The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by Chuffly » Fri Nov 03, 2017 1:01 am

Does anyone else here use an account aggregator like Mint / SigFig?

I just completed a TD to Merill Edge transfer this past week (Merrill showed the assets hitting my account on Monday or Tuesday). For some reason, Mint and SigFig still show the assets in TD as well so it's double counting those assets right now (once in Merrill and once in TD). This is despite the fact that the transferred accounts are no longer available to log into at TD.

So I'm wondering, is there a time that Mint / SigFig are going reflect the transfer and show the TD accounts with zero assets? I suppose I can go in and manually delete, hide, or zero out the account, but I don't want to delete my historical portfolio data from those accounts.

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

Post by Chuffly » Sat Nov 04, 2017 10:18 am

Chuffly wrote:
Fri Nov 03, 2017 1:01 am
Does anyone else here use an account aggregator like Mint / SigFig?

I just completed a TD to Merill Edge transfer this past week (Merrill showed the assets hitting my account on Monday or Tuesday). For some reason, Mint and SigFig still show the assets in TD as well so it's double counting those assets right now (once in Merrill and once in TD). This is despite the fact that the transferred accounts are no longer available to log into at TD.

So I'm wondering, is there a time that Mint / SigFig are going reflect the transfer and show the TD accounts with zero assets? I suppose I can go in and manually delete, hide, or zero out the account, but I don't want to delete my historical portfolio data from those accounts.
Just to update my post, last night Mint recognized that my TD accounts were now closed and let me mark them as closed. So now mint is correctly showing only the Merrill assets.

Still haven't figured out SigFig though.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Nov 06, 2017 2:30 pm

I floated a question to the local Fidelity rep about matching an offer for a 250k+ transfer. After checking, the promotions team would not authorize a cash bonus, just two years of free trades. The rep indicated, in rather confused terms, that it was due to the new fiduciary rule. Seems odd.
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cookymonster
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by cookymonster » Mon Nov 06, 2017 2:34 pm

My Roth IRA is at Scottrade. Anyone know if TD Ameritrade will pay bonuses for Scottrade transfers with the pending merger? Doesn't seem likely but I thought I'd see if anyone has tried.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Nov 06, 2017 3:09 pm

cookymonster wrote:
Mon Nov 06, 2017 2:34 pm
My Roth IRA is at Scottrade. Anyone know if TD Ameritrade will pay bonuses for Scottrade transfers with the pending merger? Doesn't seem likely but I thought I'd see if anyone has tried.
I know that Scottrade is not even accepting transfers from TDA, so I think the reverse would be the case as well.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Mon Nov 06, 2017 3:34 pm

cookymonster wrote:
Mon Nov 06, 2017 2:34 pm
My Roth IRA is at Scottrade. Anyone know if TD Ameritrade will pay bonuses for Scottrade transfers with the pending merger? Doesn't seem likely but I thought I'd see if anyone has tried.

If you want to stay with TDA long term, you could transfer it out to Merrill Edge or Etrade for their bonus, and then transfer it to TDA next time.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Nov 06, 2017 3:43 pm

tj wrote:
Mon Nov 06, 2017 3:34 pm
cookymonster wrote:
Mon Nov 06, 2017 2:34 pm
My Roth IRA is at Scottrade. Anyone know if TD Ameritrade will pay bonuses for Scottrade transfers with the pending merger? Doesn't seem likely but I thought I'd see if anyone has tried.
If you want to stay with TDA long term, you could transfer it out to Merrill Edge or Etrade for their bonus, and then transfer it to TDA next time.
For that, I would go with Edge. Their retention period for the current offer is only 90 days. Then again, cookymonster might like Edge enough to stay. The size of the account matters.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Nov 06, 2017 5:06 pm

Earl Lemongrab wrote:
Mon Nov 06, 2017 2:30 pm
I floated a question to the local Fidelity rep about matching an offer for a 250k+ transfer. After checking, the promotions team would not authorize a cash bonus, just two years of free trades. The rep indicated, in rather confused terms, that it was due to the new fiduciary rule. Seems odd.
A very earnest rep told me the same thing a few months back, then seemed a little confused when I told her that other brokerages were offering bonuses. Possibly some misinformation.

The only way I can think that the Fiduciary rule might impact this is that Fido feels that it can't push it's more expensive active funds on investors, and hence doesn't feel it can offer too many bonuses any more. Also, they're private, so may have less need to chase AUM than publically traded companies.
Last edited by SlowMovingInvestor on Mon Nov 06, 2017 5:16 pm, edited 1 time in total.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Mon Nov 06, 2017 5:13 pm

SlowMovingInvestor wrote:
Mon Nov 06, 2017 5:06 pm
Earl Lemongrab wrote:
Mon Nov 06, 2017 2:30 pm
I floated a question to the local Fidelity rep about matching an offer for a 250k+ transfer. After checking, the promotions team would not authorize a cash bonus, just two years of free trades. The rep indicated, in rather confused terms, that it was due to the new fiduciary rule. Seems odd.
A very earnest rep told me the same thing a few months back, then seemed a little confused when I told her that other brokerages were offering bonuses. Possibly some misinformation.
This guy too. He didn't think anyone had cash bonuses. I had to send a link from Etrade with an example offer.
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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Nov 07, 2017 1:31 pm

As noted here: viewtopic.php?p=3607306#p3607306 Fidelity is offering bonuses for high transfer amounts, one million and up.
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libralibra
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by libralibra » Tue Nov 07, 2017 2:27 pm

New ME link good until 12/15/17

https://www.merrilledge.com/offers/1000 ... d=lvexpo17

"This limited time offer is valid only for TradersExpo attendees"

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

Post by triceratop » Tue Nov 07, 2017 2:28 pm

SlowMovingInvestor wrote:
Thu Nov 02, 2017 7:54 pm
What happens to fractional ETFs during an interbrokerage transfer (specifically a transfer out of Vanguard) ? Are we required to sell before, or are the fractional amounts liquidated automatically ? And if so is there an actual market for fractional ETFs (done through VBS) ?

Also, what about shares ? I have some fractional shares at a firm as a result of DRIPs. Is there a market for those (it is a highly traded stock in general).
VBS liquidated my fractional shares when I transferred to ME.
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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Nov 07, 2017 6:21 pm

libralibra wrote:
Tue Nov 07, 2017 2:27 pm
New ME link good until 12/15/17

https://www.merrilledge.com/offers/1000 ... d=lvexpo17

"This limited time offer is valid only for TradersExpo attendees"
In the past, most people were successful in getting the bonus to work even with the various conference attendee restrictions.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by investor997 » Tue Nov 07, 2017 6:41 pm

Does ME currently require $25K or $50K cash deposit to get the Platinum level Preferred Rewards status? The website seems to indicate $50K.

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

Post by pre » Tue Nov 07, 2017 6:44 pm

libralibra wrote:
Tue Nov 07, 2017 2:27 pm
New ME link good until 12/15/17

https://www.merrilledge.com/offers/1000 ... d=lvexpo17

"This limited time offer is valid only for TradersExpo attendees"
Thanks, much! 45 days for funding, so for folks trying to coordinate, that should be end of January 2018 to get the ACATS transfer in.

Partaking in the ME Money Show promo that ended in early October and they sent me reminders along the way before the 45 day deadline.

investor997 wrote:
Tue Nov 07, 2017 6:41 pm
Does ME currently require $25K or $50K cash deposit to get the Platinum level Preferred Rewards status? The website seems to indicate $50K.
From DoC
Image
No status: $19,999 or less
Preferred Rewards Gold: $20,000 – $50,000
Preferred Rewards Platinum: $50,000-$100,000
Preferred Rewards Platinum Honors: $100,000+

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

Post by TimeRunner » Tue Nov 07, 2017 11:24 pm

Edit: Deleted post, see below. Carry on. 8-)
Last edited by TimeRunner on Wed Nov 08, 2017 6:28 pm, edited 1 time in total.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Wed Nov 08, 2017 11:34 am

investor997 wrote:
Tue Nov 07, 2017 6:41 pm
Does ME currently require $25K or $50K cash deposit to get the Platinum level Preferred Rewards status? The website seems to indicate $50K.
Neither. The $$ amount can all be in the investments, you just need a token amount in the checking accoutn so that it doesn't auto-close.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Nov 08, 2017 11:42 am

tj wrote:
Wed Nov 08, 2017 11:34 am
investor997 wrote:
Tue Nov 07, 2017 6:41 pm
Does ME currently require $25K or $50K cash deposit to get the Platinum level Preferred Rewards status? The website seems to indicate $50K.
Neither. The $$ amount can all be in the investments, you just need a token amount in the checking accoutn so that it doesn't auto-close.
Right. The cash deposit option was removed. What's shown in the graphic above is total assets. I have like $25 in the checking account, the rest is all ETFs.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Wed Nov 08, 2017 11:55 am

TimeRunner wrote:
Tue Nov 07, 2017 11:24 pm
For the smaller accounts, Schwab as of this post date: http://www.schwab.com/public/schwab/nn/ ... d_sps.html
That's only for Stock Plan Services people. I doubt you can make use of it as a general investor.

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

Post by TimeRunner » Wed Nov 08, 2017 12:00 pm

SlowMovingInvestor wrote:
Wed Nov 08, 2017 11:55 am
TimeRunner wrote:
Tue Nov 07, 2017 11:24 pm
For the smaller accounts, Schwab as of this post date: http://www.schwab.com/public/schwab/nn/ ... d_sps.html
That's only for Stock Plan Services people. I doubt you can make use of it as a general investor.
You're right, I missed the fine print. :oops:
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Wed Nov 08, 2017 12:03 pm

I'm thinking of doing a medium sized transfer out of Vanguard. I was planning to take PDFs of holdings and cost basis prior to transfer.

Unfortunately, there doesn't seem to be any way to do a download of cost basis into CSV files at VG, so I can't use a macro to compare in a spreadsheet. So it seems like I would need to manually compare cost basis after transfer (a tedious process). I suppose I could copy from PDF into spreadsheets for comparison, but that is slightly ugly and error prone.

Is there any way of automatically checking cost basis after and before transfer ? Also, anything else I need to watch out for ?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by investor997 » Wed Nov 08, 2017 1:35 pm

Earl Lemongrab wrote:
Wed Nov 08, 2017 11:42 am
tj wrote:
Wed Nov 08, 2017 11:34 am
investor997 wrote:
Tue Nov 07, 2017 6:41 pm
Does ME currently require $25K or $50K cash deposit to get the Platinum level Preferred Rewards status? The website seems to indicate $50K.
Neither. The $$ amount can all be in the investments, you just need a token amount in the checking accoutn so that it doesn't auto-close.
Right. The cash deposit option was removed. What's shown in the graphic above is total assets. I have like $25 in the checking account, the rest is all ETFs.
If this is the case, ME is a no-brainer. I was really waffling over the Preferred "Reward" if it meant I had to tie up $25K or $50K in cash earning 0.000001% interest in order to get the free monthly trades.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Nov 08, 2017 1:59 pm

Absolutely. If all the bonuses went away, I'd consolidate at Merrill. It's the best all-around deal currently, especially when you get to 100k+ in assets so you can get the 75% credit card boost. I use the cash rewards card, so I get 5.5% gas, 3.5% grocery, 1.75% other. Some people use the travel card.
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cookymonster
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by cookymonster » Wed Nov 08, 2017 2:07 pm

Somehow I'm still getting the 75% bonus despite only having 70-74k at ME the last several months. But yeah, it's an awesome deal. I'm using the Bank of America Cash Rewards card and the Travel Card.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by triceratop » Wed Nov 08, 2017 2:12 pm

cookymonster wrote:
Wed Nov 08, 2017 2:07 pm
Somehow I'm still getting the 75% bonus despite only having 70-74k at ME the last several months. But yeah, it's an awesome deal. I'm using the Bank of America Cash Rewards card and the Travel Card.
You had $100k in assets at some point in the last year, correct?
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cookymonster
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by cookymonster » Wed Nov 08, 2017 2:22 pm

triceratop wrote:
Wed Nov 08, 2017 2:12 pm
cookymonster wrote:
Wed Nov 08, 2017 2:07 pm
Somehow I'm still getting the 75% bonus despite only having 70-74k at ME the last several months. But yeah, it's an awesome deal. I'm using the Bank of America Cash Rewards card and the Travel Card.
You had $100k in assets at some point in the last year, correct?
I thought the tier was based on 3-month average of assets, but I read more, and that I see what you mean. Looks like you keep your level for 12 months. I had a much higher balance before transferring out for another bonus this summer. I'll probably be moving some assets back for this latest bonus.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by David Scubadiver » Wed Nov 08, 2017 3:27 pm

I will repeat again for those who have not read it before, before you transfer an account, make sure you download all of you transactions. Otherwise, you are likely to find that you cannot do so once the account is transferred. I also encourage you to download your statements before, or immediately after, initiating a transfer.

If you are partial transferring, then I would print out the the cost-basis information and send it to yourself, with ticker symbols in the subject line. This is very helpful in the event the basis information does not transfer over properly.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Nov 08, 2017 4:11 pm

Depends on whether you do a partial or total transfer. I rarely do the latter, as I want to be able to access old records. I leave a few bucks in cash behind.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Mon Nov 13, 2017 8:00 pm

cookymonster wrote:
Wed Nov 08, 2017 2:22 pm
I thought the tier was based on 3-month average of assets, but I read more, and that I see what you mean. Looks like you keep your level for 12 months. I had a much higher balance before transferring out for another bonus this summer. I'll probably be moving some assets back for this latest bonus.
Yes, once status is achieved it is "sticky" for a year. That is helpful for those of us who want to temporarily use those assets to earn a bonus elsewhere.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by alphaomega » Thu Nov 16, 2017 9:02 am

I am going to perform my first transfer, what are the benefits of full vs partial transfer?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Thu Nov 16, 2017 11:29 am

If your current brokerage charges an account closing fee, you can save that by only doing a partial transfer.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Nov 16, 2017 11:51 am

Generally, I prefer partials. Sometimes a full transfer will close the account and make it difficult to access account documents. As noted, some custodians have lower or no transfer out fees on partial transfer (although you should always try to get the receiver to pay those).
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre » Thu Nov 16, 2017 1:32 pm

alphaomega wrote:
Thu Nov 16, 2017 9:02 am
I am going to perform my first transfer, what are the benefits of full vs partial transfer?
Great input already. Just wanted to say I generally prefer full transfers, just to be cleaner. Less minimally funded accounts laying around to worry about, and they tend to be faster than partials, which seem to need more human intervention/review. I've always had transfer out fees reimbursed, so the lower fees for partials haven't been a concern.

Also, for churning purposes, I've found it easier to qualify for a bonus again (e.g. months/years later) by not being an existing/current account holder. It's somewhat akin to credit card bonuses being available for only new applicants.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Nov 16, 2017 1:46 pm

With taxable accounts, you can always just withdraw the remaining cash. IRAs are trickier with the advent of the one-rollover rule. In the past you could just do an indirect rollover with the cash.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by alphaomega » Thu Nov 16, 2017 7:29 pm

what is everyone's experience regarding getting future transfer bonus if I perform a partial transfer now? Do most bonuses only care about the amount of transfer, even if the I already have an account with the custodian? or do bonuses mostly apply to a new account? thanks.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Nov 16, 2017 8:30 pm

Most seem to give bonuses for existing customers, although might need to open a new account. I haven't had one turned down because I already had an account. The exception right now is Schwab as they really only have one offer that's truly for new customers as I understand.

Some limit the number of bonuses per some period, which I generally abide by.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by soupcxan » Fri Nov 17, 2017 9:41 am

How much of a hassle is it to transfer a brokerage account out from Vanguard to get one of these bonuses?

Is it as simple as signing the paperwork or do I have to get things notarized or (shudder) a medallion signature guarantee?

Does VG charge a fee for a transfer out?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by alphaomega » Fri Nov 17, 2017 7:25 pm

Are cost basis normally transferred via the ACATs process?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by TravelforFun » Fri Nov 17, 2017 7:41 pm

soupcxan wrote:
Fri Nov 17, 2017 9:41 am
How much of a hassle is it to transfer a brokerage account out from Vanguard to get one of these bonuses?

Is it as simple as signing the paperwork or do I have to get things notarized or (shudder) a medallion signature guarantee?

Does VG charge a fee for a transfer out?
I don't have VG but I transfer from brokerage house to brokerage house regularly to get the bonus without problems or hassles. I usually do one big transfer a year and have never had to pay a fee.

TravelforFun

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Nov 17, 2017 7:51 pm

alphaomega wrote:
Fri Nov 17, 2017 7:25 pm
Are cost basis normally transferred via the ACATs process?
Yes, although it can take some time to get that across.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by alphaomega » Sat Nov 18, 2017 5:43 am

Earl Lemongrab wrote:
Fri Nov 17, 2017 7:51 pm
alphaomega wrote:
Fri Nov 17, 2017 7:25 pm
Are cost basis normally transferred via the ACATs process?
Yes, although it can take some time to get that across.
Since cost basis will be transferred, it seems to me a full transfer is a better way to go. With all things being equal, I rather have one less account, to keep life simpler, provided the account closing fee is covered. What am I missing?

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sat Nov 18, 2017 11:17 am

alphaomega wrote:
Sat Nov 18, 2017 5:43 am
Since cost basis will be transferred, it seems to me a full transfer is a better way to go. With all things being equal, I rather have one less account, to keep life simpler, provided the account closing fee is covered. What am I missing?
I like being able to access the old documents for a period. I have sometimes received targeted offers for these small accounts, but not for a bit. Whatever works best for you.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by alphaomega » Sat Nov 18, 2017 4:55 pm

Earl Lemongrab wrote:
Sat Nov 18, 2017 11:17 am
alphaomega wrote:
Sat Nov 18, 2017 5:43 am
Since cost basis will be transferred, it seems to me a full transfer is a better way to go. With all things being equal, I rather have one less account, to keep life simpler, provided the account closing fee is covered. What am I missing?
I like being able to access the old documents for a period. I have sometimes received targeted offers for these small accounts, but not for a bit. Whatever works best for you.
Thanks for the targeted offer tip, appreciate it.

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