Originally Posted by
algorithmist
But clawbacks for thousands of unsuspecting customers due to changes of terms by AMEX/it's partners, I don't think it would be legal.
Skim back in this thread to the summer of 2021 where they changed the terms of the bonus payments for CashPlus accounts
after people had already established the account. The fine print you agree to technically allows them to make these changes after the fact.
in retrospect, I do think they will try and stagger the conversions as to not trigger a clawback by converting the newest accounts over to Core Portfolios last. I do, however, think that anyone applying now after they've pulled the public facing links is maybe playing with fire a bit if they decide to just wrap up Access Investing as the end of the migration approaches.
There's a more recent article with quotes about migrations and rough timelines:
https://www.fa-mag.com/news/firms-co...ors-70179.html
Earlier this month, New York-based Morgan Stanley announced that it would be moving all of its Access Investing robo-advisor business into its E*Trade from Morgan Stanley side of its business.
Chad Turner, head of E*Trade from Morgan Stanley, said the move will place all of Morgan Stanley’s robo-business under the umbrella of E*Trade from Morgan Stanley’s Core Portfolios.
“You will have all of the digital prowess and capabilities that [E*Trade] brought to the deal and then you have all of the wealth management sophistication and capabilities...and really putting them together,” he said. “We’re using the E*Trade platform as the chassis but then eventually over time we will leverage some of the capabilities of Morgan Stanley.”
Over the next few months, clients will begin to migrate over to the E*Trade brand with Access Investing closing to new customers in December. Turner said it will take time to integrate the Access Investing clients into the new consolidated robo-advisor. He said the firm will unveil a more detailed timeline in the new year.