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Switch brokers?
Old 12-03-2019, 06:37 AM   #1
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Switch brokers?

The drive to zero commissions has caused Schwab to move to buy TDA. More consolidation could be in the works with E-Trade often mentioned as a takeover candidate.

My HSA is at TDA, DAF is at Fidelity, the rest (the lion's share) is at E-trade.

There are still a few new account deals out there, such as Ally ($3500). Ally looks pretty competitive as far as features with E-trade and others.

I am thinking of moving my E-trade accounts to Ally (or somewhere) in anticipation of further consolidation.

Thoughts? I am not looking for people to tell me Vanguard is better than either E-Trade or Ally. I have mostly individual stocks (2/3) in my portfolio. I am interested in experiences with Ally.
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Old 12-03-2019, 07:38 AM   #2
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I’ve never been one to play the credit card rewards game and it would pain me to move my brokerage account around, but if you’re willing to put up with whatever hassle that would bring, $3,500 sounds like a nice chunk of change. Other than the reward, any reason to chose Ally? Seems like if you’re concerned about consolidation, you’d pick someone like Vanguard or Fidelity, or even the new Schwab - someone who will be around when the dust settles.
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Old 12-03-2019, 08:07 AM   #3
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Not sure what you are looking for? Is it the next teaser bonus for moving assets? Or are you looking for anyone but the major players?

Your DAF is stuck at fido, but you can likely move other things to other places.

What is the metric you are using to decide?

I'm look for a solid brokerage with good customer support, low cost, good research, etc.

I don't need to gyrate between brokerages.

So, what is important to your decision. It sounds like you are looking for something different then I am.
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Old 12-03-2019, 08:42 AM   #4
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Not sure what you are looking for? Is it the next teaser bonus for moving assets? Or are you looking for anyone but the major players?

Your DAF is stuck at fido, but you can likely move other things to other places.

What is the metric you are using to decide?

I'm look for a solid brokerage with good customer support, low cost, good research, etc.

I don't need to gyrate between brokerages.

So, what is important to your decision. It sounds like you are looking for something different then I am.
Well, you can choose your brokerage, sure. Some chose TDA. Choice subsequently being "un-made".

Brokerages are highly competitive these days. Most easily meet the criteria you state. If you just read the reviews of them that becomes apparent. for Example, Barrons' #1 broker is ....Interactive Brokers. Schwab 6th, Ally 9th. Ally was recommended at Nerdwallet. If I were a heavy trader, I might care more about trading tools and whether the broker's phone app is customizable. Ally does particularly well with folks who want banking and brokerage under one roof. Currently, I do not have that feature. Not 100% sure I want it.

My guess is a lot of us do not end at the broker we "chose". The fee seems pretty generous.
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Old 12-03-2019, 12:27 PM   #5
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I am thinking of moving my E-trade accounts to Ally (or somewhere) in anticipation of further consolidation.
I don't understand this. If you're happy with where you're at, then stay. Or you can move enough assets to get a bonus and test drive the new brokerage before you move it all over.
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Old 12-03-2019, 12:38 PM   #6
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I don't understand this. If you're happy with where you're at, then stay. Or you can move enough assets to get a bonus and test drive the new brokerage before you move it all over.


It is not complicated actually. Happy with TDA? Well you can't stay, you are moving to Schwab.
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Old 12-03-2019, 04:54 PM   #7
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It is not complicated actually. Happy with TDA? Well you can't stay, you are moving to Schwab.
Yes, but you were talking about E-trade.
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Old 12-03-2019, 06:34 PM   #8
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A quick look at the Ally offer, and the sweet spot is transfer in $25K and get $200 bonus. Anything else is a reduction in the bonus per dollar transfer.
Of course that kind of thinking is limiting.

I wonder what their cash account pays for non-invested money ?

The money + bonus has to stay in Ally for 300 days, so one has to be sure of their commitment.
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Old 12-04-2019, 01:27 AM   #9
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I have no experience with Ally, but if I had 25K sitting in the bank at a low interest rate, I might be tempted to open an account and invest in a Money Market or short term bond fund (or even something longer term). Since there would be a 0.8% additional bonus on top of the 25k. But I hesitate to take advantage of their offer for an extra $200, even though it might be worth the effort.
https://investorjunkie.com/promotions/ally-invest/
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Old 12-04-2019, 07:56 AM   #10
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A quick look at the Ally offer, and the sweet spot is transfer in $25K and get $200 bonus. Anything else is a reduction in the bonus per dollar transfer.
Of course that kind of thinking is limiting.

I wonder what their cash account pays for non-invested money ?

The money + bonus has to stay in Ally for 300 days, so one has to be sure of their commitment.
They probably pay jack in the brokerage (same as E-trade) but their MM rates are competitive in the bank part (unlike E-Trade).

Yes, if i did move over, I would not be looking to move again.
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