The Final, Definitive Thread on Brokerage Transfer Bonuses

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m2go
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by m2go »

LFKB wrote: Mon Jul 12, 2021 12:05 am Currently getting $10k to make the move to e Trade. Offer is for moving over $4M+.
How did you get that offer? Is that public? Or did you call or visit a branch? In a single account, or does that include both IRA and individual brokerage balances? Where is the money being deposited? (It seems that for manual credits, getting them into IRA is often more difficult with brokerages...)
m2go
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by m2go »

LFKB wrote: Mon Jul 12, 2021 12:05 am Currently getting $10k to make the move to e Trade. Offer is for moving over $4M+.
That's an awesome offer. Congrats.

How did you get that offer? Is that public? Or did you call or visit a branch? In a single account, or does that include both IRA and individual brokerage balances? Where is the money being deposited? (It seems that for manual credits, getting them into IRA is often more difficult with brokerages...)
LFKB
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LFKB »

m2go wrote: Tue Jul 13, 2021 8:55 am
LFKB wrote: Mon Jul 12, 2021 12:05 am Currently getting $10k to make the move to e Trade. Offer is for moving over $4M+.
How did you get that offer? Is that public? Or did you call or visit a branch? In a single account, or does that include both IRA and individual brokerage balances? Where is the money being deposited? (It seems that for manual credits, getting them into IRA is often more difficult with brokerages...)
I spoke with someone at e-Trade. I have a link as well, but not sure if the link is publicly available or by email only
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GeraniumLover
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by GeraniumLover »

LFKB wrote: Tue Jul 13, 2021 11:37 am
m2go wrote: Tue Jul 13, 2021 8:55 am
LFKB wrote: Mon Jul 12, 2021 12:05 am Currently getting $10k to make the move to e Trade. Offer is for moving over $4M+.
How did you get that offer? Is that public? Or did you call or visit a branch? In a single account, or does that include both IRA and individual brokerage balances? Where is the money being deposited? (It seems that for manual credits, getting them into IRA is often more difficult with brokerages...)
I spoke with someone at e-Trade. I have a link as well, but not sure if the link is publicly available or by email only
Are they offering smaller bonuses for smaller amounts as well?
jonas
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jonas »

GeraniumLover wrote: Tue Jul 13, 2021 11:41 am Are they offering smaller bonuses for smaller amounts as well?
I got this just recently: https://us.etrade.com/what-we-offer/how-it-works/promo
LFKB
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LFKB »

GeraniumLover wrote: Tue Jul 13, 2021 11:41 am
LFKB wrote: Tue Jul 13, 2021 11:37 am
m2go wrote: Tue Jul 13, 2021 8:55 am
LFKB wrote: Mon Jul 12, 2021 12:05 am Currently getting $10k to make the move to e Trade. Offer is for moving over $4M+.
How did you get that offer? Is that public? Or did you call or visit a branch? In a single account, or does that include both IRA and individual brokerage balances? Where is the money being deposited? (It seems that for manual credits, getting them into IRA is often more difficult with brokerages...)
I spoke with someone at e-Trade. I have a link as well, but not sure if the link is publicly available or by email only
Are they offering smaller bonuses for smaller amounts as well?
$2k for $500k-$1m
$4k for $1-2m
$6k for $2-3m
$8k for $3-4m
$10k for $4m+
Mike14
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 »

jonas wrote: Mon Jul 12, 2021 11:17 am Chase offer is back! J.P. Morgan self-directed investing (ex Chase YouInvest) $300 for 100k+, $600 for 250k+
Valid until 10/10/2021, 90 day holding period. Offer on chase.com front page.
Don't see it. Do you have a link?
jonas
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jonas »

Mike14 wrote: Tue Jul 13, 2021 10:13 pm
jonas wrote: Mon Jul 12, 2021 11:17 am Chase offer is back! J.P. Morgan self-directed investing (ex Chase YouInvest) $300 for 100k+, $600 for 250k+
Valid until 10/10/2021, 90 day holding period. Offer on chase.com front page.
Don't see it. Do you have a link?
The offer appears sooner or later if you keep refreshing the page.
https://account.chase.com/consumer/inve ... ome_3/hero
Pessimist55
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pessimist55 »

Was 725 for 250k for Chase
Nathan Drake
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Nathan Drake »

So, what’s the catch with these deals?

Transferring 1M to M1 is $2,500…I like the platform better than Vanguard, but have my concerns about M1 being new, records transferring over for cost basis, etc…security/insurance…

Why are these brokerages offering these deals? Is M1 going to fleece me over time on order flow, pricing spreads, etc?
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sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

Nathan Drake wrote: Wed Jul 14, 2021 12:08 am So, what’s the catch with these deals?

Transferring 1M to M1 is $2,500…I like the platform better than Vanguard, but have my concerns about M1 being new, records transferring over for cost basis, etc…security/insurance…

Why are these brokerages offering these deals? Is M1 going to fleece me over time on order flow, pricing spreads, etc?
Within last 5-8 pages, you find plenty about all your questions about M1, and then some more.

Their reason to offer Transfer bonus is same as every other brokerage/trading-house. We’ve used them a few times - until recently. Their current bonus level doesn’t excite me, for the required 150+ days holding term.
Nathan Drake
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Nathan Drake »

sc9182 wrote: Wed Jul 14, 2021 6:48 am
Nathan Drake wrote: Wed Jul 14, 2021 12:08 am So, what’s the catch with these deals?

Transferring 1M to M1 is $2,500…I like the platform better than Vanguard, but have my concerns about M1 being new, records transferring over for cost basis, etc…security/insurance…

Why are these brokerages offering these deals? Is M1 going to fleece me over time on order flow, pricing spreads, etc?
Within last 5-8 pages, you find plenty about all your questions about M1, and then some more.

Their reason to offer Transfer bonus is same as every other brokerage/trading-house. We’ve used them a few times - until recently. Their current bonus level doesn’t excite me, for the required 150+ days holding term.

Are you literally just moving your accounts around every few weeks/months and collecting a bonus every single time?

Just curious how much you are actually earning with this over a year…and if you transfer in-kind you are not “out of the market?”

I guess the $3,125 promotion for 1M you received isn’t valid anymore and took you 5 months to receive? Link still works…

Just trying to find the drawbacks…from the M1 discussion it’s a bit conflicting
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

Nathan Drake wrote: Wed Jul 14, 2021 8:42 am
sc9182 wrote: Wed Jul 14, 2021 6:48 am
Nathan Drake wrote: Wed Jul 14, 2021 12:08 am So, what’s the catch with these deals?

Transferring 1M to M1 is $2,500…I like the platform better than Vanguard, but have my concerns about M1 being new, records transferring over for cost basis, etc…security/insurance…

Why are these brokerages offering these deals? Is M1 going to fleece me over time on order flow, pricing spreads, etc?
Within last 5-8 pages, you find plenty about all your questions about M1, and then some more.

Their reason to offer Transfer bonus is same as every other brokerage/trading-house. We’ve used them a few times - until recently. Their current bonus level doesn’t excite me, for the required 150+ days holding term.

Are you literally just moving your accounts around every few weeks/months and collecting a bonus every single time?

Just curious how much you are actually earning with this over a year…and if you transfer in-kind you are not “out of the market?”

I guess the $3,125 promotion for 1M you received isn’t valid anymore and took you 5 months to receive? Link still works…

Just trying to find the drawbacks…from the M1 discussion it’s a bit conflicting
Often there are 90 day, 180 day, or 365 day holding periods for these bonuses. Only you can decide if it's worth the bother. I'm currently 5 months into the 12 month holding time for 100k @ Interactive Brokers for 1k. A 1% boost for just moving around with today's interest rates seems worth my time.
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jeffyscott
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott »

Nathan Drake wrote: Wed Jul 14, 2021 12:08 am So, what’s the catch with these deals?

Transferring 1M to M1 is $2,500…I like the platform better than Vanguard, but have my concerns about M1 being new, records transferring over for cost basis, etc…security/insurance…

Why are these brokerages offering these deals? Is M1 going to fleece me over time on order flow, pricing spreads, etc?
FWIW, some use these as the brokerage is hoping most do, transfer in and leave it there. I'm surprised that the some of the brokers have not yet put a stop to the ability to churn these.

I'm in the once and done category so far. One consideration for me is that I am more confident in the fraud guarantee that is offered by Schwab.

I'm more inclined toward abusing credit card sign-up bonuses and I feel like trying to do both would absorb too much of my mental bandwidth.
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

Nathan Drake wrote: Wed Jul 14, 2021 8:42 am
sc9182 wrote: Wed Jul 14, 2021 6:48 am
Nathan Drake wrote: Wed Jul 14, 2021 12:08 am So, what’s the catch with these deals?

Transferring 1M to M1 is $2,500…I like the platform better than Vanguard, but have my concerns about M1 being new, records transferring over for cost basis, etc…security/insurance…

Why are these brokerages offering these deals? Is M1 going to fleece me over time on order flow, pricing spreads, etc?
Within last 5-8 pages, you find plenty about all your questions about M1, and then some more.

Their reason to offer Transfer bonus is same as every other brokerage/trading-house. We’ve used them a few times - until recently. Their current bonus level doesn’t excite me, for the required 150+ days holding term.

Are you literally just moving your accounts around every few weeks/months and collecting a bonus every single time?

Just curious how much you are actually earning with this over a year…and if you transfer in-kind you are not “out of the market?”

I guess the $3,125 promotion for 1M you received isn’t valid anymore and took you 5 months to receive? Link still works…

Just trying to find the drawbacks…from the M1 discussion it’s a bit conflicting
Our’s been more of opportunistic transfers - rather than churn. Each and every advisors we work with have been terrific - and I sure pass great personal review of each of those advisors and about the firm to their direct execs. To us - it has also helped to establish relationships with great guys/gals out there (no AUM of course!). Our direct referrals have brought in a chunk of change for respective firms as well to build/bulk their book of bidness (using their marketing bucket of dollars) — so it’s a win-win for both sides.

Regarding M1 stability, it got more funding, and more valuation of late:
https://techcrunch.com/2021/07/14/m1-fi ... 1-45b/amp/

The $3125 promotion should be expired based on the dates I checked last time.

We always stay in the market - ACATS transfers.
Last edited by sc9182 on Wed Jul 14, 2021 12:26 pm, edited 1 time in total.
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gobel
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by gobel »

LFKB wrote: Tue Jul 13, 2021 10:05 pm
GeraniumLover wrote: Tue Jul 13, 2021 11:41 am
LFKB wrote: Tue Jul 13, 2021 11:37 am
m2go wrote: Tue Jul 13, 2021 8:55 am
LFKB wrote: Mon Jul 12, 2021 12:05 am Currently getting $10k to make the move to e Trade. Offer is for moving over $4M+.
How did you get that offer? Is that public? Or did you call or visit a branch? In a single account, or does that include both IRA and individual brokerage balances? Where is the money being deposited? (It seems that for manual credits, getting them into IRA is often more difficult with brokerages...)
I spoke with someone at e-Trade. I have a link as well, but not sure if the link is publicly available or by email only
Are they offering smaller bonuses for smaller amounts as well?
$2k for $500k-$1m
$4k for $1-2m
$6k for $2-3m
$8k for $3-4m
$10k for $4m+
Saw you were trying to get Merrill to match this last year. Is this just being moved back?
I did some round-robin with the main brokers over the last 10 years, but never back-to-back (but I have more than 1 account), and they seem to watch it. It's the same reps attached to my accounts and they notice when I do a big transfer out and call me about it. I guess they know the game, so now I tend to leave things alone or at least a lot longer than necessary.
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

gobel wrote: Wed Jul 14, 2021 12:25 pm
LFKB wrote: Tue Jul 13, 2021 10:05 pm
GeraniumLover wrote: Tue Jul 13, 2021 11:41 am
LFKB wrote: Tue Jul 13, 2021 11:37 am
m2go wrote: Tue Jul 13, 2021 8:55 am

How did you get that offer? Is that public? Or did you call or visit a branch? In a single account, or does that include both IRA and individual brokerage balances? Where is the money being deposited? (It seems that for manual credits, getting them into IRA is often more difficult with brokerages...)
I spoke with someone at e-Trade. I have a link as well, but not sure if the link is publicly available or by email only
Are they offering smaller bonuses for smaller amounts as well?
$2k for $500k-$1m
$4k for $1-2m
$6k for $2-3m
$8k for $3-4m
$10k for $4m+
Saw you were trying to get Merrill to match this last year. Is this just being moved back?
I did some round-robin with the main brokers over the last 10 years, but never back-to-back (but I have more than 1 account), and they seem to watch it. It's the same reps attached to my accounts and they notice when I do a big transfer out and call me about it. I guess they know the game, so now I tend to leave things alone or at least a lot longer than necessary.
As long as you meet the holding period for the bonus, it bothers you that they "notice" you leaving? With me the conversation would go:

Them: hey did you transfer out? Why?
Me: yes, I received a bonus of $xxx

I don't see what the big deal is. I would also perhaps give them the opportunity to match, before pulling the trigger on a transfer. I've had success with that tactic before.
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

I'm trying to transfer from M1 Finance to another broker.

The broker to whom I'm transferring asks for 'Broker Clearing number' of the sending broker. What is M1 Finance's Broker clearing number ? I don't see any listing for M1 in the DTC list.

I know they clear using Apex -- does that mean they use Apex's clearing number ?
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

SlowMovingInvestor wrote: Wed Jul 21, 2021 8:33 pm I'm trying to transfer from M1 Finance to another broker.

The broker to whom I'm transferring asks for 'Broker Clearing number' of the sending broker. What is M1 Finance's Broker clearing number ? I don't see any listing for M1 in the DTC list.

I know they clear using Apex -- does that mean they use Apex's clearing number ?
Yes Apex one - also Apex accounts number might be slightly different than M1.. check out ..
Nathan Drake
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Nathan Drake »

SlowMovingInvestor wrote: Wed Jul 21, 2021 8:33 pm I'm trying to transfer from M1 Finance to another broker.

The broker to whom I'm transferring asks for 'Broker Clearing number' of the sending broker. What is M1 Finance's Broker clearing number ? I don't see any listing for M1 in the DTC list.

I know they clear using Apex -- does that mean they use Apex's clearing number ?
Out of curiosity why are you moving away from M1?
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

Nathan Drake wrote: Wed Jul 21, 2021 11:00 pm
SlowMovingInvestor wrote: Wed Jul 21, 2021 8:33 pm I'm trying to transfer from M1 Finance to another broker.

The broker to whom I'm transferring asks for 'Broker Clearing number' of the sending broker. What is M1 Finance's Broker clearing number ? I don't see any listing for M1 in the DTC list.

I know they clear using Apex -- does that mean they use Apex's clearing number ?
Out of curiosity why are you moving away from M1?
I'm looking for a bonus elsewhere. But in any case, I would likely not stay at M1 long term -- I think it's fine for starting out, but I would rather go with a broker like Fido long term.
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

sc9182 wrote: Wed Jul 21, 2021 8:52 pm
SlowMovingInvestor wrote: Wed Jul 21, 2021 8:33 pm I'm trying to transfer from M1 Finance to another broker.

The broker to whom I'm transferring asks for 'Broker Clearing number' of the sending broker. What is M1 Finance's Broker clearing number ? I don't see any listing for M1 in the DTC list.

I know they clear using Apex -- does that mean they use Apex's clearing number ?
Yes Apex one - also Apex accounts number might be slightly different than M1.. check out ..
I'm confused -- you're saying that I should use Apex's account number for my account in the transfer form at the other broker rather than M1's account number ?

[ The broker clearing number will be Apex's - I understand that]
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

SlowMovingInvestor wrote: Thu Jul 22, 2021 6:57 am
sc9182 wrote: Wed Jul 21, 2021 8:52 pm
SlowMovingInvestor wrote: Wed Jul 21, 2021 8:33 pm I'm trying to transfer from M1 Finance to another broker.

The broker to whom I'm transferring asks for 'Broker Clearing number' of the sending broker. What is M1 Finance's Broker clearing number ? I don't see any listing for M1 in the DTC list.

I know they clear using Apex -- does that mean they use Apex's clearing number ?
Yes Apex one - also Apex accounts number might be slightly different than M1.. check out ..
I'm confused -- you're saying that I should use Apex's account number for my account in the transfer form at the other broker rather than M1's account number ?

[ The broker clearing number will be Apex's - I understand that]
Yes - you got that right ! Apex account#
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

sc9182 wrote: Thu Jul 22, 2021 7:08 am
SlowMovingInvestor wrote: Thu Jul 22, 2021 6:57 am
sc9182 wrote: Wed Jul 21, 2021 8:52 pm
SlowMovingInvestor wrote: Wed Jul 21, 2021 8:33 pm I'm trying to transfer from M1 Finance to another broker.

The broker to whom I'm transferring asks for 'Broker Clearing number' of the sending broker. What is M1 Finance's Broker clearing number ? I don't see any listing for M1 in the DTC list.

I know they clear using Apex -- does that mean they use Apex's clearing number ?
Yes Apex one - also Apex accounts number might be slightly different than M1.. check out ..
I'm confused -- you're saying that I should use Apex's account number for my account in the transfer form at the other broker rather than M1's account number ?

[ The broker clearing number will be Apex's - I understand that]
Yes - you got that right ! Apex account#
OK, thanks, I don't even have Apex account #, do I have to create a UserId on the Apex site using the method described in M1Finance's FAQ to get that ?

https://support.m1finance.com/hc/en-us/ ... N7QBT0S8X4
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

SlowMovingInvestor wrote: Thu Jul 22, 2021 7:18 am
sc9182 wrote: Thu Jul 22, 2021 7:08 am
SlowMovingInvestor wrote: Thu Jul 22, 2021 6:57 am
sc9182 wrote: Wed Jul 21, 2021 8:52 pm
SlowMovingInvestor wrote: Wed Jul 21, 2021 8:33 pm I'm trying to transfer from M1 Finance to another broker.

The broker to whom I'm transferring asks for 'Broker Clearing number' of the sending broker. What is M1 Finance's Broker clearing number ? I don't see any listing for M1 in the DTC list.

I know they clear using Apex -- does that mean they use Apex's clearing number ?
Yes Apex one - also Apex accounts number might be slightly different than M1.. check out ..
I'm confused -- you're saying that I should use Apex's account number for my account in the transfer form at the other broker rather than M1's account number ?

[ The broker clearing number will be Apex's - I understand that]
Yes - you got that right ! Apex account#
OK, thanks, I don't even have Apex account #, do I have to create a UserId on the Apex site using the method described in M1Finance's FAQ to get that ?

https://support.m1finance.com/hc/en-us/ ... N7QBT0S8X4
Yes, correct. Sorry for extra work :-(
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

sc9182 wrote: Thu Jul 22, 2021 7:20 am
SlowMovingInvestor wrote: Thu Jul 22, 2021 7:18 am
sc9182 wrote: Thu Jul 22, 2021 7:08 am
SlowMovingInvestor wrote: Thu Jul 22, 2021 6:57 am
I'm confused -- you're saying that I should use Apex's account number for my account in the transfer form at the other broker rather than M1's account number ?

[ The broker clearing number will be Apex's - I understand that]
Yes - you got that right ! Apex account#
OK, thanks, I don't even have Apex account #, do I have to create a UserId on the Apex site using the method described in M1Finance's FAQ to get that ?

https://support.m1finance.com/hc/en-us/ ... N7QBT0S8X4
Yes, correct. Sorry for extra work :-(
I think the problem is partly from the receiving broker's end -- they should make inbound transfers from other brokers easier.

Fidelity, for instance, directly accepts M1 Finance name and account numbers (even in the proper format), and reimburses transfer fees. Unfortunately, Fidelity is not the recipient broker for me :(
Nathan Drake
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Nathan Drake »

SlowMovingInvestor wrote: Thu Jul 22, 2021 5:38 am
Nathan Drake wrote: Wed Jul 21, 2021 11:00 pm
SlowMovingInvestor wrote: Wed Jul 21, 2021 8:33 pm I'm trying to transfer from M1 Finance to another broker.

The broker to whom I'm transferring asks for 'Broker Clearing number' of the sending broker. What is M1 Finance's Broker clearing number ? I don't see any listing for M1 in the DTC list.

I know they clear using Apex -- does that mean they use Apex's clearing number ?
Out of curiosity why are you moving away from M1?
I'm looking for a bonus elsewhere. But in any case, I would likely not stay at M1 long term -- I think it's fine for starting out, but I would rather go with a broker like Fido long term.
I’d agree with you but M1 does a lot of stuff Fidelity doesn’t, like automatic investing with fractional shares

And vice versa, M1 doesn’t offer the “day trading” options, but that’s not really for me anyhow
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

sc9182 wrote: Thu Jul 22, 2021 7:20 am
SlowMovingInvestor wrote: Thu Jul 22, 2021 7:18 am
sc9182 wrote: Thu Jul 22, 2021 7:08 am
SlowMovingInvestor wrote: Thu Jul 22, 2021 6:57 am
sc9182 wrote: Wed Jul 21, 2021 8:52 pm
Yes Apex one - also Apex accounts number might be slightly different than M1.. check out ..
I'm confused -- you're saying that I should use Apex's account number for my account in the transfer form at the other broker rather than M1's account number ?

[ The broker clearing number will be Apex's - I understand that]
Yes - you got that right ! Apex account#
OK, thanks, I don't even have Apex account #, do I have to create a UserId on the Apex site using the method described in M1Finance's FAQ to get that ?

https://support.m1finance.com/hc/en-us/ ... N7QBT0S8X4
Yes, correct. Sorry for extra work :-(
One more question -- the other brokers transfer form asks for Firm name and address. Should I give Apex Clearing's Name/Addr or M1 FInance's ?

Thanks
sc9182
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Joined: Wed Aug 17, 2016 7:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

SlowMovingInvestor wrote: Thu Jul 22, 2021 6:09 pm
sc9182 wrote: Thu Jul 22, 2021 7:20 am
SlowMovingInvestor wrote: Thu Jul 22, 2021 7:18 am
sc9182 wrote: Thu Jul 22, 2021 7:08 am
SlowMovingInvestor wrote: Thu Jul 22, 2021 6:57 am

I'm confused -- you're saying that I should use Apex's account number for my account in the transfer form at the other broker rather than M1's account number ?

[ The broker clearing number will be Apex's - I understand that]
Yes - you got that right ! Apex account#
OK, thanks, I don't even have Apex account #, do I have to create a UserId on the Apex site using the method described in M1Finance's FAQ to get that ?

https://support.m1finance.com/hc/en-us/ ... N7QBT0S8X4
Yes, correct. Sorry for extra work :-(
One more question -- the other brokers transfer form asks for Firm name and address. Should I give Apex Clearing's Name/Addr or M1 FInance's ?

Thanks
Personally I wasn’t asked about this particular Q, but would imagine Apex’s address/details are relevant here ..
6d1v7x3
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 6d1v7x3 »

Hey guys I'm new to all this and was wondering if there are any bonuses for less than 100k? Thanks so much.
02nz
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 02nz »

6d1v7x3 wrote: Mon Jul 26, 2021 3:17 pm Hey guys I'm new to all this and was wondering if there are any bonuses for less than 100k? Thanks so much.
Yes, check here: https://www.doctorofcredit.com/best-bro ... p-to-3500/
jminv
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jminv »

Anyone else get a 2020 1099-MISC from M1 this week for a transfer bonus?

Fairly irritated with them. They don't deposit transfer bonuses into the IRA accounts which is what makes transfer bonuses interesting, instead, it has to go to taxable, unlike other brokers. This was annoying back in 2020 since had I known that at the outset, I would probably have done a different transfer bonus. Or at least when I took them up on it.

I asked them about this early this year and they responded by saying that the promotional bonus was not a taxable event since I didn't invest it in their taxable account and instead withdrew it. No 1099 would be issued.

Now they're sending out 2020 1099-MISCs.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

jminv wrote: Tue Jul 27, 2021 12:12 pm Anyone else get a 2020 1099-MISC from M1 this week for a transfer bonus?

Fairly irritated with them. They don't deposit transfer bonuses into the IRA accounts which is what makes transfer bonuses interesting, instead, it has to go to taxable, unlike other brokers. This was annoying back in 2020 since had I known that at the outset, I would probably have done a different transfer bonus. Or at least when I took them up on it.

I asked them about this early this year and they responded by saying that the promotional bonus was not a taxable event since I didn't invest it in their taxable account and instead withdrew it. No 1099 would be issued.

Now they're sending out 2020 1099-MISCs.
If they are giving you money and it's not in the IRA, I don't see how it wouldn't be taxable. You expected to keep the $$$ but not pay taxes on it?
SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

jminv wrote: Tue Jul 27, 2021 12:12 pm Anyone else get a 2020 1099-MISC from M1 this week for a transfer bonus?

Fairly irritated with them. They don't deposit transfer bonuses into the IRA accounts which is what makes transfer bonuses interesting, instead, it has to go to taxable, unlike other brokers. This was annoying back in 2020 since had I known that at the outset, I would probably have done a different transfer bonus. Or at least when I took them up on it.

I asked them about this early this year and they responded by saying that the promotional bonus was not a taxable event since I didn't invest it in their taxable account and instead withdrew it. No 1099 would be issued.

Now they're sending out 2020 1099-MISCs.
I received a bonus from M1 Finance this year. It was for an IRA, but was deposited in a brokerage account that they asked me to open. I fully expect to receive a 1099 next year. I don't see how a bonus deposited in a brokerage account would not be taxable. I do wish they deposited bonuses in IRA accounts, but I knew that going in.

OTOH -- sending out 1099s several months late is clearly a screwup on their part.
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

True to both pain-points with M1 :-(
We are awaiting (guessing) 2nd 1099 (this one their 1.5 times normal bonus) from them

Not complaining- it was quickest $6000 something (across brokerage and IRA) under 4 months.. tax is consequence of getting mo monies .. Someone please send us $10k — we be happy to pay the tax onus on those kind sums :-)

The nuisance part of this is : getting M1 1099 this week for FY-2020., after such long delay .. :-(
Oh well !

surprisingly upside from Chase: they sent us $1000 bonus check (after closing the account nearly 8 months ago) on chase private client $250k transfer. During the promotion period they did not deposit their promised $1000, we waited couple of extra months - to no awail, spoke to our good advisor, who put in a request, but no luck either. So we Closed the Chase account 8 months ago, moved out — just this week we received the $1000 check in the mail - and a letter describing the error they made..

Now waiting to hear from Fidelity - whether they are willing to offer $3k bonus on $1MM - mostly they require 1 year asset retention period. Guess - we will make do with bonus, with 1.25% margin rate .. (use wisely!!)
Last edited by sc9182 on Tue Jul 27, 2021 6:27 pm, edited 2 times in total.
jminv
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jminv »

tj wrote: Tue Jul 27, 2021 3:08 pm
jminv wrote: Tue Jul 27, 2021 12:12 pm Anyone else get a 2020 1099-MISC from M1 this week for a transfer bonus?

Fairly irritated with them. They don't deposit transfer bonuses into the IRA accounts which is what makes transfer bonuses interesting, instead, it has to go to taxable, unlike other brokers. This was annoying back in 2020 since had I known that at the outset, I would probably have done a different transfer bonus. Or at least when I took them up on it.

I asked them about this early this year and they responded by saying that the promotional bonus was not a taxable event since I didn't invest it in their taxable account and instead withdrew it. No 1099 would be issued.

Now they're sending out 2020 1099-MISCs.
If they are giving you money and it's not in the IRA, I don't see how it wouldn't be taxable. You expected to keep the $$$ but not pay taxes on it?
I expected them to deposit into the IRA like most other brokers. I only transfered an IRA to them, it's only once I was with them they made me open the taxable account to get the bonus. Had I known before I made the transfer, I would not have opened up with them. That was an irritant last year.

Once they did their bait and switch, I expected to pay taxes on it because of how they insisted on paying out, which is why I asked them about the 1099 and why I hadn't received one early this year. I received the answer from them that I said - not taxable, not going to issue 1099s. So I'm fairly certain I wasn't the only one that didn't receive 1099 for 2020. I did ignore what they said and declared, of course.

Now, they're sending out 2020 1099-MISCs months in late July after they apparently realized they messed up. It is irritating and not very professional, but my main problem with them is they can't even get the amount on the 1099-MISC right. It's not what I declared because it's not what I got from them. They can't even get the transfer bonus they paid out right (it's overstated). I'm not a fan of M1's back office, not a fan of late 1099 that they clearly didn't send out because they didn't know they needed to, and I'm not a fan of a brokerage that can't keep their accounting straight.

Just a heads up to look out for 2020 1099-MISCs from M1 that are also misstated.
abracadabra11
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by abracadabra11 »

jonas wrote: Tue Jul 13, 2021 2:32 pm
GeraniumLover wrote: Tue Jul 13, 2021 11:41 am Are they offering smaller bonuses for smaller amounts as well?
I got this just recently: https://us.etrade.com/what-we-offer/how-it-works/promo
Not sure if this has been posted elsewhere, but Schwab is apparently willing to match this promotion. Received an unsolicited call after initiating a transfer to Etrade whereby Schwab would match the promotion if the account remained in place.
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Svensk Anga
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Svensk Anga »

abracadabra11 wrote: Wed Jul 28, 2021 7:02 am
jonas wrote: Tue Jul 13, 2021 2:32 pm
GeraniumLover wrote: Tue Jul 13, 2021 11:41 am Are they offering smaller bonuses for smaller amounts as well?
I got this just recently: https://us.etrade.com/what-we-offer/how-it-works/promo
Not sure if this has been posted elsewhere, but Schwab is apparently willing to match this promotion. Received an unsolicited call after initiating a transfer to Etrade whereby Schwab would match the promotion if the account remained in place.
I wonder if your trading was a money maker for Schwab? I did a transfer from Schwab to Etrade earlier this year, but heard not a peep about a match. But I trade only rarely and held no high ER funds there.
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

abracadabra11 wrote: Wed Jul 28, 2021 7:02 am
jonas wrote: Tue Jul 13, 2021 2:32 pm
GeraniumLover wrote: Tue Jul 13, 2021 11:41 am Are they offering smaller bonuses for smaller amounts as well?
I got this just recently: https://us.etrade.com/what-we-offer/how-it-works/promo
Not sure if this has been posted elsewhere, but Schwab is apparently willing to match this promotion. Received an unsolicited call after initiating a transfer to Etrade whereby Schwab would match the promotion if the account remained in place.
Interesting development
abracadabra11
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by abracadabra11 »

Svensk Anga wrote: Thu Jul 29, 2021 1:00 pm
abracadabra11 wrote: Wed Jul 28, 2021 7:02 am
jonas wrote: Tue Jul 13, 2021 2:32 pm
GeraniumLover wrote: Tue Jul 13, 2021 11:41 am Are they offering smaller bonuses for smaller amounts as well?
I got this just recently: https://us.etrade.com/what-we-offer/how-it-works/promo
Not sure if this has been posted elsewhere, but Schwab is apparently willing to match this promotion. Received an unsolicited call after initiating a transfer to Etrade whereby Schwab would match the promotion if the account remained in place.
I wonder if your trading was a money maker for Schwab? I did a transfer from Schwab to Etrade earlier this year, but heard not a peep about a match. But I trade only rarely and held no high ER funds there.
Not a chance. I transferred mutual funds from Vanguard and Fidelity to Schwab for a bonus there just a year prior and did 0 trades.
curious george
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by curious george »

I was wondering for those who do transepfer - either b/c of poor service or to get a bonus or for both - what do you do with Muni funds like vwiux ? I don’t think it has a comparable ETF and I don’t see it as available at E trade ??
I could sell it and realize cap gains - but that defeats the bonus
Any suggestions/ideas?
placeholder
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

Sometimes funds can be held at a brokerage but not purchased so you can move it and buy new stuff in an etf or other mutual fund so check with the target.
sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

Another Transfer Bonus for Summer from M1 Finance:

M1Finance bonus - 80 days retention (prolly add 1-2 additional weeks for account transfer and/or credit to be posted). Initiate Transfer between Aug 1st thru Sept 12th 2021. Hold the account and positions in M1 until Nov 30th., get paid the $ amount of promotional credit on Nov 30th.

Wouldn’t recommend lower bonus tier than $500 credit level, due to higher than usual transfer fees and an oddball trading platform (M1 may not be well suited for individual stock purchases and traders or not-every mutual funds available on this platform;

Suggest: Transfer-in by Sept 12th, don’t trade, hold for 80+ days till Nov 30th, get bonus, and move out — unless you love the platform

Account-value Promotional-Credit
$10,000 – $19,999.99 $40
$20,000 – $49,999.99 $75
$50,000 – $99,999.99 $150
$100,000 – $249,999.99 $250
$250,000 – $499,999.99 $500
$500,000 – $999,999.99 $1,000
$1,000,000 – $1,999.999.99 $2,500
$2,000,000+ $4,000

Ref: https://www.m1finance.com/summer-transfer/
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gobel
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by gobel »

New etrade bonuses. I think one link is for adding assets to an existing account, and the other is for opening a new one:
https://us.etrade.com/promo/4000cfc-combined-summer
https://us.etrade.com/promo/3500cfc-combined-summer

note: I've both gotten and been denied etrade bonuses based on the line "You must be the original recipient of this offer to enroll" that they seem to include in every offer.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

sc9182 wrote: Mon Aug 02, 2021 1:36 pm Another Transfer Bonus for Summer from M1 Finance:

M1Finance bonus - 80 days retention (prolly add 1-2 additional weeks for account transfer and/or credit to be posted). Initiate Transfer between Aug 1st thru Sept 12th 2021. Hold the account and positions in M1 until Nov 30th., get paid the $ amount of promotional credit on Nov 30th.

Wouldn’t recommend lower bonus tier than $500 credit level, due to higher than usual transfer fees and an oddball trading platform (M1 may not be well suited for individual stock purchases and traders or not-every mutual funds available on this platform;

Suggest: Transfer-in by Sept 12th, don’t trade, hold for 80+ days till Nov 30th, get bonus, and move out — unless you love the platform

Account-value Promotional-Credit
$10,000 – $19,999.99 $40
$20,000 – $49,999.99 $75
$50,000 – $99,999.99 $150
$100,000 – $249,999.99 $250
$250,000 – $499,999.99 $500
$500,000 – $999,999.99 $1,000
$1,000,000 – $1,999.999.99 $2,500
$2,000,000+ $4,000

Ref: https://www.m1finance.com/summer-transfer/
To me, $250 for $100k is not enough to bother with. Just a few years ago, you could get $200 for 20k from the likes of TDA and E Trade.
sycamore
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore »

gobel wrote: Mon Aug 02, 2021 5:05 pm New etrade bonuses. I think one link is for adding assets to an existing account, and the other is for opening a new one:
https://us.etrade.com/promo/4000cfc-combined-summer
https://us.etrade.com/promo/3500cfc-combined-summer

note: I've both gotten and been denied etrade bonuses based on the line "You must be the original recipient of this offer to enroll" that they seem to include in every offer.
There's also another page https://us.etrade.com/promo/choose-your-offer-4k that describes both of those two bonuses. It has a link to the 3500cfc-combined-summer bonus.

I plan to give the new account a try sometime this week...
sycamore
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore »

gobel wrote: Mon Aug 02, 2021 5:05 pm New etrade bonuses. I think one link is for adding assets to an existing account, and the other is for opening a new one:
https://us.etrade.com/promo/4000cfc-combined-summer
https://us.etrade.com/promo/3500cfc-combined-summer

note: I've both gotten and been denied etrade bonuses based on the line "You must be the original recipient of this offer to enroll" that they seem to include in every offer.
How were you notified that the bonus was denied? Was that when you opened the account online, or by phone, or ?
Thanks.
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

I've never had that happen. I must have had 3 or 4 eTrade accounts created over the years for promo bonuses.
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gobel
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by gobel »

sycamore wrote: Wed Aug 04, 2021 3:00 pm
gobel wrote: Mon Aug 02, 2021 5:05 pm New etrade bonuses. I think one link is for adding assets to an existing account, and the other is for opening a new one:
https://us.etrade.com/promo/4000cfc-combined-summer
https://us.etrade.com/promo/3500cfc-combined-summer

note: I've both gotten and been denied etrade bonuses based on the line "You must be the original recipient of this offer to enroll" that they seem to include in every offer.
How were you notified that the bonus was denied? Was that when you opened the account online, or by phone, or ?
Thanks.
Someone posted last year that if you call your local branch, you could get a better offer of 4k for 1m transferred. But my rep said he never heard of it, and I couldn't really say "but someone on BH said so", so I asked to just sign up for the 3.5k offer. He said that didn't exist either, so I sent him the URL. That's when he wrote back quoting the must-be-targetted line and saying I didn't qualify, but he gave me a different URL for a 3k bonus. I pointed out that both offers had exactly the same line in the terms, but he wouldn't explain why I could get one but not the other. :-/

Maybe it's branch specific, or maybe I just have a bad rep. Here's a recent post of others' experiences: (2 got the 4k offer, 1 denied but got the 3.5k offer, yet I got neither) viewtopic.php?f=10&t=196884&p=5935799&h ... 0#p5935799
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

gobel wrote: Wed Aug 04, 2021 9:35 pm
sycamore wrote: Wed Aug 04, 2021 3:00 pm
gobel wrote: Mon Aug 02, 2021 5:05 pm New etrade bonuses. I think one link is for adding assets to an existing account, and the other is for opening a new one:
https://us.etrade.com/promo/4000cfc-combined-summer
https://us.etrade.com/promo/3500cfc-combined-summer

note: I've both gotten and been denied etrade bonuses based on the line "You must be the original recipient of this offer to enroll" that they seem to include in every offer.
How were you notified that the bonus was denied? Was that when you opened the account online, or by phone, or ?
Thanks.
Someone posted last year that if you call your local branch, you could get a better offer of 4k for 1m transferred. But my rep said he never heard of it, and I couldn't really say "but someone on BH said so", so I asked to just sign up for the 3.5k offer. He said that didn't exist either, so I sent him the URL. That's when he wrote back quoting the must-be-targetted line and saying I didn't qualify, but he gave me a different URL for a 3k bonus. I pointed out that both offers had exactly the same line in the terms, but he wouldn't explain why I could get one but not the other. :-/

Maybe it's branch specific, or maybe I just have a bad rep. Here's a recent post of others' experiences: (2 got the 4k offer, 1 denied but got the 3.5k offer, yet I got neither) viewtopic.php?f=10&t=196884&p=5935799&h ... 0#p5935799
I bet if you signed up with the 3.5k link, you would have received the bonus.
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