I don’t think I will have $10 million anytime soon to get invited to invest with Goldman Sachs Private Wealth Management. I will need this relationship to get the GS AmEx Platinum to compete my collection of every Co-Branded AmEx Platinum card. Currently I have the: Morgan Stanley, Charles Schwab, Mercedes-Benz, and Ameriprise. This in addition to my Personal and Business Platnum Cards each of which get $200 on an airline, and the $550 ($450 biz) annual fee waived for each. All the personal Plat cards also come with $200 Uber credit a year each!
So here is the plan, what if I could own a share of GS and exploit the shareholder services to get an invite to GS AmEx Plat? I have several readers sign up for a personal GS Bank Saving account, but none have reported any success in getting the GS Platinum Card invite.
Not to repeat their strategy, I decided to go my own way which is that of the GS shareholder relationship. Now what would be an even better churn is to use MR points from my other churns to get that one share for free. Right now for $440 you can go to giveashare.com buy one share framed online:
Another company called unique stock has the audacity to ask for another $40 on top of share price and a $49 transfer fee just to get a genuine certificate produced. Apparently the SEC forces these companies to charge twice the value of stock to make sure they don’t act as a brokerage firm. This $440 seems pretty steep since GS is trading for around $230 right now.
To save a few bucks, I thought about using Robinhood to buy the stock, but their brokerage house will not allow external transfers. I decided to transfer some MR points with Charles Schwab, and getting the certificate issued for $25 via transfer to Computershare as the holding company. I just used the invest with rewards option on my Schwab account.
I moved enough MR for the $4.95 commission fee as well as one share of the GS ($229.90 at the time), each MR is worth 1.25 cents.
I then put the order in and the one share was mine!
In this case it cost me $234.85 for the one share plus trade fee or 18,788 MR points at 1.25 cents per point, which is what I earned for adding 4 AU accounts and have each spend $500 in a 90 day period. Essentially the share was free on my end. Once the stock was bought I went ahead and submitted a signed and dated letter of instruction to Schwab via their secure messaging service. In the letter I wrote out:
1. Schwab account name and number2. Stock name(s) or symbols3. exact number of shares to be transferred4. any control # or reference number at the receiving firm5. Contact name and phone number at the transfer agent (if available)6. Any DTC number provided