TheDakota wrote:I find it odd that on a credit card forum you're questioning the value of asset managers...(Goldman, ML, etc.) I won't get into a debate about that but let's just say that you should know that ML charges per trade not annual fees based on % of assets. For people who don't trade much, the costs can be quite low. Certainly far less than the figures you're pulling out from who knows where...
I'm pulling them out of the WSJ. http://www.wsj.com/articles/SB10001424127887323681904578640322042802396http://sunlife.ewb.dowjones.com/Article/Default.aspx?an=J000000020130801e9810003d
If you lack WSJ access, this should still work.
That's an article from late 2013 that says all of Merrill Lynch Personal Advisor's clients were facing a big fee increase. The fee rose from 0.65%-1% of assets to a range of 1% to 1.6% for people with assets under $2M. The fees could be negotiated lower, especially in larger accounts, but would still be substantial even above $10M.
If you're paying per trade using Merrill Edge, then yes, the fees would be much lower. It has a reputation for being (or at least, used to be) horrifically unreliable, though. And since the Octave card is invitation-only, it stands to reason that invitations would be probably reserved for their more profitable $10M+ customers. I'm not sure a Merrill Edge customer would be treated as favorably - or someone using a traditional broker who had set in place a commission schedule.
If you were able to get invited for / successfully request an invitation for the card without paying sizeable fees, then I'm wrong and it's not just for MLPA clients. I still think a combo of Amex and Chase cards can offer a better deal for a frequent traveler.
Are you paying a % of assets under management or commissions? Do you use MLPA, PIA (which looks like a lower-cost MLPA?), Merrill Edge, or US Trust? Did you get an invitation or requested a card?