Originally Posted by
diesteldorf
You are correct. You just need the MS Platinum, and the Cash Plus Account to get the Engagement Bonus. Paying the $55.00 monthly fee is fine, without locking up $25,000.
I am not sure about how everything will affect your 2023 engagement bonus, but the issue you may have is finding an MS employee that is willing to open a Cash Plus account for someone with no existing relationship. In the past, having some sort of existing relationship with MS was necessary, not only for getting the MS Platinum, but also for opening a Cash Plus account. It's one reason why you may need to open an AAA account and pay the fees for the first year. However, if you can find someone that is willing to help you, everything you said about qualifying for the engagement bonus is accurate. Good Luck.
With respect to the part about finding an employee to open the account, I think it's a fair statement. On a smaller account, the advisor would likely receive zero compensation, yet would still have to tie up some personal time of theirs servicing the account, along with tying up the time of the assistants, who are already overworked, in many cases. Plus, you still have the legal and compliance risks if someone gripes about something, with none of the upside potential. It's a lose/lose proposition.
In my view, the offer is most appropriate for someone who truly wants to take full advantages of the Firm's offerings and resources and work with a professional advisor.