The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by spammagnet »

lostdog wrote: Sun May 12, 2024 5:42 pmI use a Wells Fargo credit card. My plan to get the $2,500 bonus is this:

1. Open a self-directed Wells Trade brokerage account.
2. Open an "everyday" checking account.
3. ACATS my Vanguard brokerage account to Wells Trade.
4. Set an appointment with a banker and upgrade my "everyday" checking account to Premier with the bonus code. The banker will link the Premier account to my brokerage.

Will this work? I'm nervous about doing an ACATs transfer. How long does the ACATS usually take?
I don't know whether upgrading an existing everyday checking account would qualify for the bonus. Why bother? It seems like you're anxious about moving a large sum of money and unnecessarily complicating things.

My suggestion is to open a brokerage account without funding it initially. Visit a banker to create the Premier account, which is a requirement. The minimum deposit for that is only a few dollars. The banker can link the empty brokerage account and verify that everything qualifies for the bonus. You'll have ample time to complete funding through an ACATS transfer.

Regarding your Vanguard account, it sounds like you plan to "ACATS" it, which implies transferring the entire account and closing it. That's not necessary. The online process will ask if you're transferring the entire account, and you can answer "no." If you do, it will prompt you for ticker symbols and whether you're transferring all of a specific asset. Again, you can answer "no." In that case, it will ask for a quantity and possibly the estimated value.

ACATS transfers typically take 5-7 business days and are routine, similar to checks passing through ACH. Only whole shares are transferred. If you have partial shares (likely due to dividend reinvestment), those will be liquidated if you move the entire account or all of a specific asset.

If you plan to keep your Vanguard account, consider transferring only whole shares of the assets you need to hit the number at W-F. That way, you can easily transfer most or all of it back to Vanguard when needed.

Keep in mind that the minimum daily balance requirement is strict and doesn't account for market fluctuations. Ensure your balance remains above the $250K minimum, even with price variations. If it drifts down to a risky level, you can transfer more in, as long as it stays above the MDB. Unfortunately, you can't correct it by transferring in once it's too low.

The ACATS process will likely ask you for a recent brokerage statement from Vanguard. Have a PDF ready.

The issue that usually complicates ACATS transfers is title and type mismatches between accounts. If your Vanguard account is joint and your W-F account is individual, anticipate problems. I think they'll permit it (they may not) but you'll have to work at it.

If you're married, the WF account should be individual, so your spouse can get the same bonus later in their name. If both accounts are individual, you can mitigate problems by using the exact same name format at W-F as is on the account at Vanguard. Do the same when opening the checking account.
lostdog
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by lostdog »

spammagnet wrote: Sun May 12, 2024 8:20 pm
lostdog wrote: Sun May 12, 2024 5:42 pmI use a Wells Fargo credit card. My plan to get the $2,500 bonus is this:

1. Open a self-directed Wells Trade brokerage account.
2. Open an "everyday" checking account.
3. ACATS my Vanguard brokerage account to Wells Trade.
4. Set an appointment with a banker and upgrade my "everyday" checking account to Premier with the bonus code. The banker will link the Premier account to my brokerage.

Will this work? I'm nervous about doing an ACATs transfer. How long does the ACATS usually take?
I don't know whether upgrading an existing everyday checking account would qualify for the bonus. Why bother? It seems like you're anxious about moving a large sum of money and unnecessarily complicating things.

My suggestion is to open a brokerage account without funding it initially. Visit a banker to create the Premier account, which is a requirement. The minimum deposit for that is only a few dollars. The banker can link the empty brokerage account and verify that everything qualifies for the bonus. You'll have ample time to complete funding through an ACATS transfer.

Regarding your Vanguard account, it sounds like you plan to "ACATS" it, which implies transferring the entire account and closing it. That's not necessary. The online process will ask if you're transferring the entire account, and you can answer "no." If you do, it will prompt you for ticker symbols and whether you're transferring all of a specific asset. Again, you can answer "no." In that case, it will ask for a quantity and possibly the estimated value.

ACATS transfers typically take 5-7 business days and are routine, similar to checks passing through ACH. Only whole shares are transferred. If you have partial shares (likely due to dividend reinvestment), those will be liquidated if you move the entire account or all of a specific asset.

If you plan to keep your Vanguard account, consider transferring only whole shares of the assets you need to hit the number at W-F. That way, you can easily transfer most or all of it back to Vanguard when needed.

Keep in mind that the minimum daily balance requirement is strict and doesn't account for market fluctuations. Ensure your balance remains above the $250K minimum, even with price variations. If it drifts down to a risky level, you can transfer more in, as long as it stays above the MDB. Unfortunately, you can't correct it by transferring in once it's too low.

The ACATS process will likely ask you for a recent brokerage statement from Vanguard. Have a PDF ready.

The issue that usually complicates ACATS transfers is title and type mismatches between accounts. If your Vanguard account is joint and your W-F account is individual, anticipate problems. I think they'll permit it (they may not) but you'll have to work at it.

If you're married, the WF account should be individual, so your spouse can get the same bonus later in their name. If both accounts are individual, you can mitigate problems by using the exact same name format at W-F as is on the account at Vanguard. Do the same when opening the checking account.
Thank you for taking the time to reply. We most likely will stay with Wells Fargo if everything goes well. We would love the simplicity of having banking, brokerage and IRA's at Wells. Especially for my wife if something happens to me.

The branch is about an hour away so we'll be driving to open the premier account. Worth the drive for $2500 or more. The perks of the premier checking and customer service for both checking and the brokerage account look good compared to Vanguard customer service.

We'll just be holding the three fund portfolio at Wells.
spammagnet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

lostdog wrote: Sun May 12, 2024 8:38 pmThank you for taking the time to reply. We most likely will stay with Wells Fargo if everything goes well. ...
It probably will but leave a few shares at Vanguard until everything does go well. It's easy to do another ACATS to close Vanguard. It's also easier to return to Vanguard if you're unhappy with W-F, if a vestige of the account remains open.
sprintuser1
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sprintuser1 »

I received a 1.25% match offer from Webull if I were to transfer funds from another brokerage. I know some people received 3% match offers in the past few months for a taxable brokerage, not IRA. Does anyone know what you can do to increase the chances of receiving the higher 3% offer?
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

sprintuser1 wrote: Mon May 13, 2024 3:21 pm I received a 1.25% match offer from Webull if I were to transfer funds from another brokerage. I know some people received 3% match offers in the past few months for a taxable brokerage, not IRA. Does anyone know what you can do to increase the chances of receiving the higher 3% offer?
I don't think there's a way to game the algorithms. ;-)
bbrock
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

May have been posted, but can the Wells Fargo $2500 bonus offer account opening be completed all online now? It was painfully long in the branch when I had to do it. I’m not eligible for it since it has not been 1 year. Therefore, we want to open up one in my wife’s name. Just want to do it this time, though all online.
bbrock
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

bbrock wrote: Mon May 13, 2024 4:04 pm May have been posted, but can the Wells Fargo $2500 bonus offer account opening be completed all online now? It was painfully long in the branch when I had to do it. I’m not eligible for it since it has not been 1 year. Therefore, we want to open up one in my wife’s name. Just want to do it this time, though all online.
Beggars can't be choosers. :D
Makaveli
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Makaveli »

tj wrote: Mon May 13, 2024 4:05 pm
bbrock wrote: Mon May 13, 2024 4:04 pm May have been posted, but can the Wells Fargo $2500 bonus offer account opening be completed all online now? It was painfully long in the branch when I had to do it. I’m not eligible for it since it has not been 1 year. Therefore, we want to open up one in my wife’s name. Just want to do it this time, though all online.
Beggars can't be choosers. :D
That’s right!

One hour in the branch. $3500 bonus secured.
80:20 EQ to Fixed Income, 70:30 US:International
hmw
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

bbrock wrote: Mon May 13, 2024 4:04 pm May have been posted, but can the Wells Fargo $2500 bonus offer account opening be completed all online now? It was painfully long in the branch when I had to do it. I’m not eligible for it since it has not been 1 year. Therefore, we want to open up one in my wife’s name. Just want to do it this time, though all online.
There was a link allowing online opening of the premium checking account several weeks ago. This link is dead now and the current offer requires a branch visit.
hmw
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

need403bhelp wrote: Sat May 04, 2024 5:15 pm https://www.merrilledge.com/offers/pr1000

Page is live but someone in BofA thread said code is expired.

If it starts working timing would be perfect for DW and I to move our $100k’s back in to meet requirements for cc bonus for another year.
I tried the link tonight. The link to opening an individual taxable account was dead.
need403bhelp
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

hmw wrote: Mon May 13, 2024 9:39 pm
need403bhelp wrote: Sat May 04, 2024 5:15 pm https://www.merrilledge.com/offers/pr1000

Page is live but someone in BofA thread said code is expired.

If it starts working timing would be perfect for DW and I to move our $100k’s back in to meet requirements for cc bonus for another year.
I tried the link tonight. The link to opening an individual taxable account was dead.
Rumor apparently is it will be live around 5/20
placeholder
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

Makaveli wrote: Mon May 13, 2024 6:58 pm One hour in the branch. $3500 bonus secured.
That's only if there's a branch near you for me it would be half a state away to get to one so no.
Makaveli
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Makaveli »

placeholder wrote: Tue May 14, 2024 2:13 am
Makaveli wrote: Mon May 13, 2024 6:58 pm One hour in the branch. $3500 bonus secured.
That's only if there's a branch near you for me it would be half a state away to get to one so no.
Are we talking Texas or Rhode Island? Fun day trip for the latter and well worth the price.
80:20 EQ to Fixed Income, 70:30 US:International
placeholder
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

Makaveli wrote: Tue May 14, 2024 12:26 pm
placeholder wrote: Tue May 14, 2024 2:13 am
Makaveli wrote: Mon May 13, 2024 6:58 pm One hour in the branch. $3500 bonus secured.
That's only if there's a branch near you for me it would be half a state away to get to one so no.
Are we talking Texas or Rhode Island? Fun day trip for the latter and well worth the price.
It's about three hours each way.
Beckeresq
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Beckeresq »

The now required Wells "office visit" is worse than going to the dentist and almost as bad as trying to use the Wells' website to set up investment accounts. Clearly, Wells is looking for clients who are going to use their advisory "services", and presents a series of "challenges" for self-directed investors.

After wasting a good deal of time trying to set up the office visit, we met with a "Premier" banker, who substituted for the person who we were supposed to meet with. Of course this person contradicted what we were previously told. Realizing we were about to waste more time and that even if we were succesful in qualifying for bonuses, we should anticipate similar confusion in dealing with Wells in the future, we "aborted" the procedure.
Specifically, we left after the "Premier" banker insisted that the complete terms and conditions of the bonus be read to us-word for word, even though we pointed out that we had already read and understood them.

For us was just not worth the effort.
Makaveli
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Makaveli »

placeholder wrote: Tue May 14, 2024 6:57 pm
Makaveli wrote: Tue May 14, 2024 12:26 pm
placeholder wrote: Tue May 14, 2024 2:13 am
Makaveli wrote: Mon May 13, 2024 6:58 pm One hour in the branch. $3500 bonus secured.
That's only if there's a branch near you for me it would be half a state away to get to one so no.
Are we talking Texas or Rhode Island? Fun day trip for the latter and well worth the price.
It's about three hours each way.
I’d find $500/hr worthwhile (6 hr drive +1 hour for set up). YMMV.
80:20 EQ to Fixed Income, 70:30 US:International
bbrock
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Beckeresq wrote: Tue May 14, 2024 7:21 pm The now required Wells "office visit" is worse than going to the dentist and almost as bad as trying to use the Wells' website to set up investment accounts. Clearly, Wells is looking for clients who are going to use their advisory "services", and presents a series of "challenges" for self-directed investors.

After wasting a good deal of time trying to set up the office visit, we met with a "Premier" banker, who substituted for the person who we were supposed to meet with. Of course this person contradicted what we were previously told. Realizing we were about to waste more time and that even if we were succesful in qualifying for bonuses, we should anticipate similar confusion in dealing with Wells in the future, we "aborted" the procedure.
Specifically, we left after the "Premier" banker insisted that the complete terms and conditions of the bonus be read to us-word for word, even though we pointed out that we had already read and understood them.

For us was just not worth the effort.
Dang that sounded like a dentist visit gone bad
bbrock
bbrock
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Makaveli wrote: Tue May 14, 2024 7:21 pm
placeholder wrote: Tue May 14, 2024 6:57 pm
Makaveli wrote: Tue May 14, 2024 12:26 pm
placeholder wrote: Tue May 14, 2024 2:13 am
Makaveli wrote: Mon May 13, 2024 6:58 pm One hour in the branch. $3500 bonus secured.
That's only if there's a branch near you for me it would be half a state away to get to one so no.
Are we talking Texas or Rhode Island? Fun day trip for the latter and well worth the price.
It's about three hours each way.
I’d find $500/hr worthwhile (6 hr drive +1 hour for set up). YMMV.
Isn’t it just up to $2500?
bbrock
Makaveli
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Makaveli »

bbrock wrote: Tue May 14, 2024 9:26 pm
Makaveli wrote: Tue May 14, 2024 7:21 pm
placeholder wrote: Tue May 14, 2024 6:57 pm
Makaveli wrote: Tue May 14, 2024 12:26 pm
placeholder wrote: Tue May 14, 2024 2:13 am
That's only if there's a branch near you for me it would be half a state away to get to one so no.
Are we talking Texas or Rhode Island? Fun day trip for the latter and well worth the price.
It's about three hours each way.
I’d find $500/hr worthwhile (6 hr drive +1 hour for set up). YMMV.
Isn’t it just up to $2500?
https://accountoffers.wellsfargo.com/premierupgrade2
80:20 EQ to Fixed Income, 70:30 US:International
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

Makaveli wrote: Tue May 14, 2024 10:24 pm
bbrock wrote: Tue May 14, 2024 9:26 pm
Makaveli wrote: Tue May 14, 2024 7:21 pm
placeholder wrote: Tue May 14, 2024 6:57 pm
Makaveli wrote: Tue May 14, 2024 12:26 pm

Are we talking Texas or Rhode Island? Fun day trip for the latter and well worth the price.
It's about three hours each way.
I’d find $500/hr worthwhile (6 hr drive +1 hour for set up). YMMV.
Isn’t it just up to $2500?
https://accountoffers.wellsfargo.com/premierupgrade2
The $2.5k is a better deal though, mathematically.
Makaveli
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Makaveli »

tj wrote: Tue May 14, 2024 10:39 pm
Makaveli wrote: Tue May 14, 2024 10:24 pm
bbrock wrote: Tue May 14, 2024 9:26 pm
Makaveli wrote: Tue May 14, 2024 7:21 pm
placeholder wrote: Tue May 14, 2024 6:57 pm
It's about three hours each way.
I’d find $500/hr worthwhile (6 hr drive +1 hour for set up). YMMV.
Isn’t it just up to $2500?
https://accountoffers.wellsfargo.com/premierupgrade2
The $2.5k is a better deal though, mathematically.
Technically true. That said, 90 day lock up is a short duration for the dilution ($500k for $3500 vs $250k for $2500).
80:20 EQ to Fixed Income, 70:30 US:International
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

Makaveli wrote: Tue May 14, 2024 10:50 pm
tj wrote: Tue May 14, 2024 10:39 pm
Makaveli wrote: Tue May 14, 2024 10:24 pm
bbrock wrote: Tue May 14, 2024 9:26 pm
Makaveli wrote: Tue May 14, 2024 7:21 pm

I’d find $500/hr worthwhile (6 hr drive +1 hour for set up). YMMV.
Isn’t it just up to $2500?
https://accountoffers.wellsfargo.com/premierupgrade2
The $2.5k is a better deal though, mathematically.
Technically true. That said, 90 day lock up is a short duration for the dilution ($500k for $3500 vs $250k for $2500).
One need to have $250k or $500k kitty to be able to get to these bonus levels. However, in WellsFargo you may be able to combine some $300k IRA monies and $200k brokerage amounts to get aggregate total of $500k to achieve the target onus level.
DTalos
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by DTalos »

My question relates to bonuses of additional incoming transfers at brokerages mentioned in this thread.

Using hypothetical numbers.

Suppose brokerage A will match brokerage B's bonus offer on an incoming transfer of $500,000 cash in a regular taxable account. Let's say after 6+ months that $500,000 has just sat there in the brokerage's sweep account or in a single government money market fund. What is the likelihood of that same brokerage offering another bonus for transferring another $500,000 in cash to that account? Will the brokerage likely only offer an additional bonus if one commits to fee based financial planning services at that brokerage?
TexasRads
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by TexasRads »

tj wrote: Sat May 11, 2024 6:08 pm FWIW, the two matches that Schwab matched for me:


E*Trade - (Roth) IRA - $1k for $200k

Citi - Taxable Account - $500 for $50k.
Do you have the agents email that you worked with? That seems great that they were willing to split it apart like that
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

TexasRads wrote: Wed May 15, 2024 4:24 pm
tj wrote: Sat May 11, 2024 6:08 pm FWIW, the two matches that Schwab matched for me:


E*Trade - (Roth) IRA - $1k for $200k

Citi - Taxable Account - $500 for $50k.
Do you have the agents email that you worked with? That seems great that they were willing to split it apart like that
It wasn't split. Its one offer per year.

The Roth was the first year, the taxable was the next year.

You need a financial consultant to get you in the door with a trading consultant.

I went direct to the trading consultant the second year.

But I got a call from the financial consultant after I transferred out my Roth.... something tells me they might not be giving me more offers.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

DTalos wrote: Wed May 15, 2024 2:18 pm My question relates to bonuses of additional incoming transfers at brokerages mentioned in this thread.

Using hypothetical numbers.

Suppose brokerage A will match brokerage B's bonus offer on an incoming transfer of $500,000 cash in a regular taxable account. Let's say after 6+ months that $500,000 has just sat there in the brokerage's sweep account or in a single government money market fund. What is the likelihood of that same brokerage offering another bonus for transferring another $500,000 in cash to that account? Will the brokerage likely only offer an additional bonus if one commits to fee based financial planning services at that brokerage?
All depends on supply and demand. I doubt fee based financial planning has anything to do with it. In fact, I've never heard of people with managed accounts being offered incentives...
DTalos
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by DTalos »

tj wrote: Wed May 15, 2024 4:31 pm
DTalos wrote: Wed May 15, 2024 2:18 pm My question relates to bonuses of additional incoming transfers at brokerages mentioned in this thread.

Using hypothetical numbers.

Suppose brokerage A will match brokerage B's bonus offer on an incoming transfer of $500,000 cash in a regular taxable account. Let's say after 6+ months that $500,000 has just sat there in the brokerage's sweep account or in a single government money market fund. What is the likelihood of that same brokerage offering another bonus for transferring another $500,000 in cash to that account? Will the brokerage likely only offer an additional bonus if one commits to fee based financial planning services at that brokerage?
All depends on supply and demand. I doubt fee based financial planning has anything to do with it. In fact, I've never heard of people with managed accounts being offered incentives...
If one were to open an account with $500,0000 at any of the major brokerages mentioned on this forum and receive a bonus for doing so, and then all that money is invested in a government money market fund, then 6 months later another $500,000 gets transferred-in and placed into the same government money market fund, is the brokerage generating any revenue from that account?
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

DTalos wrote: Wed May 15, 2024 4:46 pm
tj wrote: Wed May 15, 2024 4:31 pm
DTalos wrote: Wed May 15, 2024 2:18 pm My question relates to bonuses of additional incoming transfers at brokerages mentioned in this thread.

Using hypothetical numbers.

Suppose brokerage A will match brokerage B's bonus offer on an incoming transfer of $500,000 cash in a regular taxable account. Let's say after 6+ months that $500,000 has just sat there in the brokerage's sweep account or in a single government money market fund. What is the likelihood of that same brokerage offering another bonus for transferring another $500,000 in cash to that account? Will the brokerage likely only offer an additional bonus if one commits to fee based financial planning services at that brokerage?
All depends on supply and demand. I doubt fee based financial planning has anything to do with it. In fact, I've never heard of people with managed accounts being offered incentives...
If one were to open an account with $500,0000 at any of the major brokerages mentioned on this forum and receive a bonus for doing so, and then all that money is invested in a government money market fund, then 6 months later another $500,000 gets transferred-in and placed into the same government money market fund, is the brokerage generating any revenue from that account?
Brokerages make an ER when you use the house mmfs, yes
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

DTalos wrote: Wed May 15, 2024 4:46 pm
tj wrote: Wed May 15, 2024 4:31 pm
DTalos wrote: Wed May 15, 2024 2:18 pm My question relates to bonuses of additional incoming transfers at brokerages mentioned in this thread.

Using hypothetical numbers.

Suppose brokerage A will match brokerage B's bonus offer on an incoming transfer of $500,000 cash in a regular taxable account. Let's say after 6+ months that $500,000 has just sat there in the brokerage's sweep account or in a single government money market fund. What is the likelihood of that same brokerage offering another bonus for transferring another $500,000 in cash to that account? Will the brokerage likely only offer an additional bonus if one commits to fee based financial planning services at that brokerage?
All depends on supply and demand. I doubt fee based financial planning has anything to do with it. In fact, I've never heard of people with managed accounts being offered incentives...
If one were to open an account with $500,0000 at any of the major brokerages mentioned on this forum and receive a bonus for doing so, and then all that money is invested in a government money market fund, then 6 months later another $500,000 gets transferred-in and placed into the same government money market fund, is the brokerage generating any revenue from that account?
Not enough, but why does it matter? It's a marketing cost for them.

Most people are transferring securities - which they make even less money off of - not cash.
DTalos
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by DTalos »

tj wrote: Wed May 15, 2024 6:42 pm
DTalos wrote: Wed May 15, 2024 4:46 pm
tj wrote: Wed May 15, 2024 4:31 pm
DTalos wrote: Wed May 15, 2024 2:18 pm My question relates to bonuses of additional incoming transfers at brokerages mentioned in this thread.

Using hypothetical numbers.

Suppose brokerage A will match brokerage B's bonus offer on an incoming transfer of $500,000 cash in a regular taxable account. Let's say after 6+ months that $500,000 has just sat there in the brokerage's sweep account or in a single government money market fund. What is the likelihood of that same brokerage offering another bonus for transferring another $500,000 in cash to that account? Will the brokerage likely only offer an additional bonus if one commits to fee based financial planning services at that brokerage?
All depends on supply and demand. I doubt fee based financial planning has anything to do with it. In fact, I've never heard of people with managed accounts being offered incentives...
If one were to open an account with $500,0000 at any of the major brokerages mentioned on this forum and receive a bonus for doing so, and then all that money is invested in a government money market fund, then 6 months later another $500,000 gets transferred-in and placed into the same government money market fund, is the brokerage generating any revenue from that account?
Not enough, but why does it matter? It's a marketing cost for them.

Most people are transferring securities - which they make even less money off of - not cash.
Can you explain how a brokerage makes less on $500,000 that's transferred in stocks vs $500,000 cash that's immediately placed into a government money market fund and not touched for 1 year?

I was able to have a representative last year at a brokerage match after the fact (meaning after the transfer had taken place) a competitor brokerage's bonus offer. The representative was a financial planner and asked questions about my goals, investment strategy etc.. Since then, I have also received a solicitation from another financial planner at the brokerage since I have a large cash position basically offering their financial planning services. So if I were to transfer let's say $500,000 into the account and then let them know after the fact about the transfer, my premonition is that most likely I would not receive another bonus offer because I would not sign-up for financial planning services with the brokerage. What do you think about this premonition?
tj
Posts: 9835
Joined: Wed Dec 23, 2009 11:10 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

DTalos wrote: Wed May 15, 2024 7:17 pm
tj wrote: Wed May 15, 2024 6:42 pm
DTalos wrote: Wed May 15, 2024 4:46 pm
tj wrote: Wed May 15, 2024 4:31 pm
DTalos wrote: Wed May 15, 2024 2:18 pm My question relates to bonuses of additional incoming transfers at brokerages mentioned in this thread.

Using hypothetical numbers.

Suppose brokerage A will match brokerage B's bonus offer on an incoming transfer of $500,000 cash in a regular taxable account. Let's say after 6+ months that $500,000 has just sat there in the brokerage's sweep account or in a single government money market fund. What is the likelihood of that same brokerage offering another bonus for transferring another $500,000 in cash to that account? Will the brokerage likely only offer an additional bonus if one commits to fee based financial planning services at that brokerage?
All depends on supply and demand. I doubt fee based financial planning has anything to do with it. In fact, I've never heard of people with managed accounts being offered incentives...
If one were to open an account with $500,0000 at any of the major brokerages mentioned on this forum and receive a bonus for doing so, and then all that money is invested in a government money market fund, then 6 months later another $500,000 gets transferred-in and placed into the same government money market fund, is the brokerage generating any revenue from that account?

I've never transferred $500,000 at a time and when I get phone calls from brokerages, I tend to let them go to voicemail.

Not enough, but why does it matter? It's a marketing cost for them.

Most people are transferring securities - which they make even less money off of - not cash.
Can you explain how a brokerage makes less on $500,000 that's transferred in stocks vs $500,000 cash that's immediately placed into a government money market fund and not touched for 1 year?

I was able to have a representative last year at a brokerage match after the fact (meaning after the transfer had taken place) a competitor brokerage's bonus offer. The representative was a financial planner and asked questions about my goals, investment strategy etc.. Since then, I have also received a solicitation from another financial planner at the brokerage since I have a large cash position basically offering their financial planning services. So if I were to transfer let's say $500,000 into the account and then let them know after the fact about the transfer, my premonition is that most likely I would not receive another bonus offer because I would not sign-up for financial planning services with the brokerage. What do you think about this premonition?


The brokerage receives absolutely nothing when you just transfer in securities and make no trades, assuming the securities you own are not managed by the brokerage firm. (e.g. you move a Vanguard ETF to Fidelity or Schwab.

I think you are severely overthinking - and if you're that invested in the answer of what will actually happen rather than your premonitions - why no just ask them if they will provide additional incentive?

I would imagine you would earn more by moving $1,000,000 to some other brokerage than moving an additional 500k to wherever you have $500k.

I've primarily done bonuses that are automated on a website and I don't answer the phone when I receive sales calls.
DTalos
Posts: 1221
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by DTalos »

tj wrote: Wed May 15, 2024 7:38 pm
DTalos wrote: Wed May 15, 2024 7:17 pm
tj wrote: Wed May 15, 2024 6:42 pm
DTalos wrote: Wed May 15, 2024 4:46 pm
tj wrote: Wed May 15, 2024 4:31 pm

All depends on supply and demand. I doubt fee based financial planning has anything to do with it. In fact, I've never heard of people with managed accounts being offered incentives...
If one were to open an account with $500,0000 at any of the major brokerages mentioned on this forum and receive a bonus for doing so, and then all that money is invested in a government money market fund, then 6 months later another $500,000 gets transferred-in and placed into the same government money market fund, is the brokerage generating any revenue from that account?

I've never transferred $500,000 at a time and when I get phone calls from brokerages, I tend to let them go to voicemail.

Not enough, but why does it matter? It's a marketing cost for them.

Most people are transferring securities - which they make even less money off of - not cash.
Can you explain how a brokerage makes less on $500,000 that's transferred in stocks vs $500,000 cash that's immediately placed into a government money market fund and not touched for 1 year?

I was able to have a representative last year at a brokerage match after the fact (meaning after the transfer had taken place) a competitor brokerage's bonus offer. The representative was a financial planner and asked questions about my goals, investment strategy etc.. Since then, I have also received a solicitation from another financial planner at the brokerage since I have a large cash position basically offering their financial planning services. So if I were to transfer let's say $500,000 into the account and then let them know after the fact about the transfer, my premonition is that most likely I would not receive another bonus offer because I would not sign-up for financial planning services with the brokerage. What do you think about this premonition?


The brokerage receives absolutely nothing when you just transfer in securities and make no trades, assuming the securities you own are not managed by the brokerage firm. (e.g. you move a Vanguard ETF to Fidelity or Schwab.

I think you are severely overthinking - and if you're that invested in the answer of what will actually happen rather than your premonitions - why no just ask them if they will provide additional incentive?

I would imagine you would earn more by moving $1,000,000 to some other brokerage than moving an additional 500k to wherever you have $500k.

I've primarily done bonuses that are automated on a website and I don't answer the phone when I receive sales calls.
When I called recently to ask a general question about my account, the representative has asked if I am interested in financial planning services, so it seems like that's a big money maker for them. Yes, I am a little nervous about calling because I am not interested in financial planning services and my assets are in stocks and the brokerage's government money market fund, so I don't know how to be persuasive to what I can offer the brokerage financially.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

DTalos wrote: Wed May 15, 2024 7:58 pm
tj wrote: Wed May 15, 2024 7:38 pm
DTalos wrote: Wed May 15, 2024 7:17 pm
tj wrote: Wed May 15, 2024 6:42 pm
DTalos wrote: Wed May 15, 2024 4:46 pm

If one were to open an account with $500,0000 at any of the major brokerages mentioned on this forum and receive a bonus for doing so, and then all that money is invested in a government money market fund, then 6 months later another $500,000 gets transferred-in and placed into the same government money market fund, is the brokerage generating any revenue from that account?

I've never transferred $500,000 at a time and when I get phone calls from brokerages, I tend to let them go to voicemail.

Not enough, but why does it matter? It's a marketing cost for them.

Most people are transferring securities - which they make even less money off of - not cash.
Can you explain how a brokerage makes less on $500,000 that's transferred in stocks vs $500,000 cash that's immediately placed into a government money market fund and not touched for 1 year?

I was able to have a representative last year at a brokerage match after the fact (meaning after the transfer had taken place) a competitor brokerage's bonus offer. The representative was a financial planner and asked questions about my goals, investment strategy etc.. Since then, I have also received a solicitation from another financial planner at the brokerage since I have a large cash position basically offering their financial planning services. So if I were to transfer let's say $500,000 into the account and then let them know after the fact about the transfer, my premonition is that most likely I would not receive another bonus offer because I would not sign-up for financial planning services with the brokerage. What do you think about this premonition?


The brokerage receives absolutely nothing when you just transfer in securities and make no trades, assuming the securities you own are not managed by the brokerage firm. (e.g. you move a Vanguard ETF to Fidelity or Schwab.

I think you are severely overthinking - and if you're that invested in the answer of what will actually happen rather than your premonitions - why no just ask them if they will provide additional incentive?

I would imagine you would earn more by moving $1,000,000 to some other brokerage than moving an additional 500k to wherever you have $500k.

I've primarily done bonuses that are automated on a website and I don't answer the phone when I receive sales calls.
When I called recently to ask a general question about my account, the representative has asked if I am interested in financial planning services, so it seems like that's a big money maker for them. Yes, I am a little nervous about calling because I am not interested in financial planning services and my assets are in stocks and the brokerage's government money market fund, so I don't know how to be persuasive to what I can offer the brokerage financially.
You don't need to offer them anything financially, but you shouldn't really expect free money if your brokerage doesn't even publicly offer transfer bonuses.
Beckeresq
Posts: 38
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Beckeresq »

How long have others had to spend at a Wells branch to "upgrade" an existing checking account to a Premier Account and/or to open a Premier Account in order to participate in the cash bonus offer? We aleady had our offer codes and had established unfunded brokerage accounts. We just needed to open the checking accounts.

Did your Premier banker require you to listen to a word for word reading of the complete offer terms (even after telling them that you had read and understood these terms)?

We are wondering whether it was just the branch we visited or whether this word for word recitation of the offer terms is a requirement to open the required accounts at Wells. We recognize that our checking account would have to be "linked" to the brokerage accounts, but we gave up before getting to this point.
Last edited by Beckeresq on Thu May 16, 2024 9:02 am, edited 1 time in total.
Leesbro63
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

I got lost on the current Wells bonus. I live in Pittsburgh and there are no Wells Fargo branches anywhere near here. Can I do this all online, or must I go to a branch in-person? At one point I think it was online, but the conversation here seems to indicate that a branch visit is required.
Beckeresq
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Beckeresq »

Branch visit is required. I am trying to determine how much torture is required to be inflicted by the Premier Banker at the required branch visit.
Leesbro63
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

Beckeresq wrote: Thu May 16, 2024 9:01 am Branch visit is required. I am trying to determine how much torture is required to be inflicted by the Premier Banker at the required branch visit.
Ok, so what is the procedure? I assume I can and should set up the brokerage account first. Do they have branches in Atlanta? I assume so. I go there from time to time.
bbrock
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Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Beckeresq wrote: Thu May 16, 2024 8:23 am How long have others had to spend at a Wells branch to "upgrade" an existing checking account to a Premier Account and/or to open a Premier Account in order to participate in the cash bonus offer? We aleady had our offer codes and had established unfunded brokerage accounts. We just needed to open the checking accounts.

Did your Premier banker require you to listen to a word for word reading of the complete offer terms (even after telling them that you had read and understood these terms)?

We are wondering whether it was just the branch we visited or whether this word for word recitation of the offer terms is a requirement to open the required accounts at Wells. We recognize that our checking account would have to be "linked" to the brokerage accounts, but we gave up before getting to this point.
Oh geez, when I did my Wells Trade/Premier checking acct. offer, I think it was 2hr+. Yikes. Painful. I just need to face that again if I can get my wife on board to let me open up her an account. I question if she has the patience to be able to wait that long in branch open an acct.
bbrock
Beckeresq
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Beckeresq »

bbrock wrote: Thu May 16, 2024 9:26 am
Beckeresq wrote: Thu May 16, 2024 8:23 am How long have others had to spend at a Wells branch to "upgrade" an existing checking account to a Premier Account and/or to open a Premier Account in order to participate in the cash bonus offer? We aleady had our offer codes and had established unfunded brokerage accounts. We just needed to open the checking accounts.

Did your Premier banker require you to listen to a word for word reading of the complete offer terms (even after telling them that you had read and understood these terms)?

We are wondering whether it was just the branch we visited or whether this word for word recitation of the offer terms is a requirement to open the required accounts at Wells. We recognize that our checking account would have to be "linked" to the brokerage accounts, but we gave up before getting to this point.
Oh geez, when I did my Wells Trade/Premier checking acct. offer, I think it was 2hr+. Yikes. Painful. I just need to face that again if I can get my wife on board to let me open up her an account. I question if she has the patience to be able to wait that long in branch open an acct.
Thanks, did they give you "THE READING OF THE TERMS"?
robbierob03
Posts: 73
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by robbierob03 »

Beckeresq wrote: Thu May 16, 2024 8:23 am How long have others had to spend at a Wells branch to "upgrade" an existing checking account to a Premier Account and/or to open a Premier Account in order to participate in the cash bonus offer? We aleady had our offer codes and had established unfunded brokerage accounts. We just needed to open the checking accounts.

Did your Premier banker require you to listen to a word for word reading of the complete offer terms (even after telling them that you had read and understood these terms)?

We are wondering whether it was just the branch we visited or whether this word for word recitation of the offer terms is a requirement to open the required accounts at Wells. We recognize that our checking account would have to be "linked" to the brokerage accounts, but we gave up before getting to this point.
I did this bonus last year in March and plan on doing it again in July when I'm eligible (assuming it's still around). I set up an appointment online a week prior, and I was in and out within 15 minutes opening premier checking account. No, the banker did not feel the need to read the offer terms to me. Frankly I would have walked out if she had just as you did.

However I did not open the WellsTrade brokerage while there since the banker said it was quicker to just do it online, and that would make sure it correctly linked with my checking. I was able to do everything online, and it was just standard brokerage account opening forms and compliance questions. The brokerage account automatically linked with the Premier account. If it hadn't it would have been pretty easy to do the link online myself.
bbrock
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Location: CA

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Beckeresq wrote: Thu May 16, 2024 10:47 am
bbrock wrote: Thu May 16, 2024 9:26 am
Beckeresq wrote: Thu May 16, 2024 8:23 am How long have others had to spend at a Wells branch to "upgrade" an existing checking account to a Premier Account and/or to open a Premier Account in order to participate in the cash bonus offer? We aleady had our offer codes and had established unfunded brokerage accounts. We just needed to open the checking accounts.

Did your Premier banker require you to listen to a word for word reading of the complete offer terms (even after telling them that you had read and understood these terms)?

We are wondering whether it was just the branch we visited or whether this word for word recitation of the offer terms is a requirement to open the required accounts at Wells. We recognize that our checking account would have to be "linked" to the brokerage accounts, but we gave up before getting to this point.
Oh geez, when I did my Wells Trade/Premier checking acct. offer, I think it was 2hr+. Yikes. Painful. I just need to face that again if I can get my wife on board to let me open up her an account. I question if she has the patience to be able to wait that long in branch open an acct.
Thanks, did they give you "THE READING OF THE TERMS"?
Fortunately they didn't. If they did, I'd ask them to buy me a Starbucks or Peets first, then I'd kick my feet up, sit back, and try to go to my mental sanctuary.
bbrock
bbrock
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

robbierob03 wrote: Thu May 16, 2024 11:01 am
Beckeresq wrote: Thu May 16, 2024 8:23 am How long have others had to spend at a Wells branch to "upgrade" an existing checking account to a Premier Account and/or to open a Premier Account in order to participate in the cash bonus offer? We aleady had our offer codes and had established unfunded brokerage accounts. We just needed to open the checking accounts.

Did your Premier banker require you to listen to a word for word reading of the complete offer terms (even after telling them that you had read and understood these terms)?

We are wondering whether it was just the branch we visited or whether this word for word recitation of the offer terms is a requirement to open the required accounts at Wells. We recognize that our checking account would have to be "linked" to the brokerage accounts, but we gave up before getting to this point.
I did this bonus last year in March and plan on doing it again in July when I'm eligible (assuming it's still around). I set up an appointment online a week prior, and I was in and out within 15 minutes opening premier checking account. No, the banker did not feel the need to read the offer terms to me. Frankly I would have walked out if she had just as you did.

However I did not open the WellsTrade brokerage while there since the banker said it was quicker to just do it online, and that would make sure it correctly linked with my checking. I was able to do everything online, and it was just standard brokerage account opening forms and compliance questions. The brokerage account automatically linked with the Premier account. If it hadn't it would have been pretty easy to do the link online myself.
If I can wrangle my DW to consider this, I will and would going fwd only have them open the Premier Checking while in branch. I'll just roll the dice, open the WT online, and hope that it gets linked.
bbrock
Beckeresq
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Beckeresq »

robbierob03 wrote: Thu May 16, 2024 11:01 am
Beckeresq wrote: Thu May 16, 2024 8:23 am How long have others had to spend at a Wells branch to "upgrade" an existing checking account to a Premier Account and/or to open a Premier Account in order to participate in the cash bonus offer? We aleady had our offer codes and had established unfunded brokerage accounts. We just needed to open the checking accounts.

Did your Premier banker require you to listen to a word for word reading of the complete offer terms (even after telling them that you had read and understood these terms)?

We are wondering whether it was just the branch we visited or whether this word for word recitation of the offer terms is a requirement to open the required accounts at Wells. We recognize that our checking account would have to be "linked" to the brokerage accounts, but we gave up before getting to this point.
I did this bonus last year in March and plan on doing it again in July when I'm eligible (assuming it's still around). I set up an appointment online a week prior, and I was in and out within 15 minutes opening premier checking account. No, the banker did not feel the need to read the offer terms to me. Frankly I would have walked out if she had just as you did.

However I did not open the WellsTrade brokerage while there since the banker said it was quicker to just do it online, and that would make sure it correctly linked with my checking. I was able to do everything online, and it was just standard brokerage account opening forms and compliance questions. The brokerage account automatically linked with the Premier account. If it hadn't it would have been pretty easy to do the link online myself.
Thanks. The brokerage accounts were opened online and were ready to be funded.

Over the years we have found Wells to be "challenged"(as have government regulators). This recent encounter only confirmed our concerns.
DTalos
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by DTalos »

tj wrote: Wed May 15, 2024 8:17 pm
DTalos wrote: Wed May 15, 2024 7:58 pm
tj wrote: Wed May 15, 2024 7:38 pm
DTalos wrote: Wed May 15, 2024 7:17 pm
tj wrote: Wed May 15, 2024 6:42 pm


I've never transferred $500,000 at a time and when I get phone calls from brokerages, I tend to let them go to voicemail.

Not enough, but why does it matter? It's a marketing cost for them.

Most people are transferring securities - which they make even less money off of - not cash.
Can you explain how a brokerage makes less on $500,000 that's transferred in stocks vs $500,000 cash that's immediately placed into a government money market fund and not touched for 1 year?

I was able to have a representative last year at a brokerage match after the fact (meaning after the transfer had taken place) a competitor brokerage's bonus offer. The representative was a financial planner and asked questions about my goals, investment strategy etc.. Since then, I have also received a solicitation from another financial planner at the brokerage since I have a large cash position basically offering their financial planning services. So if I were to transfer let's say $500,000 into the account and then let them know after the fact about the transfer, my premonition is that most likely I would not receive another bonus offer because I would not sign-up for financial planning services with the brokerage. What do you think about this premonition?


The brokerage receives absolutely nothing when you just transfer in securities and make no trades, assuming the securities you own are not managed by the brokerage firm. (e.g. you move a Vanguard ETF to Fidelity or Schwab.

I think you are severely overthinking - and if you're that invested in the answer of what will actually happen rather than your premonitions - why no just ask them if they will provide additional incentive?

I would imagine you would earn more by moving $1,000,000 to some other brokerage than moving an additional 500k to wherever you have $500k.

I've primarily done bonuses that are automated on a website and I don't answer the phone when I receive sales calls.
When I called recently to ask a general question about my account, the representative has asked if I am interested in financial planning services, so it seems like that's a big money maker for them. Yes, I am a little nervous about calling because I am not interested in financial planning services and my assets are in stocks and the brokerage's government money market fund, so I don't know how to be persuasive to what I can offer the brokerage financially.
You don't need to offer them anything financially, but you shouldn't really expect free money if your brokerage doesn't even publicly offer transfer bonuses.
Quick question. Do transfer bonuses specifically refer to only full transfers of a brokerage account or if someone wires money into your account, is that eligible for a transfer bonus? The brokerage I am at does not have a publicly available transfer bonus, but I was able to politely ask the rep last year if he would match a competitors publicly available bonus offer and he did. Is it poor form to ask for a bonus each time 500k or more is wired into my account, especially if I do not want to use their financial planning services? Will I be placed on an internal cheap non revenue generating customer list?
sycamore
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore »

DTalos wrote: Fri May 17, 2024 3:48 am ...
Quick question. Do transfer bonuses specifically refer to only full transfers of a brokerage account or if someone wires money into your account, is that eligible for a transfer bonus?
It depends. There is no universal answer.

You, DTalos, must go read the terms and conditions of the specific offer.

The offer may say it's for full account transfers only. Or it may not say anything about full transfers, rather it says only the dollar amount is the relevant metric to determine if you qualify for the bonus. It may say only securities are considered. Or it may say wires are also considered. There's no way for us to answer for a specific offer unless you have the terms and conditions.

If the offer is ad-hoc/non-public, you'll need to ask the company to put the terms in writing.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

DTalos wrote: Fri May 17, 2024 3:48 am
Quick question. Do transfer bonuses specifically refer to only full transfers of a brokerage account or if someone wires money into your account, is that eligible for a transfer bonus?
Most of them it doesn't matter how assets get there and I've often fulfilled them with a combination of acats transfers of etfs and cash from bank accounts via ach but some like the robinhood one specified acats so I had sent cash that way but none have ever required a full account transfer.
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

Beckeresq wrote: Thu May 16, 2024 10:47 am
bbrock wrote: Thu May 16, 2024 9:26 am
Beckeresq wrote: Thu May 16, 2024 8:23 am How long have others had to spend at a Wells branch to "upgrade" an existing checking account to a Premier Account and/or to open a Premier Account in order to participate in the cash bonus offer? We aleady had our offer codes and had established unfunded brokerage accounts. We just needed to open the checking accounts.

Did your Premier banker require you to listen to a word for word reading of the complete offer terms (even after telling them that you had read and understood these terms)?

We are wondering whether it was just the branch we visited or whether this word for word recitation of the offer terms is a requirement to open the required accounts at Wells. We recognize that our checking account would have to be "linked" to the brokerage accounts, but we gave up before getting to this point.
Oh geez, when I did my Wells Trade/Premier checking acct. offer, I think it was 2hr+. Yikes. Painful. I just need to face that again if I can get my wife on board to let me open up her an account. I question if she has the patience to be able to wait that long in branch open an acct.
Thanks, did they give you "THE READING OF THE TERMS"?
LOL.

I've done multiple Andy Dufresne visits to banks for these bonuses, and everything has gone super-fast. Perhaps it's because I typically go at lunch time (I seldom eat lunch) or the absolute end of the day and they're starving.
Beckeresq
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Beckeresq »

whodidntante wrote: Fri May 17, 2024 9:21 pm
Beckeresq wrote: Thu May 16, 2024 10:47 am
bbrock wrote: Thu May 16, 2024 9:26 am
Beckeresq wrote: Thu May 16, 2024 8:23 am How long have others had to spend at a Wells branch to "upgrade" an existing checking account to a Premier Account and/or to open a Premier Account in order to participate in the cash bonus offer? We aleady had our offer codes and had established unfunded brokerage accounts. We just needed to open the checking accounts.

Did your Premier banker require you to listen to a word for word reading of the complete offer terms (even after telling them that you had read and understood these terms)?

We are wondering whether it was just the branch we visited or whether this word for word recitation of the offer terms is a requirement to open the required accounts at Wells. We recognize that our checking account would have to be "linked" to the brokerage accounts, but we gave up before getting to this point.
Oh geez, when I did my Wells Trade/Premier checking acct. offer, I think it was 2hr+. Yikes. Painful. I just need to face that again if I can get my wife on board to let me open up her an account. I question if she has the patience to be able to wait that long in branch open an acct.
Thanks, did they give you "THE READING OF THE TERMS"?
LOL.

I've done multiple Andy Dufresne visits to banks for these bonuses, and everything has gone super-fast. Perhaps it's because I typically go at lunch time (I seldom eat lunch) or the absolute end of the day and they're starving.
Thanks, we called another branch and told our "story." This banker told us we would be no more than one half hour to deal with two accounts and link them to the brokerage accounts that we already have set up. We gave him the "codes" and other information while setting up the appointment.

We will see on Monday.
hmw
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

I have been working on the new etrade transfer bonus. Started the process a month ago and still not complete.

Etrade wins the worst brokerage for transfers. Worse than Citi PWM. Will take the money out of etrade as soon as the holding period is satisfied.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

hmw wrote: Sun May 19, 2024 10:53 am I have been working on the new etrade transfer bonus. Started the process a month ago and still not complete.

Etrade wins the worst brokerage for transfers. Worse than Citi PWM. Will take the money out of etrade as soon as the holding period is satisfied.
Not complete? What do you mean?
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