I just got "the call" from a Morgan Stanley rep regarding my Access account. Here's what they said:
1) Access accounts are being decommissioned and will be transferred to E-Trade unless I opt for a different MS account type. The Access accounts will all be fully eliminated by the end of the year but it will be done in "waves" and he recommended I make a choice before November. So no surprises, they're giving me plenty of time.
2) They did offer me two alternative MS investment accounts that would continue to serve as my Cash Plus investment relationship which means I'd still qualify for the AMEX and engagement bonus. They appeared to be trying to retain me rather than shuffle me off to E-Trade. IDK if the minimalists will get the same treatment.
3) The first account they offered was their UMA (managed) account with a Virtual Advisor service that supposedly will be similar to the Access investing structure. The account normally has a $25k minimum, but they're waiving that for now. The AUM fee varies with account balance, but above $25k it is 0.85% with no annual or trading fees.
4) The second account offered was their self-directed AAA account. This has a $150 annual fee and a trading commission of 1.25% with a $21.95/trade cap.
YMMV. I have about $70k total with MS right now and I have not paid the CP monthly fee for over a year. I have $17k in the MS Access and $11k in preferred savings. IOW, I'm not doing the minimum game. They did say that the investment account initial minimum would be waived down to $1k, so perhaps they will offer MS accounts to everyone, but for how long IDK. A 0.85% AUM wrap on $1k is definitely not worth their time!
thank you for the info. super helpful.
but like u said. ur not playing the "bare minimum" game. so i think u have plenty of flexible deposit options and can freely decide how to move vs having to worry about how to game the system.
a lot of pple here are trying to avoid keeping large AUM at MS. but i dont expect keeping $1k in plat CPlus will cut it (even tho paying $55/mo).
also, i would clarify 1 thing w/ ur MS agent. my earlier comments noting MS banking profiles 1-4 was to avoid confusion of the "bare min" requirements for MS amex plat. tons of DPs are getting things mixed up.
- in order to qualify for the MS amex plat AND the AF depo (ie e-bonus), u do NOT need another "MS relationship". this is only required to waive $55/mo (but i assume someone like u dont wanna pay monthly fees)
- in theory (plz verify) u could simply have plat CPlus ONLY + PAY $55/mo = MS amex plat AF bonus deposited (note: i think this strat still requires large AUM even tho DPs mention $1k is OK)
but in ur case, since u wanna avoid $55/mo for plat CPlus, i would get ultra clear on which MS accounts qualify for another "eligible Morgan Stanley Investment Account" (eg AAA).