The Final, Definitive Thread on Brokerage Transfer Bonuses

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
placeholder
Posts: 4275
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

pre wrote: Sat Nov 07, 2020 11:27 pm Alas, that offer expired in 2019:
Oh never mind sorry.
marathonfi
Posts: 23
Joined: Thu Dec 05, 2019 8:34 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marathonfi »

Opened CMA and Roth IRA at Merrill Edge for $500 each and planned to ACAT transfer from Etrade, but discovered Merrill doesn't take SNXFX (Schwab 1000 index) that I purchased during March low for TLH in my taxable account. I don't want to sell it because it has about 25k cap gains at this point. I guess I'm only going to transfer my Roth IRA acc (VTI/VTSAX). Lesson learned.
MikeG62
Posts: 3450
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

marathonfi wrote: Tue Nov 10, 2020 1:36 pm Opened CMA and Roth IRA at Merrill Edge for $500 each and planned to ACAT transfer from Etrade, but discovered Merrill doesn't take SNXFX (Schwab 1000 index) that I purchased during March low for TLH in my taxable account. I don't want to sell it because it has about 25k cap gains at this point. I guess I'm only going to transfer my Roth IRA acc (VTI/VTSAX). Lesson learned.
That's odd. Did you speak with someone at ME?

For kicks, I just tried to place an order for SNXFX in my ME account and it took me all the way to the preview page of the order. Saw no restriction.

I'd add as well that when I opened my ME IRA I transferred in shares in an institutional share class bond fund with a $1,000,000 minimum investment threshold (WACPX). [This is a fund that I had access to through my former employers 401k plan (it did not have a $1,000,000 minimum entry fee to purchase through the 401k) and upon retiring I rolled over my shares in this fund along with the other positions in my 401k to a rollover IRA at Fidelity.] While this fund cannot be purchased on the ME platform, ME was still willing to accept the transfer in of shares in this fund, with the understanding that I could not buy more shares in (add to) this fund on the ME platform (other than as related to dividend reinvestment). Those shares continue to sit in my ME account.
Real Knowledge Comes Only From Experience
marathonfi
Posts: 23
Joined: Thu Dec 05, 2019 8:34 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marathonfi »

MikeG62 wrote: Tue Nov 10, 2020 1:47 pm
marathonfi wrote: Tue Nov 10, 2020 1:36 pm Opened CMA and Roth IRA at Merrill Edge for $500 each and planned to ACAT transfer from Etrade, but discovered Merrill doesn't take SNXFX (Schwab 1000 index) that I purchased during March low for TLH in my taxable account. I don't want to sell it because it has about 25k cap gains at this point. I guess I'm only going to transfer my Roth IRA acc (VTI/VTSAX). Lesson learned.
That's odd. Did you speak with someone at ME?

For kicks, I just tried to place an order for SNXFX in my ME account and it took me all the way to the preview page of the order. Saw no restriction.

I'd add as well that when I opened my ME IRA I transferred in shares in an institutional share class bond fund with a $1,000,000 minimum investment threshold (WACPX). [This is a fund that I had access to through my former employers 401k plan (it did not have a $1,000,000 minimum entry fee to purchase through the 401k) and upon retiring I rolled over my shares in this fund along with the other positions in my 401k to a rollover IRA at Fidelity.] While this fund cannot be purchased on the ME platform, ME was still willing to accept the transfer in of shares in this fund, with the understanding that I could not buy more shares in (add to) this fund on the ME platform (other than as related to dividend reinvestment). Those shares continue to sit in my ME account.
Yes. That's weird. I tried buying it on my account and seems like it can be purchased just like any other fund, but for some reason it gets flagged in red during ACAT transfer process. I tried it just now, hoping that the problem was resolved, but it didn't work.
I did speak with the rep and he confirmed that there is no signed agreement of some sort between ME and Schwab so the fund can't be transferred. But that makes no sense since you can purchase it with no load fees...
MikeG62
Posts: 3450
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

marathonfi wrote: Tue Nov 10, 2020 2:13 pm
MikeG62 wrote: Tue Nov 10, 2020 1:47 pm
marathonfi wrote: Tue Nov 10, 2020 1:36 pm Opened CMA and Roth IRA at Merrill Edge for $500 each and planned to ACAT transfer from Etrade, but discovered Merrill doesn't take SNXFX (Schwab 1000 index) that I purchased during March low for TLH in my taxable account. I don't want to sell it because it has about 25k cap gains at this point. I guess I'm only going to transfer my Roth IRA acc (VTI/VTSAX). Lesson learned.
That's odd. Did you speak with someone at ME?

For kicks, I just tried to place an order for SNXFX in my ME account and it took me all the way to the preview page of the order. Saw no restriction.

I'd add as well that when I opened my ME IRA I transferred in shares in an institutional share class bond fund with a $1,000,000 minimum investment threshold (WACPX). [This is a fund that I had access to through my former employers 401k plan (it did not have a $1,000,000 minimum entry fee to purchase through the 401k) and upon retiring I rolled over my shares in this fund along with the other positions in my 401k to a rollover IRA at Fidelity.] While this fund cannot be purchased on the ME platform, ME was still willing to accept the transfer in of shares in this fund, with the understanding that I could not buy more shares in (add to) this fund on the ME platform (other than as related to dividend reinvestment). Those shares continue to sit in my ME account.
Yes. That's weird. I tried buying it on my account and seems like it can be purchased just like any other fund, but for some reason it gets flagged in red during ACAT transfer process. I tried it just now, hoping that the problem was resolved, but it didn't work.
I did speak with the rep and he confirmed that there is no signed agreement of some sort between ME and Schwab so the fund can't be transferred. But that makes no sense since you can purchase it with no load fees...
I agree that makes no sense.

Is he trying to suggest that no shares of any kind can be "transferred" from Etrade to Schwab because of the lack of this signed agreement?

Tell them someone on the forums transferred in shares of a fund (WACPX) which cannot even be purchased on their platform without issue. How it is possible that you can purchase it on their platform and not be able to transfer in shares in the same fund?
Real Knowledge Comes Only From Experience
hdas
Posts: 1343
Joined: Thu Jun 11, 2015 8:24 am

Citi Wealth Management Bonus

Post by hdas »

Hi All,
Does anybody have a review of the Citi Wealth Management Bonus?. It seems almost too good to be true

Here's the link

To qualify, the entire amount of cash or securities to fund the account must be “New-To-Citi” and cannot be combined with existing balances from any other Citibank retail or Citi investment accounts.

Cash or securities must come from an external, non-Citi, source through a standard transfer method (e.g., a standard Transfer of Assets form, check, electronic funds transfer, ADM deposit). “New-to-Citi Funds” are 1) funds deposited from external accounts or payees other than Citibank, N.A. and 2) must be deposited using domestic ACH transfer, Direct Deposit, checks drawn on banks other than Citibank, N.A., wire transfer, trustee to trustee transfer, or ACAT securities transfers.. Cash deposits, Citi Global Transfers, international ACH transfers, and person-to-person transfer services such as Apple Pay, PayPal®, Venmo, and Zelle®, do not qualify as New-to-Citi Funds. New-To-Citi funds may be deposited into a Citibank retail account and transferred to the new CPWM account during the account funding period outlined in the chart below. However, transfers of existing funds from a Citibank retail account are not considered New-To-Citi funds for the purpose of this promotion.

*To qualify to earn a cash bonus reward, accounts must be funded in cash or securities and the account enrolled in e-delivery of statements within 2 months of account opening and the balance of the account must be maintained through the end of the month shown in the chart below. For example, an account opened in October must fund their account and enroll in e-delivery of statements between 10/1/20 and 12/31/20, then must maintain funds until 1/31/21.

The total funding for purposes of determining the bonus level funding considered for the promotion is defined as the total amount of eligible cash or securities received in the account minus withdrawals and transfers of securities out of the account as of the deadline to fund the account based on the month of account opening. Distributions, interest, and dividends from investments will not be counted. Market fluctuation will not impact eligibility for a particular bonus level.

Month of Account
Opening Account funding and enrollment in e-delivery of statement Maintain
funds Cash Bonus Credited to
Account
October 2020 Between 10/1/20 - 12/31/20 Through 1/31/21 By May 1, 2021
November 2020 Between 10/1/20 - 1/31/21 Through 2/28/21 By June 1, 2021
December 2020 Between 10/1/20 - 2/28/21 Through 3/31/21 By July 1, 2021

The amount of the cash bonus reward is based on the funding received during the promotional period. The cash bonus will be credited to the Citi Personal Wealth Management account for customers who were enrolled in the promotion and have met the qualifying requirements stated in the offer based on the date the account was opened.

Limit one bonus per customer. If multiple accounts are opened or funded by a customer, the offer will apply to the eligible account with the highest balance. Multiple account balances in the name of the same beneficial owner will not be aggregated for purposes of this offer, except if one account is a non-managed brokerage account and the other account is a managed account, in which case the eligible funding from these two accounts may be aggregated for bonus qualification purposes. Any additional accounts opened during the promotional period will not be eligible for bonus eligibility. Citi Wealth Builder accounts are excluded from eligibility for this bonus. This offer cannot be combined with any other offer. All requirements of the offer, including the dates in the above chart, pertain to both the eligible managed account and brokerage account.

For purposes of this offer only, the primary owner of a joint account will be considered the customer. All accounts are subject to approval and applicable terms and fees. Account must be open and in good standing at the time the bonus is credited to receive the bonus.

The promotion is only available for certain account types, including individual and joint accounts. Accounts not eligible for this promotion include but are not limited to corporate and other business/entity accounts, trust accounts (except Living Revocable Trusts and Family Revocable Trusts which are eligible), retirement plan accounts other than IRAs and SEPs (e.g., 401(k), money purchase pension plan, profit sharing plan, and other ERISA plan account), estate accounts, UGMA/UTMA accounts, 529 college savings plan accounts, robo-advisory accounts under the Citi Wealth Builder Program, and insurance products (including annuities). For questions about eligibility, please speak to a Citi Personal Wealth Management representative.

Important Tax Information: The value of this reward will constitute taxable income. Citi Personal Wealth Management will issue an Internal Revenue Service Form 1099-MISC to you if the aggregate amount of miscellaneous income received by you from Citigroup Global Markets Inc. equals or exceeds $600 during the calendar year.

IRAs: The bonus will be deposited into your IRA account and treated as earnings on that account. The income tax consequences of such amount will be the same as other earnings on your account. As you take distributions from your IRA account, the distribution amounts will be reported to you on Form 1099-R. You should consult with your tax or legal advisor about the appropriate tax treatment for this offer and any tax implications associated with receipt of the bonus award prior to enrolling in the offer or accepting the bonus award.
....
The Big Apple
Posts: 32
Joined: Mon Jul 30, 2018 9:28 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by The Big Apple »

hdas wrote: Fri Nov 13, 2020 6:11 pm Hi All,
Does anybody have a review of the Citi Wealth Management Bonus?. It seems almost too good to be true
I am in the process of doing the Citi Wealth Management bonus. I think there may have been some posts on here from earlier this summer (this is the second time they are running it - they ran it from July - September, and October - December). It is a very manual process - you call them, they call you back, they take all your information on the phone. Then they prefill an account application and send it to you via DocuSign for signature - sometimes they get everything right, sometimes you need to update/change things. The account is opened shortly thereafter.

I haven't had any phone calls or attempts to 'upsell'. I funded my account with a check - so I cannot comment on their ACAT in processing.

Fees: There are fees to ACAT securities out as well as for closing the account. There could also be an annual maintenance fee: $0 if you have a Citigold or Citi Priority account; $75 if you have any other account (or no checking account with Citi). If your account has less than $25,000 and you are not Citigold or Citi Priority, there is a $100 minimum balance fee. There is a $95 account transfer fee and a $95 IRA termination fee. Unknown if they charge both if you transfer securities out of an IRA and close the account at the same time. Assuming you might get charged for both, the $50K-$200K bonus of $500 is really a little more than $300. If you are not already a Citibank customer, it probably makes sense to open a checking account as well in the Citi Priority package (at a minimum).

Commissions: Vary depending on if you have a checking account with Citi already. The balance in the investment account can help push you into Citi Priority or Citigold. For ETFs, there are no fees for online trades if you are Citigold or Citi Priority; $6.95 if you have any other Citibank checking account; $12.95 if you do not have a Citibank checking account. Equities are $2.95 for Citigold, $4.95 for Citi Priority, $6.95 for any other Citibank checking; $12.95 if you do not have one.

I am waiting for my bonus to post, which according to the terms will be by April 1, 2021.
hmw
Posts: 856
Joined: Sun Mar 02, 2014 11:44 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

JediMisty wrote: Sun Oct 11, 2020 7:01 pm
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 ....
Just wondering what bonus did you end up getting from ME?

I am considering of using the $1000 bonus from the link on doctorofcredit.

Thanks
JediMisty
Posts: 694
Joined: Tue Aug 07, 2018 7:06 am
Location: Central NJ

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JediMisty »

hmw wrote: Sat Nov 14, 2020 2:35 pm
JediMisty wrote: Sun Oct 11, 2020 7:01 pm
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

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 ....
Just wondering what bonus did you end up getting from ME?

I am considering of using the $1000 bonus from the link on doctorofcredit.

Thanks
It seems stalled. I called and spoke to whoever answered customer service. She said that I would get the 1k bonus, but my assets would be held six months rather than 90 days. That's fine with me. I completed the paperwork and there hasn't been a transfer. The original guy (who had said I would only get $900) has called me three times asking me to call him. I have had too much stress with work, the election, and the pandemic to call him back. I haven't used the account. It remains unfunded.
JediMisty
Posts: 694
Joined: Tue Aug 07, 2018 7:06 am
Location: Central NJ

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JediMisty »

hmw wrote: Sat Nov 14, 2020 2:35 pm
JediMisty wrote: Sun Oct 11, 2020 7:01 pm
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

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 ....
Just wondering what bonus did you end up getting from ME?

I am considering of using the $1000 bonus from the link on doctorofcredit.

Thanks
It seems stalled. I called and spoke to whoever answered customer service. She said that I would get the 1k bonus, but my assets would be held six months rather than 90 days. That's fine with me. I completed the paperwork and there hasn't been a transfer. The original guy (who had said I would only get $900) has called me three times asking me to call him. I have had too much stress with work, the election, and the pandemic to call him back. I haven't used the account. It remains unfunded.
iamblessed
Posts: 870
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by iamblessed »

I am doing a transfer to etrade. Are all the transfers to etrade in kind. Is that the default setting nowadays? This is a taxable account. I did not see anything to check on the form that said in kind transfer. I did it online. Asking help from others that went to etrade. I have gain in this taxable account so I don't want to mess this up.
User avatar
galawdawg
Posts: 1823
Joined: Thu Dec 14, 2017 12:59 pm
Location: Georgia

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by galawdawg »

iamblessed wrote: Sat Nov 14, 2020 9:01 pm I am doing a transfer to etrade. Are all the transfers to etrade in kind. Is that the default setting nowadays? This is a taxable account. I did not see anything to check on the form that said in kind transfer. I did it online. Asking help from others that went to etrade. I have gain in this taxable account so I don't want to mess this up.
Since E*TRADE offers the Vanguard mutual funds that you hold in your portfolio, yes, you should transfer all of it in-kind. You should see an option that indicates "Full: Transfer all assets in my account and close the account. (No need to complete table below." I've attached a link to the PDF version of the transfer assets form. If you look at the FAQ on page 6, you'll see "If you would like all assets to be transferred in-kind, please select “Full” transfer. If you would like specific funds or share amounts, please select “Partial” and list the assets to be transferred. If E*TRADE cannot hold these funds, they will need to be liquidated by the fund prior to transfer."

https://content.etrade.com/etrade/estat ... _Trans.pdf

If you are uncertain if you have everything entered correctly online to do the in-kind transfer of all of your holdings, I'd encourage you to call E*TRADE before you submit the form/request. I have found their customer service to be outstanding.
iamblessed
Posts: 870
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by iamblessed »

galawdawg wrote: Sun Nov 15, 2020 6:23 am
iamblessed wrote: Sat Nov 14, 2020 9:01 pm I am doing a transfer to etrade. Are all the transfers to etrade in kind. Is that the default setting nowadays? This is a taxable account. I did not see anything to check on the form that said in kind transfer. I did it online. Asking help from others that went to etrade. I have gain in this taxable account so I don't want to mess this up.
Since E*TRADE offers the Vanguard mutual funds that you hold in your portfolio, yes, you should transfer all of it in-kind. You should see an option that indicates "Full: Transfer all assets in my account and close the account. (No need to complete table below." I've attached a link to the PDF version of the transfer assets form. If you look at the FAQ on page 6, you'll see "If you would like all assets to be transferred in-kind, please select “Full” transfer. If you would like specific funds or share amounts, please select “Partial” and list the assets to be transferred. If E*TRADE cannot hold these funds, they will need to be liquidated by the fund prior to transfer."

https://content.etrade.com/etrade/estat ... _Trans.pdf

If you are uncertain if you have everything entered correctly online to do the in-kind transfer of all of your holdings, I'd encourage you to call E*TRADE before you submit the form/request. I have found their customer service to be outstanding.
Thank You
iamblessed
Posts: 870
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by iamblessed »

I talked to etrade they said they will not sell anything during a transfer. If something need to be sold you will have to that at your old brokerage. That is a great way to do that no surprise sells. Are most brokerages like that today?
User avatar
whodidntante
Posts: 9643
Joined: Thu Jan 21, 2016 11:11 pm
Location: outside the echo chamber

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

iamblessed wrote: Sun Nov 15, 2020 12:18 pm I talked to etrade they said they will not sell anything during a transfer. If something need to be sold you will have to that at your old brokerage. That is a great way to do that no surprise sells. Are most brokerages like that today?
The primary purpose of ACATS is to transfer securities in kind. In the event you own something that the receiving broker considers unsuitable for their very fine platform, they can reject that security. You can then decide what you're going to do.
Crazy_Aussie
Posts: 32
Joined: Fri Jul 20, 2012 12:19 pm
Location: San Antonio, TX

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Crazy_Aussie »

Anyone tried getting TDAmeritrade to match as a retention bonus the CHASE CPC $2000 bonus?

Maybe a complication : we received a $1000 bonus from TDAmeritrade in Feb 2020 for bringing in >= $250K.
To keep that $1000 bonus, we need to keep it the >= $250K at TDA for 12months i.e. thru mid-Feb 2021.

But we have enough movable and eligible money/funds to move $250K to CHASE and to keep $250K at TDA.

I'm just trying to avoid the hassle, I guess.
SlowMovingInvestor
Posts: 1924
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

This Chase Private Client Bonus says that the bonus ends 11/23/20.

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

I would rather sign up in Dec, so I can postpone asset transfer until Jan and avoid having to deal with another 1099 this year. It seems that they extend the bonus every 3 months or so, but it's not always 2K.

If someone else has tracked this bonus, does that seem right ?
MikeG62
Posts: 3450
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

SlowMovingInvestor wrote: Mon Nov 16, 2020 7:48 am This Chase Private Client Bonus says that the bonus ends 11/23/20.

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

I would rather sign up in Dec, so I can postpone asset transfer until Jan and avoid having to deal with another 1099 this year. It seems that they extend the bonus every 3 months or so, but it's not always 2K.

If someone else has tracked this bonus, does that seem right ?
Your bonus won't post until sometime after 90-days from the date you meet the asset transfer requirement. Since that will be in 2021, why do you think you will get a 1099 in 2020?

FWIW, my bonus posted within a few days following the end of the 90-day holding period.
Real Knowledge Comes Only From Experience
SlowMovingInvestor
Posts: 1924
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

MikeG62 wrote: Mon Nov 16, 2020 7:55 am
SlowMovingInvestor wrote: Mon Nov 16, 2020 7:48 am This Chase Private Client Bonus says that the bonus ends 11/23/20.

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

I would rather sign up in Dec, so I can postpone asset transfer until Jan and avoid having to deal with another 1099 this year. It seems that they extend the bonus every 3 months or so, but it's not always 2K.

If someone else has tracked this bonus, does that seem right ?
Your bonus won't post until sometime after 90-days from the date you meet the asset transfer requirement. Since that will be in 2021, why do you think you will get a 1099 in 2020?

FWIW, my bonus posted within a few days following the end of the 90-day holding period.
it's not the bonus 1099 I was concerned about as much as the 1099-DIVs from Chase for the securities I transfer in to meet the bonus target. Waiting until after year end distributions would be cutting it too fine since there's only a 45 day time limit for transfer, even if I were to open on the last day (11/23/20)

Since you did do this transfer earlier, how long did it take ? I assume JP Morgan Investment has ACATS. Also, does JP Morgan Investment Management have a decent web UI ?

Thanks!
MikeG62
Posts: 3450
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

SlowMovingInvestor wrote: Mon Nov 16, 2020 8:18 am
MikeG62 wrote: Mon Nov 16, 2020 7:55 am
SlowMovingInvestor wrote: Mon Nov 16, 2020 7:48 am This Chase Private Client Bonus says that the bonus ends 11/23/20.

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

I would rather sign up in Dec, so I can postpone asset transfer until Jan and avoid having to deal with another 1099 this year. It seems that they extend the bonus every 3 months or so, but it's not always 2K.

If someone else has tracked this bonus, does that seem right ?
Your bonus won't post until sometime after 90-days from the date you meet the asset transfer requirement. Since that will be in 2021, why do you think you will get a 1099 in 2020?

FWIW, my bonus posted within a few days following the end of the 90-day holding period.
it's not the bonus 1099 I was concerned about as much as the 1099-DIVs from Chase for the securities I transfer in to meet the bonus target. Waiting until after year end distributions would be cutting it too fine since there's only a 45 day time limit for transfer, even if I were to open on the last day (11/23/20)

Since you did do this transfer earlier, how long did it take ? I assume JP Morgan Investment has ACATS. Also, does JP Morgan Investment Management have a decent web UI ?

Thanks!
Ah, got it. Fair point.

I personally don't worry about adding another 1099. I get so many of them anyway - what's another one or two or three.

I'd worry more about ensuring the cost basis of those assets is retained through the process. I took and printed screen shots of the cost basis of the assets I transferred. It was ultimately not a problem, but there are stories here (upthread) of folks who have had cost basis transfer issues with some brokers. So watch out for that.

The transfer in my case was initiated on the JPM side (I think it is typical for the inbound broker to initiate the transfer). I had to provide JPM with an unredacted copy of the brokerage statement from broker where the assets were currently sitting. I used assets in my brokerage account at Merrill Edge (which I had to top off to get over the $250K hurdle). Those assets were themselves the result of a transfer earlier this year from Fidelity to ME for a ME transfer bonus. FWIW, I did not want JPM having access to my main brokerage account (at Fidelity) as I was keen to limit the advisors knowledge of anything more than he absolutely needed to know. The transfer itself took about one week to complete.

I access my JPM brokerage account through the Chase site (same login as for my Chase CC's). The investment side web interface is ok - nothing approaching what you might be used to if you use a discount/DIY broker (like Fidelity for example).

I wrote on my experience upthread on the Chase/JPM process. So, read on that for more background and color.

I have participated in a few JPM webcasts over the last couple of months (both around the election). I thought they were very well done and informative. While I had plans to move the assets out of JPM and close both the brokerage and Chase checking account following the posting of the bonus (which for me was in early Oct), I am leaving things as they are for now. Will see if I find more PC webcasts to be useful or informative.

I have positioned the JPM Advisor (as well as the Chase PC banker) to basically leave me alone - don't call me I will call you kind of thing. It took a few discussions before they understood that if they did otherwise I would close the accounts and move my money elsewhere.
Real Knowledge Comes Only From Experience
the way
Posts: 423
Joined: Sat Oct 26, 2019 6:00 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by the way »

On xfers that I've done, mainly I'm paranoid that some delayed div payments get lost (I have some stocks that usually pay quarterly). I have to make a list and then tick them off one-by-one as they come thru. Sometimes they show up in the old account and then a week later the cash moves over as a lump (so I have to guess which ones they are). Only once did something not show up and about a month later I had to make some calls. They were trapped at the old brokerage and since they shut down online access and I didn't get paper stmts, there was no way of knowing. I complained to them, but they just shrugged and said I had to resubmit the xfer from the other side.

The other hiccup I had once was I got an email that one fund did not xfer over because it wasn't accepted. I had to log into the old account and sell it, then resubmit a new xfer. This is actually the way you want it to work, since you have control over whether to sell or not (there have been stories of messes being created when the outgoing brokerage automatically liquidated everything, eg tax consequences or being out of the market on a spike).
michaeljc70
Posts: 7394
Joined: Thu Oct 15, 2015 3:53 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 »

Crazy_Aussie wrote: Sun Nov 15, 2020 7:46 pm Anyone tried getting TDAmeritrade to match as a retention bonus the CHASE CPC $2000 bonus?

Maybe a complication : we received a $1000 bonus from TDAmeritrade in Feb 2020 for bringing in >= $250K.
To keep that $1000 bonus, we need to keep it the >= $250K at TDA for 12months i.e. thru mid-Feb 2021.

But we have enough movable and eligible money/funds to move $250K to CHASE and to keep $250K at TDA.

I'm just trying to avoid the hassle, I guess.
I put in a transfer to Ally from TDA for bonuses recently. They called me and offered me less than the Ally bonuses to stay. It was still like 85% of the bonuses I would get though. They said I had already received a bonus previously so they couldn't match it completely. I think the prior bonus was a year or two earlier. I took what they offered and they required me to keep my accounts there for 1 year. Previously they never made that requirement. They didn't really say I had to keep all the money there and I received no documentation to read the fine print.
Crazy_Aussie
Posts: 32
Joined: Fri Jul 20, 2012 12:19 pm
Location: San Antonio, TX

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Crazy_Aussie »

michaeljc70 wrote: Mon Nov 16, 2020 5:17 pm
Crazy_Aussie wrote: Sun Nov 15, 2020 7:46 pm Anyone tried getting TDAmeritrade to match as a retention bonus the CHASE CPC $2000 bonus?

Maybe a complication : we received a $1000 bonus from TDAmeritrade in Feb 2020 for bringing in >= $250K.
To keep that $1000 bonus, we need to keep it the >= $250K at TDA for 12months i.e. thru mid-Feb 2021.

But we have enough movable and eligible money/funds to move $250K to CHASE and to keep $250K at TDA.

I'm just trying to avoid the hassle, I guess.
I put in a transfer to Ally from TDA for bonuses recently. They called me and offered me less than the Ally bonuses to stay. It was still like 85% of the bonuses I would get though. They said I had already received a bonus previously so they couldn't match it completely. I think the prior bonus was a year or two earlier. I took what they offered and they required me to keep my accounts there for 1 year. Previously they never made that requirement. They didn't really say I had to keep all the money there and I received no documentation to read the fine print.
Thanks for the info.
If TDA is going to require the assets to stay there for a year, that is too long for me to want to take their counter-offer. If they only required it to stay for the same period as the competitor, then I'd probably go for an 85% counter-offer.
SlowMovingInvestor
Posts: 1924
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

SlowMovingInvestor wrote: Mon Nov 16, 2020 7:48 am This Chase Private Client Bonus says that the bonus ends 11/23/20.

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

I would rather sign up in Dec, so I can postpone asset transfer until Jan and avoid having to deal with another 1099 this year. It seems that they extend the bonus every 3 months or so, but it's not always 2K.

If someone else has tracked this bonus, does that seem right ?
So Chase extended this offer to Jan 15th 2021. I am officially annoyed because I just opened my Private Client Account yesterday (I didn't want to leave it till the last 2-3 days in case there were any hiccups).

I also had a meeting with a CPC rep and an investment consultant. Very straightforward, took 15 mins, most of which was creating the JPM Investment Management Account etc.). Neither pushed me at all.
rich126
Posts: 2358
Joined: Thu Mar 01, 2018 4:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rich126 »

I notice that Schwab has a bonus (nothing huge) if you open an account with $100K. I currently have TD Ameritrade which was acquired by Schwab but the accounts are still different.

I'm assuming I can earn the bonus as a new account holder at this time since the TD accounts are not yet absorbed into "Schwab-world"?
tj
Posts: 3931
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

rich126 wrote: Fri Nov 20, 2020 2:17 pm I notice that Schwab has a bonus (nothing huge) if you open an account with $100K. I currently have TD Ameritrade which was acquired by Schwab but the accounts are still different.

I'm assuming I can earn the bonus as a new account holder at this time since the TD accounts are not yet absorbed into "Schwab-world"?
They are operating separately. I don't see why it wouldn't. Ask Schwab.
neilpilot
Posts: 3561
Joined: Fri Dec 04, 2015 1:46 pm
Location: Memphis area

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot »

rich126 wrote: Fri Nov 20, 2020 2:17 pm I notice that Schwab has a bonus (nothing huge) if you open an account with $100K. I currently have TD Ameritrade which was acquired by Schwab but the accounts are still different.

I'm assuming I can earn the bonus as a new account holder at this time since the TD accounts are not yet absorbed into "Schwab-world"?
Why ask here - just ask Schwab.

Months ago, after the acquisition was announced but before it closed, I opened an account at Schwab for a $2k bonus, plaqnning to transfer funds from a TDA account. When my TDA rep saw the transfer order come thru, he offered to match the Schwab offer with a retention bonus. I never funded the Schwab account.
rich126
Posts: 2358
Joined: Thu Mar 01, 2018 4:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rich126 »

neilpilot wrote: Fri Nov 20, 2020 2:30 pm
rich126 wrote: Fri Nov 20, 2020 2:17 pm I notice that Schwab has a bonus (nothing huge) if you open an account with $100K. I currently have TD Ameritrade which was acquired by Schwab but the accounts are still different.

I'm assuming I can earn the bonus as a new account holder at this time since the TD accounts are not yet absorbed into "Schwab-world"?
Why ask here - just ask Schwab.

Months ago, after the acquisition was announced but before it closed, I opened an account at Schwab for a $2k bonus, plaqnning to transfer funds from a TDA account. When my TDA rep saw the transfer order come thru, he offered to match the Schwab offer with a retention bonus. I never funded the Schwab account.
Because this thread is called "The Final, Definitive Thread on Brokerage Transfer Bonuses". And it seems like every financial institution I call has a hold time longer than I prefer to deal with. And finally because I'm at work and rather not have people over hear personal calls.

In most cases I don't like to chase bonuses by transferring money but I'm still moving money out of my bank account from a home sale and this may be an easy way to get a bonus and check out Schwab's interface prior to my TD accounts getting transferred.
snowman
Posts: 1268
Joined: Thu Jan 31, 2013 12:59 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman »

rich126 wrote: Fri Nov 20, 2020 2:53 pm
neilpilot wrote: Fri Nov 20, 2020 2:30 pm
rich126 wrote: Fri Nov 20, 2020 2:17 pm I notice that Schwab has a bonus (nothing huge) if you open an account with $100K. I currently have TD Ameritrade which was acquired by Schwab but the accounts are still different.

I'm assuming I can earn the bonus as a new account holder at this time since the TD accounts are not yet absorbed into "Schwab-world"?
Why ask here - just ask Schwab.

Months ago, after the acquisition was announced but before it closed, I opened an account at Schwab for a $2k bonus, plaqnning to transfer funds from a TDA account. When my TDA rep saw the transfer order come thru, he offered to match the Schwab offer with a retention bonus. I never funded the Schwab account.
Because this thread is called "The Final, Definitive Thread on Brokerage Transfer Bonuses". And it seems like every financial institution I call has a hold time longer than I prefer to deal with. And finally because I'm at work and rather not have people over hear personal calls.

In most cases I don't like to chase bonuses by transferring money but I'm still moving money out of my bank account from a home sale and this may be an easy way to get a bonus and check out Schwab's interface prior to my TD accounts getting transferred.
You can use chat function on Schwab's website, even if you are not their customer yet. That's how I inquired a year ago about the bonus terms and conditions. That way, your coworkers don't hear you, and you get info you need straight from horse's mouth.

IMO, as far as I know, the 2 companies still operate separately, so you should qualify. But - I am not Schwab employee. I think advise to contact Schwab directly was good one.
tj
Posts: 3931
Joined: Thu Dec 24, 2009 12:10 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

rich126 wrote: Fri Nov 20, 2020 2:53 pm
neilpilot wrote: Fri Nov 20, 2020 2:30 pm
rich126 wrote: Fri Nov 20, 2020 2:17 pm I notice that Schwab has a bonus (nothing huge) if you open an account with $100K. I currently have TD Ameritrade which was acquired by Schwab but the accounts are still different.

I'm assuming I can earn the bonus as a new account holder at this time since the TD accounts are not yet absorbed into "Schwab-world"?
Why ask here - just ask Schwab.

Months ago, after the acquisition was announced but before it closed, I opened an account at Schwab for a $2k bonus, plaqnning to transfer funds from a TDA account. When my TDA rep saw the transfer order come thru, he offered to match the Schwab offer with a retention bonus. I never funded the Schwab account.
Because this thread is called "The Final, Definitive Thread on Brokerage Transfer Bonuses". And it seems like every financial institution I call has a hold time longer than I prefer to deal with. And finally because I'm at work and rather not have people over hear personal calls.

In most cases I don't like to chase bonuses by transferring money but I'm still moving money out of my bank account from a home sale and this may be an easy way to get a bonus and check out Schwab's interface prior to my TD accounts getting transferred.
There is no reason to CALL. Schwab has a chat feature, and if you use that, you can archive it with a written record of what they told you...
the way
Posts: 423
Joined: Sat Oct 26, 2019 6:00 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by the way »

I don't understand the last several replies.

The whole point of this thread is to crowdsource info. If someone asks "Has anyone tried this and either succeeded or failed?", those are important data points for others to know what may or may not work, possibly different for different scenarios.

Asking a rep is useful, but may also be unreliable (hence the concept HUCA). And IME, at least with Merrill, once a human was involved the bonus was denied, even though it appeared many others got it when they handled it all online.
snowman
Posts: 1268
Joined: Thu Jan 31, 2013 12:59 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman »

the way wrote: Fri Nov 20, 2020 3:55 pm I don't understand the last several replies.

The whole point of this thread is to crowdsource info. If someone asks "Has anyone tried this and either succeeded or failed?", those are important data points for others to know what may or may not work, possibly different for different scenarios.

Asking a rep is useful, but may also be unreliable (hence the concept HUCA). And IME, at least with Merrill, once a human was involved the bonus was denied, even though it appeared many others got it when they handled it all online.
I would agree with you, if the question was posed the way you did: "Has anyone tried this and either succeeded or failed?" Then absolutely, people can/will chime in with their experience. But that wasn't the question last 3 posters (including myself) answered, the question was this:

"I'm assuming I can earn the bonus as a new account holder at this time since the TD accounts are not yet absorbed into "Schwab-world"?"

How do you answer that? I would assume the same thing, but the only way to know for sure is to contact Schwab, no way around it. I kept telling my kids from very young age that the 3 most dangerous words are "I just assumed". Never assume! If not sure, then ask.

If the poster went to Schwab, and bonus did not post, which option would you prefer for contacting CS? Transcript with Schwab employee clearly stating bonus eligibility, or saying "I assumed I qualify because someone on the internet said so"? See the difference?

As far as ME goes, I agree with you, don't get human involved. OTOH, their eligibility criteria and Ts&Cs are so clearly spelled out that as long as you follow them 100%, bonus will post. ME is really good about that.
Explorer
Posts: 613
Joined: Thu Oct 13, 2016 7:54 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Explorer »

SlowMovingInvestor wrote: Wed Nov 18, 2020 10:15 am
SlowMovingInvestor wrote: Mon Nov 16, 2020 7:48 am This Chase Private Client Bonus says that the bonus ends 11/23/20.

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

I would rather sign up in Dec, so I can postpone asset transfer until Jan and avoid having to deal with another 1099 this year. It seems that they extend the bonus every 3 months or so, but it's not always 2K.

If someone else has tracked this bonus, does that seem right ?
So Chase extended this offer to Jan 15th 2021. I am officially annoyed because I just opened my Private Client Account yesterday (I didn't want to leave it till the last 2-3 days in case there were any hiccups).

I also had a meeting with a CPC rep and an investment consultant. Very straightforward, took 15 mins, most of which was creating the JPM Investment Management Account etc.). Neither pushed me at all.
What do you think of JPM Investment Management account? Are ETF/stock trades free?
MikeG62
Posts: 3450
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

Explorer wrote: Sun Nov 22, 2020 12:27 pm
SlowMovingInvestor wrote: Wed Nov 18, 2020 10:15 am
SlowMovingInvestor wrote: Mon Nov 16, 2020 7:48 am This Chase Private Client Bonus says that the bonus ends 11/23/20.

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

I would rather sign up in Dec, so I can postpone asset transfer until Jan and avoid having to deal with another 1099 this year. It seems that they extend the bonus every 3 months or so, but it's not always 2K.

If someone else has tracked this bonus, does that seem right ?
So Chase extended this offer to Jan 15th 2021. I am officially annoyed because I just opened my Private Client Account yesterday (I didn't want to leave it till the last 2-3 days in case there were any hiccups).

I also had a meeting with a CPC rep and an investment consultant. Very straightforward, took 15 mins, most of which was creating the JPM Investment Management Account etc.). Neither pushed me at all.
What do you think of JPM Investment Management account? Are ETF/stock trades free?
Although not directed at me, I hopped on this offer back in June (bonus posted in Oct). I simply transferred enough shares in a broad-based equity ETF to clear the account minimum and have not touched it since.

This is a more traditional full service brokerage relationship. So if you want to buy or sell something, I think they prefer (may require in fact) that you call the advisor to get it done. It's not a discount brokerage situation like you would have at Fidelity or Schwab.

You may be able to move the account to the YouInvest platform once the bonus posts if you intend to buy and sell securities on your own.
Real Knowledge Comes Only From Experience
SlowMovingInvestor
Posts: 1924
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

MikeG62 wrote: Sun Nov 22, 2020 12:38 pm
Explorer wrote: Sun Nov 22, 2020 12:27 pm
SlowMovingInvestor wrote: Wed Nov 18, 2020 10:15 am
I also had a meeting with a CPC rep and an investment consultant. Very straightforward, took 15 mins, most of which was creating the JPM Investment Management Account etc.). Neither pushed me at all.
What do you think of JPM Investment Management account? Are ETF/stock trades free?
Although not directed at me, I hopped on this offer back in June (bonus posted in Oct). I simply transferred enough shares in a broad-based equity ETF to clear the account minimum and have not touched it since.

This is a more traditional full service brokerage relationship. So if you want to buy or sell something, I think they prefer (may require in fact) that you call the advisor to get it done. It's not a discount brokerage situation like you would have at Fidelity or Schwab.

You may be able to move the account to the YouInvest platform once the bonus posts if you intend to buy and sell securities on your own.
The account itself is similar to a YouInvest account I already have. Same interface etc. Looks straightforward enough. I'm hoping they have good year end 1099 reporting. I assume this is the same platform they use for 'Private Bank', which is for people with really large asset bases > $5M at JPM.

My CPC Investment consultant indicated the same. But similar to Mike, I have no intention of buying or selling anything. YouInvest does not count for the purposes of the bonus, but it might be possible to move my investments (ETFs) there after the bonus posts and still maintain Private Client eligibility.

The advisor did briefly mention annuities, but that was after I asked him specifically about annuities (deferred fixed annuities). So no hard sell.
the way
Posts: 423
Joined: Sat Oct 26, 2019 6:00 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by the way »

SlowMovingInvestor wrote: Sun Nov 22, 2020 4:21 pm My CPC Investment consultant indicated the same. But similar to Mike, I have no intention of buying or selling anything. YouInvest does not count for the purposes of the bonus, but it might be possible to move my investments (ETFs) there after the bonus posts and still maintain Private Client eligibility.

The advisor did briefly mention annuities, but that was after I asked him specifically about annuities (deferred fixed annuities). So no hard sell.
My guy mentioned something called an "index-linked annuity" from a company named Equitable. It kind of sounds too good to be true - you get the upside of the index, and a buffer of 10 or 20% on the downside. Then he said they came out with a new one called "Dual Direction" that pays you even when it goes down within the buffer! You have to lock in for 6 years. I said if he can get me the prospectus or some sort of explanation of how it works and what the fees are, I'd at least take a look at it.

btw, DOC is reporting that the CPC bonus has increased to 3k, with a 500k deposit, but that's out of my range anyway.
SlowMovingInvestor
Posts: 1924
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

the way wrote: Sun Nov 22, 2020 6:49 pm
SlowMovingInvestor wrote: Sun Nov 22, 2020 4:21 pm My CPC Investment consultant indicated the same. But similar to Mike, I have no intention of buying or selling anything. YouInvest does not count for the purposes of the bonus, but it might be possible to move my investments (ETFs) there after the bonus posts and still maintain Private Client eligibility.

The advisor did briefly mention annuities, but that was after I asked him specifically about annuities (deferred fixed annuities). So no hard sell.
My guy mentioned something called an "index-linked annuity" from a company named Equitable. It kind of sounds too good to be true - you get the upside of the index, and a buffer of 10 or 20% on the downside. Then he said they came out with a new one called "Dual Direction" that pays you even when it goes down within the buffer! You have to lock in for 6 years. I said if he can get me the prospectus or some sort of explanation of how it works and what the fees are, I'd at least take a look at it.

btw, DOC is reporting that the CPC bonus has increased to 3k, with a 500k deposit, but that's out of my range anyway.
The annuity I was pitched is from Brighthouse, not equitable, but it was an index lined annuity too. Those are very complex instruments, Bogleheads disdain them most of the time.

I wish I had waited 2-3 days even more, I would have been able to sign up for the 3K bonus. I will ask my CPC if he can upgrade me to this bonus, I think I can just make the 500K limit (it would have been easier in Jan 2021, when I have more funds freeing up from retention bonus requirements).
Explorer
Posts: 613
Joined: Thu Oct 13, 2016 7:54 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Explorer »

the way wrote: Sun Nov 22, 2020 6:49 pm
SlowMovingInvestor wrote: Sun Nov 22, 2020 4:21 pm My CPC Investment consultant indicated the same. But similar to Mike, I have no intention of buying or selling anything. YouInvest does not count for the purposes of the bonus, but it might be possible to move my investments (ETFs) there after the bonus posts and still maintain Private Client eligibility.

The advisor did briefly mention annuities, but that was after I asked him specifically about annuities (deferred fixed annuities). So no hard sell.
My guy mentioned something called an "index-linked annuity" from a company named Equitable. It kind of sounds too good to be true - you get the upside of the index, and a buffer of 10 or 20% on the downside. Then he said they came out with a new one called "Dual Direction" that pays you even when it goes down within the buffer! You have to lock in for 6 years. I said if he can get me the prospectus or some sort of explanation of how it works and what the fees are, I'd at least take a look at it.

btw, DOC is reporting that the CPC bonus has increased to 3k, with a 500k deposit, but that's out of my range anyway.
What is DOC? ... edit: figured it out doctorofcredit.com.. but I do not see 3k bonus deal there.
Explorer
Posts: 613
Joined: Thu Oct 13, 2016 7:54 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Explorer »

Thank you!! I do not have any accounts at Chase. Can I still take advantage of this offer?
SlowMovingInvestor
Posts: 1924
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

Explorer wrote: Sun Nov 22, 2020 7:58 pm
Thank you!! I do not have any accounts at Chase. Can I still take advantage of this offer?
Yes, they'll create the account for you. It probably helps if there are Chase bank branches in your vicinity.
Explorer
Posts: 613
Joined: Thu Oct 13, 2016 7:54 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Explorer »

SlowMovingInvestor wrote: Sun Nov 22, 2020 7:59 pm
Explorer wrote: Sun Nov 22, 2020 7:58 pm
Thank you!! I do not have any accounts at Chase. Can I still take advantage of this offer?
Yes, they'll create the account for you. It probably helps if there are Chase bank branches in your vicinity.
Thanks. Yes I have a Chase branch within a couple of miles from my home. I do have an IRA at Vanguard where I can bring $500K from. Would the cash bonus apply to IRAs? I was a bit confused by their exclusion of certain account types.

Typically cash bonuses are reported on 1099 - but for an IRA that does not apply.
SlowMovingInvestor
Posts: 1924
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

Explorer wrote: Sun Nov 22, 2020 8:20 pm
Thanks. Yes I have a Chase branch within a couple of miles from my home. I do have an IRA at Vanguard where I can bring $500K from. Would the cash bonus apply to IRAs? I was a bit confused by their exclusion of certain account types.
It does not apply to IRAs, unfortunately.
MikeG62
Posts: 3450
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 »

the way wrote: Sun Nov 22, 2020 6:49 pm
My guy mentioned something called an "index-linked annuity" from a company named Equitable. It kind of sounds too good to be true - you get the upside of the index, and a buffer of 10 or 20% on the downside. Then he said they came out with a new one called "Dual Direction" that pays you even when it goes down within the buffer! You have to lock in for 6 years. I said if he can get me the prospectus or some sort of explanation of how it works and what the fees are, I'd at least take a look at it.
These are typically quite opaque and with hidden costs. Other reasons to proceed with caution:

1. You generally do not earn dividends from the stocks within the index for the duration of the investment period.
2. You are subject to the credit risk of the issuer.
3. Income tax treatment of gains can be unclear (ordinary vs. capital gains) - the ones I have seen have a disclaimer to check with your tax advisor.
4. Very difficult to access your money in the event you might need to.

Rarely do these make sense.
Real Knowledge Comes Only From Experience
the way
Posts: 423
Joined: Sat Oct 26, 2019 6:00 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by the way »

MikeG62 wrote: Mon Nov 23, 2020 7:50 am
the way wrote: Sun Nov 22, 2020 6:49 pm
My guy mentioned something called an "index-linked annuity" from a company named Equitable. It kind of sounds too good to be true - you get the upside of the index, and a buffer of 10 or 20% on the downside. Then he said they came out with a new one called "Dual Direction" that pays you even when it goes down within the buffer! You have to lock in for 6 years. I said if he can get me the prospectus or some sort of explanation of how it works and what the fees are, I'd at least take a look at it.
These are typically quite opaque and with hidden costs. Other reasons to proceed with caution:

1. You generally do not earn dividends from the stocks within the index for the duration of the investment period.
2. You are subject to the credit risk of the issuer.
3. Income tax treatment of gains can be unclear (ordinary vs. capital gains) - the ones I have seen have a disclaimer to check with your tax advisor.
4. Very difficult to access your money in the event you might need to.

Rarely do these make sense.
Thanks, I didn't catch much during the discussion because of the terminology, but I just looked around on their website and found a graphic to explain the rate cap, segment buffer, and dual direction option. https://equitable.com/scsplus

The 10% downside buffer/unlimited cap option seems obviously bad - they only have to pay up to 10% if the return is negative, which is basically covered by the divs they are collecting. I could just buy the index myself in that case.

For the 30% buffer, return is capped at 40%, so about 5.7% annualized for 6 years (while also giving up the divs)? I wonder how to construct a hedge to do this myself and what it would cost.

The Dual Direction option is surprising. If the return is positive, you get that (capped). If it's negative within your buffer, then they give you that positive amount (eg instead of losing 10%, you make 10%). If it's below your buffer, it acts like the previous case.
User avatar
GeraniumLover
Posts: 301
Joined: Mon Feb 22, 2016 3:39 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by GeraniumLover »

Has anyone been successful in getting their existing broker to provide a retention bonus in lieu of the CPC offer?
pandahouse
Posts: 10
Joined: Thu Nov 10, 2016 7:15 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pandahouse »

I just noticed Merrill Edge removed the ability to send a secure message.
Has anyone gotten Merrill Edge to match a competitor's bonus as retention lately? Did you just call the 800 number?

Thanks in advance!
SlowMovingInvestor
Posts: 1924
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

MikeG62 wrote: Sun Nov 22, 2020 12:38 pm
Explorer wrote: Sun Nov 22, 2020 12:27 pm
What do you think of JPM Investment Management account? Are ETF/stock trades free?
Although not directed at me, I hopped on this offer back in June (bonus posted in Oct). I simply transferred enough shares in a broad-based equity ETF to clear the account minimum and have not touched it since.

This is a more traditional full service brokerage relationship. So if you want to buy or sell something, I think they prefer (may require in fact) that you call the advisor to get it done. It's not a discount brokerage situation like you would have at Fidelity or Schwab.
I've now signed up for the higher bonus (500K) tier, so might have to move some VG mutual funds too.

My impression is that VG mutual funds at least can be bought and sold for free. That's what the investment consultant told me, and the schedule of fees seems to indicate that too. Is that what you inferred too, or did the topic not come up ?
sgboggle
Posts: 23
Joined: Sat Jan 21, 2012 6:09 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sgboggle »

SlowMovingInvestor wrote: Tue Nov 24, 2020 9:03 am I've now signed up for the higher bonus (500K) tier, so might have to move some VG mutual funds too.
Had you already opened the CPC account with the $2000 code, and the CPC banker was able to switch it to the $3000 code? Or opened an additional account with the $3000 code and closed the other account? Had you already transferred any assets into the first account?

In my case, I opened with the $2000 code and already deposited above $500k last week (bonus hasn't posted yet). I'm hoping I can get them to switch me to the $3000 bonus (without resetting the start date for "new money" deposits) but I don't know if it's possible.
SlowMovingInvestor
Posts: 1924
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

sgboggle wrote: Wed Nov 25, 2020 1:07 am
SlowMovingInvestor wrote: Tue Nov 24, 2020 9:03 am I've now signed up for the higher bonus (500K) tier, so might have to move some VG mutual funds too.
Had you already opened the CPC account with the $2000 code, and the CPC banker was able to switch it to the $3000 code? Or opened an additional account with the $3000 code and closed the other account? Had you already transferred any assets into the first account?

In my case, I opened with the $2000 code and already deposited above $500k last week (bonus hasn't posted yet). I'm hoping I can get them to switch me to the $3000 bonus (without resetting the start date for "new money" deposits) but I don't know if it's possible.
I had already opened it, and the banker was able to remove the old code and add the new code. It had been a week since the account was opened. The banker said that he was 100% sure that asset transfers were counted from the day the account was opened. It's possible he was mistaken, but that's what I was told.
Post Reply