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Transfer Brokered CDs To Another Brokerage To Get Bonus?

John19
  |     |   395 posts since 2022

May seem like a dumb question, but with the drama at Schwab I might want to transfer accounts. Anybody done this, does it work for the bonuses?

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Answers
ocsteve
  |     |   96 posts since 2010
You may want to see about Brokerage firm bonuses for transfer of accounts at
Doctorofcredit.com
Hustlermoneyblog.com
For the doctor of credit  websites, look under the Bank Accounts Tab for Best Brokerage Bonuses.

For the hustler money blog website, look under the Stock Brokers tab for brokerage bonuses.  This website has fewer brokers listed.

I have found that with Fidelity they are open to negotiation on bonuses if you can cite a competing offer that they can verify. Works best if you/your family are members of their higher balance group called Fidelity Private Client Group. Then work with your assigned broker or relationship manager.

I have gotten multiple bonuses for myself and family members.  They will usually only give one bonus per account per year.  My experience is being nice and not pushy is the best way to go to get what you want with them.  The bonuses relate to balance levels being transferred-which can be stocks, mutual funds they have on their platform, and money market mutual funds that can be liquidated.  Of course depositing actual paper stock certificates also counts.

You can PM me if you need more information on Fidelity.
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sams1985
  |     |   781 posts since 2022
Just to clarify - if you see a competing offer, Fidelity will match it if you're a new client or will it work if you're an existing private client and you tell them you're going to switch?
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ocsteve
  |     |   96 posts since 2010
In my experience, this bonus thing would work both if a new client, like in bringing over so much in balances, and even if an existing old customer, which Fidelity wants more balances to come over to your account. I don’t think I would tell them I might switch, so give me a bonus, because they won’t if you approach it that way. You can always churn your account every year or two between various brokers for the bonuses, but they might catch on and decline to offer any more bonuses to you.  Transferring to other brokers within the same firm every few years probably helps as they will forget you already got some bonuses in the past.  Most of my brokers at Fidelity have moved on or gotten promoted and transferred to another location.

I’d think the function of bonuses is to get a customer to bring over most if not all they have in investments, so the broker can give good advice, as they now see the full picture vs. what the client sometimes does not always tell them. Just my thought.

Fidelity has always been good to me and my family, although we don’t make them much money, due to our low tax basis for most of our investments and lack of trading in our taxable accounts.  The retirement accounts are another matter, and we do make some stock trades or mutual fund trades every so often, and they do make something on that.
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planxy
  |     |   140 posts since 2013
Brokerage bonuses seem paid out properly for the first time done. Brokerage computers do not forget and in my lots of years experiences, may kill a second bonus even after it has been promised to you by a real person who looked your old account up. Second/third bonuses may be promised by a rep. after the payment was not received on time as promised, even then it may take more time and phone calls. I had to threaten my longstanding brokerage with FINRA after it did not pay for almost a year. Fi******promised me several and then denied.
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sams1985
  |     |   781 posts since 2022
John19,

I've transferred equity holdings between brokerages easily so cant imagine why CD's would be different. As long as you have a valid CUSIP ID should be easy. Open a new account and submit a Transfer Initiation Form.I dont know if the money would be counted for bonus purposes though.
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John19
  |     |   395 posts since 2022
I bought a single $1,000 1 year brokered CD and transferred it to Wells Fargo in a test run. Worked perfect and looks great, even though WellsTrade website is very sparse. You have to pay $50 to buy fixed income, and then only over the phone. That $2500 bonus is poisoning my mind, you can buy Vanguard VMRXX other Fidelity MMFs on Wells Fargo in any quantity. And that will count toward the bonus. But where will things be in 45 days? ARGGGHH!
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