Archives for February 8, 2018

Hawaii Hilton Grand Vacations Package (Discount for Attending Timeshare Presentation)

hiltongv2If you’re somewhere cold and dreaming of sunny Hawaiian beaches, I just got this e-mail from Hilton Grand Vacations for a discounted Hawaii vacation package if you attend their timeshare presentation. I appears to be open to all. Offer expires 2/28/18.

  • 5 nights at a Hilton property in Honolulu (Oahu) or Waikoloa (Big Island) for $699. $299 non-refundable deposit initial deposit required. Balance of $400 + tax due when travel dates are selected. Looks like taxes are another $93-$98. You have up to 12 months from purchase date to travel.
  • 5,000 Hilton Honors™ Points.
  • $200 Spend a Night on Us certificate toward your next Hilton hotel stay.
  • Flexible travel dates – reserve your package now and select your travel dates at your convenience
  • You must attend a two-hour timeshare sales presentation “where you’ll learn how you and your family can enjoy the many benefits and privileges of vacation ownership with Hilton Grand Vacations Club”. Married couples must attend together.

I’ve only done one timeshare presentation in my life, and as a young couple it felt worth exchanging our time for the free show tickets if a bit mind-numbing. They will do some theoretical math that if you travel X times at Y room rate at Z inflation/annual price hikes, you will spend $253,332.45 dollars. Surprise! The timeshare is always “cheaper” using their numbers.

Keep in mind you can always buy after the presentation is over, it’s not like they will say no down the road, no matter what “limited-time pricing” they dangle in front of you. Once you are out of the pressure cooker, you can do a reality check and compare what they are asking retail and the current resale value. If anything you might buy resale instead, keeping in mind that those annual maintenance fees also go up every year…

Here is the fine print. Paying what works out to ~$160 per night including taxes could be a sizable discount to booking directly. I’m unlikely to participate, but I am interested to see what others think. Has anyone had experience with this type of Hilton Grand Vacations offer?

Robinhood App Review: Free Stock Trades, Free Options Trading, No Minimum Balance

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Updated. The Robinhood app just announced free Bitcoin trading, which expands their suite of services to the following:

  • Unlimited free stock and ETF trades with no minimum balance requirement.
  • Free options trading. No commission and no per contract fee, no exercise or assignment fees.
  • Trade Bitcoin & other cryptocurrencies, 24/7 & commission-free. I’m not into Bitcoin myself, but hey y’all are adults.
  • Sleek smartphone app (Android and iOS) + Robinhood for Web option + API integration.
  • Free real-time market data.
  • Free share of stock for new users with referral.

Also, check out this new Bloomberg article Brokerage App Robinhood Thinks Bitcoin Belongs in Your Retirement Plan.

Background. I’ve been Robinhood beta user since mid-2014. I was skeptical as I’ve been an long-time early adopter of free trading platforms (read: cheapskate investor). In August 2015, they rolled out both iOS and Android app and reported processing over 2 million free trades. As of 2017, they have over a million users and processed $30 billion in trades. According to Bloomberg, they recently raised money at a $1.3 billion valuation.

Application process. You must provide your personal information including Social Security number, net worth, income, investing experience, etc. This is the same as any other brokerage firm, but this may also be the first such account for many users. Everything was done online; there were no paper documents that required mailing or faxing.

Core features review.

  • Legit. Robinhood Financial is a member of the SIPC which protects the securities in your account up to $500,000. Data is encrypted with SSL. Apex is their clearing firm.
  • $0 commission trades. Yes, it works, all with no minimum balance requirement. You could open an account, put in five bucks, and buy a single share of Zynga (ZNGA) if you wanted to (maybe two on a bad day…).
  • Market orders, limit orders, stop limit orders, and stop orders available. Certain orders may be entered as good for the day or good till canceled (GTC).
  • Individual cash or margin accounts available.
  • Free options trading: No commission and no per contract fee upon buying or selling options, as well as no exercise or assignment fees. Level 2 self-directed options strategies (buying calls and puts, selling covered calls and puts) as well as Level 3 self-directed options strategies such as fixed-risk spreads (credit spreads, iron condors), and other advanced trading strategies are available.
  • Customer service details. You are encouraged to go through their e-mail “[email protected]”, but they have added a phone number now during market hours (9:30am – 4:00pm EST) at (650) 940-2700.

Funds transfers. You can manually link any bank account with your routing number and account number, but you can also directly use your username and password at these banks: Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Charles Schwab, PNC, Silicon Vally Bank, and USAA. ACH transfers are free and take approximately 3 business days (same as other brokerages). There is also a automatic deposits feature where you can schedule ACH transfers on a weekly, biweekly, monthly, or quarterly basis.

ACAT account transfers. Robinhood now accepts incoming stock transfers from outside brokerage accounts. To do this, go your app account menu, select “Banking”, then select “Stock Transfer” and follow the on-screen instructions. Incoming transfers are free. Outgoing transfers will incur a $75 fee.

Robinhood Instant. Robinhood Instant is a free upgrade that gets you a “limited margin account” that has the following features:

  • Immediate access to funds from selling stock. That means you can reinvest those funds without waiting two days for settlement. (All brokerage margin accounts offer this.)
  • Limited instant deposits. Use up to $1,000 of your pending bank deposits right away. No waiting 2-3 days for a bank transfer to complete.

What’s the catch? Getting free trades is great, but be aware of the following:

  • Although they announced that a web interface is available, I have been on the waitlist since early November (currently #600,000 in line). Full rollout is not scheduled until some time in 2018. Everyone can access their account via a mobile Apple iOS or Android device (iPhone, iPad, iPod Touch, Android phone, Android tablet).
  • There are unofficial sites that use the Robinhood API to provide web access, but I would be wary of sharing your login credentials with a 3rd-party.
  • I’m currently on a wait list for the free options trading as well.
  • Broker-assisted phone trades are $10 each, according to their fee schedule.
  • Electronic statements are the default and only free option. I don’t even see an option to enable paper statements in the app, but according to their fee schedule paper statements cost $5 a pop.

How do they make money? First, Robinhood will make some money the same way other brokers do: collect interest on your idle cash, charge you interest for margin loans, and sell order flow. The most innovative prospect is to the plan to sell API access to other financial apps.

The fact that Robinhood sells order flow may leave you with a slightly worse execution price as compared to other brokers with more complex order routing. If you are making large value trades, then this small percentage difference may add up to something significant that matters more than commission price. With my tiny order volume, I am fine with them selling my order flow if they are giving me commission-free trades.

Robinhood Gold is their premium service tier that gives you extending trading hours and interest-free margin for $10 a Month. My Robinhood Gold review.

User interface. Over the last 10 years, I’ve opened an account at the majority of the “discount” brokerage firms. I’ve had $0 trades before, along with $2 trades, $2.50 trades, $4.95 trades and so on. What makes Robinhood special is their modern, app-centric approach. I agree with this quote from Wired:

But the app’s simplicity is meant to be about more than style. Ease of access and understanding is meant to make Robinhood compulsively engaging for a new generation of investors that don’t find the stock market very accessible from the mobile screens at the center of their lives.

Screenshots.

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robin3 robin4

Recap. Robinhood delivers on their $0 stock trades promise with no minimum balance. The app interface is clean and intuitive. Customer service is on the lean side, but my requests were responded to within a day or so. They continue to make incremental improvements. They’ve been open to the public since March 2015, which is honestly longer than I expected. They announced a web interface on November 1, 2017. They announced free options trading in December 2017.

Sign up for Robinhood with my referral link and get a free share of stock, and I’ll get one too. Details on this promotion here.

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