open a new account when getting a bonus rather than trying to get it applied to a current one. If you had a recent bonus they might not allow another regardless of method.
Thanks Earl. I didn't realize ME would let a person have multiple accounts... but this appears to be the case.
Taking "risk" since 1995.

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Earl Lemongrab
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Re: Moving from Vanguard to Merrill Edge

Post by Earl Lemongrab » Sun Mar 24, 2019 1:07 pm

dogagility wrote:
Sun Mar 24, 2019 12:43 pm
Earl Lemongrab wrote:
Sun Mar 24, 2019 11:46 am
I'm not sure I understand the question. Whether you can get a bonus is probably not relevant to the number of accounts. For me it's easiest to open a new account when getting a bonus rather than trying to get it applied to a current one. If you had a recent bonus they might not allow another regardless of method.
Thanks Earl. I didn't realize ME would let a person have multiple accounts... but this appears to be the case.
Oh, yeah. I have many accounts there.

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