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How to Open a Morgan Stanley Access Investing Account (for the AMEX Platinum) - YouTube
Channel: The Credit Frog | Credit Card Strategies
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hey there sam from the craft frog in
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today's video we're gonna open a morgan
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stanley access investing account now the
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reason why we're doing this is to be
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eligible to apply for the american
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express morgan stanley platinum card one
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of the requirements to opening this card
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is having an eligible brokerage account
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with morgan stanley and the cheapest
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available option to do so is with the
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robo advisor platform access investing
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as of the recording of this video this
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card has a signup bonus of a hundred
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thousand membership rewards points after
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you spend six thousand dollars on
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purchases in your first six months of
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card membership
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i recently opened a morgan stanley
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access investing account myself and
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realized along the way that this process
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was not as straightforward as i expected
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it to be so i'm going to walk you
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through what i did and hopefully make
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this experience much easier for you if
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you're deciding on whether or not to
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open this account as well but before we
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get into this video if at any point you
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find this content educational or helpful
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please make sure to hit that like button
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so i know you like this kind of content
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consider hitting that subscribe button
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down below as well as notification bell
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so you don't miss any of our weekly
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content now with that out of the way
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let's jump right in so the first thing
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we're going to do is navigate to
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morganstanley.com
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once we get there what i found to be the
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first issue on the website is that it's
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kind of difficult to figure out how to
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open an account i mean if you look at
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other websites that offer brokerage
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accounts it's typically pretty easy to
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figure out how to open an account on
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their home page for example on
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fidelity's website there's a button on
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the top left to open an account
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on charles schwab's website there's a
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button on the top right to open an
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account and on vanguard's website
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there's a button on the top right as
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well to open an account this is not the
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case with morgan stanley so i had to do
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a little exploring the first thing i
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tried to do was to sign up for morgan
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stanley online i clicked on create a
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username but unfortunately it looks like
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you need to already have an account with
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them to create a username online so that
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didn't work going back to the home page
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i figured out that i can get to the
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right page by clicking on what we do and
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then by clicking on wealth management
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then i can scroll down the page where i
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can see what my options are to open an
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account you can see from the screen that
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the only two options that you can do
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online are to open a self-directed
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e-trade account or an automated access
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investing account unfortunately the
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e-trade account does not qualify you to
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open an american express morgan stanley
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platinum so we're going to go ahead and
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open the access investing account once
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you click on open an account you're
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directed to the login screen where now
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you can see the section here that says
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to continue as a guest if you're new to
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morgan stanley online so i went ahead
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and clicked that button the access
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investing platform will guide you
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through several steps to create your
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account starting with why you want to
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invest we don't really have a goal here
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other than to open an american express
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platinum card so we're going to select
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simply to build wealth
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they'll ask you to name your plan and
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you can name it whatever you'd like but
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for this example we'll just keep the
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default name build wealth the next
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screen will ask to collect some
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information to help build your plan so
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let's click continue
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and here they ask how much do you plan
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on contributing now for the access
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investing account there's a 5 000
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minimum investment but as we have all
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seen over this past year so far in 2022
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the market has been very volatile and so
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you should definitely think of investing
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a little bit more than five thousand
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dollars to have a buffer for any market
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fluctuations or downturns so for this
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example i'm going to put in 7 500
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i'm going to leave monthly contributions
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at zero dollars because i don't plan on
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putting any more money into this account
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and then let's click continue the next
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two screens will determine the
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investments in your portfolio based on
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your level of risk and your portfolio
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objective now for those of us who are
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opening this account mainly to get
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access to the american express morgan
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sally platinum we're focused on trying
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to have a portfolio with the lowest cost
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which would be the portfolio that has
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low cost index funds that is appropriate
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for our risk tolerance which is going to
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vary based on our age and when we plan
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on retiring just to make it more clear
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for those of you that are interested the
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conservative profile will divide your
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contribution into a 31 69 split between
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equities and fixed income the moderate
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portfolio divides your contribution into
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a 66 34 split and the aggressive
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portfolio divides your investments into
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a 77 23
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split we'll go into more details later
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in this video as we continue to move
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forward with opening this account now
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i'm not going to focus too much on the
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investment portion of this as this is
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not a financial advice and i'm not a
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financial professional but for me i
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don't plan on retiring anytime soon so i
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have a pretty high risk tolerance and i
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also want to minimize the amount of
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fixed income assets since this is a
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taxable brokerage so for me i'm going to
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select the aggressive option this next
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screen asks you what your objective is
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for your portfolio again we want to have
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the lowest cost investments which would
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be index funds so we're going to select
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the option on the far right labeled
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lower cost investing just for fun though
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i want to show you the other two options
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that feature something called thematic
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investing that morgan stanley offers as
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additional investment choices if we
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choose outperform the market you can see
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that there are six theme options and
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they consist of global frontier defense
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and cyber security genomics and
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biomedicine emerging consumer robotics
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data and ai and inflation conscious if
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we choose socially responsible investing
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you can see that there are two theme
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options and they are
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gender diversity and climate action
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although these options look interesting
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and fun to select these funds consist of
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actively managed mutual funds with very
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high expense ratios so again because
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we're focused on keeping our expenses
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and fees as low as possible this is
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something we want to avoid so back to
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the main screen here we'll select the
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lower cost investing option which
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invests in an all etf market trunk
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portfolio that tracks a blended market
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index
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so as you can see the aggressive
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portfolio has a 77 split to equities and
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a 23 split to fixed income what you can
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also do is click on the button that says
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full model details and see which exact
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etfs you'll be investing in i've
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compiled the three risk profiles
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associated with the lower cost investing
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portfolio option so you can see the etf
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breakdown of each one of these profiles
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easily i'll display them one at a time
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on the screen going from the
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conservative risk profile to moderate to
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the aggressive risk profile and it will
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come back and finish opening the account
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okay here we go
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so
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once you click continue the access
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investing platform will run projections
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based on your choices and then ask you
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to create an online profile username and
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password once you register your account
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you'll have to upload identification
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documents to complete the account
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opening process
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after that the next step was to wait for
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morgan stanley to check your documents
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and officially open the account and this
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is what that screen will look like now
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keep in mind at this point they haven't
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required any deposit from you yet even
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though you indicated that earlier what
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the initial posit was going to be
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i waited several days for my documents
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to be reviewed but i was impatient since
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i had no idea how long they would take
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so i called customer service a few days
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after i opened the account to see if
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they could speed up the process review
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my documents and ultimately open the
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account once i did that the account was
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open about an hour later and i was able
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to access the online interface
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at this point the final step is to fund
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the account which took another couple
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days for the transfer to go through from
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my bank okay so here's what the home
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screen looks like i've already done this
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so you can see that my initial
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investment has already been invested and
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since there's been some swings in the
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market as you mentioned earlier i'm down
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about a hundred dollars right now but if
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you just open this account and you want
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to transfer money in you would go up to
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pay transfer and budget and click
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transfers then navigate over here to
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where it says manage external accounts
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and from here the website will walk you
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through how to link your existing bank
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once the access investing account is
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funded with at least five thousand
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dollars congratulations you can now open
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up the american express morgan stanley
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platinum card the benefits of this card
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as compared to the classic american
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express platinum card would be the new
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signup bonus if you haven't had this
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card already as well as getting a free
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authorized user which would normally
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cost 175 dollars per year
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also you have the opportunity to qualify
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for an engagement bonus of 695
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per year if you also decide to open up a
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platinum cash plus account with morgan
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stanley there are more details and
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requirements regarding this so i'll
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definitely cover that in a more detailed
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video in the future
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all right so i hope that this was
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helpful for you if you wanted to open up
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a morgan stanley access investing
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account this is not necessarily the best
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account to open given how complicated it
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is to set up as well as the point three
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percent advisory fee for a robo-advisor
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platform but if you want to get the
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american express morgan stanley platinum
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card this would be the easiest and most
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cost effective way to get there so what
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are your thoughts about this account do
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you think it's worth opening this
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account to get the morgan stanley
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platinum card let me know in the
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comments below and if you haven't
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already make sure to check out our
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previous video that i did that goes into
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detail about whether or not the american
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express morgan stanley platinum card is
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right for you i'll leave a link to that
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video as a card up in the top right as
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well as on the end screen to help you
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get there as always have a great one and
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i'll see you in the next video
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you
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