Holding Admiral Shares with ML Edge

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CajunDan
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Holding Admiral Shares with ML Edge

Postby CajunDan » Thu Jul 14, 2016 7:41 pm

ML Edge tells me if I open an account with them, I can transfer VG Admiral Shares to an ML Edge account and hold them, but can't buy or sell Admiral Shares, just Investor Shares, and of course VG ETFs. Has anyone done that?

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Phineas J. Whoopee
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Re: Holding Admiral Shares with ML Edge

Postby Phineas J. Whoopee » Thu Jul 14, 2016 8:13 pm

I haven't, but what would be the advantage to you of doing so? I know what the advantage to Merrill Lynch would be.
PJW

CajunDan
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Re: Holding Admiral Shares with ML Edge

Postby CajunDan » Thu Jul 14, 2016 9:11 pm

Phineas J. Whoopee wrote:I haven't, but what would be the advantage to you of doing so? I know what the advantage to Merrill Lynch would be.
PJW


Low four figures in cash bonus for transferring my funds from VG to ML Edge, and my local ML Edge rep is very responsive and helpful. Also like the relationship with BofA where I bank. Finally, no commissions when buying and selling ETFs when I do my annual rebalance.

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Earl Lemongrab
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Re: Holding Admiral Shares with ML Edge

Postby Earl Lemongrab » Fri Jul 15, 2016 1:48 pm

Another option is to convert the funds to ETF before you transfer, as then you can use the free trades you can get by linking a BofA account to the ME one. Also look into a credit card while you're at it. I have lots of Vanguard holdings, but all in ETFs. That makes it easy to move about as desired. I like those bonuses!

Earl
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Re: Holding Admiral Shares with ML Edge

Postby j0nnyg1984 » Sat Jul 16, 2016 8:34 am

CajunDan wrote:
Phineas J. Whoopee wrote:I haven't, but what would be the advantage to you of doing so? I know what the advantage to Merrill Lynch would be.
PJW


Low four figures in cash bonus for transferring my funds from VG to ML Edge, and my local ML Edge rep is very responsive and helpful. Also like the relationship with BofA where I bank. Finally, no commissions when buying and selling ETFs when I do my annual rebalance.


You'll get the free trades based on your account "status" level. When I moved my tIRA from vanguard to ME, the "rep" I got was very responsive and helpful. He moved all of my funds over, and gave me free trades immediately (before my account status was recognized) and I got right back into vanguard funds, albeit ETF's rather than admiral shares.

I don't think there's any need to try to keep your admiral shares.

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Re: Holding Admiral Shares with ML Edge

Postby RabbMD » Sat Jul 16, 2016 2:20 pm

I transferred from vanguard to Merrill Edge in May. Please make it easy on yourself and just call vanguard and get them to convert your admiral shares to ETF shares. On Transfer though be aware that only full shares will be transferred. Partial ETF shares are liquidated prior to transfer. Mine was a pain to actually get transferred. My Roth transferred no problem, I did a partial transfer to avoid account closure fees and just moved the whole ETF shares. That went through fine, leaving the fractional ETF shares from mutual fund conversion. Which Vanguard then sold (without my order mind you). In the Taxable I did the EXACT SAME THING, just a few days later. However Vanguard rejected my transfer at first saying I clicked a partial transfer but was actually doing a full transfer. 2 separate phone calls to Vanguard and still no resolution. That just made me convinced it was time to leave them more. They couldn't tell me why the Roth when through and the taxable didn't. THey couldn't tell me why requesting a transfer of say 115 shares of VV when I had 115.837 counted as full transfer and not a partial. I eventually after two weeks just had to rerequest from Merrill Edge a full transfer of the taxable.

Vanguard transferred my ETF full shares in kind and sold my partial shares. Luckily the tax cost was very small, but I was still annoyed they sold my shares without an order. And they also told me I couldn't do specific share ID for those sales, only first in first out, even though I had previously only used specific share ID in that account with those funds (mutual funds prior to conversion)...

I am enjoying the platinum honors benefits and the BOA travel rewards card. I applied for an additional cash rewards mastercard, I already had the visa. This give me a 2.65% cash back on everything Travel rewards card, and two Cash rewards cards. I have two Cash rewards because I wanted to get two separate $2500 per quarter for a total of $5000 spent per quarter 5.25% back on gas and 3.5% back on groceries and WAREHOUSE clubs. I now with a costco executive membership get 5.5% back on costco purchases up to $2500 per quarter (I use the mastercard for groceries gas and the visa for costco).

Of note it does take awhile to qualify for platinum honors. They check your average 3 month balance on exactly and only exactly the third business day of every month. So While I had around $225,000 in my accounts from May I didn't qualify for platinum honors until July 7th. I am still waiting for investment account cashback, that is 6 months supposedly.

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Re: Holding Admiral Shares with ML Edge

Postby *3!4!/5! » Fri Sep 09, 2016 11:31 am

CajunDan wrote:ML Edge tells me if I open an account with them, I can transfer VG Admiral Shares to an ML Edge account and hold them, but can't buy or sell Admiral Shares, just Investor Shares, and of course VG ETFs. Has anyone done that?

What did you end up doing?

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Makaveli
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Re: Holding Admiral Shares with ML Edge

Postby Makaveli » Fri Sep 09, 2016 12:25 pm

My attempt:

    Requested transfer from Admiral to ETF.
    Rep verified all information and informed me that the trades would process same day.
    Multiple days later I logged into Vanguard.
    Admiral shares remained.
    Called Vanguard to rectify, placed on hold for 10 minutes, no response, ended call.
    Redialed.
    5 minute hold on next attempt, dropped call.
    Third attempt, met another associate.
    The transaction met a snag on their end, due to cost basis reporting.
    I was clear that I wanted to remain with Specific ID, post-conversion. Original rep said no issue whatsoever.
    So after all this I am now able to transfer to Merrill Edge and remain eligible to buy/sell shares.
    Expect updates after that process occurs.

Customer service is customer service. Whether at McDonalds, Vanguard, or the local Salon.

CajunDan
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Re: Holding Admiral Shares with ML Edge

Postby CajunDan » Fri Sep 09, 2016 12:30 pm

*3!4!/5! wrote:
CajunDan wrote:ML Edge tells me if I open an account with them, I can transfer VG Admiral Shares to an ML Edge account and hold them, but can't buy or sell Admiral Shares, just Investor Shares, and of course VG ETFs. Has anyone done that?

What did you end up doing?


I opened an account with ML Edge and transferred $1 million to them from VG and elsewhere, got a $2500 transfer bonus. I was able to transfer VG Admiral shares, and I'm now holding them with ML Edge and reinvesting dividends and interest. I can sell them, but I can't buy more. So all in all, it's worked out very well.

CajunDan
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Re: Holding Admiral Shares with ML Edge

Postby CajunDan » Fri Sep 09, 2016 12:32 pm

Makaveli wrote:My attempt:

    Requested transfer from Admiral to ETF.
    Rep verified all information and informed me that the trades would process same day.
    Multiple days later I logged into Vanguard.
    Admiral shares remained.
    Called Vanguard to rectify, placed on hold for 10 minutes, no response, ended call.
    Redialed.
    5 minute hold on next attempt, dropped call.
    Third attempt, met another associate.
    The transaction met a snag on their end, due to cost basis reporting.
    I was clear that I wanted to remain with Specific ID, post-conversion. Original rep said no issue whatsoever.
    So after all this I am now able to transfer to Merrill Edge and remain eligible to buy/sell shares.
    Expect updates after that process occurs.

Customer service is customer service. Whether at McDonalds, Vanguard, or the local Salon.


You could have just transferred your VG Admiral shares to ML Edge and held them there while reinvesting dividends and interest.

livesoft
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Re: Holding Admiral Shares with ML Edge

Postby livesoft » Fri Sep 09, 2016 12:33 pm

Question: Admiral shares of INDEX funds or Admiral shares of ACTIVELY-MANAGED funds or BOTH?
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Makaveli
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Re: Holding Admiral Shares with ML Edge

Postby Makaveli » Fri Sep 09, 2016 12:40 pm

CajunDan wrote:
Makaveli wrote:My attempt:

    Requested transfer from Admiral to ETF.
    Rep verified all information and informed me that the trades would process same day.
    Multiple days later I logged into Vanguard.
    Admiral shares remained.
    Called Vanguard to rectify, placed on hold for 10 minutes, no response, ended call.
    Redialed.
    5 minute hold on next attempt, dropped call.
    Third attempt, met another associate.
    The transaction met a snag on their end, due to cost basis reporting.
    I was clear that I wanted to remain with Specific ID, post-conversion. Original rep said no issue whatsoever.
    So after all this I am now able to transfer to Merrill Edge and remain eligible to buy/sell shares.
    Expect updates after that process occurs.

Customer service is customer service. Whether at McDonalds, Vanguard, or the local Salon.


You could have just transferred your VG Admiral shares to ML Edge and held them there while reinvesting dividends and interest.


Sure but then I am only adding complexity. For taxable positions I do not want to reinvest dividends/interest for harvest purposes. On top of that, what happens when I want to purchase new shares? Assuming one in that situation would open a new ETF position. Again, more funds more complexity.
Last edited by Makaveli on Fri Sep 09, 2016 12:44 pm, edited 2 times in total.

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Makaveli
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Re: Holding Admiral Shares with ML Edge

Postby Makaveli » Fri Sep 09, 2016 12:40 pm

livesoft wrote:Question: Admiral shares of INDEX funds or Admiral shares of ACTIVELY-MANAGED funds or BOTH?


Index on my end.

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Re: Holding Admiral Shares with ML Edge

Postby dbr » Fri Sep 09, 2016 4:36 pm

Makaveli wrote:
livesoft wrote:Question: Admiral shares of INDEX funds or Admiral shares of ACTIVELY-MANAGED funds or BOTH?


Index on my end.


I bet that is still the issue and one could hold non-index Admiral funds. The restrictions are caused by Vanguard and not ME.

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Earl Lemongrab
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Re: Holding Admiral Shares with ML Edge

Postby Earl Lemongrab » Fri Sep 09, 2016 5:56 pm

Selling partial shares of ETFs on transfer of all the base shares is pretty much industry standard. I don't think I've had partials transfer ever. One sort-of exception was when I transferred from Schwab (I think) and split the shares to two different custodians. They didn't know which to send the cash from the partials, so they didn't sell them. I called them and they arranged a no-charge sale and transfer of the remaining partial shares.

These days I don't do reinvestment of ETFs, and that's one reason.

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Re: Holding Admiral Shares with ML Edge

Postby *3!4!/5! » Fri Sep 09, 2016 6:05 pm

CajunDan wrote:
*3!4!/5! wrote:
CajunDan wrote:ML Edge tells me if I open an account with them, I can transfer VG Admiral Shares to an ML Edge account and hold them, but can't buy or sell Admiral Shares, just Investor Shares, and of course VG ETFs. Has anyone done that?

What did you end up doing?


I opened an account with ML Edge and transferred $1 million to them from VG and elsewhere, got a $2500 transfer bonus. I was able to transfer VG Admiral shares, and I'm now holding them with ML Edge and reinvesting dividends and interest. I can sell them, but I can't buy more. So all in all, it's worked out very well.


livesoft wrote:Question: Admiral shares of INDEX funds or Admiral shares of ACTIVELY-MANAGED funds or BOTH?


"CajunDan" do you mind saying which Admiral shares or what type. I've been reading about various issues with Admiral shares at various brokerages, and the issue of active vs passive came up as something leading to different treatment. There could be other factors, including luck.

I tried asking MlEdge about Admiral shares but got inconsistent answers.

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Makaveli
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Re: Holding Admiral Shares with ML Edge

Postby Makaveli » Wed Sep 14, 2016 1:13 pm

Headache continues with Vanguard. 2+ weeks to (1) upgrade account (which they requested and advertised as a one-day process) and (2) transfer Admiral shares to ETF.

8+ calls, 2+ weeks, very unfortunate customer service experience.

CajunDan
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Re: Holding Admiral Shares with ML Edge

Postby CajunDan » Wed Sep 14, 2016 1:22 pm

*3!4!/5! wrote:
CajunDan wrote:
*3!4!/5! wrote:
CajunDan wrote:ML Edge tells me if I open an account with them, I can transfer VG Admiral Shares to an ML Edge account and hold them, but can't buy or sell Admiral Shares, just Investor Shares, and of course VG ETFs. Has anyone done that?

What did you end up doing?


I opened an account with ML Edge and transferred $1 million to them from VG and elsewhere, got a $2500 transfer bonus. I was able to transfer VG Admiral shares, and I'm now holding them with ML Edge and reinvesting dividends and interest. I can sell them, but I can't buy more. So all in all, it's worked out very well.


livesoft wrote:Question: Admiral shares of INDEX funds or Admiral shares of ACTIVELY-MANAGED funds or BOTH?


"CajunDan" do you mind saying which Admiral shares or what type. I've been reading about various issues with Admiral shares at various brokerages, and the issue of active vs passive came up as something leading to different treatment. There could be other factors, including luck.

I tried asking MlEdge about Admiral shares but got inconsistent answers.


It was VCADX, CA Muni Int Term fund. Transferred a few weeks ago, everything is working fine.

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Re: Holding Admiral Shares with ML Edge

Postby *3!4!/5! » Wed Sep 14, 2016 1:40 pm

CajunDan wrote:
*3!4!/5! wrote:
livesoft wrote:Question: Admiral shares of INDEX funds or Admiral shares of ACTIVELY-MANAGED funds or BOTH?

"CajunDan" do you mind saying which Admiral shares or what type. I've been reading about various issues with Admiral shares at various brokerages, and the issue of active vs passive came up as something leading to different treatment. There could be other factors, including luck.

I tried asking MlEdge about Admiral shares but got inconsistent answers.

It was VCADX, CA Muni Int Term fund. Transferred a few weeks ago, everything is working fine.


Thanks. It looks like that one is listed as actively managed. It's admiral with $50k min, also there's no associated ETF.

It clearly proves admiral shares can be held outside Vanguard, but the question is, which ones, and under what circumstances. Any insights, "livesoft"?

(I was wondering about some of the popular admiral index ones. I know I can convert to ETF but was wondering if that can be avoided.)

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Earl Lemongrab
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Re: Holding Admiral Shares with ML Edge

Postby Earl Lemongrab » Wed Sep 14, 2016 3:53 pm

CajunDan wrote:It was VCADX, CA Muni Int Term fund. Transferred a few weeks ago, everything is working fine.

That's not an index fund, so I'm not surprised. Many have reported being able to hold the active Admiral funds (with the 50k minimums) at other brokerages.

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Makaveli
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Re: Holding Admiral Shares with ML Edge

Postby Makaveli » Mon Sep 19, 2016 8:13 am

Documentation continues:

Vanguard successfully transferred Admiral to ETF's. However, they informed me that the cost basis would remain the same. It did not. Rather than the $9k TLH from earlier in the year I now have +65k in short-term gains.

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Earl Lemongrab
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Re: Holding Admiral Shares with ML Edge

Postby Earl Lemongrab » Mon Sep 19, 2016 9:49 am

Makaveli wrote:Documentation continues:

Vanguard successfully transferred Admiral to ETF's. However, they informed me that the cost basis would remain the same. It did not. Rather than the $9k TLH from earlier in the year I now have +65k in short-term gains.

Covered or non-covered shares? If the latter, then it doesn't matter what Vanguard thinks. If the former, then keep on them to fix it.

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Re: Holding Admiral Shares with ML Edge

Postby Makaveli » Mon Sep 19, 2016 10:00 am

Earl Lemongrab wrote:
Makaveli wrote:Documentation continues:

Vanguard successfully transferred Admiral to ETF's. However, they informed me that the cost basis would remain the same. It did not. Rather than the $9k TLH from earlier in the year I now have +65k in short-term gains.

Covered or non-covered shares? If the latter, then it doesn't matter what Vanguard thinks. If the former, then keep on them to fix it.

Earl


Covered shares. High call volume today so calling tomorrow.

livesoft
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Re: Holding Admiral Shares with ML Edge

Postby livesoft » Tue Sep 20, 2016 9:38 am

*3!4!/5! wrote:It clearly proves admiral shares can be held outside Vanguard, but the question is, which ones, and under what circumstances. Any insights, "livesoft"?

(I was wondering about some of the popular admiral index ones. I know I can convert to ETF but was wondering if that can be avoided.)

I don't have any insights since I don't use merrill edge, but I was trying to get some insights here. :)

Here is my current understanding from this thread:

Vanguard Admiral index funds can be transferred in-kind to ML, but can a new Admiral index fund be purchased? Can more shares be purchased (not by automatic reinvesting)?

Vanguard actively-managed Admiral funds can be bought/sold/transacted at ML. But is that all of them or only some of them?
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Makaveli
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Re: Holding Admiral Shares with ML Edge

Postby Makaveli » Tue Sep 20, 2016 2:06 pm

livesoft wrote:
*3!4!/5! wrote:It clearly proves admiral shares can be held outside Vanguard, but the question is, which ones, and under what circumstances. Any insights, "livesoft"?

(I was wondering about some of the popular admiral index ones. I know I can convert to ETF but was wondering if that can be avoided.)

I don't have any insights since I don't use merrill edge, but I was trying to get some insights here. :)

Here is my current understanding from this thread:

Vanguard Admiral index funds can be transferred in-kind to ML, but can a new Admiral index fund be purchased? Can more shares be purchased (not by automatic reinvesting)?

Vanguard actively-managed Admiral funds can be bought/sold/transacted at ML. But is that all of them or only some of them?


Admiral shares are proprietary to Vanguard. One can transfer to the edge platform but new shares can not be purchased. One may purchase the Investor share class mutual fund.

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Re: Holding Admiral Shares with ML Edge

Postby *3!4!/5! » Tue Sep 20, 2016 2:34 pm

But is it even true that you can transfer all types of Admiral shares from Vanguard to another brokerage?

I thought I'd read of people trying such transfers, and something failing, preventing the transfer from going through.

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Re: Holding Admiral Shares with ML Edge

Postby *3!4!/5! » Mon Oct 17, 2016 8:47 pm

A datapoint:

I transferred this fund
Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX)
in kind (ACATS) from Vanguard to Merrill Edge.

I did not talk to anyone. I just went ahead and did it online, and it went through fine. It's set to reinvest dividends so I guess I'll see how that goes in December. I assume I can sell and not buy (don't know, didn't ask) but I plan to do neither. The holding will just sit there, untouched, for bonus and Preferred Rewards.

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Re: Holding Admiral Shares with ML Edge

Postby JDCarpenter » Tue Oct 18, 2016 8:13 am

CajunDan wrote:... my local ML Edge rep is very responsive and helpful. ...


I'm a happy BoA/Edge plat.pref. customer and had no idea that there were Edge Reps. Then again, I'm happier without a rep. :happy
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Re: Holding Admiral Shares with ML Edge

Postby ruralavalon » Tue Oct 18, 2016 8:35 am

CajunDan wrote:ML Edge tells me if I open an account with them, I can transfer VG Admiral Shares to an ML Edge account and hold them, but can't buy or sell Admiral Shares, just Investor Shares, and of course VG ETFs. Has anyone done that?

Why not simply leave your account at Vanguard and continue to buy Admiral Shares?
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Re: Holding Admiral Shares with ML Edge

Postby dbr » Tue Oct 18, 2016 8:38 am

ruralavalon wrote:
CajunDan wrote:ML Edge tells me if I open an account with them, I can transfer VG Admiral Shares to an ML Edge account and hold them, but can't buy or sell Admiral Shares, just Investor Shares, and of course VG ETFs. Has anyone done that?

Why not simply leave your account at Vanguard and continue to buy Admiral Shares?


It's about moving assets around to collect bonuses.

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Re: Holding Admiral Shares with ML Edge

Postby *3!4!/5! » Tue Oct 18, 2016 9:35 am

*3!4!/5! wrote:A datapoint:

I transferred this fund
Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX)
in kind (ACATS) from Vanguard to Merrill Edge.

I did not talk to anyone. I just went ahead and did it online, and it went through fine. It's set to reinvest dividends so I guess I'll see how that goes in December. I assume I can sell and not buy (don't know, didn't ask) but I plan to do neither. The holding will just sit there, untouched, for bonus and Preferred Rewards.


Note: This is an INDEX fund. So this can be done. (There had been some question about what would work.)

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Re: Holding Admiral Shares with ML Edge

Postby *3!4!/5! » Fri Dec 23, 2016 12:08 am

*3!4!/5! wrote:
*3!4!/5! wrote:A datapoint:

I transferred this fund
Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX)
in kind (ACATS) from Vanguard to Merrill Edge.

I did not talk to anyone. I just went ahead and did it online, and it went through fine. It's set to reinvest dividends so I guess I'll see how that goes in December. I assume I can sell and not buy (don't know, didn't ask) but I plan to do neither. The holding will just sit there, untouched, for bonus and Preferred Rewards.


Note: This is an INDEX fund. So this can be done. (There had been some question about what would work.)


Dividend reinvestment worked fine.

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Re: Holding Admiral Shares with ML Edge

Postby robbierob03 » Tue Dec 27, 2016 5:08 pm

Thanks to those of you willing to post data points in this thread! I'll be adding my own shortly once I open a ML Edge account and look to transfer in kind a few Admiral funds. I'm not going to first ask Vanguard to convert them to ETFs as I don't want the headache of making sure it happens timely, and the cost basis for the covered shares transfer correctly based on the above ordeal.

However I do have one question for those who have already transferred either mutual funds or ETFs since I'll be transferring from a taxable account with all covered shares. Did the correct cost basis transfer over to your Merrill Edge account or did you have to get a customer service rep involved for a correction?

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Re: Holding Admiral Shares with ML Edge

Postby *3!4!/5! » Tue Dec 27, 2016 6:02 pm

No problem with cost basis here.

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Re: Holding Admiral Shares with ML Edge

Postby robbierob03 » Wed Dec 28, 2016 10:12 pm

As promised here is my update with attempting to transfer various Vanguard funds into Merrill Edge. I specifically entered the following funds into the ML securities transfer online form (which is remarkably intuitive and easy to complete):

VEXAX Vanguard Extended Market Index Fund Admiral Shares
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares
VTIAX Vanguard Total International Stock Index Fund Admiral Shares
VWELX Vanguard Wellington Fund Investor Shares

I received an error message with VFWAX, saying that "The symbol you entered may not be eligible for online transfer." I called in and the customer service rep indicated ML didn't have a license with Vanguard to hold that specific fund class. So there are certain Admiral fund classes ML cannot hold, but it's not as simple as either all index or all active funds. The rep was not aware of any published list that had all of the fund classes ML can't hold online anywhere.

However absent VFWAX, all other funds should process fine. I'm actually going to call Vanguard to see how quickly they can convert VFWAX to the ETF share class before completing the transfer. I was looking to avoid that specific hassle but the ML transfer bonus will make it worth while :greedy

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Re: Holding Admiral Shares with ML Edge

Postby alwayshedge » Wed Dec 28, 2016 10:26 pm

I transferred all my accounts from Vanguard to Merrill Edge and couldn't be happier. I still get to hold all my vanguard index funds and get a whole ton of other benefits on top of it. My rep has been great too. Doesn't try to sell me anything and is very responsive. I can even text him when I need something which is rare. :happy

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Re: Holding Admiral Shares with ML Edge

Postby *3!4!/5! » Wed Dec 28, 2016 11:02 pm

robbierob03 wrote:As promised here is my update with attempting to transfer various Vanguard funds into Merrill Edge. I specifically entered the following funds into the ML securities transfer online form (which is remarkably intuitive and easy to complete):

VEXAX Vanguard Extended Market Index Fund Admiral Shares
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares
VTIAX Vanguard Total International Stock Index Fund Admiral Shares
VWELX Vanguard Wellington Fund Investor Shares

I received an error message with VFWAX, saying that "The symbol you entered may not be eligible for online transfer." I called in and the customer service rep indicated ML didn't have a license with Vanguard to hold that specific fund class. So there are certain Admiral fund classes ML cannot hold, but it's not as simple as either all index or all active funds. The rep was not aware of any published list that had all of the fund classes ML can't hold online anywhere.

However absent VFWAX, all other funds should process fine. I'm actually going to call Vanguard to see how quickly they can convert VFWAX to the ETF share class before completing the transfer. I was looking to avoid that specific hassle but the ML transfer bonus will make it worth while :greedy

Thanks for the datapoints. (Please confirm if/when they actually land successfully at Edge.) I previously successfully transferred VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) in kind (ACATS) from Vanguard to Merrill Edge.

It's good to hear that it appears VTIAX should work, as I plan to transfer that soon. :happy

robbierob03
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Joined: Wed Feb 23, 2011 3:10 pm

Re: Holding Admiral Shares with ML Edge

Postby robbierob03 » Mon Jan 09, 2017 11:31 am

robbierob03 wrote:As promised here is my update with attempting to transfer various Vanguard funds into Merrill Edge. I specifically entered the following funds into the ML securities transfer online form (which is remarkably intuitive and easy to complete):

VEXAX Vanguard Extended Market Index Fund Admiral Shares
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares
VTIAX Vanguard Total International Stock Index Fund Admiral Shares
VWELX Vanguard Wellington Fund Investor Shares

I received an error message with VFWAX, saying that "The symbol you entered may not be eligible for online transfer." I called in and the customer service rep indicated ML didn't have a license with Vanguard to hold that specific fund class. So there are certain Admiral fund classes ML cannot hold, but it's not as simple as either all index or all active funds. The rep was not aware of any published list that had all of the fund classes ML can't hold online anywhere.

However absent VFWAX, all other funds should process fine. I'm actually going to call Vanguard to see how quickly they can convert VFWAX to the ETF share class before completing the transfer. I was looking to avoid that specific hassle but the ML transfer bonus will make it worth while :greedy


This morning VEXAX, VTIAX, and VWELX all showed up in my Merrill Edge account so the transfer took about six business days. I'm mildly concerned that none of the shares have a cost basis attached, but the transfer is still marked as "In Progress" on the Merrill Edge side so hopefully that information comes over in the next week. As an aside Vanguard processed my VFWAX ETF conversion in two business days and carried over my cost basis correctly. I'll let this first transfer completely settle and then start another for the ETF shares.

Overall I'm quite pleased with how easy the transfer was, I'll just need to make sure to follow up on the cost basis later.

*3!4!/5!
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Joined: Fri Sep 02, 2016 1:47 pm

Re: Holding Admiral Shares with ML Edge

Postby *3!4!/5! » Mon Jan 09, 2017 12:10 pm

For me, cost basis showed up soon after transfer and was correct.

johnanglemen
Posts: 429
Joined: Thu Oct 01, 2009 1:00 pm

Re: Holding Admiral Shares with ML Edge

Postby johnanglemen » Mon Jan 09, 2017 12:19 pm

alwayshedge wrote:I transferred all my accounts from Vanguard to Merrill Edge and couldn't be happier. I still get to hold all my vanguard index funds and get a whole ton of other benefits on top of it. My rep has been great too. Doesn't try to sell me anything and is very responsive. I can even text him when I need something which is rare. :happy


Where did you manage to find any dedicated rep, let alone one you can text? I'm a Merrill Edge customer (and a BOA "Platinum Honors" customer) and all I can find anywhere is 1-800 phone numbers.

robbierob03
Posts: 14
Joined: Wed Feb 23, 2011 3:10 pm

Re: Holding Admiral Shares with ML Edge

Postby robbierob03 » Mon Jan 09, 2017 5:10 pm

johnanglemen wrote:
alwayshedge wrote:I transferred all my accounts from Vanguard to Merrill Edge and couldn't be happier. I still get to hold all my vanguard index funds and get a whole ton of other benefits on top of it. My rep has been great too. Doesn't try to sell me anything and is very responsive. I can even text him when I need something which is rare. :happy


Where did you manage to find any dedicated rep, let alone one you can text? I'm a Merrill Edge customer (and a BOA "Platinum Honors" customer) and all I can find anywhere is 1-800 phone numbers.


I believe Merrill Edge assigns a rep to your account as it's opened based on my (short) experience. A few days after opening my account I received a call from a Merrill Edge rep who wanted to make sure I'd been able to log in online, walked through the process inputting an ACAT transfer, and was eager to answer my questions about the bonus and the Preferred Rewards program. And at the conclusion of the call he emailed me with his full name, direct extension, and direct email address. Maybe do a search in your email for "Merrill Edge" and see if something similar comes up?

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Earl Lemongrab
Posts: 1682
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Re: Holding Admiral Shares with ML Edge

Postby Earl Lemongrab » Mon Jan 09, 2017 5:21 pm

robbierob03 wrote:I believe Merrill Edge assigns a rep to your account as it's opened based on my (short) experience. A few days after opening my account I received a call from a Merrill Edge rep who wanted to make sure I'd been able to log in online, walked through the process inputting an ACAT transfer, and was eager to answer my questions about the bonus and the Preferred Rewards program. And at the conclusion of the call he emailed me with his full name, direct extension, and direct email address. Maybe do a search in your email for "Merrill Edge" and see if something similar comes up?

My experience was similar. My rep has helped with getting extra money to cover transfer fees and the like.
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

johnanglemen
Posts: 429
Joined: Thu Oct 01, 2009 1:00 pm

Re: Holding Admiral Shares with ML Edge

Postby johnanglemen » Wed Jan 11, 2017 1:02 pm

Earl Lemongrab wrote:
robbierob03 wrote:I believe Merrill Edge assigns a rep to your account as it's opened based on my (short) experience. A few days after opening my account I received a call from a Merrill Edge rep who wanted to make sure I'd been able to log in online, walked through the process inputting an ACAT transfer, and was eager to answer my questions about the bonus and the Preferred Rewards program. And at the conclusion of the call he emailed me with his full name, direct extension, and direct email address. Maybe do a search in your email for "Merrill Edge" and see if something similar comes up?

My experience was similar. My rep has helped with getting extra money to cover transfer fees and the like.


I wrote in to Merrill Edge customer support saying that two of my friends using Edge had dedicated reps, and asking if I did as well. This is the response I got back:

Merrill Edge wrote:
Thank you for contacting Merrill Edge.

You currently have a Merrill Edge self-directed account. Merrill Edge self-directed accounts are managed by you, online. There is no advice available, but you are able to use the vast array of tools available within the Research and Products tabs of the website to aid in your investment decisions.

With Self-directed accounts we do not have dedicated representatives unless you are a Premium Elite client. Please note, our Advisory services may offer an option to have a dedicated team of Advisors you can work with. If you are interested in discussing these options, please call our Investment Center at the phone number below. In addition, I have provided the following information regarding our Advisory services.

If you are interested in establishing an account with the Merrill Edge Advisory Center, we can schedule an appointment to have one of our advisors contact you. The Merrill Edge Advisory Center gives you phone access to advisors, and various types of mutual fund investment portfolios designed to help you with your long-term goals. In order to schedule an appointment, we need the best phone number, date and time to contact you. Please note the following when selecting the date and time:

-When we schedule an appointment, it must be entered at least one business day in advance. We cannot schedule an appointment for the current day. Also, we typically receive email messages within 24 hours. Therefore, we recommend choosing a date at least two business days out.
-Our advisors are available for appointments between Monday and Friday from 8 a.m. to 9:30 p.m. Eastern.

You can also contact the Merrill Edge Advisory Center directly by calling 1.888.261.0066.

If you have any additional questions or concerns, please send us a message through the Secure Message Center. You can also contact our Investment Center at 1.877.653.4732. For your convenience, we are available 24 hours a day, 7 days a week, excluding some observed market holidays.

We appreciate the opportunity to assist you.

robbierob03
Posts: 14
Joined: Wed Feb 23, 2011 3:10 pm

Re: Holding Admiral Shares with ML Edge

Postby robbierob03 » Thu Jan 12, 2017 10:19 am

johnanglemen wrote:I wrote in to Merrill Edge customer support saying that two of my friends using Edge had dedicated reps, and asking if I did as well. This is the response I got back:...


That response sounds like whoever got your question from Merrill Edge thought you were asking for a dedicated investment advisor rep to help with investment decisions, not a general account service point person. I do not have, nor do I want, a dedicated investment advisor. Maybe I used the wrong title in describing the person who contacted me a "dedicated rep"?

I went back and looked at the email my "general account service point person" sent and his group was called Experience Team if that helps. When I opened my account I didn't indicate I was some high net worth customer, so I wouldn't think my account opening was handled in a special manner. Perhaps Merrill Edge recently started a new on-boarding process?

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indexfundfan
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Re: Holding Admiral Shares with ML Edge

Postby indexfundfan » Thu Jan 12, 2017 10:34 am

You get a personal rep if you have Premium Elite status (>$1m). There is also Premium Elite Plus status, which I believe requires >$10m.
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radiowave
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Re: Holding Admiral Shares with ML Edge

Postby radiowave » Thu Jan 12, 2017 10:37 am

There is a dedicated ME rep at one of the BoA branches here in Denver Metro - he has his own office and only does ME investments. BoA is expanding in CO with 20-30 new branches in the next 2-3 years so it will be interesting to see if most or all have dedicated ME reps.

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Earl Lemongrab
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Re: Holding Admiral Shares with ML Edge

Postby Earl Lemongrab » Thu Jan 12, 2017 12:06 pm

In my case, when I opened an account a rep gave me a call. Afterwards, he sent me an email that read in part:
I appreciated speaking with you today about your interest in Merrill Edge. I am happy to assist you with your new experience here at Merrill Edge. Think of me as your personal concierge for this initial process.


After that, I email him when I want something :)
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

robbierob03
Posts: 14
Joined: Wed Feb 23, 2011 3:10 pm

Re: Holding Admiral Shares with ML Edge

Postby robbierob03 » Fri Jan 27, 2017 4:18 pm

robbierob03 wrote:
robbierob03 wrote:As promised here is my update with attempting to transfer various Vanguard funds into Merrill Edge. I specifically entered the following funds into the ML securities transfer online form (which is remarkably intuitive and easy to complete):

VEXAX Vanguard Extended Market Index Fund Admiral Shares
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares
VTIAX Vanguard Total International Stock Index Fund Admiral Shares
VWELX Vanguard Wellington Fund Investor Shares

I received an error message with VFWAX, saying that "The symbol you entered may not be eligible for online transfer." I called in and the customer service rep indicated ML didn't have a license with Vanguard to hold that specific fund class. So there are certain Admiral fund classes ML cannot hold, but it's not as simple as either all index or all active funds. The rep was not aware of any published list that had all of the fund classes ML can't hold online anywhere.

However absent VFWAX, all other funds should process fine. I'm actually going to call Vanguard to see how quickly they can convert VFWAX to the ETF share class before completing the transfer. I was looking to avoid that specific hassle but the ML transfer bonus will make it worth while :greedy


This morning VEXAX, VTIAX, and VWELX all showed up in my Merrill Edge account so the transfer took about six business days. I'm mildly concerned that none of the shares have a cost basis attached, but the transfer is still marked as "In Progress" on the Merrill Edge side so hopefully that information comes over in the next week. As an aside Vanguard processed my VFWAX ETF conversion in two business days and carried over my cost basis correctly. I'll let this first transfer completely settle and then start another for the ETF shares.

Overall I'm quite pleased with how easy the transfer was, I'll just need to make sure to follow up on the cost basis later.


I realized I never followed up on the cost basis. Early this week I noticed that my cost basis information was available and correctly matched my records from Vanguard. It might have been available earlier but I don't make a habit of logging in to my investment accounts too often. Assuming the bonus comes without too much prodding in July, I'm still a happy new client who will probably stick around long-term.

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Earl Lemongrab
Posts: 1682
Joined: Tue Jun 10, 2014 1:14 am

Re: Holding Admiral Shares with ML Edge

Postby Earl Lemongrab » Fri Jan 27, 2017 4:45 pm

Yes, cost basis usually takes time to catch up. I have received multiple bonuses from Merrill Edge, without a hitch in receiving them at the appropriate time.
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.


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