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Recently received invite to take a survey from VG. Took a quick look & answered the first question. Next answer I couldn't get to register so went to question #3. After looking at what they wanted I decided to vacate the survey. I'm wondering if any MFO's took the survey & what they thought of it.
I've linked to this before: Fidelity's current cash offer starts at $1M in new assets (I would if I could). Last year it offered cash bonuses for bringing in smaller amounts of money.
Vanguard is straightforward here: keep $1M in Vanguard-managed investments (mutual funds, ETFs, annuities), and as a Vanguard Flagship client you'll get similar services, plus 25 free TF fund trades/year.
@Sven, ML likewise pays for asset moves, although the bonus entails many months; payments may be slightly higher than Fido iirc (I just did it, while leaving enough to be Fido Priv Client except that means using an adviser, so far as I can tell, wtf). Not sure what I get out of any of this other than simplification, the xfer bonuses, and zero commissions at ML.
A decade ago when "Private Client" was Fidelity Gold, there was a clear monetary advantage to having achieving this status - lower commissions. These days, what useful services does one get for $1M; in other words, why did you leave enough to maintain that status?
Simplification has its virtues, but often comes with costs. Merrill Edge keeps investing in mutual funds simple by usually offering only one share class of each fund. (You've commented on this - that you're unable to purchase DSEEX there). Lower ER institutional class shares are generally not sold through Merrill Edge.
Some people prefer the simplicity of keeping all investments in one place; others will put up with the added complexity of multiple accounts to have access to more/cheaper investment options.
Then there's the cost of holding cash. Fidelity and Vanguard provide high paying MMFs that you can access online. At Merrill Edge, one either lives with a very low yielding bank sweep account, or must use a phone to move money to a better yielding MMF.
("A spokeswoman for Merrill Edge says the firm does require some money funds to be traded only over the phone but is working to making them tradable online later this year.")
Transfer bonuses? May not be simple either. I had to call after the "many months" required wait in order to get the bonus paid. Covering transfer costs must be negotiated separately. I had to call to get Merrill Edge to honor that agreement as well. Just "lucky", I guess.
It worked for you, and that's great. Whether it works for others depends on what they're looking for.
Three points not mentioned in first post. !. Survey wanted me to "forecast" what the total market was going to do. 2. Survey was going to be a 6 or 7 times event. 3. I returned to survey & found questions pertaining to GNP & Treasury bonds. Derf
@ catch22 email notice signed Stephen Utkus. Steve Utkus | Vanguard Blog Steve Utkus oversees the Vanguard Center for Retirement Research, which studies many aspects of retirement in America—from how individuals start saving and investing in the early part of their careers, to how they prepare for actual retirement, to how they spend down their savings once they're retired. Derf
@Maurice, I have not visit Fidelity office for a long time. From what I read is that they are losing asset and being one of the largest 401(K) administrators is keeping them afloat. I think there is a subtle marketing effort going on between the brokerages. The name of the game is to gain asset that translates directly into fees.
@davidmoran, Fidelity got great online service, free trading on iShares, and new CD offering. Other brokerages I use such as T. Rowe Price and Vanguard have their advantages and disadvantages. For now we have not decide if we want to use their client services, but sometime down the road we may have to consider that.
>> These days, what useful services does one get for $1M; in other words, why did you leave enough to maintain that status?
It's a single retirement account (with two funds in it) and I did not want to break it up. I don't know what I get particularly, other than prompter responsiveness, if that. I have been with Fido for 50y almost and would not leave altogether, but don't find them notably better than other places (my limited experience). Several family members have complained about Vanguard. Certainly Fido fund offerings are broader than ML.
I also like the idea of my if-widowed wife being able to walk into a Fido branch and talk to someone, but that's hypothetical thus far. Fidelity also is trustee of our trusts. She liked being able to do that w BoA. No phone calls and holds.
>> Merrill Edge keeps investing in mutual funds simple by usually offering only one share class of each fund. (You've commented on this - that you're unable to purchase DSEEX there). Lower ER institutional class shares are generally not sold through Merrill Edge.
Interesting; have not considered. We are in a decreasing number of funds. Pimco appears to be the same in each place. ML gladly holds funds you cannot buy there, of course, DSEEX, FRIFX and other Fidelity, and so on. I will be looking more closely at TRP offerings over time, it appears, currently considering PRSNX.
Smooth speedy integration w/ BoA was the chief reason for dealing w/ ML in the first place. BoA's brokerage, in other words.
>> Then there's the cost of holding cash.
Don't hold cash, except in BoA. No commissions at ML makes that an easy decision (holding steady ETFs instead).
>> Transfer bonuses? May not be simple either. I had to call after the "many months" required wait in order to get the bonus paid. Covering transfer costs must be negotiated separately. I had to call to get Merrill Edge to honor that agreement as well. Just "lucky", I guess.
You have mentioned this bad experience. Our bonuses are due soon, I think. I better track.
ha, thanks; just try to plan ahead. Want finances to go easily. Have been to a lot of funerals recently, good friends for whom the end came rather suddenly. I imagine this is not news to you. Paying a pro to sort through boxes of files in the basement. Downsizing some audio and other gear. The usual http://time.com/5063275/death-cleaning/ .
Comments
Fidelity is more straightforward and offer cash to move asset to their firm.
I did not receive any survey from VG though.
https://retirementplans.vanguard.com/VGApp/pe/PubQuizActivity
I've linked to this before: Fidelity's current cash offer starts at $1M in new assets (I would if I could
Fidelity offers Private Client services if you keep $1M with them (it looks like they've added a requirement that a minimum of $250K be managed by Fidelity?)
Vanguard is straightforward here: keep $1M in Vanguard-managed investments (mutual funds, ETFs, annuities), and as a Vanguard Flagship client you'll get similar services, plus 25 free TF fund trades/year.
Not sure what I get out of any of this other than simplification, the xfer bonuses, and zero commissions at ML.
Simplification has its virtues, but often comes with costs. Merrill Edge keeps investing in mutual funds simple by usually offering only one share class of each fund. (You've commented on this - that you're unable to purchase DSEEX there). Lower ER institutional class shares are generally not sold through Merrill Edge.
Some people prefer the simplicity of keeping all investments in one place; others will put up with the added complexity of multiple accounts to have access to more/cheaper investment options.
Then there's the cost of holding cash. Fidelity and Vanguard provide high paying MMFs that you can access online. At Merrill Edge, one either lives with a very low yielding bank sweep account, or must use a phone to move money to a better yielding MMF.
("A spokeswoman for Merrill Edge says the firm does require some money funds to be traded only over the phone but is working to making them tradable online later this year.")
Transfer bonuses? May not be simple either. I had to call after the "many months" required wait in order to get the bonus paid. Covering transfer costs must be negotiated separately. I had to call to get Merrill Edge to honor that agreement as well. Just "lucky", I guess.
It worked for you, and that's great. Whether it works for others depends on what they're looking for.
!. Survey wanted me to "forecast" what the total market was going to do.
2. Survey was going to be a 6 or 7 times event.
3. I returned to survey & found questions pertaining to GNP & Treasury bonds.
Derf
Were you assured that this survey was an "official" Vanguard product??? OR some form of "sniffer" for info not part of Vanguard.
Steve Utkus | Vanguard Blog
Steve Utkus oversees the Vanguard Center for Retirement Research, which studies many aspects of retirement in America—from how individuals start saving and investing in the early part of their careers, to how they prepare for actual retirement, to how they spend down their savings once they're retired.
Derf
>> These days, what useful services does one get for $1M; in other words, why did you leave enough to maintain that status?
It's a single retirement account (with two funds in it) and I did not want to break it up. I don't know what I get particularly, other than prompter responsiveness, if that. I have been with Fido for 50y almost and would not leave altogether, but don't find them notably better than other places (my limited experience). Several family members have complained about Vanguard. Certainly Fido fund offerings are broader than ML.
I also like the idea of my if-widowed wife being able to walk into a Fido branch and talk to someone, but that's hypothetical thus far. Fidelity also is trustee of our trusts. She liked being able to do that w BoA. No phone calls and holds.
>> Merrill Edge keeps investing in mutual funds simple by usually offering only one share class of each fund. (You've commented on this - that you're unable to purchase DSEEX there). Lower ER institutional class shares are generally not sold through Merrill Edge.
Interesting; have not considered. We are in a decreasing number of funds. Pimco appears to be the same in each place.
ML gladly holds funds you cannot buy there, of course, DSEEX, FRIFX and other Fidelity, and so on.
I will be looking more closely at TRP offerings over time, it appears, currently considering PRSNX.
Smooth speedy integration w/ BoA was the chief reason for dealing w/ ML in the first place. BoA's brokerage, in other words.
>> Then there's the cost of holding cash.
Don't hold cash, except in BoA. No commissions at ML makes that an easy decision (holding steady ETFs instead).
>> Transfer bonuses? May not be simple either. I had to call after the "many months" required wait in order to get the bonus paid. Covering transfer costs must be negotiated separately. I had to call to get Merrill Edge to honor that agreement as well. Just "lucky", I guess.
You have mentioned this bad experience. Our bonuses are due soon, I think. I better track.
@davidrmoran- Glad to hear that!