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Bank Of America - Merrill Edge - Starting A Retirement Account By Signing Up For Roth IRA - YouTube
Channel: BrentInvesting
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hello everyone and thanks for your
tuning in to the financial investor
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channel my name is Brent and today we're
going to be opening an account with
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Merrill edge now I'm gonna quickly go
through why I'm doing this so Merrill
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edge offers many different platforms or
offers for open an account you can open
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a online brokerage account which is what
I'm going to be doing along with opening
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a Roth IRA so I'm going to be opening a
Roth IRA and I'm going to be putting the
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maximum deposit I can into a Roth IRA
and starting to buy index funds
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initially which will allow me to get
some dividends back inside that Roth IRA
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for the first year until I'm able to add
additional funds where I can begin buy
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an additional stocks within the Roth IRA
now of course inside of the Roth IRA it
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is great because it's a little i盲么s
any growth inside of the Roth IRA to be
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completely federal you know you don't
have to pay any taxes on it as long as
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you do not pull from the account until
you're fifteen and a half so it does
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offer greater savings tax savings and
withdrawal flexibility than a
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traditional IRA because you are putting
your after-tax dollars into your Roth
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IRA any gains that you make whether
you're spying and selling a stock at a
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gain or your dividend pay you don't have
to pay any taxes on that as long as it
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sits inside of your Roth IRA which I'm
going to be taking advantage of and of
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course I'm going to be open in my online
brokerage account because I don't want
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to be using two different brokers right
now I use Robin Hood and I'm going to be
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opening a marital education ila so why
am I doing this because when Robin Hood
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gives me fee free investments well when
I open up a brokerage account in a Roth
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IRA when I have a total investments of
higher than $25,000 Merrill edge allows
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me to have up to 30 trades per month
with fee free commissions on stocks and
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ETFs
so that is one of the main things I'm
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switching over it also gives you allow
it also gives you access to the Merrill
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edge marketpro platform if you're
investing over fifty thousand dollars
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which my investments currently are
sitting around there and it does offer a
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couple other benefits as well so here's
some of the mark Merrill edge market pro
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so let's go ahead and open an account
let's go ahead and do that so we'll
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select open an account and I'm going to
go ahead and select Roth IRA for right
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now okay so now what you'll need do we
have an offer code so we do have an
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offer code if you go back to the main
website there's an offer code let's go
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ahead and click on learn more and there
should be offer code right there so
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we'll copy that go back over here and
apply the code and what the offer
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currently does you get up to six hundred
dollars of cash offering terms you know
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following the terms and their terms are
if you bring in assets of twenty to
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forty nine thousand and cash of
securities you receive a hundred dollars
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if you bring in fifty to a hundred
thousand or ninety nine thousand you
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receive a hundred and fifty thousand
dollars if you bring in a hundred two
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hundred and ninety nine thousand you get
two hundred fifty dollars and so on so I
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am bringing in fifty thousand or more in
assets so I will receive an automatic
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hundred and fifty dollars that I'll be
able to apply towards other stocks so
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that's already you know hundred and
fifty dollars on Robin Hood you get a
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free share of a stock now I took
advantage of that I logged on there I
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had some referrals I got some of my
friends involved and investing and we're
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all working to better ourselves both in
the short term and the long term so this
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is something that I thought of and you
know I'll be sharing with everyone else
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within my you know my subscribe my
youtube channel and my friends that are
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also investors so then we'll just go
ahead and click continue so opening a
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Merrill edge account Merrill edge
self-directed Roth IRA that's important
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should take less than ten minutes you
will need to provide some personal
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information and then it goes on to list
information so let's go ahead and see if
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I do have any of this information do you
I have a Merrill Lynch user ID and
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password a Bank of America ID and
password where I'm a new client so I do
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have a Merrill Lynch account so I'm
gonna go ahead and log in real quick and
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I will be right back okay apparently my
Merrill Lynch account was something else
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for a benefits of a past employer so
that had not worked so I'm gonna go
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ahead and select I am a new client and I
don't have either so I'm gonna go ahead
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and begin the application
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so must go ahead and take a look at as
your primary residence United Sates yes
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United States
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and you do need to enter your permanent
permanent address your mailing address
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is the same your social security number
your date of birth your martial status
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and our email address and your phone
number before you can continue so let me
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go ahead and enter this information in
and I will be right back so chat is
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currently unavailable that is because
it's not during their normal business
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time so I'll be right back when this is
on the next page okay once you have
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filled in your personal information it
will ask for employment and financial so
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you'll go ahead answer the following
questions
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employment and financial information are
you or your spouse or other member of
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the household employed by Merrill Lynch
Bank of America or its affiliates a
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broker-dealer self regulated
organization so you would select your
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option here have you an immediate family
member or a closely related associate
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ever been elected appointed or assumed
any political position and a nation
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state or political government and then
are you a director ten percent
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shareholder or someone who has the
ability to control corporate action or
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policy of a public company and then of
course your employment status you would
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mark you whether you're a business owner
employed not owner homemaker not
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employed retire students so if you're a
youtuber out there who makes a living
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creating YouTube content you could mark
your business owner or otherwise if
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you're employed and not an owner right
now you could select your employed and
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not a current owner and of course it
does need to have you into your company
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information when you're starting your
occupational category
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and you're technically your occupation
within that sector and along with your
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company address your current household
annual income and all sorts of
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information your trading experience so
let me go ahead and get the remainder of
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this filled out and then I will be right
back okay once you have completed the
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second portion of your information with
your company and what your net income is
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and all the information and your
financials you'll get the following
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screen that your we've saved grab
location you receive an email shortly
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with instructions on how to retrieve
your application when you are ready to
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continue we'll save your application for
30 days oh wait hold on okay so I have
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actually clicked save and exit so that
makes much more sense so next you're
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gonna get into your account daemon
details you need to come up with a
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unique user ID password which must have
a couple rules in there and then confirm
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your password so I'm gonna go ahead and
pause it enter a user ID and password
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real quick okay once you have created
your user ID and password you can now
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designate your beneficiaries your
beneficiaries beneficiaries there we go
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designating a beneficiary
helps ensure your assets are distributed
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per your wishes in case of your death
you can designate your beneficiaries now
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or if you if you have their full legal
names and date of birth you can do so at
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a later time when would you like to
designate your beneficiaries oh my
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goodness
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tongue-twister okay i'm gonna go ahead
and select later for now and hit
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continue I will do this at a later time
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these do sometimes take just a minute
here looks like the next process is
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reviewing sign so you just sort of go
through your information and then click
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on firms so I'm going to go ahead and
pause it and then go ahead and come okay
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once you have approved your application
you go through three different screens
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and then you come to where your
application is whether is approved or
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denied so you get your Roth IRA and now
you can go into details of your offer
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and you get welcomed into mero edge so
now we have access to our account so I'm
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gonna go ahead and select this and see
where it takes me here okay it took me
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back to the login so that is it for as
far as the initial setup process I'm
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gonna go ahead and check out Merrill
edge and if there's anything interesting
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within it I'm gonna go ahead and make a
video on that I do believe you know
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sharing information is really important
and if you find other platforms out
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there that are a much better investment
platform it is definitely worthwhile to
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share it with other investors and you
know of course my subscribers and my
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viewers on my channel because as you all
know we are all interested invest in our
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future and it is important to share
information because that helps everyone
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overall as a whole so that is it for
this video hopefully it has been
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beneficial to you if you have watched up
into this point I do want to thank you
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for watching and if you did like the
video hit the like button below please
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remember to subscribe for future
financial videos if you do use Merrill
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edge you have any ideas or pointers on
what is interesting and must you know
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must be checked out go ahead and leave
that in the comments below if you have
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any questions or want to say hello
please leave a comment and I will always
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reply back to you thanks for tuning in
and I will see you next time bye
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