The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by SlowMovingInvestor » Wed Jan 10, 2018 10:18 am

neilpilot wrote:
Sat Jan 06, 2018 10:16 am
SlowMovingInvestor wrote:
Sat Jan 06, 2018 8:57 am
From previous threads, I understand ME does accept transferred Vanguard Admiral Funds (but does not allow purchases and charges a fee for sales). Is that correct ? I have some Vanguard Admiral Funds that have no ETF equivalent, and I want to transfer these to ME.

[I did ask them via their web site, but no response (I've found their secure message response to be not the best around). They had a pretty long hold time when I called them yesterday, so I passed on using the phone]
I'm in discussions to transfer partial assets from Scottrade to ME. Of our 12 holdings at Scottrade, 4 are Vanguard Admiral funds. ME has confirmed that they CANNOT accept any of our 4 Admiral funds. I'd be interested in hearing if, in the past few months, anyone has successfully transferred any Admiral funds to ME.
ME first told me (as I said above) that they cannot transfer any Admirals, then someone got back to me and said they could transfer the ones I held.

neilpilot, what Admirals did you try to transfer ? I wonder if it's the ones that are convertible to ETFs that ME refuses to transfer (on the grounds that they can be transferred over after conversion if the original account is at VG). In my case, the funds I mentioned were all non-convertible.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Wed Jan 10, 2018 10:30 am

SlowMovingInvestor wrote:
Wed Jan 10, 2018 10:18 am


ME first told me (as I said above) that they cannot transfer any Admirals, then someone got back to me and said they could transfer the ones I held.

neilpilot, what Admirals did you try to transfer ? I wonder if it's the ones that are convertible to ETFs that ME refuses to transfer (on the grounds that they can be transferred over after conversion if the original account is at VG). In my case, the funds I mentioned were all non-convertible.
All are not convertible to VG ETFs: VAIPX, VFIDX, VWILX and VSIAX. All held in one or more Scottrade accounts.

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

Post by Earl Lemongrab » Wed Jan 10, 2018 11:44 am

SlowMovingInvestor wrote:
Wed Jan 10, 2018 5:25 am
How long does it take Fidelity to credit bonuses ? I have an account that was funded 2 days back.

I remember they used to credit airline miles very quickly.
Most do it shortly after the end of the funding period. So if the offer says 30 days or 45 days to fund, then it will be after that. The reason is that they will aggregate all transfers in during the period to reach the final number. TD Ameritrade does it differently, crediting each level as it's reached.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by SlowMovingInvestor » Wed Jan 10, 2018 1:04 pm

neilpilot wrote:
Wed Jan 10, 2018 10:30 am
SlowMovingInvestor wrote:
Wed Jan 10, 2018 10:18 am


ME first told me (as I said above) that they cannot transfer any Admirals, then someone got back to me and said they could transfer the ones I held.

neilpilot, what Admirals did you try to transfer ? I wonder if it's the ones that are convertible to ETFs that ME refuses to transfer (on the grounds that they can be transferred over after conversion if the original account is at VG). In my case, the funds I mentioned were all non-convertible.
All are not convertible to VG ETFs: VAIPX, VFIDX, VWILX and VSIAX. All held in one or more Scottrade accounts.
After a little more back and forth, I'm unconvinced that most ME reps really know if transfer of Admirals is allowed or not. Transfer of regular Vanguard funds is definitely allowed. I suppose I'll have to contact someone in their transfer group.

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

Post by pre » Wed Jan 10, 2018 8:32 pm

Curious if any folks have gotten reimbursed by Etrade for a transfer out fee of late?

Did a transfer last year and a phone rep was non-committal as I was initiating the transfer -- but after it completed, I sent a secure message with a copy of the Schwab statement indicating the fee, and promptly got credited.

In the process of doing a transfer now, and seem to be encountering the same, i.e. phone rep is uncertain. Might just have to wait and request again with documentation in hand. Most firms seem to reimburse readily, but to play it safe, I should have done a partial transfer and left a few dollars left rather than opting for the full :D

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

Post by wooster » Wed Jan 10, 2018 9:23 pm

SlowMovingInvestor wrote:
Wed Jan 10, 2018 1:04 pm
neilpilot wrote:
Wed Jan 10, 2018 10:30 am
SlowMovingInvestor wrote:
Wed Jan 10, 2018 10:18 am


ME first told me (as I said above) that they cannot transfer any Admirals, then someone got back to me and said they could transfer the ones I held.

neilpilot, what Admirals did you try to transfer ? I wonder if it's the ones that are convertible to ETFs that ME refuses to transfer (on the grounds that they can be transferred over after conversion if the original account is at VG). In my case, the funds I mentioned were all non-convertible.
All are not convertible to VG ETFs: VAIPX, VFIDX, VWILX and VSIAX. All held in one or more Scottrade accounts.
After a little more back and forth, I'm unconvinced that most ME reps really know if transfer of Admirals is allowed or not. Transfer of regular Vanguard funds is definitely allowed. I suppose I'll have to contact someone in their transfer group.
I transferred some VTIAX & VTSAX (both Admiral funds) from Vanguard to Merrill Edge in January 2017 with no problems, and am still holding them at ME. I suppose the rules could have changed since then, but I don't see why they would have.

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

Post by whodidntante » Thu Jan 11, 2018 1:00 am

pre wrote:
Wed Jan 10, 2018 8:32 pm
Curious if any folks have gotten reimbursed by Etrade for a transfer out fee of late?

Did a transfer last year and a phone rep was non-committal as I was initiating the transfer -- but after it completed, I sent a secure message with a copy of the Schwab statement indicating the fee, and promptly got credited.

In the process of doing a transfer now, and seem to be encountering the same, i.e. phone rep is uncertain. Might just have to wait and request again with documentation in hand. Most firms seem to reimburse readily, but to play it safe, I should have done a partial transfer and left a few dollars left rather than opting for the full :D
I think that's standard. Ask after the fee has been charged and you have a statement proving it. If you transferred enough to qualify for a bonus, you'll probably get the fee refunded as well.

wxl31
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by wxl31 » Fri Jan 12, 2018 12:28 pm

An observation:

1. Called Fidelity about the TD Ameritrade offer ($1000 for $250k) to see if they would match the offer to keep the funds at Fidelity. After some time discussing with supervisors and such, they came back with an offer of $380 to keep the funds at Fidelity. Paltry, so I'll be transferring to TD Ameritrade. But those of you who are happy at Fidelity may want to call them yearly to see if they'll offer at least some retention bonus for your money.

Two questions:

1. Merrill Edge allows for each individual to get multiple bonuses (e.g., one for the brokerage account, one for a Roth IRA). Does the TD Ameritrade offer also allow multiple bonuses for multiple accounts?

2. For those who have churned the Merrill Edge bonus more than once for the same account (e.g., gotten a $1k bonus twice for opening a brokerage account), can you please provide details? Did you close your brokerage account first, then open another one? Did you just open another brokerage account on top of your existing account? Or did you just move another $250k into the existing account? How often can you "recycle" the bonuses?

PM works too if you'd prefer that.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Fri Jan 12, 2018 12:37 pm

wxl31 wrote:
Fri Jan 12, 2018 12:28 pm

1. Merrill Edge allows for each individual to get multiple bonuses (e.g., one for the brokerage account, one for a Roth IRA). Does the TD Ameritrade offer also allow multiple bonuses for multiple accounts?
This may not be useful information, but back when we opened 5 Scottrade accounts in 3Q2015 we received a bonus for each account. Then, when we added significant assets to one of these account in 1Q16 we received an additional bonus. Then in 2Q17 when we told our local Scottrade rep we were planning to move 1 of the 5 accounts to TDA, Scottrade matched the TDA offer with a retention bonus.

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

Post by Earl Lemongrab » Fri Jan 12, 2018 1:20 pm

wxl31 wrote:
Fri Jan 12, 2018 12:28 pm
2. For those who have churned the Merrill Edge bonus more than once for the same account (e.g., gotten a $1k bonus twice for opening a brokerage account), can you please provide details? Did you close your brokerage account first, then open another one? Did you just open another brokerage account on top of your existing account? Or did you just move another $250k into the existing account? How often can you "recycle" the bonuses?
I just opened a new account and left the old nearly empty one. I think I have received three or four bonuses from Edge. Two in taxable and one in Roth for sure. I'd have to check my records to see if there was another.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by Earl Lemongrab » Fri Jan 12, 2018 2:55 pm

Ally Investments (the old Tradeking) has a pretty good offer for low transfer amounts:

https://go.ally.com/invest/promotions/? ... 479%3B0%3B

$200 for 25k.

It indicates, and I confirmed, that it's only for taxable accounts.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 » Fri Jan 12, 2018 3:56 pm

Happy New Year on this long thread. At Fidelity - requested the adviser/account-manager if they match or beat $3250 transfer special-bonus from ME for 1M+ (under 5MM), they buckled. However, Fidelity promotions team came back with $2500 Retention bonus offer. Got convinced, plan to stay-put for great service by team and Fidelity. Beside they have a brand-new office nearby our office, and one nearby our home for easier access and/or on-premise services (Medallion, large-check deposit/withdrawl, some hand-holding tip at times)

Update: Just got credited $2500 split with assets-weighted ratio between IRA (Entry: Commission Credit Commission Adj $$$) and Brokerage (Entry: Journaled goodwill cash $$$) accounts. It's fast this time, Retention bonus kicked in much faster than Transfer-in bonus as credited in Q4 2016. Time to make short trip and hand over Happy New Year $25 gift to my account team :-)

note: while at it, talked with retention dept of our home Internet Provider: got double speed and $10/month rate reduction 1-year promo.

Thanks Earl for maintaining this thread!

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

Post by SlowMovingInvestor » Sat Jan 13, 2018 12:36 pm

sc9182 wrote:
Fri Jan 12, 2018 3:56 pm
Happy New Year on this long thread. At Fidelity - requested the adviser/account-manager if they match or beat $3250 transfer special-bonus from ME for 1M+ (under 5MM), they buckled. However, Fidelity promotions team came back with $2500 Retention bonus offer. Got convinced, plan to stay-put for great service by team and Fidelity. Beside they have a brand-new office nearby our office, and one nearby our home for easier access and/or on-premise services (Medallion, large-check deposit/withdrawl, some hand-holding tip at times)
Do you think your account generates revenue for Fido ? Fidelity Active Funds, trading etc. probably gets Fidelity money.

I'm trying to figure out if a largely passive investor can also get retention bonuses.

sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 » Sat Jan 13, 2018 12:57 pm

:moneybag
SlowMovingInvestor wrote:
Sat Jan 13, 2018 12:36 pm
Do you think your account generates revenue for Fido ? Fidelity Active Funds, trading etc. probably gets Fidelity money.

I'm trying to figure out if a largely passive investor can also get retention bonuses.
All passive here, haven't sold any thing in 12+ years (correction: sold TWTR). Practically all of the assets invested in non-Fido funds (maintain near zero cash balance). Dunno if they generate any/much money once figuring occasional free trades use for buying during accumulation phase.

To clarify: decent % of these investments not tied up in Employer 401k. (ie, IRAs, Rollover IRA, HSA, Brokerage, Roth, DAF etc (no-529, thank-you!)). Hence, these NON tied-at-hip-with-employer-Fidelity-401k assets, is what led to Transfer bonus (Q4 2016) and Retention bonus (yestaday).

On the contrary, if most of your assets tied up at Fido 401k, they very well know you can't possibly move easily, hence don't expect retention/any bonus. if you have non-401k monies, start talking!

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G-Force
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by G-Force » Sat Jan 13, 2018 2:04 pm

When you transfer an account out, does the outgoing brokerage automatically close the account? If so, can you still get your tax statements the following year online or does the broker mail them to you?

sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 » Sat Jan 13, 2018 2:29 pm

You could possibly leave certain minimal amount in checking/savings to maintain the account access at old shop for some time.

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

Post by pre » Sat Jan 13, 2018 2:29 pm

G-Force wrote:
Sat Jan 13, 2018 2:04 pm
When you transfer an account out, does the outgoing brokerage automatically close the account? If so, can you still get your tax statements the following year online or does the broker mail them to you?
It seems to vary firm to firm, but they always mail my forms. For example, in my experience, TDA will just lock your online account, right after transferring, but can call in to request temporary access. Merrill/Cap One/Schwab/Etrade will just show account "closed" or $0 balance, but doesn't affect online access.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Sat Jan 13, 2018 3:02 pm

Earl Lemongrab wrote:
Fri Jan 12, 2018 2:55 pm
Ally Investments (the old Tradeking) has a pretty good offer for low transfer amounts:

https://go.ally.com/invest/promotions/? ... 479%3B0%3B

$200 for 25k.

It indicates, and I confirmed, that it's only for taxable accounts.
Do they auto-close empty accounts? It says that those who have closed their accounts within the last 90 dyas are not eligible. I assume that also means those with open accounts are not eligible. I had a TradeKing account that got converted at some point. I emptied it out but I didn't make an effort to close it.

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

Post by Earl Lemongrab » Sat Jan 13, 2018 5:48 pm

G-Force wrote:
Sat Jan 13, 2018 2:04 pm
When you transfer an account out, does the outgoing brokerage automatically close the account? If so, can you still get your tax statements the following year online or does the broker mail them to you?
No, it depends on the custodian. TD Ameritrade does, Fidelity doesn't in my experience. That being said, I usually leave a few dollars just to make sure. You can always transfer that out to a bank account later.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by Earl Lemongrab » Sat Jan 13, 2018 5:50 pm

tj wrote:
Sat Jan 13, 2018 3:02 pm
[Do they auto-close empty accounts? It says that those who have closed their accounts within the last 90 dyas are not eligible. I assume that also means those with open accounts are not eligible. I had a TradeKing account that got converted at some point. I emptied it out but I didn't make an effort to close it.
I don't know about closing. I still have the small account. The account opening from the offer site has an option for those who already have accounts, so I assume you're eligible. I intend to try soon. I need to identify 25k of assets to transfer, hopefully the ETFs I already have there.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by SlowMovingInvestor » Wed Jan 17, 2018 12:07 pm

Earl Lemongrab wrote:
Fri Jan 12, 2018 1:20 pm
wxl31 wrote:
Fri Jan 12, 2018 12:28 pm
2. For those who have churned the Merrill Edge bonus more than once for the same account (e.g., gotten a $1k bonus twice for opening a brokerage account), can you please provide details? Did you close your brokerage account first, then open another one? Did you just open another brokerage account on top of your existing account? Or did you just move another $250k into the existing account? How often can you "recycle" the bonuses?
I just opened a new account and left the old nearly empty one. I think I have received three or four bonuses from Edge. Two in taxable and one in Roth for sure. I'd have to check my records to see if there was another.
Over what time period ? Did you wait till the bonus was deposited in a prior account, or until the holding period was over (if that was > bonus deposit period) ?

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

Post by Earl Lemongrab » Wed Jan 17, 2018 12:11 pm

SlowMovingInvestor wrote:
Wed Jan 17, 2018 12:07 pm
Earl Lemongrab wrote:
Fri Jan 12, 2018 1:20 pm

I just opened a new account and left the old nearly empty one. I think I have received three or four bonuses from Edge. Two in taxable and one in Roth for sure. I'd have to check my records to see if there was another.
Over what time period ? Did you wait till the bonus was deposited in a prior account, or until the holding period was over (if that was > bonus deposit period) ?
My first account was opened in January of 2014. Generally I would get bonuses when the $1000 offer was in place. I move stuff out when I want to go to another custodian for an offer. I'm not real hyper about this, in fact I can be a bit of a procrastinator. I don't squeeze every nickel.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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