Merrill Edge and Moving Mutual Funds
Merrill Edge and Moving Mutual Funds
For all the Merrill Edge folks out there, have any of you transferred Vanguard mutual funds over? I realize that you can't buy them inside of a ME brokerage account without a fee, but would it be possible to continue to buy them through a Vanguard account and just keep transferring them over to ME? Does ME only allow free mutual fund transactions for a transfer in?
-TheDDC
-TheDDC
Rules to wealth building: 75-80% VTSAX piled high and deep, 20-25% VTIAX, 0% given away to banks.
Re: Merrill Edge and Moving Mutual Funds
You can transfer them over. I did. And you can buy them without a fee if you set up an automatic investment plan (you can set it up for only 1 investment if you only want to make 1 purchase). You can't buy them same day, but it would be faster than buying at VG and transferring them over.
Re: Merrill Edge and Moving Mutual Funds
Wow, thanks for the tip. Did you move all assets over from Vanguard? Any regrets?atdharris wrote: ↑Tue Jul 28, 2020 10:57 pm You can transfer them over. I did. And you can buy them without a fee if you set up an automatic investment plan (you can set it up for only 1 investment if you only want to make 1 purchase). You can't buy them same day, but it would be faster than buying at VG and transferring them over.
-TheDDC
Rules to wealth building: 75-80% VTSAX piled high and deep, 20-25% VTIAX, 0% given away to banks.
Re: Merrill Edge and Moving Mutual Funds
You can also convert your funds at Vanguard to ETFs and move them to Merrill Edge where there should be no fees on ETFs.
Re: Merrill Edge and Moving Mutual Funds
This is what I did, but:
1. I had, and only had, VXUS (Total International) in a ME account to get to the platinum level.
2. I also had Total International in my VG account.
3. I got tired of worrying about the $100K balance with the recent volatility, so I moved all of my total international allocation to ME.
4. I did not see any reason to have international in an ETF and a mutual fund in ME, so I converted and moved it all over.
5. I like mutual funds, but have no issues with ETFs.
YMMV.
- BrandonBogle
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Re: Merrill Edge and Moving Mutual Funds
What I’m annoyed about is I moved VG’s Intermediate Muni fund VWIAX over to Merrill and now I can’t buy more. I will see about using that automatic investment to overcome that limitation. Otherwise, I’ll have to figure something out. I only wanted to add another $10k, so I can’t just buy it at VG and then transfer it over.
Re: Merrill Edge and Moving Mutual Funds
This is a good point. Are any Vanguard MFs excluded from the AIP trick earlier? I also don’t see much documentation on ME’s website regarding this method of buying MFs for free. BTW VWIAX is Wellesley. Are you saying that can’t be bought at ME even through the AIP?BrandonBogle wrote: ↑Wed Jul 29, 2020 12:22 pm What I’m annoyed about is I moved VG’s Intermediate Muni fund VWIAX over to Merrill and now I can’t buy more. I will see about using that automatic investment to overcome that limitation. Otherwise, I’ll have to figure something out. I only wanted to add another $10k, so I can’t just buy it at VG and then transfer it over.
I do prefer MFs over ETFs and would not want to switch simply because the brokerage makes me do so. If I can get around having to switch to ETFs then I would go that route.
It seems like buying via the AIP trick is fine, but it seems like the process of exchanging 1 Vanguard MF directly to another may be problematic (in the case of a rebalance) at ME without the use of ETFs.
-TheDDC
Rules to wealth building: 75-80% VTSAX piled high and deep, 20-25% VTIAX, 0% given away to banks.
- BrandonBogle
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Re: Merrill Edge and Moving Mutual Funds
Ugh. My bad. VWIUX is the Int. Muni Fund. When I try to buy more of the existing holding of it, I get:TheDDC wrote: ↑Wed Jul 29, 2020 5:18 pmThis is a good point. Are any Vanguard MFs excluded from the AIP trick earlier? I also don’t see much documentation on ME’s website regarding this method of buying MFs for free. BTW VWIAX is Wellesley. Are you saying that can’t be bought at ME even through the AIP?BrandonBogle wrote: ↑Wed Jul 29, 2020 12:22 pm What I’m annoyed about is I moved VG’s Intermediate Muni fund VWIAX VWIUX over to Merrill and now I can’t buy more. I will see about using that automatic investment to overcome that limitation. Otherwise, I’ll have to figure something out. I only wanted to add another $10k, so I can’t just buy it at VG and then transfer it over.
I do prefer MFs over ETFs and would not want to switch simply because the brokerage makes me do so. If I can get around having to switch to ETFs then I would go that route.
It seems like buying via the AIP trick is fine, but it seems like the process of exchanging 1 Vanguard MF directly to another may be problematic (in the case of a rebalance) at ME without the use of ETFs.
-TheDDC
Btw, AIP didn't work for this fund either. Same error message. I may end up buying the investor share version of the fund at Vanguard and after my 90 days for the bonus at Merrill, move the VWIUX holding to Vanguard and have them upgrade the investor shares to admiral. Too complicated!Merrill Edge Trade Preview wrote: This fund is not eligible to be purchased in the account selected. Please select an eligible fund. (RES_FTSN0149)
For more information, call 877.653.4732.
Meanwhile, this fund was at WellsTrade before. Trying their platform, it says that this fund is not available for purchase online. Doesn't say it can't be, but I have to call in. Perhaps VG put a restriction on 3rd-party trading of this fund? It let me buy VWLUX, the VG Long Term Muni fund without issue today.
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Re: Merrill Edge and Moving Mutual Funds
Y'all should embrace ETFs and you can avoid weird restrictions and 1930's fees.
- abuss368
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Re: Merrill Edge and Moving Mutual Funds
I recall our days years ago at “Mother Merrill”. We had an advantage. We had an “advisor” who was our “friend”. Only after questioning all the fees and complexity did we move to Vanguard.
Somehow we stopped hearing from our friend.
Somehow we stopped hearing from our friend.
John C. Bogle: “Simplicity is the master key to financial success."
Re: Merrill Edge and Moving Mutual Funds
... which has exactly zero to do with the question about Merrill Edge, a self-directed, low-cost brokerage.
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Re: Merrill Edge and Moving Mutual Funds
I converted my Vanguard mutual funds to ETFs a few years ago and haven't looked back. My ETFs traveled to Merrill Edge to pick up a bonus. Next up was a pit stop at Chase for more bonus money and then on to their final home at Fidelity.whodidntante wrote: ↑Wed Jul 29, 2020 5:54 pm Y'all should embrace ETFs and you can avoid weird restrictions and 1930's fees.
I do now own a Fidelity zero fund but if I want to move I'll just sell and get the equivalent Vanguard ETF. Easy peasy.
Last edited by Nummerkins on Wed Jul 29, 2020 7:18 pm, edited 1 time in total.
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Re: Merrill Edge and Moving Mutual Funds
+1whodidntante wrote: ↑Wed Jul 29, 2020 5:54 pm Y'all should embrace ETFs and you can avoid weird restrictions and 1930's fees.
- BrandonBogle
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Re: Merrill Edge and Moving Mutual Funds
The only two mutual funds I hold are VG Int. and LT Muni Funds (plus my 401k’s). If they would provide those as an ETF class, I would buy them without hesitation.whodidntante wrote: ↑Wed Jul 29, 2020 5:54 pm Y'all should embrace ETFs and you can avoid weird restrictions and 1930's fees.
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Re: Merrill Edge and Moving Mutual Funds
Merrill Lynch - don’t walk! Run!
John C. Bogle: “Simplicity is the master key to financial success."
Re: Merrill Edge and Moving Mutual Funds
I've been using Merrill Edge for about 2 years now. I have not received a single communication in any form to upsell me to Merrill Lynch's services. I have collected a couple of thousand dollars for holding the same Vanguard ETFs I would hold anywhere else, plus higher BoA credit card rewards.
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Re: Merrill Edge and Moving Mutual Funds
We were always being contacted to sell more!02nz wrote: ↑Wed Jul 29, 2020 7:25 pmI've been using Merrill Edge for about 2 years now. I have not received a single communication in any form to upsell me to Merrill Lynch's services. I have collected a couple of thousand dollars for holding the same Vanguard ETFs I would hold anywhere else, plus higher BoA credit card rewards.
John C. Bogle: “Simplicity is the master key to financial success."
Re: Merrill Edge and Moving Mutual Funds
Did you reach out to your friend? Invite them to dinner?
Re: Merrill Edge and Moving Mutual Funds
Yes, that's what they do at Merrill Lynch. Merrill Edge is different.abuss368 wrote: ↑Wed Jul 29, 2020 7:31 pmWe were always being contacted to sell more!02nz wrote: ↑Wed Jul 29, 2020 7:25 pmI've been using Merrill Edge for about 2 years now. I have not received a single communication in any form to upsell me to Merrill Lynch's services. I have collected a couple of thousand dollars for holding the same Vanguard ETFs I would hold anywhere else, plus higher BoA credit card rewards.
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Re: Merrill Edge and Moving Mutual Funds
A lot of good information regarding Merrill Lynch is on the forum. I just ran a search that was helpful.
John C. Bogle: “Simplicity is the master key to financial success."
Re: Merrill Edge and Moving Mutual Funds
I did. I wanted to qualify for Platinum Honors. I typically hold the mutual funds in my Roth so I can invest 100% of my cash (ME doesn't allow fractional shares). I make my one time contribution on January 1 so I have no issues setting up auto investment and avoiding the fee. BofA has the best rewards/perks of any bank I can find, and their platform is also better than Vanguard.TheDDC wrote: ↑Tue Jul 28, 2020 11:13 pmWow, thanks for the tip. Did you move all assets over from Vanguard? Any regrets?atdharris wrote: ↑Tue Jul 28, 2020 10:57 pm You can transfer them over. I did. And you can buy them without a fee if you set up an automatic investment plan (you can set it up for only 1 investment if you only want to make 1 purchase). You can't buy them same day, but it would be faster than buying at VG and transferring them over.
-TheDDC
- BrandonBogle
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Re: Merrill Edge and Moving Mutual Funds
Well that's weird. For others who hold Vanguard ETFs at Merrill Edge, does your statement categorize them as Mutual Funds? I wasn't expecting the statement to list VTI (Vanguard Total Stock) and VXUS (Vanguard Total International) as mutual funds vs. equities. Not a problem, just unexpected.
Re: Merrill Edge and Moving Mutual Funds
Technically ETFs are open-ended mutual funds.BrandonBogle wrote: ↑Sun Aug 02, 2020 8:18 pm Well that's weird. For others who hold Vanguard ETFs at Merrill Edge, does your statement categorize them as Mutual Funds? I wasn't expecting the statement to list VTI (Vanguard Total Stock) and VXUS (Vanguard Total International) as mutual funds vs. equities. Not a problem, just unexpected.
Re: Merrill Edge and Moving Mutual Funds
Topic moved to Personal Investments.
Re: Merrill Edge and Moving Mutual Funds
Reviving an old thread. Has anyone tried to transfer VWENX (Wellington Admiral) or VWIAX (Wellesley Admiral) from Vanguard to Merrill?
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
Re: Merrill Edge and Moving Mutual Funds
Not me.
As this thread suggests, some Admiral active funds (VWIUX) can be transferred but you can't buy more of it at Edge. Presumably you could sell some shares
I guess you're only concerned about transferring, not buying more?
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Re: Merrill Edge and Moving Mutual Funds
I think this is true for all managed admiral funds at all brokerages, other than Vanguard's. They can be transferred in, but you can't buy any more. For example at Schwab, admiral managed funds are for institutional clients only, but I was able to move our existing shares there.
I think the situation used to be the same for index fund admiral shares, but that changed when investor shares were (mostly) eliminated and admiral became, essentially, the only share class.
Re: Merrill Edge and Moving Mutual Funds
I'm nearing retirement, so I would not expect to be buying more except in the case where I wanted to change fund allocations. I guess the same trick could be used (buy at Vanguard and transfer to Merrill).
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
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Re: Merrill Edge and Moving Mutual Funds
^ Even if you don't plan to buy more, the added problem with Merrill is that, unlike Schwab and Fidelity, they charge to sell. Not really a big deal if any selling would be infrequent and a large quantity, but if there is a chance that you'd someday want to make many small sell transactions, you'd be paying $20 each time.
Re: Merrill Edge and Moving Mutual Funds
Yes I considered that. If taking withdrawals monthly (in retirement) that would be 12 x $20 = $240/year in fees. Not the end of the world, but it's still money thrown away.jeffyscott wrote: ↑Tue Jun 06, 2023 10:39 am ^ Even if you don't plan to buy more, the added problem with Merrill is that, unlike Schwab and Fidelity, they charge to sell. Not really a big deal if any selling would be infrequent and a large quantity, but if there is a chance that you'd someday want to make many small sell transactions, you'd be paying $20 each time.
I called them to ask if withdrawals for automatic RMDs would be charged the $20 fee. The guy wasn't sure but said he thought it would probably be charged.
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
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Re: Merrill Edge and Moving Mutual Funds
Would a reasonable workaround be to transfer the fund holdings from Merrill back to Vanguard (or some other custodian that don't charge the fee) and withdraw from there for no fee?jeffyscott wrote: ↑Tue Jun 06, 2023 10:39 am ^ Even if you don't plan to buy more, the added problem with Merrill is that, unlike Schwab and Fidelity, they charge to sell. Not really a big deal if any selling would be infrequent and a large quantity, but if there is a chance that you'd someday want to make many small sell transactions, you'd be paying $20 each time.
Re: Merrill Edge and Moving Mutual Funds
There's a $49.95 full account transfer fee.littlewintered wrote: ↑Sun Jun 11, 2023 2:03 pmWould a reasonable workaround be to transfer the fund holdings from Merrill back to Vanguard (or some other custodian that don't charge the fee) and withdraw from there for no fee?jeffyscott wrote: ↑Tue Jun 06, 2023 10:39 am ^ Even if you don't plan to buy more, the added problem with Merrill is that, unlike Schwab and Fidelity, they charge to sell. Not really a big deal if any selling would be infrequent and a large quantity, but if there is a chance that you'd someday want to make many small sell transactions, you'd be paying $20 each time.
https://www.merrilledge.com/pricing
But the Partial account transfer fee is apparently $0. So if you transfer back to Vanguard make sure to leave some assets at ME.
Re: Merrill Edge and Moving Mutual Funds
I might like to consolidate at one place in retirement and I'd like to do monthly withdrawals. That's $240/year.jeffyscott wrote: ↑Tue Jun 06, 2023 10:39 am ^ Even if you don't plan to buy more, the added problem with Merrill is that, unlike Schwab and Fidelity, they charge to sell. Not really a big deal if any selling would be infrequent and a large quantity, but if there is a chance that you'd someday want to make many small sell transactions, you'd be paying $20 each time.
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.