The Final, Definitive Thread on Brokerage Transfer Bonuses

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BrandonBogle
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BrandonBogle »

MikeG62 wrote: Tue Oct 06, 2020 7:03 am
Makaveli wrote: Tue Oct 06, 2020 6:51 am ...Any solutions or input on how you kept your records/lots straight when transferring assets?
I took screenshots of the tax lots before initiating the transfer. I spoke with rep's at the destination broker and emphasized the importance of maintaining the tax lots. Was assured in every case that it would be no problem. So far so good - maybe I've been lucky. The transfers I have done so far:

Fidelity to Merrill Edge (x3)
Merrill Edge to JPM/Chase (x1)
I’ve similarly had my tax lots remain without issue. However, I sometimes the tax lots updated about a week after receiving the security. Each time though, they’ve updated (correctly) without any intervention from me.
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Makaveli
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Makaveli »

MikeG62 wrote: Tue Oct 06, 2020 7:03 am
Makaveli wrote: Tue Oct 06, 2020 6:51 am ...Any solutions or input on how you kept your records/lots straight when transferring assets?
I took screenshots of the tax lots before initiating the transfer. I spoke with rep's at the destination broker and emphasized the importance of maintaining the tax lots. Was assured in every case that it would be no problem. So far so good - maybe I've been lucky. The transfers I have done so far:

Fidelity to Merrill Edge (x3)
Merrill Edge to JPM/Chase (x1)
Fortunate experience. Similar JPM/Chase route on my end, going to talk to the CPC rep and see if they'll retain me for the M1 price tag. Worth a shot.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

My Chase PC $2,000 bonus posted today. Account was funded on July 1, 2020. Offer terms required assets to be at JPM/Chase for 90 days and bonus to pay within 30 business days after meeting that requirement. In my case it was just a few business days after meeting the 90-day requirement.

AFAIK, there is no clawback of the bonus should I move to close the account and transfer the securities elsewhere. Is anyone able to confirm that?

FWIW, I am not planning to move the funds right away. But probably by the end of 2020 (could be sooner if there is a very attractive transfer bonus that arises).
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

Makaveli wrote: Tue Oct 06, 2020 6:51 am
sc9182 wrote: Mon Oct 05, 2020 8:51 pm M1Finance seem to UP the Transfer Bonus game a bit for this month only (Oct 2020):
https://www.m1finance.com/earn-up-to-3125/
Promotional credit for any IRA or taxable brokerage accounts ! See some of my previous posts in the last 4 months for M1Finance experiences (and minor quirks)
Has anyone done this yet? It has been awhile since my last transfer bonus but I am still turned off from the experience because my cost basis has always been botched (converted to average vs SpecID). Any solutions or input on how you kept your records/lots straight when transferring assets?
Transferred out of M1Finance 3 months stay per bonus requirement - moved to Schwab.
Tax Lots maintained, but this is my IRA - SpecID/TaxLots doesn't really matter much though ..
If you are going to Transfer to any brokerage, do save Tax Basis apriori. If you want to try M1Finance, be an extra step careful with their Slices methodology - read my earlier posts .. be extra cautious on Taxable accounts transfer ..

Thanks
Sri
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Makaveli
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Makaveli »

sc9182 wrote: Wed Oct 07, 2020 7:52 am If you are going to Transfer to any brokerage, do save Tax Basis apriori. If you want to try M1Finance, be an extra step careful with their Slices methodology - read my earlier posts .. be extra cautious on Taxable accounts transfer ..
Chase Private Client didn't match the offer so going with Ally's promotion. Will report back on that experience and cost basis tracking.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by CycloRista »

MikeG62 wrote: Tue Oct 06, 2020 1:00 pm My Chase PC $2,000 bonus posted today. Account was funded on July 1, 2020. Offer terms required assets to be at JPM/Chase for 90 days and bonus to pay within 30 business days after meeting that requirement. In my case it was just a few business days after meeting the 90-day requirement.

AFAIK, there is no clawback of the bonus should I move to close the account and transfer the securities elsewhere. Is anyone able to confirm that?

FWIW, I am not planning to move the funds right away. But probably by the end of 2020 (could be sooner if there is a very attractive transfer bonus that arises).
Tempting... might have a look into Chase and see how much of a pain it would be to score another transfer bonus.

I shifted some to another Ally account back around July 1 and the bonus hit my account nearly a month ago now. It took them a while to sync up cost basis data. I just kept on nagging them until it was done. Note to others: if you intend to make any changes soon after a move, capture all of your data prior so you have something to reference during the time it takes for syncing up.

I started a new job over the summer that uses Schwab for 401k. Their customer service (discussing roll over and other investment related items) is severely lacking compared to Ally and the others that I've dealt with in recent times.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JediMisty »

Having the link from Merrill Edge (ME) supplied here for the 1000 bonus, I contacted ME yesterday. I got chided for using a link that was not sent to me. The salesman offered me $600 bonus, which I declined. I told him I received a mail ad from Bank of America offering me $750 to transfer 200k, and thought that was too low. Then he "found" a 50% more promotion totaling $900 for 200k transfer. I reluctantly agreed to sign-up and he sent an email. A few minutes later, I was annoyed by the whole process and clicked on the link for the $1000 transfer bonus. I went through all the steps of setting up an account without his intervention. I have some questions: Even though the link began a "your bonus code is applied", I don't see it anywhere since I signed up for an account. Is that typical? Secondly, after filling out all the questions, I still must print out the form, sign-it and download it back. There's a spot at the bottom for a Medallion signature guarantee. The salesman had told me no medallion was required. (It was next to impossible to get one BEFORE covid). IT's heard to tell, but it might be only if you are using a different name than on your ID. Any experience with this? Also, when I want to transfer back from ME to Vanguard, will Vanguard require a Medallion? IT's just not worth the hassle to find a Medallion signature grantor. My transfer is for a partial transfer of my Roth mutual fund (Total Market) VTSAX in-kind, if that makes any difference. While I'm at ME, will the quarterly dividends cost me money to re-invest? Also, will there be negative ramifications of having the salesman send me a link no that I've signed up myself? I feel awkward about doing that. But I also feel like with my investable assets, I should qualify for the whole 1k. I feel like he was steering me to the option which gave him the higher commission or something. Thoughts? I guess it's obvious I've never done transfer bonuses before.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

JediMisty wrote: Thu Oct 08, 2020 6:52 am Having the link from Merrill Edge (ME) supplied here for the 1000 bonus, I contacted ME yesterday. I got chided for using a link that was not sent to me. The salesman offered me $600 bonus, which I declined. I told him I received a mail ad from Bank of America offering me $750 to transfer 200k, and thought that was too low. Then he "found" a 50% more promotion totaling $900 for 200k transfer. I reluctantly agreed to sign-up and he sent an email. A few minutes later, I was annoyed by the whole process and clicked on the link for the $1000 transfer bonus. I went through all the steps of setting up an account without his intervention. I have some questions: Even though the link began a "your bonus code is applied", I don't see it anywhere since I signed up for an account. Is that typical?
I don't recall. I'd suggest calling ME and speaking to whomever answers the phone and ask them to confirm you are enrolled in the $1,000 bonus.
JediMisty wrote: Thu Oct 08, 2020 6:52 am Secondly, after filling out all the questions, I still must print out the form, sign-it and download it back. There's a spot at the bottom for a Medallion signature guarantee. The salesman had told me no medallion was required. (It was next to impossible to get one BEFORE covid). IT's heard to tell, but it might be only if you are using a different name than on your ID. Any experience with this?
I do not recall signing and mailing back (whether by e-mail or snail mail) any forms. As far as I remember, I did everything online.
JediMisty wrote: Thu Oct 08, 2020 6:52 am Also, when I want to transfer back from ME to Vanguard, will Vanguard require a Medallion? IT's just not worth the hassle to find a Medallion signature grantor. My transfer is for a partial transfer of my Roth mutual fund (Total Market) VTSAX in-kind, if that makes any difference.
Can't answer that as it's a VG specific question. I would say though that my SIL has recently transferred her IRA to VG and there was no medallion signature requirement associated with that.
JediMisty wrote: Thu Oct 08, 2020 6:52 am While I'm at ME, will the quarterly dividends cost me money to re-invest? Also, will there be negative ramifications of having the salesman send me a link no that I've signed up myself? I feel awkward about doing that. But I also feel like with my investable assets, I should qualify for the whole 1k. I feel like he was steering me to the option which gave him the higher commission or something. Thoughts? I guess it's obvious I've never done transfer bonuses before.
No cost for dividend reinvestment at ME. I would add that I transferred in shares of an institutional share class MF from my rollover IRA. ME will not allow me to purchase new shares in this MF, but they do allow me to reinvest dividends (without any fee).
Last edited by MikeG62 on Thu Oct 08, 2020 10:16 am, edited 1 time in total.
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JediMisty
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JediMisty »

MikeG62 wrote: Thu Oct 08, 2020 7:15 am
JediMisty wrote: Thu Oct 08, 2020 6:52 am Having the link from Merrill Edge (ME) supplied here for the 1000 bonus, I contacted ME yesterday. I got chided for using a link that was not sent to me. The salesman offered me $600 bonus, which I declined. I told him I received a mail ad from Bank of America offering me $750 to transfer 200k, and thought that was too low. Then he "found" a 50% more promotion totaling $900 for 200k transfer. I reluctantly agreed to sign-up and he sent an email. A few minutes later, I was annoyed by the whole process and clicked on the link for the $1000 transfer bonus. I went through all the steps of setting up an account without his intervention. I have some questions: Even though the link began a "your bonus code is applied", I don't see it anywhere since I signed up for an account. Is that typical?
I don't recall. I'd suggest calling ME and speaking to whomever answers the phone and ask them to confirm you are enrolled in the $1,000 bonus.
JediMisty wrote: Thu Oct 08, 2020 6:52 am Secondly, after filling out all the questions, I still must print out the form, sign-it and download it back. There's a spot at the bottom for a Medallion signature guarantee. The salesman had told me no medallion was required. (It was next to impossible to get one BEFORE covid). IT's heard to tell, but it might be only if you are using a different name than on your ID. Any experience with this?
I do not recall signing and mailing back (whether by e-mail or snail mail) any forms. As far as I remember, I did everything online.
JediMisty wrote: Thu Oct 08, 2020 6:52 am Also, when I want to transfer back from ME to Vanguard, will Vanguard require a Medallion? IT's just not worth the hassle to find a Medallion signature grantor. My transfer is for a partial transfer of my Roth mutual fund (Total Market) VTSAX in-kind, if that makes any difference.
Can't answer that as it's a VG specific question. I would say though that my SIL has recently transferred to her IRA to VG and there was no medallion signature requirement associated with that.
JediMisty wrote: Thu Oct 08, 2020 6:52 am While I'm at ME, will the quarterly dividends cost me money to re-invest? Also, will there be negative ramifications of having the salesman send me a link no that I've signed up myself? I feel awkward about doing that. But I also feel like with my investable assets, I should qualify for the whole 1k. I feel like he was steering me to the option which gave him the higher commission or something. Thoughts? I guess it's obvious I've never done transfer bonuses before.
No cost for dividend reinvestment at ME. I would add that I transferred in shares of an institutional share class MF from my rollover IRA. ME will not allow me to purchase new shares in this MF, but they do allow me to reinvest dividends (without any fee).
Thanks for your response!
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

JediMisty wrote: Thu Oct 08, 2020 6:52 am There's a spot at the bottom for a Medallion signature guarantee. The salesman had told me no medallion was required. (It was next to impossible to get one BEFORE covid). IT's heard to tell, but it might be only if you are using a different name than on your ID. Any experience with this? Also, when I want to transfer back from ME to Vanguard, will Vanguard require a Medallion?
The MSG is generally only required for different account titles, like if you used a different name or are transferring from a joint to individual account (or vice versa). See the note on the bottom of the form:

"Merrill Edge will not provide, but does require, the Medallion Signature Guarantee for incoming transfers
with unlike registrations"

I've only done one transfer into Vanguard, years ago, and they didn't require any MSG.

By the way, most Chase branches have a banker on hand that provides free notary and MSG services -- although some bankers are more strict and require you to be a Chase customer.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by the way »

JediMisty wrote: Thu Oct 08, 2020 6:52 am Also, will there be negative ramifications of having the salesman send me a link no that I've signed up myself? I feel awkward about doing that. But I also feel like with my investable assets, I should qualify for the whole 1k. I feel like he was steering me to the option which gave him the higher commission or something. Thoughts? I guess it's obvious I've never done transfer bonuses before.
Don't know if you will get it. I signed up for this and then they told me I don't qualify (not sure how they actually track who was "invited"). Went back and forth with the guy who kept checking with the "exceptions desk" and in that time the MoneyShow offer started so I reg'd for that and actually "attended" online (now getting daily spam for the effort). Asked to switch to that promo and they still said no dice. Escalated and still no. By then I had already transferred in. I guess I'll maybe check out Chase or Citi whose offers are actually more anyway, but don't like littering new accounts everywhere like this. Seems like getting this promo kind of depends on which rep you get.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JediMisty »

the way wrote: Sun Oct 11, 2020 3:55 am
JediMisty wrote: Thu Oct 08, 2020 6:52 am Also, will there be negative ramifications of having the salesman send me a link no that I've signed up myself? I feel awkward about doing that. But I also feel like with my investable assets, I should qualify for the whole 1k. I feel like he was steering me to the option which gave him the higher commission or something. Thoughts? I guess it's obvious I've never done transfer bonuses before.
Don't know if you will get it. I signed up for this and then they told me I don't qualify (not sure how they actually track who was "invited"). Went back and forth with the guy who kept checking with the "exceptions desk" and in that time the MoneyShow offer started so I reg'd for that and actually "attended" online (now getting daily spam for the effort). Asked to switch to that promo and they still said no dice. Escalated and still no. By then I had already transferred in. I guess I'll maybe check out Chase or Citi whose offers are actually more anyway, but don't like littering new accounts everywhere like this. Seems like getting this promo kind of depends on which rep you get.
Thanks! I guess I could just ignore the new account that I used with the "unauthorized" link. I could use the new account link that the agent sent me for the $900 transfer bonus. Or has opening a new account messed up any transfer bonus I would get??
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR »

JediMisty wrote: Sun Oct 11, 2020 11:07 am
the way wrote: Sun Oct 11, 2020 3:55 am
JediMisty wrote: Thu Oct 08, 2020 6:52 am Also, will there be negative ramifications of having the salesman send me a link no that I've signed up myself? I feel awkward about doing that. But I also feel like with my investable assets, I should qualify for the whole 1k. I feel like he was steering me to the option which gave him the higher commission or something. Thoughts? I guess it's obvious I've never done transfer bonuses before.
Don't know if you will get it. I signed up for this and then they told me I don't qualify (not sure how they actually track who was "invited"). Went back and forth with the guy who kept checking with the "exceptions desk" and in that time the MoneyShow offer started so I reg'd for that and actually "attended" online (now getting daily spam for the effort). Asked to switch to that promo and they still said no dice. Escalated and still no. By then I had already transferred in. I guess I'll maybe check out Chase or Citi whose offers are actually more anyway, but don't like littering new accounts everywhere like this. Seems like getting this promo kind of depends on which rep you get.
Thanks! I guess I could just ignore the new account that I used with the "unauthorized" link. I could use the new account link that the agent sent me for the $900 transfer bonus. Or has opening a new account messed up any transfer bonus I would get??
After the account is opened, send a secure email through the site asking if the account is enrolled in the promotion. The customer service reps will research it and get back to you.

If it is, great! Continue doing the terms of the promotion.

If it isn't, ask if they can add the code/promotion to your account. If they can't, then you can stop using the account and figure out your next moves from there.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JediMisty »

JustinR wrote: Sun Oct 11, 2020 6:38 pm
JediMisty wrote: Sun Oct 11, 2020 11:07 am
the way wrote: Sun Oct 11, 2020 3:55 am
JediMisty wrote: Thu Oct 08, 2020 6:52 am Also, will there be negative ramifications of having the salesman send me a link no that I've signed up myself? I feel awkward about doing that. But I also feel like with my investable assets, I should qualify for the whole 1k. I feel like he was steering me to the option which gave him the higher commission or something. Thoughts? I guess it's obvious I've never done transfer bonuses before.
Don't know if you will get it. I signed up for this and then they told me I don't qualify (not sure how they actually track who was "invited"). Went back and forth with the guy who kept checking with the "exceptions desk" and in that time the MoneyShow offer started so I reg'd for that and actually "attended" online (now getting daily spam for the effort). Asked to switch to that promo and they still said no dice. Escalated and still no. By then I had already transferred in. I guess I'll maybe check out Chase or Citi whose offers are actually more anyway, but don't like littering new accounts everywhere like this. Seems like getting this promo kind of depends on which rep you get.
Thanks! I guess I could just ignore the new account that I used with the "unauthorized" link. I could use the new account link that the agent sent me for the $900 transfer bonus. Or has opening a new account messed up any transfer bonus I would get??
After the account is opened, send a secure email through the site asking if the account is enrolled in the promotion. The customer service reps will research it and get back to you.

If it is, great! Continue doing the terms of the promotion.

If it isn't, ask if they can add the code/promotion to your account. If they can't, then you can stop using the account and figure out your next moves from there.
Great advice! I'll do that ....
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Is it unusual to be offered a cash incentive to move funds from one brokerage house to another?

Post by ilan1h »

[Thread merged into here, see below. --admin LadyGeek]

Would it be unusual or suspicious in any way if one brokerage house offers a cash incentive to transfer over assets from another brokerage eg: $2500 cash for every $1mill in assets transferred? Is this a reasonable, generous or miserly offer? I do not really view a major difference between the different brokerage firms since I just invest in index funds and have no particular concerns about the strengths of their bond desks, options platforms etc.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ziggny »

Apologies if this has been addressed elsewhere. For those who've recently opened a brokerage account at Merrill Edge, is there any issue with transferring (or holding) fractional ETF shares? I have a large slug of VTSAX in my taxable Vanguard brokerage, and am trying to determine whether it's worth going through the hoops of converting MF to ETF. If ME doesn't allow fractional shares, the hassle may not be worth it, IMO.
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Re: Is it unusual to be offered a cash incentive to move funds from one brokerage house to another?

Post by 123 »

Cash incentives to move a brokerage account are not unusual. They tend to go in cycles, if one brokerage starts offering them others do as well for competitive reasons. Sometimes there is "radio silence" on incentives to move funds but offers are still made to move large sums, like $1 million or more. Firms just want to build their assets up. They know that even if you are just holding assets in an account they will get a crack at selling asset management services to your survivors.

Firms usually keep track of asset cash incentives given so you can't play the same firms against each other year after year. Most often there is a holding period required of 9 - 12 months or the firm will claw back the bonus.
Last edited by 123 on Wed Oct 14, 2020 3:04 pm, edited 1 time in total.
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Re: Is it unusual to be offered a cash incentive to move funds from one brokerage house to another?

Post by Katietsu »

Here is the most extensive BH thread on the topic. Fifty pages and counting. Miss the contribution’s of Earl Lemongrab.

viewtopic.php?p=5541838#p5541838
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Re: Is it unusual to be offered a cash incentive to move funds from one brokerage house to another?

Post by Flobes »

You might want to read 2465 posts on 50 pages of Bogleheads commentary:

The Final, Definitive Thread on Brokerage Transfer Bonuses

Edit: I see I was typing at some time as Katietsu
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

ziggny wrote: Wed Oct 14, 2020 2:51 pm Apologies if this has been addressed elsewhere. For those who've recently opened a brokerage account at Merrill Edge, is there any issue with transferring (or holding) fractional ETF shares? I have a large slug of VTSAX in my taxable Vanguard brokerage, and am trying to determine whether it's worth going through the hoops of converting MF to ETF. If ME doesn't allow fractional shares, the hassle may not be worth it, IMO.
Don’t know about fractional but have you asked ML about transferring the MF and avoid conversion. I moved the FSKAX fund to ML in my IRA. I can’t buy more there but can sell and reinvest dividends.
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Re: Is it unusual to be offered a cash incentive to move funds from one brokerage house to another?

Post by sycamore »

Not unusual at all. There's a whole cottage industry of websites that track and report on the various incentives from brokerages (ditto for bank and credit card bonuses). These websites may have an affiliate/financial relationship with the brokerages so just be aware of that when reading the articles. One website I found to be helpful is Doctor of Credit, see https://www.doctorofcredit.com/best-bro ... p-to-3500/.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ziggny »

BuddyJet wrote: Wed Oct 14, 2020 3:25 pm
ziggny wrote: Wed Oct 14, 2020 2:51 pm Apologies if this has been addressed elsewhere. For those who've recently opened a brokerage account at Merrill Edge, is there any issue with transferring (or holding) fractional ETF shares? I have a large slug of VTSAX in my taxable Vanguard brokerage, and am trying to determine whether it's worth going through the hoops of converting MF to ETF. If ME doesn't allow fractional shares, the hassle may not be worth it, IMO.
Don’t know about fractional but have you asked ML about transferring the MF and avoid conversion. I moved the FSKAX fund to ML in my IRA. I can’t buy more there but can sell and reinvest dividends.
I haven't yet, no. To be honest I'm a bit reluctant to start bonus chasing. Feels like constantly needing to inquire whether brokerages will allow me to hold the Vanguard MF may end up being a total time suck. Which is, obviously, an argument for just going ahead and converting today. It's mostly inertia, at this point, that's keeping me from going ahead.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore »

ziggny wrote: Wed Oct 14, 2020 2:51 pm Apologies if this has been addressed elsewhere. For those who've recently opened a brokerage account at Merrill Edge, is there any issue with transferring (or holding) fractional ETF shares? I have a large slug of VTSAX in my taxable Vanguard brokerage, and am trying to determine whether it's worth going through the hoops of converting MF to ETF. If ME doesn't allow fractional shares, the hassle may not be worth it, IMO.
In my Vanguard account, I converted Vanguard Small Cap Value fund (VSIAX) to ETF share class (VBR). There were some fractional shares in VBR. When I transferred it to Merrill Edge, the fractional shares were first liquidated at Vanguard and transferred as cash. This is normal behavior from what I've read.

My guess is they'd also liquidate fractional shares of a mutual fund (it's not just for ETFs or stocks).
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Re: Is it unusual to be offered a cash incentive to move funds from one brokerage house to another?

Post by UpperNwGuy »

Be very sure that you really want the new firm to assume responsibility for your funds before you pull the trigger. The cash incentives are actually "small potatoes" when compared to the value of your portfolio. I ignore these offers. I chose my brokerages very carefully, and I won't leave them for a small amount of cash.
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Re: Is it unusual to be offered a cash incentive to move funds from one brokerage house to another?

Post by neilpilot »

ilan1h wrote: Wed Oct 14, 2020 2:49 pm Would it be unusual or suspicious in any way if one brokerage house offers a cash incentive to transfer over assets from another brokerage eg: $2500 cash for every $1mill in assets transferred?
It's even common practice for some brokers to offer a retention bonus, sometimes fully matching the cash incentive of their competition, if/when you initiate a transfer out in anticipation of the incentive.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

I merged ilan1h's thread into the on-going discussion.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BrandonBogle »

sycamore wrote: Wed Oct 14, 2020 3:48 pm
ziggny wrote: Wed Oct 14, 2020 2:51 pm Apologies if this has been addressed elsewhere. For those who've recently opened a brokerage account at Merrill Edge, is there any issue with transferring (or holding) fractional ETF shares? I have a large slug of VTSAX in my taxable Vanguard brokerage, and am trying to determine whether it's worth going through the hoops of converting MF to ETF. If ME doesn't allow fractional shares, the hassle may not be worth it, IMO.
In my Vanguard account, I converted Vanguard Small Cap Value fund (VSIAX) to ETF share class (VBR). There were some fractional shares in VBR. When I transferred it to Merrill Edge, the fractional shares were first liquidated at Vanguard and transferred as cash. This is normal behavior from what I've read.

My guess is they'd also liquidate fractional shares of a mutual fund (it's not just for ETFs or stocks).
In my case, the fractional shares of my ETFs (VTI and VXUS) at Vanguard were liquidated, but the cash remained at Vanguard. This may be because I did NOT transfer the entire account while perhaps sycamore did. Meanwhile, my Vanguard mutual funds held at Wells Fargo transferred to Merrill Edge without losing any fractional shares.
Rajsx
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rajsx »

Schwab sent me a email to refer a friend to Schwab and the friend will get $500 .

I & DW last month transferred around $150k each from Vanguard, I wonder if there is any incentive if we come to Schwab on our own interest & not referred by any one else ??

Please comment if any one has / has not got a transfer bonus when transferring funds to Schwab. Thanks
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

ziggny wrote: Wed Oct 14, 2020 3:42 pm
BuddyJet wrote: Wed Oct 14, 2020 3:25 pm
ziggny wrote: Wed Oct 14, 2020 2:51 pm Apologies if this has been addressed elsewhere. For those who've recently opened a brokerage account at Merrill Edge, is there any issue with transferring (or holding) fractional ETF shares? I have a large slug of VTSAX in my taxable Vanguard brokerage, and am trying to determine whether it's worth going through the hoops of converting MF to ETF. If ME doesn't allow fractional shares, the hassle may not be worth it, IMO.
Don’t know about fractional but have you asked ML about transferring the MF and avoid conversion. I moved the FSKAX fund to ML in my IRA. I can’t buy more there but can sell and reinvest dividends.
I haven't yet, no. To be honest I'm a bit reluctant to start bonus chasing. Feels like constantly needing to inquire whether brokerages will allow me to hold the Vanguard MF may end up being a total time suck. Which is, obviously, an argument for just going ahead and converting today. It's mostly inertia, at this point, that's keeping me from going ahead.
If you are considering bonus chasing, conversion to ETF is the way to go. To avoid some time suck:

I made some buckets of core holding, like VTI or VTEB, that I plan on holding forever where they all have the same per share basis so I can easily see that the basis transferred correctly.

Set the new accounts to keep dividends as cash to avoid getting partial shares with a different basis. Move cash to central holding account.

When the bonus time is up, move bucket for new bonus.

Be careful about transferring out the bonus cash before the waiting period is over. Some T&C require the bonus to remain in account for whole period or bonus can be clawed back at close.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ziggny »

BrandonBogle wrote: Wed Oct 14, 2020 5:02 pm
sycamore wrote: Wed Oct 14, 2020 3:48 pm
ziggny wrote: Wed Oct 14, 2020 2:51 pm Apologies if this has been addressed elsewhere. For those who've recently opened a brokerage account at Merrill Edge, is there any issue with transferring (or holding) fractional ETF shares? I have a large slug of VTSAX in my taxable Vanguard brokerage, and am trying to determine whether it's worth going through the hoops of converting MF to ETF. If ME doesn't allow fractional shares, the hassle may not be worth it, IMO.
In my Vanguard account, I converted Vanguard Small Cap Value fund (VSIAX) to ETF share class (VBR). There were some fractional shares in VBR. When I transferred it to Merrill Edge, the fractional shares were first liquidated at Vanguard and transferred as cash. This is normal behavior from what I've read.

My guess is they'd also liquidate fractional shares of a mutual fund (it's not just for ETFs or stocks).
In my case, the fractional shares of my ETFs (VTI and VXUS) at Vanguard were liquidated, but the cash remained at Vanguard. This may be because I did NOT transfer the entire account while perhaps sycamore did. Meanwhile, my Vanguard mutual funds held at Wells Fargo transferred to Merrill Edge without losing any fractional shares.
Was this in a taxable account? If so, I assume that would trigger capital gains taxes, right?
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BrandonBogle
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BrandonBogle »

ziggny wrote: Wed Oct 14, 2020 7:51 pm
BrandonBogle wrote: Wed Oct 14, 2020 5:02 pm
sycamore wrote: Wed Oct 14, 2020 3:48 pm
ziggny wrote: Wed Oct 14, 2020 2:51 pm Apologies if this has been addressed elsewhere. For those who've recently opened a brokerage account at Merrill Edge, is there any issue with transferring (or holding) fractional ETF shares? I have a large slug of VTSAX in my taxable Vanguard brokerage, and am trying to determine whether it's worth going through the hoops of converting MF to ETF. If ME doesn't allow fractional shares, the hassle may not be worth it, IMO.
In my Vanguard account, I converted Vanguard Small Cap Value fund (VSIAX) to ETF share class (VBR). There were some fractional shares in VBR. When I transferred it to Merrill Edge, the fractional shares were first liquidated at Vanguard and transferred as cash. This is normal behavior from what I've read.

My guess is they'd also liquidate fractional shares of a mutual fund (it's not just for ETFs or stocks).
In my case, the fractional shares of my ETFs (VTI and VXUS) at Vanguard were liquidated, but the cash remained at Vanguard. This may be because I did NOT transfer the entire account while perhaps sycamore did. Meanwhile, my Vanguard mutual funds held at Wells Fargo transferred to Merrill Edge without losing any fractional shares.
Was this in a taxable account? If so, I assume that would trigger capital gains taxes, right?
Yes, this was a taxable account and yes I triggered some capital gains. However, all whole shares transferred, so we are talking only $70 of liquidated holdings representing fractional shares of VTI and VXUS.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

I'm considering this bonus

https://account.chase.com/consumer/bank ... vateclient

I read MikeG62's comments upthread (thanks !).

It seems from this link that JPM retirement accounts don't count for the bonus.

1) Does this mean that I can't transfer IRA assets there ? I'd much rather transfer an IRA because I don't have to worry about cost basis or annual 1099s.

2) Did anyone have any cost basis issues on transfer to JPM ? If someone has been there through one tax cycle, are their 1099s downloadable into Turbo Tax ?

3) The Private Client banker is from your local bank, right ? I know the people in my bank well, and I'd feel slightly awkward in signing up and then blowing them off. [They try and get me to sign up for CPC even now, but it's easier to avoid that when I haven't got a bonus from them]
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

SlowMovingInvestor wrote: Thu Oct 22, 2020 9:08 am I'm considering this bonus

https://account.chase.com/consumer/bank ... vateclient

I read MikeG62's comments upthread (thanks !).

It seems from this link that JPM retirement accounts don't count for the bonus.

1) Does this mean that I can't transfer IRA assets there ? I'd much rather transfer an IRA because I don't have to worry about cost basis or annual 1099s.

2) Did anyone have any cost basis issues on transfer to JPM ? If someone has been there through one tax cycle, are their 1099s downloadable into Turbo Tax ?

3) The Private Client banker is from your local bank, right ? I know the people in my bank well, and I'd feel slightly awkward in signing up and then blowing them off. [They try and get me to sign up for CPC even now, but it's easier to avoid that when I haven't got a bonus from them]
1) Retirement accounts are listed as specifically excludable accounts for the purpose of the transfer bonus.

2) No cost basis issues. I took a screen shot of the cost basis of the assets transferred in (I moved in shares in only one ETF) to make sure I had the historical information in the event there was an issue. I've not been there for one tax cycle yet.

3) When I scheduled the appointment online, I believe I had to put in my zip code and was then directed to a PC banker at the Chase branch closest to my house. Prior to establishing this account, I had no relationship with Chase at this branch (only relationship was having Chase CC's). I see your concern though. You may need to be quite curt with one of them if they don't stop bothering you or won't stand down.

FWIW, after achieving platinum honors status at BofA I have received a couple of calls from a private banker in the local BofA branch that I do frequent (have been using for more than two decades). I simply let the calls go to VM and don't return them. Figure she will get the message eventually.
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Thrifty Femme
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Thrifty Femme »

SlowMovingInvestor wrote: Thu Oct 22, 2020 9:08 am I'm considering this bonus

https://account.chase.com/consumer/bank ... vateclient

I read MikeG62's comments upthread (thanks !).

It seems from this link that JPM retirement accounts don't count for the bonus.

1) Does this mean that I can't transfer IRA assets there ? I'd much rather transfer an IRA because I don't have to worry about cost basis or annual 1099s.

2) Did anyone have any cost basis issues on transfer to JPM ? If someone has been there through one tax cycle, are their 1099s downloadable into Turbo Tax ?

3) The Private Client banker is from your local bank, right ? I know the people in my bank well, and I'd feel slightly awkward in signing up and then blowing them off. [They try and get me to sign up for CPC even now, but it's easier to avoid that when I haven't got a bonus from them]
Your link says JPMorgan retirement accounts not retirement accounts from other place. You should be good to go. I'm in the process of getting a bonus for transferring Roth accounts. I'm report back if my bonus doesn't post. Looks like I can pull my funds out of JPMC since my funds don't apply towards the bonus :annoyed
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

sc9182 wrote: Tue Sep 01, 2020 9:21 am
MikeG62 wrote: Tue Sep 01, 2020 9:19 am
BuddyJet wrote: Tue Sep 01, 2020 9:16 am BTW, for the Chase private client bonus, a checking account is required but you don’t need to keep more than a token balance in checking.

From the T&C:

To receive this bonus, enrolled checking account must be open and in good standing at the time of payout. :!:
I moved $100 into the new checking account back in June. Have not had another transactions in it since that one transfer.
Ayup -- with Chase (and Citi) too -- keep the account with some positive balance until the Bonus drops-in (and time requirement met). Zero balance accounts gets closed aggressively, and NO Bonus !!
FYI: Citi may not allow all ETFs (possibly high-risk/highly-volatile times, especially Leveraged ETFs), even in a self-managed program
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by iamblessed »

What is the best 1 Million bonus right now? Will Fidelity match other offers?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

iamblessed wrote: Mon Oct 26, 2020 8:19 am What is the best 1 Million bonus right now? Will Fidelity match other offers?
I posted a bit upthread that based upon a recent discussion with my Fidelity PC advisor, Fidelity is again offering transfer bonuses. I believe he said it was 0.1% of the balance transferred capped at $5,000 on a $5 million transfer. I also think he said the minimum for the bonus was a $1.0 million transfer. I doubt they will match an offer from another broker that is greater than 0.1% of the amount transferred. You can/should call them to be sure.
Last edited by MikeG62 on Mon Oct 26, 2020 4:29 pm, edited 1 time in total.
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galawdawg
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by galawdawg »

iamblessed wrote: Mon Oct 26, 2020 8:19 am What is the best 1 Million bonus right now? Will Fidelity match other offers?
E*TRADE is offering $2,500 for a $1 million transfer: https://us.etrade.com/what-we-offer/how-it-works/promo.

I moved my portfolio there last year after thirty years at Vanguard and am very pleased. And unlike Fidelity and Schwab, E*TRADE doesn't charge transaction fees on most Vanguard mutual funds. I compiled a list earlier this year of all of the Vanguard mutual funds at E*TRADE that have no transaction fee, perhaps it will be helpful to others: https://drive.google.com/file/d/1OpHwVx ... sp=sharing.

For the most current information , you can use their fund screener tool (which is readily available even for those without an account): https://www.etrade.wallst.com/Research/ ... ct&env=PRD. There you can use the advanced screener to narrow down the fund family and you can select only no load NTF funds as well. Or if you already know the symbol of the fund you are interested in, you can go here (https://www.etrade.wallst.com/v1/stocks ... lookup.asp) to directly enter that symbol in the snapshot search box.

If you are moving more than $1 million, I'd recommend you contact a local E*TRADE advisor. When I was contemplating moving from Vanguard, the local E*TRADE advisor recommended that to maximize our bonus opportunities we start by only moving over $1 million. About three months or so later, he contacted me to tell me of a new transfer bonus offer for existing customers and I then moved the remainder of our portfolio over. :sharebeer
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by yougotitdude »

Is the Fidelity offer really like .1%? So like $1,000 on a $1 million transfer? And $5,000 on $5 million? If so, that's pretty weak but better than nothing.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

yougotitdude wrote: Mon Oct 26, 2020 2:54 pm Is the Fidelity offer really like .1%? So like $1,000 on a $1 million transfer? And $5,000 on $5 million? If so, that's pretty weak but better than nothing.
Yes sorry I missed a decimal place. :oops:

Fixing my post now.

And agree it’s pathetic.
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iamblessed
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by iamblessed »

Do you all convert to ETF's before transferring?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

iamblessed wrote: Sun Nov 01, 2020 2:42 pm Do you all convert to ETF's before transferring?
Nope. I moved $100k+ of VDIGX Roth IRA to Merrill. I won't ever trade it. I mean I guess I'll movei t back to Vanguard when I want to sell it or if BofA/Merill kill their Preferred Rewards program.

With The Merrill incentive bonus, I just bought some SCHD. Seemed close enough.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BrandonBogle »

Just a datapoint for folks. I moved all my shares of Vanguard Intermediate Tax Exempt from WF to Merrill Edge and even fractional shares went over. Now I’ve moved “all shares” again over to Vanguard direct (to avoid mutual fund trading fees), but only the whole shares went over.

This was all in taxable. Meanwhile, I moved a different fund in my Roth from WF to Vanguard and all shares, including fractional shares, moved over without issue.

My guess is that Merrill Edge doesn’t permit sending out fractional shares, but allows inbound ... or my fractional shares move a few days after the whole shares even though Vanguard now says my transfer is complete. I doubt the latter, but I guess it’s a possibility. Thankfully, the taxable gains on less than a share won’t be a big deal.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman »

BrandonBogle wrote: Sun Nov 01, 2020 3:26 pm Just a datapoint for folks. I moved all my shares of Vanguard Intermediate Tax Exempt from WF to Merrill Edge and even fractional shares went over. Now I’ve moved “all shares” again over to Vanguard direct (to avoid mutual fund trading fees), but only the whole shares went over.

This was all in taxable. Meanwhile, I moved a different fund in my Roth from WF to Vanguard and all shares, including fractional shares, moved over without issue.

My guess is that Merrill Edge doesn’t permit sending out fractional shares, but allows inbound ... or my fractional shares move a few days after the whole shares even though Vanguard now says my transfer is complete. I doubt the latter, but I guess it’s a possibility. Thankfully, the taxable gains on less than a share won’t be a big deal.
Different brokers do it differently. ME will send out fractional shares later, I believe they move them once a month so all depends on timing. If you call them they will tell you exactly when to expect fractional shares to arrive. There is also a possibility that if your fractional shares earned dividend income but left ME before payment date, that ME will keep those funds until following month transfer date. So complete transfer out could take a week or a month or even little longer, but in the end all funds will end up in your new account.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BrandonBogle »

snowman wrote: Sun Nov 01, 2020 3:51 pm
BrandonBogle wrote: Sun Nov 01, 2020 3:26 pm Just a datapoint for folks. I moved all my shares of Vanguard Intermediate Tax Exempt from WF to Merrill Edge and even fractional shares went over. Now I’ve moved “all shares” again over to Vanguard direct (to avoid mutual fund trading fees), but only the whole shares went over.

This was all in taxable. Meanwhile, I moved a different fund in my Roth from WF to Vanguard and all shares, including fractional shares, moved over without issue.

My guess is that Merrill Edge doesn’t permit sending out fractional shares, but allows inbound ... or my fractional shares move a few days after the whole shares even though Vanguard now says my transfer is complete. I doubt the latter, but I guess it’s a possibility. Thankfully, the taxable gains on less than a share won’t be a big deal.
Different brokers do it differently. ME will send out fractional shares later, I believe they move them once a month so all depends on timing. If you call them they will tell you exactly when to expect fractional shares to arrive. There is also a possibility that if your fractional shares earned dividend income but left ME before payment date, that ME will keep those funds until following month transfer date. So complete transfer out could take a week or a month or even little longer, but in the end all funds will end up in your new account.
Thanks snowman! I wasn’t expecting fractional shares to move at a different time, but it seems like that’s the norm. My transfer just occurred this week, so I wouldn’t be surprised if they go during this next week now that it’s November.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by taxi22 »

I just opened an IRA at Schwab, for the first time, to get the bonus $. I understand that the usually the bonus is awarded as earnings (and thus taxable). Has anyone been successful in having them put it into the IRA (as contribution thus non-taxable)?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

taxi22 wrote: Tue Nov 03, 2020 11:13 pm I just opened an IRA at Schwab, for the first time, to get the bonus $. I understand that the usually the bonus is awarded as earnings (and thus taxable). Has anyone been successful in having them put it into the IRA (as contribution thus non-taxable)?
It's not a contribution, it's growth within your IRA. IRA bonuses have never been taxable, of course, you'll pay tax when you withdraw from the IRA (or convert it). If it's a Roth then it's tax free growth.
taxi22
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by taxi22 »

tj wrote: Wed Nov 04, 2020 12:04 am
taxi22 wrote: Tue Nov 03, 2020 11:13 pm I just opened an IRA at Schwab, for the first time, to get the bonus $. I understand that the usually the bonus is awarded as earnings (and thus taxable). Has anyone been successful in having them put it into the IRA (as contribution thus non-taxable)?
It's not a contribution, it's growth within your IRA. IRA bonuses have never been taxable, of course, you'll pay tax when you withdraw from the IRA (or convert it). If it's a Roth then it's tax free growth.
Thank you! This clarifies things.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

Never mind invalid offer.
Last edited by placeholder on Sun Nov 08, 2020 12:21 am, edited 1 time in total.
pre
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre »

placeholder wrote: Sat Nov 07, 2020 10:40 pm A "friend of mine" says he just saw this:

https://www.tdameritrade.com/landing-pa ... index.html

Looks like you get 1300 for 250k with some of it in merch cards or cash so probably not the best for Roths.
Alas, that offer expired in 2019:

"Offer valid for preselected clients who respond to the offer and either open and fund a new account or fund an existing account with new assets between 08/19/19 and 11/22/19"

With the Schwab acquisition, the days of easy money are likely over
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