The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by Explorer »

SlowMovingInvestor wrote: Thu Sep 08, 2022 4:26 pm
dcnut wrote: Thu Sep 08, 2022 4:17 pm I have been in contact with my Fidelity rep over the last few days, as I have been looking into transferring all my family's Vanguard mutual funds from the Vanguard mutual fund platform to our existing Fidelity brokerage platform. I had been under the impression that at least some of Vanguard's largest mutual funds (like VTSAX) would be NTF at Fidelity. I was wrong. I was told that all Vanguard mutual funds will be TF (transaction fee) at Fidelity. That means that every purchase of additional shares will incur a $75 fee (excluding reinvestment of dividends and capital gains). I am having second thoughts about this move. Any comments?
1) You can convert VG's mutual funds to ETFs (if there is a corresponding ETF) before transferring). For VTSAX, that would be VTI
2) You can keep your old VG funds as is, but make new purchases of either ETF or corresponding NTFs at Fido.

Note that sales of VG mutual funds incur no fee at Fido, which is great.
... but additional buys will cost $75 a pop OR you can set up auto invest with only a $5 charge each time.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dcnut »

SlowMovingInvestor wrote: Thu Sep 08, 2022 4:26 pm
dcnut wrote: Thu Sep 08, 2022 4:17 pm I have been in contact with my Fidelity rep over the last few days, as I have been looking into transferring all my family's Vanguard mutual funds from the Vanguard mutual fund platform to our existing Fidelity brokerage platform. I had been under the impression that at least some of Vanguard's largest mutual funds (like VTSAX) would be NTF at Fidelity. I was wrong. I was told that all Vanguard mutual funds will be TF (transaction fee) at Fidelity. That means that every purchase of additional shares will incur a $75 fee (excluding reinvestment of dividends and capital gains). I am having second thoughts about this move. Any comments?
1) You can convert VG's mutual funds to ETFs (if there is a corresponding ETF) before transferring). For VTSAX, that would be VTI
2) You can keep your old VG funds as is, but make new purchases of either ETF or corresponding NTFs at Fido.

Note that sales of VG mutual funds incur no fee at Fido, which is great.
Can one convert from VTSAX to VTI at Vanguard on a mutual fund platform? I have no experience with ETFs.

Your last statement that sales of VG mutual funds incur no fee at Fido contradicts what my Fido rep just told me.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

dcnut wrote: Thu Sep 08, 2022 4:37 pm
SlowMovingInvestor wrote: Thu Sep 08, 2022 4:26 pm
dcnut wrote: Thu Sep 08, 2022 4:17 pm I have been in contact with my Fidelity rep over the last few days, as I have been looking into transferring all my family's Vanguard mutual funds from the Vanguard mutual fund platform to our existing Fidelity brokerage platform. I had been under the impression that at least some of Vanguard's largest mutual funds (like VTSAX) would be NTF at Fidelity. I was wrong. I was told that all Vanguard mutual funds will be TF (transaction fee) at Fidelity. That means that every purchase of additional shares will incur a $75 fee (excluding reinvestment of dividends and capital gains). I am having second thoughts about this move. Any comments?
1) You can convert VG's mutual funds to ETFs (if there is a corresponding ETF) before transferring). For VTSAX, that would be VTI
2) You can keep your old VG funds as is, but make new purchases of either ETF or corresponding NTFs at Fido.

Note that sales of VG mutual funds incur no fee at Fido, which is great.
Can one convert from VTSAX to VTI at Vanguard on a mutual fund platform? I have no experience with ETFs.

Your last statement that sales of VG mutual funds incur no fee at Fido contradicts what my Fido rep just told me.
The rep told you that purchases cost $75, not sales.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott »

dcnut wrote: Thu Sep 08, 2022 4:37 pm
SlowMovingInvestor wrote: Thu Sep 08, 2022 4:26 pm
dcnut wrote: Thu Sep 08, 2022 4:17 pm I have been in contact with my Fidelity rep over the last few days, as I have been looking into transferring all my family's Vanguard mutual funds from the Vanguard mutual fund platform to our existing Fidelity brokerage platform. I had been under the impression that at least some of Vanguard's largest mutual funds (like VTSAX) would be NTF at Fidelity. I was wrong. I was told that all Vanguard mutual funds will be TF (transaction fee) at Fidelity. That means that every purchase of additional shares will incur a $75 fee (excluding reinvestment of dividends and capital gains). I am having second thoughts about this move. Any comments?
1) You can convert VG's mutual funds to ETFs (if there is a corresponding ETF) before transferring). For VTSAX, that would be VTI
2) You can keep your old VG funds as is, but make new purchases of either ETF or corresponding NTFs at Fido.

Note that sales of VG mutual funds incur no fee at Fido, which is great.
Can one convert from VTSAX to VTI at Vanguard on a mutual fund platform? I have no experience with ETFs.

Your last statement that sales of VG mutual funds incur no fee at Fido contradicts what my Fido rep just told me.
I'm not sure this is posted in this bonus discussion instead of maybe the "Fidelity as a one stop shop" discussion
viewtopic.php?t=266538

You can not convert to ETFs in a mutual fund account.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

Explorer wrote: Thu Sep 08, 2022 4:32 pm
SlowMovingInvestor wrote: Thu Sep 08, 2022 4:26 pm
dcnut wrote: Thu Sep 08, 2022 4:17 pm I have been in contact with my Fidelity rep over the last few days, as I have been looking into transferring all my family's Vanguard mutual funds from the Vanguard mutual fund platform to our existing Fidelity brokerage platform. I had been under the impression that at least some of Vanguard's largest mutual funds (like VTSAX) would be NTF at Fidelity. I was wrong. I was told that all Vanguard mutual funds will be TF (transaction fee) at Fidelity. That means that every purchase of additional shares will incur a $75 fee (excluding reinvestment of dividends and capital gains). I am having second thoughts about this move. Any comments?
1) You can convert VG's mutual funds to ETFs (if there is a corresponding ETF) before transferring). For VTSAX, that would be VTI
2) You can keep your old VG funds as is, but make new purchases of either ETF or corresponding NTFs at Fido.

Note that sales of VG mutual funds incur no fee at Fido, which is great.
... but additional buys will cost $75 a pop OR you can set up auto invest with only a $5 charge each time.
ETF transactions are dirt cheap.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

jeffyscott wrote: Thu Sep 08, 2022 4:49 pmYou can not convert to ETFs in a mutual fund account.
Can you convert the mutual fund account to a brokerage account?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by adherenceEnergy »

If people are curious about that public.com offer, the coo (Stephen Sikes) came into a DoC thread answering a ton of questions people had: https://www.doctorofcredit.com/public-b ... 000-bonus/

For example, he said they can manually override cost basis in case the sending broker messes it up. He also said they have supplemental SIPC insurance: "Yes, we do have supplemental SIPC coverage (through our custodian/clearing firm, Apex) that covers up to $35M in securities and $900k in cash (I think, I’ll confirm exact amounts)."
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

SlowMovingInvestor wrote: Thu Sep 08, 2022 4:03 pm Note that Public only has SIPC coverage of 500K. I wouldn't move more than that to them in any case.

Also, no IRAs. If they screw up cost basis on a taxable account, it could well offset any bonus.
That’s too bad on the $500k
That $10k bonus looks really sweet.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

adherenceEnergy wrote: Thu Sep 08, 2022 6:08 pm... He also said they have supplemental SIPC insurance: "Yes, we do have supplemental SIPC coverage (through our custodian/clearing firm, Apex) that covers up to $35M in securities and $900k in cash (I think, I’ll confirm exact amounts)."
Assuming that's documented somewhere, that's nice for those who have more than $500K to transfer.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

Yeah the public one would be a lot better if iras were allowed but still that 2k for 100k transfer is pretty attractive so I might send a block of etfs over there.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pu239 »

EnjoyIt wrote: Thu Sep 08, 2022 6:19 pm
SlowMovingInvestor wrote: Thu Sep 08, 2022 4:03 pm Note that Public only has SIPC coverage of 500K. I wouldn't move more than that to them in any case.

Also, no IRAs. If they screw up cost basis on a taxable account, it could well offset any bonus.
That’s too bad on the $500k
That $10k bonus looks really sweet.
If Public can make money doing this, one wonders how much Vanguard makes (or could make) not handing out any bonuses.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

Please stay focused on transfer bonuses. Comments regarding Vanguard's profit motives should be made in the relevant threads.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

I am about to do an account transfer to Etrade. This is my taxable brokerage. I am going to perform a partial transfer, but I am having concerns that the Cost Basis will get mangled. I already saved my cost basis to my desktop. Since I have not performed this before, I need some aid:

1) If a partial transfer, how does Vanguard determine which lots are transferring, and which stay?

Thx.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by anon_investor »

bbrock wrote: Fri Sep 09, 2022 4:08 pm I am about to do an account transfer to Etrade. This is my taxable brokerage. I am going to perform a partial transfer, but I am having concerns that the Cost Basis will get mangled. I already saved my cost basis to my desktop. Since I have not performed this before, I need some aid:

1) If a partial transfer, how does Vanguard determine which lots are transferring, and which stay?

Thx.
FIFO, so they'll move your oldest lots first. This is what happened each time I have done a partial transfer out of Vanguard.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

Thanks anon_investor.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

I am thinking for sake of simplicity, and to reduce the chance of errors, that it probably would be smarter to transfer my entire lot of VTI, vs. partial. Anon_investor, In all the times you have done a partial transfer out of Vanguard, have they messed up your cost basis?

Now understanding they do FIFO, I could leave my only 3 lots of covered shares at Vanguard, and transfer the rest to Etrade. However, I am just scrapping by for the $4k bonus offer that my Etrade contact is offering if I transfer between $1 mill - $1,999,9999. How long does it take to transfer? There could be some price volatility to when it is received, so it may not come into Etrade at $1 mill.
Last edited by bbrock on Fri Sep 09, 2022 6:08 pm, edited 1 time in total.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

Evidently Public could not process by account transfers. I of course attached statements to the transfers. I won't be bothering.

We see both transfers were rejected, unfortunately. To ensure that we can transfer the account we would need a recent statement for the account dated within the last 3 months. Please email that to us at support@public.com.

From there, I can forward them to our operations team for review to see if we can submit the transfer for processing. Thank you so much for your help on this. We are standing by to assist.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

tj wrote: Fri Sep 09, 2022 6:06 pm Evidently Public could not process by account transfers. I won't be bothering.

We see both transfers were rejected, unfortunately. To ensure that we can transfer the account we would need a recent statement for the account dated within the last 3 months. Please email that to us at support@public.com.

From there, I can forward them to our operations team for review to see if we can submit the transfer for processing. Thank you so much for your help on this. We are standing by to assist.
Why not do what they asked?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ee22bee »

bbrock wrote: Fri Sep 09, 2022 5:38 pm I am thinking for sake of simplicity, and to reduce the chance of errors, that it probably would be smarter to transfer my entire lot of VTI, vs. partial. Anon_investor, In all the times you have done a partial transfer out of Vanguard, have they messed up your cost basis?

Now understanding they do FIFO, I could leave my only 3 lots of covered shares at Vanguard, and transfer the rest to Etrade. However, I am just scrapping by for the $4k bonus offer that my Etrade contact is offering if I transfer between $1 mill - $1,999,9999. How long does it take to transfer? There could be some price volatility to when it is received, so it may not come into Etrade at $1 mill.
If you do partial transfer, you might want to double-check that your distribution cost basis at the source brokerage is set to FIFO. I don't know about Vanguard, but Fidelity uses this setting when you do partial-transfer out from them, meaning, it's not FIFO if you had changed this setting to something else.

And I did this at Fidelity when I wanted to transfer out specific lots: I moved specific lots from the source brokerage account to my CMA account (or another brokerage account), isolating the lots that I wanted to transfer out. I then did an entire-position transfer from this staging location. It's an extra step, but I liked being certain which lots will be transferred.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

whodidntante wrote: Fri Sep 09, 2022 6:08 pm
tj wrote: Fri Sep 09, 2022 6:06 pm Evidently Public could not process by account transfers. I won't be bothering.

We see both transfers were rejected, unfortunately. To ensure that we can transfer the account we would need a recent statement for the account dated within the last 3 months. Please email that to us at support@public.com.

From there, I can forward them to our operations team for review to see if we can submit the transfer for processing. Thank you so much for your help on this. We are standing by to assist.
Why not do what they asked?
Because I already supplied them with the statements. If they can't figure out how to retrieve them, that's a little scary.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

I'm going to share something that will make y'all cringe on the Public offer.

There is a single report that they don't know how to handle cost basis transfer over at Doc. It's maybe just the display that is wrong. It's also just one datapoint, so possibly wrong. Hook your peepers on it and decide if you want to risk it.
https://www.doctorofcredit.com/public-b ... nt-1441805

I always snapshot my basis anyway, and I can deal with the IRS. They audit me nearly every year anyway. But I know some of y'all like to keep your ride clean. I am proceeding but thought it was worth mentioning.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

whodidntante wrote: Fri Sep 09, 2022 6:14 pm I'm going to share something that will make y'all cringe on the Public offer.

There is a single report that they don't know how to handle cost basis transfer over at Doc. It's maybe just the display that is wrong. It's also just one datapoint, so possibly wrong. Hook your peepers on it and decide if you want to risk it.
https://www.doctorofcredit.com/public-b ... nt-1441805

I always snapshot my basis anyway, and I can deal with the IRS. They audit me nearly every year anyway. But I know some of y'all like to keep your ride clean. I am proceeding but thought it was worth mentioning.
There should be a way to generate statements at Apex. Apex would presumably have the correct basis
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by bbrock »

ee22bee wrote: Fri Sep 09, 2022 6:12 pm
bbrock wrote: Fri Sep 09, 2022 5:38 pm I am thinking for sake of simplicity, and to reduce the chance of errors, that it probably would be smarter to transfer my entire lot of VTI, vs. partial. Anon_investor, In all the times you have done a partial transfer out of Vanguard, have they messed up your cost basis?

Now understanding they do FIFO, I could leave my only 3 lots of covered shares at Vanguard, and transfer the rest to Etrade. However, I am just scrapping by for the $4k bonus offer that my Etrade contact is offering if I transfer between $1 mill - $1,999,9999. How long does it take to transfer? There could be some price volatility to when it is received, so it may not come into Etrade at $1 mill.
If you do partial transfer, you might want to double-check that your distribution cost basis at the source brokerage is set to FIFO. I don't know about Vanguard, but Fidelity uses this setting when you do partial-transfer out from them, meaning, it's not FIFO if you had changed this setting to something else.

And I did this at Fidelity when I wanted to transfer out specific lots: I moved specific lots from the source brokerage account to my CMA account (or another brokerage account), isolating the lots that I wanted to transfer out. I then did an entire-position transfer from this staging location. It's an extra step, but I liked being certain which lots will be transferred.
Thanks ee22bee.

Yeah, my selected method has been Spec ID. I smell a problem if I leave it like that and Vanguard trying to transfer out FIFO, based on what anon_investor was stating.

Not sure but could I enter the ACAT from Vanguard's side so that I could select the lots to transfer out?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

tj wrote: Fri Sep 09, 2022 6:16 pm
whodidntante wrote: Fri Sep 09, 2022 6:14 pm I'm going to share something that will make y'all cringe on the Public offer.

There is a single report that they don't know how to handle cost basis transfer over at Doc. It's maybe just the display that is wrong. It's also just one datapoint, so possibly wrong. Hook your peepers on it and decide if you want to risk it.
https://www.doctorofcredit.com/public-b ... nt-1441805

I always snapshot my basis anyway, and I can deal with the IRS. They audit me nearly every year anyway. But I know some of y'all like to keep your ride clean. I am proceeding but thought it was worth mentioning.
There should be a way to generate statements at Apex. Apex would presumably have the correct basis
I agree. Apex Clearing is legit.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

whodidntante wrote: Fri Sep 09, 2022 6:24 pm
tj wrote: Fri Sep 09, 2022 6:16 pm
whodidntante wrote: Fri Sep 09, 2022 6:14 pm I'm going to share something that will make y'all cringe on the Public offer.

There is a single report that they don't know how to handle cost basis transfer over at Doc. It's maybe just the display that is wrong. It's also just one datapoint, so possibly wrong. Hook your peepers on it and decide if you want to risk it.
https://www.doctorofcredit.com/public-b ... nt-1441805

I always snapshot my basis anyway, and I can deal with the IRS. They audit me nearly every year anyway. But I know some of y'all like to keep your ride clean. I am proceeding but thought it was worth mentioning.
There should be a way to generate statements at Apex. Apex would presumably have the correct basis
I agree. Apex Clearing is legit.
Also if you read the rest of that DOC posts, it appears like they can do cost basis but plan on being it visible in Q4. At least according to the post at DOC.

I have worked with APEX before. They are legit and do cost basis accurately in my experience?
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ee22bee »

bbrock wrote: Fri Sep 09, 2022 6:17 pm
ee22bee wrote: Fri Sep 09, 2022 6:12 pm
bbrock wrote: Fri Sep 09, 2022 5:38 pm I am thinking for sake of simplicity, and to reduce the chance of errors, that it probably would be smarter to transfer my entire lot of VTI, vs. partial. Anon_investor, In all the times you have done a partial transfer out of Vanguard, have they messed up your cost basis?

Now understanding they do FIFO, I could leave my only 3 lots of covered shares at Vanguard, and transfer the rest to Etrade. However, I am just scrapping by for the $4k bonus offer that my Etrade contact is offering if I transfer between $1 mill - $1,999,9999. How long does it take to transfer? There could be some price volatility to when it is received, so it may not come into Etrade at $1 mill.
If you do partial transfer, you might want to double-check that your distribution cost basis at the source brokerage is set to FIFO. I don't know about Vanguard, but Fidelity uses this setting when you do partial-transfer out from them, meaning, it's not FIFO if you had changed this setting to something else.

And I did this at Fidelity when I wanted to transfer out specific lots: I moved specific lots from the source brokerage account to my CMA account (or another brokerage account), isolating the lots that I wanted to transfer out. I then did an entire-position transfer from this staging location. It's an extra step, but I liked being certain which lots will be transferred.
Thanks ee22bee.

Yeah, my selected method has been Spec ID. I smell a problem if I leave it like that and Vanguard trying to transfer out FIFO, based on what anon_investor was stating.

Not sure but could I enter the ACAT from Vanguard's side so that I could select the lots to transfer out?
No, afaik, ACAT transfers can only be initiated from the destination side.

In your case, if FIFO is the order that you want, maybe temporarily set your distribution order to FIFO then let Vanguard do FIFO for your transfer, then revert the setting after seeing that the correct cost basis has landed in ETrade? (usually a couple days after the shares land)
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SecurityEng »

Has anyone had any luck getting any brokerage to mimic Public's bonus offer?

I see that ME is doing about 2500 for 1m, E-Trade and Schwab are doing 4k. Anything better than those?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

SecurityEng wrote: Sat Sep 10, 2022 7:50 am Has anyone had any luck getting any brokerage to mimic Public's bonus offer?

I see that ME is doing about 2500 for 1m, E-Trade and Schwab are doing 4k. Anything better than those?
Highly Unlikely to get matched. Way back 5-6 years ago (?) there was almost similar offer from SoFi (?) — but quickly gone. No other brokerage house matched that offer.

Wish Public did bonus on IRAs ; but their $100k level offer of $2000 ain’t bad either ..
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by starboi »

What should I do with my Vanguard account now that I did a full ACATS out? I have no need for it. Should I close it? Do you have to call to do that?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by mkc »

starboi wrote: Sat Sep 10, 2022 7:54 pm What should I do with my Vanguard account now that I did a full ACATS out? I have no need for it. Should I close it? Do you have to call to do that?
I would not close until after taxes are filed next year - you might need access to tax forms or transaction info/history/cost basis.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

^^^ I second that. You should keep the account open because you'll need access to tax forms and transaction history.

The tax forms and transaction history for the accounts I moved to Fidelity are still there.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jackson1911 »

very helpful. thanks. :D
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by HomeStretch »

starboi wrote: Sat Sep 10, 2022 7:54 pm What should I do with my Vanguard account now that I did a full ACATS out? I have no need for it. Should I close it? Do you have to call to do that?
About 2 months after doing a full ACAT transfer out of Vanguard they sent a letter saying the account was closed (I did not specifically request that it be closed). The account information is still available online.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by starboi »

HomeStretch wrote: Mon Sep 12, 2022 8:40 pm
starboi wrote: Sat Sep 10, 2022 7:54 pm What should I do with my Vanguard account now that I did a full ACATS out? I have no need for it. Should I close it? Do you have to call to do that?
About 2 months after doing a full ACAT transfer out of Vanguard they sent a letter saying the account was closed (I did not specifically request that it be closed). The account information is still available online.
Good info thanks.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Parkinglotracer »

Anyone ever seen vanguard give out a bonus for a large retirement $ transfer in?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott »

starboi wrote: Mon Sep 12, 2022 8:49 pm
HomeStretch wrote: Mon Sep 12, 2022 8:40 pm
starboi wrote: Sat Sep 10, 2022 7:54 pm What should I do with my Vanguard account now that I did a full ACATS out? I have no need for it. Should I close it? Do you have to call to do that?
About 2 months after doing a full ACAT transfer out of Vanguard they sent a letter saying the account was closed (I did not specifically request that it be closed). The account information is still available online.
Good info thanks.
IRA brokerage account that has had $0 for 3.5 years, still shows up as an account. That one was emptied via Roth conversion.

Taxable brokerage account that was transferred out less that a month ago appears to be gone already. But Roth mutual fund only account transferred out, also less than a month ago, still exists.
RubyTuesday
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by RubyTuesday »

Parkinglotracer wrote: Mon Sep 12, 2022 8:52 pm Anyone ever seen vanguard give out a bonus for a large retirement $ transfer in?
Now that’s funny! :D :D :D
:sharebeer
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
placeholder
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

My understanding is that vanguard usually won't even reimburse transfer fees.
Swimmer
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Swimmer »

starboi wrote: Mon Sep 12, 2022 8:49 pm
HomeStretch wrote: Mon Sep 12, 2022 8:40 pm
starboi wrote: Sat Sep 10, 2022 7:54 pm What should I do with my Vanguard account now that I did a full ACATS out? I have no need for it. Should I close it? Do you have to call to do that?
About 2 months after doing a full ACAT transfer out of Vanguard they sent a letter saying the account was closed (I did not specifically request that it be closed). The account information is still available online.
Good info thanks.
+1 I was wondering about that.
BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

My transfer to Public just settled. The transfer was $1MM+ and I was informed that the bonus would post in 1-2 business days rather than the 30 days the T&C specify. I assume it is because the transfer was at the top tier.

I was also told:

Also, we just launched a new service called Public Premium which is free to all accounts with $20k+ and includes prioritized customer support and a ton of awesome content / data (among other things to be announced shortly).

The premium level may help my service concerns. FWIW, I did contact their customer service via email and got a real answer from a real person in a few hours.
People say nothing is impossible. I do nothing all day.
Kookaburra
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Kookaburra »

mkc wrote: Sat Sep 10, 2022 8:00 pm
starboi wrote: Sat Sep 10, 2022 7:54 pm What should I do with my Vanguard account now that I did a full ACATS out? I have no need for it. Should I close it? Do you have to call to do that?
I would not close until after taxes are filed next year - you might need access to tax forms or transaction info/history/cost basis.
Keep it open so they can continue to entice you with offers for Personal Advisory Services. For $0 (=0.3% x $0), they will effectively steer your ship towards a comfortable retirement.
Parkinglotracer
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Parkinglotracer »

RubyTuesday wrote: Mon Sep 12, 2022 9:17 pm
Parkinglotracer wrote: Mon Sep 12, 2022 8:52 pm Anyone ever seen vanguard give out a bonus for a large retirement $ transfer in?
Now that’s funny! :D :D :D
:sharebeer
I guess that is a no!
Kookaburra
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Kookaburra »

Parkinglotracer wrote: Tue Sep 13, 2022 10:44 am
RubyTuesday wrote: Mon Sep 12, 2022 9:17 pm
Parkinglotracer wrote: Mon Sep 12, 2022 8:52 pm Anyone ever seen vanguard give out a bonus for a large retirement $ transfer in?
Now that’s funny! :D :D :D
:sharebeer
I guess that is a no!
With the way things are going there, they'll probably charge you a fee for transferring in.
EnjoyIt
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

BuddyJet wrote: Tue Sep 13, 2022 9:59 am My transfer to Public just settled. The transfer was $1MM+ and I was informed that the bonus would post in 1-2 business days rather than the 30 days the T&C specify. I assume it is because the transfer was at the top tier.

I was also told:

Also, we just launched a new service called Public Premium which is free to all accounts with $20k+ and includes prioritized customer support and a ton of awesome content / data (among other things to be announced shortly).

The premium level may help my service concerns. FWIW, I did contact their customer service via email and got a real answer from a real person in a few hours.
Thanks for the update. I'm looking to make a similar transfer this week Please let us know if and when your $10k posts.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
Leesbro63
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 »

BuddyJet wrote: Tue Sep 13, 2022 9:59 am My transfer to Public just settled. The transfer was $1MM+ and I was informed that the bonus would post in 1-2 business days rather than the 30 days the T&C specify. I assume it is because the transfer was at the top tier.

I was also told:

Also, we just launched a new service called Public Premium which is free to all accounts with $20k+ and includes prioritized customer support and a ton of awesome content / data (among other things to be announced shortly).

The premium level may help my service concerns. FWIW, I did contact their customer service via email and got a real answer from a real person in a few hours.
Am I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
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TomatoTomahto
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by TomatoTomahto »

Leesbro63 wrote: Tue Sep 13, 2022 2:00 pm
BuddyJet wrote: Tue Sep 13, 2022 9:59 am My transfer to Public just settled. The transfer was $1MM+ and I was informed that the bonus would post in 1-2 business days rather than the 30 days the T&C specify. I assume it is because the transfer was at the top tier.

I was also told:

Also, we just launched a new service called Public Premium which is free to all accounts with $20k+ and includes prioritized customer support and a ton of awesome content / data (among other things to be announced shortly).

The premium level may help my service concerns. FWIW, I did contact their customer service via email and got a real answer from a real person in a few hours.
Am I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
Just did one to Schwab. Would not do Public, RobinHood, etc.
I get the FI part but not the RE part of FIRE.
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jeffyscott
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott »

TomatoTomahto wrote: Tue Sep 13, 2022 2:02 pm
Leesbro63 wrote: Tue Sep 13, 2022 2:00 pm
BuddyJet wrote: Tue Sep 13, 2022 9:59 am My transfer to Public just settled. The transfer was $1MM+ and I was informed that the bonus would post in 1-2 business days rather than the 30 days the T&C specify. I assume it is because the transfer was at the top tier.

I was also told:

Also, we just launched a new service called Public Premium which is free to all accounts with $20k+ and includes prioritized customer support and a ton of awesome content / data (among other things to be announced shortly).

The premium level may help my service concerns. FWIW, I did contact their customer service via email and got a real answer from a real person in a few hours.
Am I the only one here who would be comfortable doing a $1M bonus transfer to Fido, Schwab, ETrade or Merrill. But not to Public, Robinhood or any of the newer, less established brokerages?
Just did one to Schwab. Would not do Public, RobinHood, etc.
Same here.

I'm not even planning to constantly move money around to the more established firms. I only sent about 10% of our money on a little E-Trade detour on the way to consolidating to get an extra $1000. But once it's all at Schwab, the most that I might do is transfer some to Merrill for the credit card rebate boost.
spammagnet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by spammagnet »

BuddyJet wrote: Tue Sep 13, 2022 9:59 am ... I was also told:

Also, we just launched a new service called Public Premium which ... includes ... a ton of awesome content ...
Cool memes! Great new investing ideas from pump & dumpers!
tj
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj »

I did the Public, I don't see why not, I had accounts hanging out at other short term firms from past bonuses. Eventually I'll move it somewhere else after Public, but why not collect $2000 of their VC $$$ in the meantime?
BuddyJet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

My bonus from Public.com posted two days after the top tier level transfer arrived. I got the below email about additional bonus levels. After reading it, I’m a bit more nervous about Public. Their expansion direction is scary. After the six months, I’ll be out.

I'm Stephen, Public's COO. Welcome to Public! I can see our team let you know about the Public Premium benefits, but I also wanted to let you know about 2 additional opportunities:

First, we do have an "unpublished" set of bonus tiers available for transfers in excess of $1M, in case you are interested in bringing more assets over.

$1-2.5M: $10k
$2.5-5M: $20k
$5-10M: $30k
$10-25M: $40k
$25-50M: $50k
Second, we are in the process of rolling our our invite-only, accredited investor service called Concierge, which will give you access to private deals (including access to some of the best VC and PE funds), early access to our equities & alternatives IPOs, and other unique opportunities. Nothing additional to do there, we will include you on that list and will send you more information as our initial deals start to arrive.


I don’t think I’m their target customer with my VTI purchase
People say nothing is impossible. I do nothing all day.
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