Robinhood to Merrill Edge Transfer

I been a loyal user of Robinhood since I got my invite in March 2015 and slowly I have been adding funds to the account.  At first I was chasing yields with the mREITS and BDCs and a little bit of swing trading.  It was a lot of work and most of these strategies only work in the short term, not in the long term growth that I was looking for.

Dividend Growth Investing

I found out about the power of Financial Independence and Dividend Growth Investing in the beginning of 2016 and have slowly been building my portfolio.  I was reading all what the other bloggers were buying, and had in their portfolio. I took all the stocks they owned and weighted and had a starter portfolio.

Now that I had a list of all the stocks, I needed a way to organize all the stocks and saw that everyone was using Spreadsheets to keep track.   I needed to find a easier way to organize the data since I was not buying huge lots of stocks and was dollar cost averaging and buying at the most 1-2 shares at a time.

I started doing research on what was available and found out that someone had figured out Robinhood’s API and since I am a developer my self, this is exactly the light I needed and when my internal FI Stocks Tracker was born.

FI STOCKS TOOL

I love charts and to visualize data so I built a couple of scripts to start downloading everything that was on the Robinhood API into MySQL to later on start charting later, keeping track of dividend growth etc.

Dividend Income Summary for February 2017

When you start visualizing all the data, it comes alive and you get a better picture.

Robinhood API does not have all the info that I needed such as a history of dividend payments, if they were qualified or non-qualified, frequency of payments, etc.  Luckily, there are tons of sites/places that provide this sort of stock data such as Yahoo! Finance and Nasdaq.

Monthly Dividend Summary for Feb 2017
the migration to merrill edge

This is a difficult one, since Merrill Edge does not have a “nice” API to work with. I needed to find a solution to continue downloading the data nightly locally to further analyze and generate beautiful graphs.

Most banks and brokerages have an OFX Server to automate the download of the data into Quicken/Money.

I found resources online that pointed to that server, did some test runs and everything that I needed was inside the export file.  Challenge number 2 was to process the individual items and make sure they go to the right place.

Was I happy with Robinhood? Yes, I was as it gave me a starting point to start on this journey, but I was increasing growing concern with the non-existent support and over 2 weeks to get a response.

When the portfolio passed the $50,000, I started the search for another broker that would continue to let me purchase small batches of stocks and Merrill Edge fit the bill, 30 free trades a month if you have over $50,000 in assets with them.

The whole process took a little over a week and half to move.  So far it has been a pleasant experience.

Thanks for reading,

Div Tech Guy 🙂

7 Replies to “Robinhood to Merrill Edge Transfer”

  1. Did you have any issues with the cost basis transferring over correctly? I also transferred over to Merrill Edge, but the cost basis didn’t transfer over correctly so I’ve been dealing with them to try to get it fixed.

    1. I did not. Merrill Edge support so far has been really good at dealing with issues both on phone and email. I also download everything locally and when I compared, everything seemed to match up.

  2. That is pretty cool, you’ve built an internal dashboard! I haven’t explored RH API yet, but that is something I might be in the future. Do you have a live demo site up, for us to see your dashboard?

    Also, with Merrill; was there any monetary incentive to move brokerage account. Such as $100 credit on transfer? I’m looking to move from my TradeKing account to Merrill, and take advantage of it’s 50 free trades.

    1. I don’t have any demo site up yet, but as soon as I create some cool reports, I’ll link them up on the blog.

      For Merrill, they gave me $150 to move $50k, basically paid the $75 outgoing ACAT from Robinhood and made $75 on the transfer + get 30 free trades a month. Should be enough for me. Once I reach $100k in balance, it is 100 free trades a month.

  3. Being a developer has its perks, right? haha I like the move and it sounds like you took your time and went through to pros and cons. enjoy your free trades there as well and also enjoy access to the more expansive features that Merrill will offer!

    Bert

  4. I am intrigued by ME free trades but had heard some bad things about their trading responsiveness and UI. Would be curious on your feedback if it’s been a good experience.

  5. I had no idea you could get 30 free trades a month a Merrill Edge – thats a really good deal actually. I wish i knew about it. Hopefully more brokers move to this in addition to just reducing trading fees.

Leave a Reply

Your email address will not be published. Required fields are marked *