Fidelity - promotion bonus

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johnubc
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Fidelity - promotion bonus

Post by johnubc » Tue Nov 05, 2019 12:54 pm

Just got off the phone with Fidelity, after asking about a promotion bonus. Rep indicated that Fido is no longer going to do Promotions, as they feel with zero costs across the board (Mutual Fund, Trading, etc) - there is no need for a promotion. Vangard has a similar philosophy.

So now - how loyal am I to Fidelity.

My plan was to deposit $250K for a $600 promo (last months) - now I am left with the dilemma to move $1 million out of Fido for a $2,500 promo at another competitor (where I am also a customer). I am leaning towards moving it all out of Fido.

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indexfundfan
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Re: Fidelity - promotion bonus

Post by indexfundfan » Tue Nov 05, 2019 1:02 pm

I received the same response when I contacted them a few months ago about moving assets to them. At that time, the rep did say they will still give a $3000 bonus, if you are moving $5m.
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megabad
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Re: Fidelity - promotion bonus

Post by megabad » Tue Nov 05, 2019 7:26 pm

Just wanted to point out that 2500 bonus on 1 million is...oh...let's say about 1 basis point across 30 years. Probably not the biggest deal so I wouldn't put too much effort into this. I guess it could be a bigger deal if you did it every few years, but you would then have to somehow find ETFs that were commission free everywhere which could add a pretty complicated dynamic. I could see folks amassing quite a collection of different ETFs this way. Just saying it seems like a lot of trouble unless you are genuinely interested in keeping your funds at that brokerage.

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Re: Fidelity - promotion bonus

Post by RickBoglehead » Tue Nov 05, 2019 7:34 pm

johnubc wrote:
Tue Nov 05, 2019 12:54 pm
Just got off the phone with Fidelity, after asking about a promotion bonus. Rep indicated that Fido is no longer going to do Promotions, as they feel with zero costs across the board (Mutual Fund, Trading, etc) - there is no need for a promotion. Vangard has a similar philosophy.

So now - how loyal am I to Fidelity.

My plan was to deposit $250K for a $600 promo (last months) - now I am left with the dilemma to move $1 million out of Fido for a $2,500 promo at another competitor (where I am also a customer). I am leaning towards moving it all out of Fido.
No, Vanguard's philosophy is not the same. Vanguard never paid bonuses, or ate transfer fees.
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arf30
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Re: Fidelity - promotion bonus

Post by arf30 » Tue Nov 05, 2019 7:35 pm

This thread details all the current brokerage bonuses, I would ask there: viewtopic.php?f=10&t=196884&start=1900

hmw
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Re: Fidelity - promotion bonus

Post by hmw » Tue Nov 05, 2019 8:08 pm

They may call you and offer your a bonus after you transfer out your money.

I have an account at Fido. I emailed them about the recent Schwab bonus offer and asked if Fido could match it and give me a retention bonus. They said no and offered me 75 free trades. I told them that it was not good enough. Two days later, Fido changed its policy to free trades for everyone. :happy

So I did a partial transfer out of Fido to take advantage of bonus offer from Schwab. Someone from Fido called me a week later and asked if they can offer a bonus to bring money back. I didn’t want to transfer money from Schwab back, but I do have some money at TDA. Fido ended up offering me $2500 to bring a million from TDA.

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SlowMovingInvestor
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Re: Fidelity - promotion bonus

Post by SlowMovingInvestor » Wed Nov 06, 2019 4:28 pm

hmw wrote:
Tue Nov 05, 2019 8:08 pm
They may call you and offer your a bonus after you transfer out your money.

So I did a partial transfer out of Fido to take advantage of bonus offer from Schwab. Someone from Fido called me a week later and asked if they can offer a bonus to bring money back. I didn’t want to transfer money from Schwab back, but I do have some money at TDA. Fido ended up offering me $2500 to bring a million from TDA.
Have you ever got a bonus from Fido before ? They apparently have a sort of policy of one lifetime bonus, but may make exceptions if large amounts are being transferred in.

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Re: Fidelity - promotion bonus

Post by BuddyJet » Wed Nov 06, 2019 4:57 pm

megabad wrote:
Tue Nov 05, 2019 7:26 pm
Just wanted to point out that 2500 bonus on 1 million is...oh...let's say about 1 basis point across 30 years. Probably not the biggest deal so I wouldn't put too much effort into this. I guess it could be a bigger deal if you did it every few years, but you would then have to somehow find ETFs that were commission free everywhere which could add a pretty complicated dynamic. I could see folks amassing quite a collection of different ETFs this way. Just saying it seems like a lot of trouble unless you are genuinely interested in keeping your funds at that brokerage.
I look at the bonus as 25 basis points or more for the time required to fully earn the bonus.

My approach is to take a group of my core ETF holdings that I intend to never sell and designate them as my "hot money" holding that will move at the highest bonus available after the old required account hold time expires. Dividends are transferred to bank account and basis is easy to track between brokerages since no trades are made.

It does take some time to fill web forms and set up bank transfers but the hourly pay is pretty good. Just keep a spreadsheet so you know when required account hold time is up.

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Re: Fidelity - promotion bonus

Post by Darth Xanadu » Wed Nov 06, 2019 5:23 pm

BuddyJet wrote:
Wed Nov 06, 2019 4:57 pm

My approach is to take a group of my core ETF holdings that I intend to never sell and designate them as my "hot money" holding that will move at the highest bonus available after the old required account hold time expires. Dividends are transferred to bank account and basis is easy to track between brokerages since no trades are made.

It does take some time to fill web forms and set up bank transfers but the hourly pay is pretty good. Just keep a spreadsheet so you know when required account hold time is up.
How long, if at all, is the money out of the market? Or are you transferring the ETFs fully so no time out of the market? And if the latter, how can you be sure your "hot money" is an appropriate amount for the various bonus opportunities?

Thanks,
DX
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Re: Fidelity - promotion bonus

Post by BuddyJet » Wed Nov 06, 2019 6:35 pm

Darth Xanadu wrote:
Wed Nov 06, 2019 5:23 pm
BuddyJet wrote:
Wed Nov 06, 2019 4:57 pm

My approach is to take a group of my core ETF holdings that I intend to never sell and designate them as my "hot money" holding that will move at the highest bonus available after the old required account hold time expires. Dividends are transferred to bank account and basis is easy to track between brokerages since no trades are made.

It does take some time to fill web forms and set up bank transfers but the hourly pay is pretty good. Just keep a spreadsheet so you know when required account hold time is up.
How long, if at all, is the money out of the market? Or are you transferring the ETFs fully so no time out of the market? And if the latter, how can you be sure your "hot money" is an appropriate amount for the various bonus opportunities?

Thanks,
DX
No out of market. ETF fully transferred. My "hot money" bundle is a bit over $1MM to withstand market changes but for bonus levels, there is usually a $1MM level available to chase.

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1789
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Re: Fidelity - promotion bonus

Post by 1789 » Wed Nov 06, 2019 7:17 pm

If 1 million is invested in market you can get 2500$ in a day when the market closes +0.25%. I would not spend my time for this move.
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Re: Fidelity - promotion bonus

Post by hmw » Wed Nov 06, 2019 8:18 pm

SlowMovingInvestor wrote:
Wed Nov 06, 2019 4:28 pm
hmw wrote:
Tue Nov 05, 2019 8:08 pm
They may call you and offer your a bonus after you transfer out your money.

So I did a partial transfer out of Fido to take advantage of bonus offer from Schwab. Someone from Fido called me a week later and asked if they can offer a bonus to bring money back. I didn’t want to transfer money from Schwab back, but I do have some money at TDA. Fido ended up offering me $2500 to bring a million from TDA.
Have you ever got a bonus from Fido before ? They apparently have a sort of policy of one lifetime bonus, but may make exceptions if large amounts are being transferred in.
Yes. I received a bonus when I opened a Fido account maybe 5 years ago. I have never heard about one lifetime policy. But I know Fido has not offered any cash bonus for a few years.

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indexfundfan
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Re: Fidelity - promotion bonus

Post by indexfundfan » Wed Nov 06, 2019 9:09 pm

Obviously you want to collect the bonus and also be not out of the market.
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Re: Fidelity - promotion bonus

Post by tesuzuki2002 » Thu Nov 07, 2019 1:55 pm

megabad wrote:
Tue Nov 05, 2019 7:26 pm
Just wanted to point out that 2500 bonus on 1 million is...oh...let's say about 1 basis point across 30 years. Probably not the biggest deal so I wouldn't put too much effort into this. I guess it could be a bigger deal if you did it every few years, but you would then have to somehow find ETFs that were commission free everywhere which could add a pretty complicated dynamic. I could see folks amassing quite a collection of different ETFs this way. Just saying it seems like a lot of trouble unless you are genuinely interested in keeping your funds at that brokerage.
+1

:sharebeer

daheld
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Re: Fidelity - promotion bonus

Post by daheld » Thu Nov 07, 2019 2:10 pm

This is entirely too much work and complication for a small amount of money relative to the amount you have invested.

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Re: Fidelity - promotion bonus

Post by surfstar » Thu Nov 07, 2019 2:14 pm

Agreed.

I did a Citibank and Bank of the West savings account promos this year - netting $500 + $250
Citi required $15k + a few transfers, BW $250 + transfers.

$1m for $600-2500 - meh

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Re: Fidelity - promotion bonus

Post by 123 » Thu Nov 07, 2019 2:22 pm

daheld wrote:
Thu Nov 07, 2019 2:10 pm
This is entirely too much work and complication for a small amount of money relative to the amount you have invested.
+1 Yup. If you were thinking of moving your assets/account anyway the bonus can be a motivator so they are useful in that respect. Otherwise if you've got significant assets the bonus doesn't move the needle very much. If the bonus goes in a taxable account that drops the value a bit (depending on your taxable income.) I suppose chasing bonuses is fine as a hobby and it can be useful to rationalize the use of the money for your toys.

As a separate matter I've noticed those new account bonuses at retail bank branches seemed to have reached $750 in our area for some banks.
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SlowMovingInvestor
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Re: Fidelity - promotion bonus

Post by SlowMovingInvestor » Thu Nov 07, 2019 4:16 pm

1789 wrote:
Wed Nov 06, 2019 7:17 pm
If 1 million is invested in market you can get 2500$ in a day when the market closes +0.25%. I would not spend my time for this move.
Here's another way to look at it.

Assume you're doing a 3% withdrawal annually. On $1M, that's $30K. But $2500 bonus means around 8% of your withdrawal is a pure bonus. That certainly makes it seem worthwhile.

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Re: Fidelity - promotion bonus

Post by indexfundfan » Thu Nov 07, 2019 8:55 pm

surfstar wrote:
Thu Nov 07, 2019 2:14 pm
Agreed.

I did a Citibank and Bank of the West savings account promos this year - netting $500 + $250
Citi required $15k + a few transfers, BW $250 + transfers.

$1m for $600-2500 - meh
I would also consider the "effort" (i.e. the number of minutes) you put into getting the bonus. If the amount of time put in is the same, then the payout or hourly rate of the $2500 bonus is 10x that of the Citi bonus ($250).
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illumination
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Re: Fidelity - promotion bonus

Post by illumination » Thu Nov 07, 2019 9:05 pm

I would only leave if I had reasons beyond just the bonus.

I took advantage of something similar, but truthfully, I hated the brokerage I was with (Wells Fargo) and would have done it for free.

$2,500 is worth a few hours for me. It's very little work and it's basically like getting a new laptop, tablet, and smart phone to just fill out a few pages of forms.

I could not be the guy though that just churns accounts constantly like this for bonuses, I think that burns bridges and just seems a bit underhanded. But to each their own.

ARoseByAnyOtherName
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Re: Fidelity - promotion bonus

Post by ARoseByAnyOtherName » Fri Nov 08, 2019 6:24 am

Churning accounts for brokerage bonuses seems like the epitome of penny-wise, pound-foolish.

I’ve been a Fidelity Private Client customer for many years. I don’t need much help, I talk to my private client rep every year or two maybe, but they help me out when I need. I can call the support number on a Sunday evening and say “jump” and they’re like “yes sir how high???”

If I have 7 figures there’s no way I’m ditching that relationship and service, and starting over with a new company, for $2,500.

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Re: Fidelity - promotion bonus

Post by dachshunddad » Fri Nov 08, 2019 6:59 am

ARoseByAnyOtherName wrote:
Fri Nov 08, 2019 6:24 am
Churning accounts for brokerage bonuses seems like the epitome of penny-wise, pound-foolish.

I’ve been a Fidelity Private Client customer for many years. I don’t need much help, I talk to my private client rep every year or two maybe, but they help me out when I need. I can call the support number on a Sunday evening and say “jump” and they’re like “yes sir how high???”

If I have 7 figures there’s no way I’m ditching that relationship and service, and starting over with a new company, for $2,500.
+1, and you will pay income tax rate making it even less fruitful

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Re: Fidelity - promotion bonus

Post by Slick8503 » Fri Nov 08, 2019 7:37 am

Do those of you who say it’s not worth the effort still go to 9 to 5 jobs? My thinking is that if you are willing to work for an hourly wage then you should almost certainly be willing to “work” to get these account bonuses. Unless your income is extremely high the bonus will pay way more on the hour than you currently make.

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Re: Fidelity - promotion bonus

Post by inbox788 » Fri Nov 08, 2019 11:47 am

Slick8503 wrote:
Fri Nov 08, 2019 7:37 am
Do those of you who say it’s not worth the effort still go to 9 to 5 jobs? My thinking is that if you are willing to work for an hourly wage then you should almost certainly be willing to “work” to get these account bonuses. Unless your income is extremely high the bonus will pay way more on the hour than you currently make.
The bonus is a plus, but if any time money is out of the market, you miss out on opportunity up and down. Sometimes it works in your favor, other times, against. If you have to tie down the money for 3 or 6 months, the value of the bonus isn't as much as it seems, and taxes further reduce the benefit. Sometimes, for less work, and a little increase in risk, you can get better results. I've opted to move some money market funds (emergency fund) into intermediate bonds, or exchanging some intermediate term bonds to long term. Or just throw the cash into the market if you can stand the added volatility.

If you do chase bonus offers, sometimes you have to choose to maximize the absolute bonus with a bigger transfer or maximize the return. Often the latter is the sweet spot.

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Re: Fidelity - promotion bonus

Post by Slick8503 » Fri Nov 08, 2019 1:11 pm

I'm only speaking to transferring assets "in kind" where they are not out of the market. As an example, I transferred funds from VG to Merrill to take advantage of an account bonus and to qualify for Preferred Rewards. I hold the identical funds as before, the process took a minimal amount of time, the money was not out of the market, I now qualify for 2.625% on every purchase and received an account bonus of several hundred dollars to boot. Dollar/hr of this endeavor was extremely high. Same for many other bonuses I've done over the years.

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Re: Fidelity - promotion bonus

Post by ARoseByAnyOtherName » Fri Nov 08, 2019 7:17 pm

Slick8503 wrote:
Fri Nov 08, 2019 7:37 am
Do those of you who say it’s not worth the effort still go to 9 to 5 jobs? My thinking is that if you are willing to work for an hourly wage then you should almost certainly be willing to “work” to get these account bonuses. Unless your income is extremely high the bonus will pay way more on the hour than you currently make.
Yes, I have a 9 to 5 job.

First off I think people underestimate the total time involved in switching. People around here tend to be like “lol it took me 15 minutes!!!!!” but by the time you’re done filling out the forms, creating new online accounts, setting up external accounts and (possibly) direct deposit, getting used to the new online interface, setting up 2FA, etc, the total time can be considerable.

Second, I factor in the cost of severing my existing relationships with people at my existing brokerage. I commented on that above, but suffice it to say the service I have received over the years is worth much more than $2,500 to me.

As with many things there are considerations beyond time and money.

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SlowMovingInvestor
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Re: Fidelity - promotion bonus

Post by SlowMovingInvestor » Fri Nov 08, 2019 7:35 pm

ARoseByAnyOtherName wrote:
Fri Nov 08, 2019 6:24 am
Churning accounts for brokerage bonuses seems like the epitome of penny-wise, pound-foolish.

I’ve been a Fidelity Private Client customer for many years. I don’t need much help, I talk to my private client rep every year or two maybe, but they help me out when I need. I can call the support number on a Sunday evening and say “jump” and they’re like “yes sir how high???”

If I have 7 figures there’s no way I’m ditching that relationship and service, and starting over with a new company, for $2,500.
1) Many Bogleheads don't necessarily consider advice to be that useful.
2) If you have $ 1M at most places, you'll get assigned a personal advisor. Fidelity's service is excellent, but other brokerages are pretty good too.
3) If you have $2M+, you can transfer $1M to another brokerage and get the bonus, and keep your advisor and maybe get a new one in the bargain.

So it may not work for you, but I wouldn't disdain it as pound foolish -- especially for someone who doesn't necessarily value the relationship that much. And really if you don't use the advisor that much, what 'pound' are you losing ?
Last edited by SlowMovingInvestor on Fri Nov 08, 2019 7:52 pm, edited 2 times in total.

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SlowMovingInvestor
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Re: Fidelity - promotion bonus

Post by SlowMovingInvestor » Fri Nov 08, 2019 7:39 pm

dachshunddad wrote:
Fri Nov 08, 2019 6:59 am

+1, and you will pay income tax rate making it even less fruitful
For Roth IRA transfers, never. Getting extra money into a Roth IRA for those who can't mega backdoor is very valuable.

For regular IRA transfers, deferred for many, many years and you have earnings on it.

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Re: Fidelity - promotion bonus

Post by SlowMovingInvestor » Fri Nov 08, 2019 7:46 pm

ARoseByAnyOtherName wrote:
Fri Nov 08, 2019 7:17 pm

First off I think people underestimate the total time involved in switching. People around here tend to be like “lol it took me 15 minutes!!!!!” but by the time you’re done filling out the forms, creating new online accounts, setting up external accounts and (possibly) direct deposit, getting used to the new online interface, setting up 2FA, etc, the total time can be considerable.
The online interfaces for most major brokerages are very similar unless you're trying some of their really fancy features. Creating a brokerage account is typically very simple, not more difficult than opening a new CC account. 2FA is often setup at creation time.

Most have very nice transfer features too, almost all online, so the time taken isn't that much. You do need to verify transfer, but all told less than an hour unless you have some complicated instruments to transfer. If it's a taxable account, you may need to download an extra tax form at tax time.

2-3 hrs max, I would say unless something unexpected happens.

I would add that other brokerages sometimes have better tools in some areas. Some provide better research reports, better bond inventories, even free roboadvisors (Schwab). I don't think any brokerage, not even Fidelity, is the best at everything.

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Re: Fidelity - promotion bonus

Post by SlowMovingInvestor » Fri Nov 08, 2019 8:09 pm

megabad wrote:
Tue Nov 05, 2019 7:26 pm
Just wanted to point out that 2500 bonus on 1 million is...oh...let's say about 1 basis point across 30 years. Probably not the biggest deal so I wouldn't put too much effort into this. I guess it could be a bigger deal if you did it every few years, but you would then have to somehow find ETFs that were commission free everywhere which could add a pretty complicated dynamic.
Uh, pretty much all ETFs are now commission free at pretty much all major online brokerages.

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Re: Fidelity - promotion bonus

Post by ARoseByAnyOtherName » Fri Nov 08, 2019 8:20 pm

SlowMovingInvestor wrote:
Fri Nov 08, 2019 7:46 pm
ARoseByAnyOtherName wrote:
Fri Nov 08, 2019 7:17 pm

First off I think people underestimate the total time involved in switching. People around here tend to be like “lol it took me 15 minutes!!!!!” but by the time you’re done filling out the forms, creating new online accounts, setting up external accounts and (possibly) direct deposit, getting used to the new online interface, setting up 2FA, etc, the total time can be considerable.
The online interfaces for most major brokerages are very similar unless you're trying some of their really fancy features. Creating a brokerage account is typically very simple, not more difficult than opening a new CC account. 2FA is often setup at creation time.

Most have very nice transfer features too, almost all online, so the time taken isn't that much. You do need to verify transfer, but all told less than an hour unless you have some complicated instruments to transfer. If it's a taxable account, you may need to download an extra tax form at tax time.

2-3 hrs max, I would say unless something unexpected happens.

I would add that other brokerages sometimes have better tools in some areas. Some provide better research reports, better bond inventories, even free roboadvisors (Schwab). I don't think any brokerage, not even Fidelity, is the best at everything.
Everything included, I bet 2-3 hours is a lower bound for the amount of time it would take. But still that’s more realistic then some other estimates I’ve seen here.

Also my point isn’t that Fidelity is best. It’s that there are costs to switching from one brokerage to another beyond just the time it takes.

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Re: Fidelity - promotion bonus

Post by ARoseByAnyOtherName » Fri Nov 08, 2019 8:28 pm

SlowMovingInvestor wrote:
Fri Nov 08, 2019 7:35 pm
ARoseByAnyOtherName wrote:
Fri Nov 08, 2019 6:24 am
Churning accounts for brokerage bonuses seems like the epitome of penny-wise, pound-foolish.

I’ve been a Fidelity Private Client customer for many years. I don’t need much help, I talk to my private client rep every year or two maybe, but they help me out when I need. I can call the support number on a Sunday evening and say “jump” and they’re like “yes sir how high???”

If I have 7 figures there’s no way I’m ditching that relationship and service, and starting over with a new company, for $2,500.
1) Many Bogleheads don't necessarily consider advice to be that useful.
2) If you have $ 1M at most places, you'll get assigned a personal advisor. Fidelity's service is excellent, but other brokerages are pretty good too.
3) If you have $2M+, you can transfer $1M to another brokerage and get the bonus, and keep your advisor and maybe get a new one in the bargain.

So it may not work for you, but I wouldn't disdain it as pound foolish -- especially for someone who doesn't necessarily value the relationship that much. And really if you don't use the advisor that much, what 'pound' are you losing ?
If I have $2M+ at one brokerage I’m happy with, there is no way on earth I’m going to split it across two brokerages instead of one, with all the additional overhead that comes with it, for only $2,500!

Simplicity is a key Boglehead principle. If you have $2M you’ve already won. Why make life more complicated for nothing (relative to the size of that portfolio)?

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Re: Fidelity - promotion bonus

Post by StandingRock » Sat Nov 09, 2019 6:49 pm

Geez I get a headache just thinking about trying to squeeze out a nickel in this fashion, considering the pain I am having getting my money out of Vanguard's grubby little paws.

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Re: Fidelity - promotion bonus

Post by TBillT » Sat Nov 09, 2019 10:51 pm

Yoy gotta figure if someone is offering that bonus, they need to get the money.
I'd rather see Fido give better money market rates.

We happen to be moving some funds over to Fido, I will ask if I think we qualify, but sounds like slim pickens.
We did get 250 free trades which is now superceded. I guess we saved some bucks from that before the recent change.

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Re: Fidelity - promotion bonus

Post by TIAX » Sat Nov 09, 2019 10:57 pm

dachshunddad wrote:
Fri Nov 08, 2019 6:59 am
ARoseByAnyOtherName wrote:
Fri Nov 08, 2019 6:24 am
Churning accounts for brokerage bonuses seems like the epitome of penny-wise, pound-foolish.

I’ve been a Fidelity Private Client customer for many years. I don’t need much help, I talk to my private client rep every year or two maybe, but they help me out when I need. I can call the support number on a Sunday evening and say “jump” and they’re like “yes sir how high???”

If I have 7 figures there’s no way I’m ditching that relationship and service, and starting over with a new company, for $2,500.
+1, and you will pay income tax rate making it even less fruitful
He would transfer in kind so there wouldn't be any tax consequences.

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Re: Fidelity - promotion bonus

Post by sperry8 » Sun Nov 10, 2019 1:13 am

daheld wrote:
Thu Nov 07, 2019 2:10 pm
This is entirely too much work and complication for a small amount of money relative to the amount you have invested.
Silly. For $2,500 it took a few minutes of my time. Literally. An in-kind transfer couldn't be more simple. What do you do that you earn $2,500 for a few minutes? I'll take the money :moneybag
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Re: Fidelity - promotion bonus

Post by Derpalator » Sun Nov 10, 2019 3:22 am

May or may not be actionable. Recently I had a 403b and a 457b to roll over to Fidelity of about 550k. I had read recently about ETrade's transfer bonus of 2.5k per million. I brought this up to my Fidelity mate and the fact that I had been with them for 20 plus years, had previously transferred another 401k of 600k to them, and was now approaching 4.5 million en toto and HAD NEVER GOTTEN A SINGLE BONUS OR OFFER. I told them that I had no intention of leaving but would they please, please give me and my deposits at least some consideration? My Fidelity mate hemmed and hawed and stated Fidelity didn't have transfer bonuses and they were low cost/great service/blah blah blah. Well, I said that I was disappointed and asked again for at least some consideration. Mate then said maybe there WAS something to be done and he would call back soon.

:D Well, twas a miracle, indeed! Within 24 hours, my mate got back to me and said a ONCE IN A LIFETIME RETENTION BONUS OF 5000 DOLLARS was now being put into my (and DW's) accounts. I might add that this transfer of free money was accomplished before I had even filled out the rollover forms. For the next three weeks I broke out giggling each time I thought about it and would text DW with "5000 THOUSAND DOLLARS just for being a nice guy!".

Thanks to bogleheads and this forum, for that is where I read about the transfer bonus. Also kudos to Earl Lemongrab and his notorious thread!

Slick8503
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Re: Fidelity - promotion bonus

Post by Slick8503 » Sun Nov 10, 2019 6:25 am

I guess I'm glad that so many find chasing these things not worth the time. If everyone realized that the pay/hr was so high the bonuses would probably dry up. Maybe the long term relationship just has very little value to me. I was with VG for a good while prior to transferring to Merrill. The service received was nothing that would want to make me stay. It was not terrible, but it didn't add value to me. I do understand the sentiment, because I have a CU that I have used for about as long, and they are great. Their service is worth staying for. I can't imagine any of the big brokerages are too dissimilar in the service department.

ARoseByAnyOtherName
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Re: Fidelity - promotion bonus

Post by ARoseByAnyOtherName » Sun Nov 10, 2019 9:05 am

sperry8 wrote:
Sun Nov 10, 2019 1:13 am
daheld wrote:
Thu Nov 07, 2019 2:10 pm
This is entirely too much work and complication for a small amount of money relative to the amount you have invested.
Silly. For $2,500 it took a few minutes of my time. Literally. An in-kind transfer couldn't be more simple. What do you do that you earn $2,500 for a few minutes? I'll take the money :moneybag
It takes more than a few minutes.

Ask StandingRock, sounds like they are having a fun experience so far.

If you think it only takes 15 minutes, all-in, why don’t you do it?

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Re: Fidelity - promotion bonus

Post by indexfundfan » Sun Nov 10, 2019 9:20 am

Slick8503 wrote:
Sun Nov 10, 2019 6:25 am
I guess I'm glad that so many find chasing these things not worth the time. If everyone realized that the pay/hr was so high the bonuses would probably dry up.
+1
My signature has been deleted.

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Re: Fidelity - promotion bonus

Post by megabad » Mon Nov 11, 2019 2:58 pm

indexfundfan wrote:
Sun Nov 10, 2019 9:20 am
Slick8503 wrote:
Sun Nov 10, 2019 6:25 am
I guess I'm glad that so many find chasing these things not worth the time. If everyone realized that the pay/hr was so high the bonuses would probably dry up.
+1
I guess I'm glad that Vanguard doesn't play these games. FYI, this post is about the bonuses drying up. Most people lose more in ER and bid ask spread than the numbers mentioned here and I don't even think those are worth worrying much about 90% of the time.
SlowMovingInvestor wrote:
Fri Nov 08, 2019 8:09 pm
megabad wrote:
Tue Nov 05, 2019 7:26 pm
Just wanted to point out that 2500 bonus on 1 million is...oh...let's say about 1 basis point across 30 years. Probably not the biggest deal so I wouldn't put too much effort into this. I guess it could be a bigger deal if you did it every few years, but you would then have to somehow find ETFs that were commission free everywhere which could add a pretty complicated dynamic.
Uh, pretty much all ETFs are now commission free at pretty much all major online brokerages.
This would be a fair argument. If you believe that "major" brokerages will continue to offer bonuses.

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Re: Fidelity - promotion bonus

Post by sperry8 » Mon Nov 11, 2019 6:20 pm

ARoseByAnyOtherName wrote:
Sun Nov 10, 2019 9:05 am
sperry8 wrote:
Sun Nov 10, 2019 1:13 am
daheld wrote:
Thu Nov 07, 2019 2:10 pm
This is entirely too much work and complication for a small amount of money relative to the amount you have invested.
Silly. For $2,500 it took a few minutes of my time. Literally. An in-kind transfer couldn't be more simple. What do you do that you earn $2,500 for a few minutes? I'll take the money :moneybag
It takes more than a few minutes.

Ask StandingRock, sounds like they are having a fun experience so far.

If you think it only takes 15 minutes, all-in, why don’t you do it?
It took me a few minutes. Not 15. Not even close. And i DID do it. I have $2,500 from Schwab for transferring in-kind assets. What I can't understand is why everyone doesn't do it.
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Re: Fidelity - promotion bonus

Post by snowman » Mon Nov 11, 2019 7:21 pm

sperry8 wrote:
Mon Nov 11, 2019 6:20 pm
ARoseByAnyOtherName wrote:
Sun Nov 10, 2019 9:05 am
sperry8 wrote:
Sun Nov 10, 2019 1:13 am
daheld wrote:
Thu Nov 07, 2019 2:10 pm
This is entirely too much work and complication for a small amount of money relative to the amount you have invested.
Silly. For $2,500 it took a few minutes of my time. Literally. An in-kind transfer couldn't be more simple. What do you do that you earn $2,500 for a few minutes? I'll take the money :moneybag
It takes more than a few minutes.

Ask StandingRock, sounds like they are having a fun experience so far.

If you think it only takes 15 minutes, all-in, why don’t you do it?
It took me a few minutes. Not 15. Not even close. And i DID do it. I have $2,500 from Schwab for transferring in-kind assets. What I can't understand is why everyone doesn't do it.
I play the bonus game, so have good experience with it. An In-kind transfer is amazingly simple! It takes me about 10 minutes, and I am not rushing through.

The transfer times are also super fast, 2-4 business days. Every single time. I have to agree with poster above who said it's actually good so many people don't want to pick up that proverbial $20 bill on the sidewalk - if everyone was doing it, brokerages would stop giving free money away.

What continues to amaze me on this site, is the unwillingness of people to pick up free $2,500 in brokerage bonus, since it's "entirely too much work and complication for a small amount of money relative to the amount you have invested", as per poster above. Yet people will spend time posting and reading threads when it comes to free, or at least discounted, tax software from Fidelity. It makes no sense to me! People are spending more time trying to save $10-$40 on tax software than moving account elsewhere and collect $2.5K.

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