Ally Invest: Recommended Broker
Ready to open your account? Follow the steps below for an easy transition.
Ally tops our list of recommended brokerage firms. Not only does Ally offer discounted commission rates to our clients, their trading platform allows you to use LattcoPRO and Latto AutoPliot. They’re also currently the only broker that allows us to place Snider Method Vacation Trades.
Ally Invest is with you every step of the way so you can invest with confidence. Get commission-free trading on all eligible securities and only $0.50/ options contract.
Download our BRAND NEW guide to help you move your money to Ally Invest
Four Steps to Open your Ally Account
Timeframe: Less than 20 minutes
Please use this link to start the account application process. This link is specific to Snider Advisors and is the first of a few steps to ensure that you receive the discounted commission rates. (Click here for more information on the discounted commission rates).
Tips: If you are transferring your account from another brokerage firm, the account you select at Ally must correspond to your existing account. For example, if you plan to transfer a ROTH IRA , make sure you select ROTH IRA as your new account type.
You should also make sure the information you enter for the account holder is exactly the same as it is at your current broker. According to Ally, the most common issue people run into during the transfer process is the account holder information is different for the old and new account.
Make sure you apply for Trade Level 4 for margin accounts and Trade Level 3 for non-margin accounts. You may have to select “speculation” as your investment objective to receive the appropriate Trade Level.
Most accounts receive instant approval. More complex accounts like a trust will take slightly longer but are normally approved within a few days.
If you use a paper application (Simple IRA, SEP IRA, trust accounts), make sure to write “Snider” on the top right hand corner of the first page, above “Broker Rep Code.”
Timeframe to complete the transfer: 1-2 weeks
For many clients, the ACAT can be completed electronically at the Ally Invest website. Simply log in to your Ally Invest account and select the “Transfers” link on the top left. This will take you to a page where you will be offered several different options for transfers into your account. On the left side of the screen, go to the section labeled “Transfer Assets” and select the link for “From Another Broker.” On the subsequent screen, you can select if you want to make a full or partial transfer; you can then click the Get Started button to begin the electronic transfer form.
The process of transferring can take about two weeks to complete. Once you submit your ACAT request, you will not be able to trade in your account at either broker until the transfer is complete.
If your broker is not a part of the electronic ACAT system, you can still transfer the account by filling out a paper ACAT form, a copy of which can be found here. You can then either fax your completed form to 866-699-0563 or email it to email@example.com.
Once you submit the ACAT form, move on to steps 3 and 4; you do not have to wait until the transfer completes.
Link Your Account to Lattco
Timeframe: 15-20 minutes
Now that you’ve opened and initiated funding for your Ally account, you can link it to Lattco. This is a two-part process:
- Submit an LTA. The third and last form you have to fill out is the Authorization Agreement (LTA), which allows Snider Advisors trading authorization if you need to place a Vacation Trade. The form also allows us to deduct consulting and Lattco fees from the account rather than by credit card if you prefer to do so. The LTA also helps ensure that you receive our discounted option commission because it associates your account with Snider Advisors.
Once you complete this form, you can either fax or email the form back to Snider Advisors at 888-647-6430 or firstname.lastname@example.org.
Tips: You only need to fill out the highlighted sections and your account number (leave the RR# blank).
Make sure you initial the boxes instead of checking them.
You will need one form per unique account holder. If you have an IRA, joint, and IRA for your spouse, three LTAs are required, one for you; one for both you and your spouse, and one for your spouse. If you have an IRA, individual, and a joint account, then you will need two LTAs; one for yourself and one for the joint account.
- Authenticate Your Account. When you authenticate your account, it will be placed into our “branch,” which enables us to view the account. If you have a Trade Day question, we can take a look at the positions and activity to better understand the situation. Also, if you need a Vacation Trade, authenticating your account allows us to trade on your behalf. This process also allows us to monitor your positions; if something happens to one of your positions, we know who has that position and can contact them if necessary.
To authenticate your account, click here and fill out the information.
Tip: When you enter your Ally account number into the form, make sure to only enter eight numerical characters, do not include any dashes.
Trade Your Account
After your transfer is completed and your Ally account is funded, you are ready to trade. Keep in mind that you do not have to wait until Trade Day the first time you use the Snider Investment Method. You may place your first trades as soon as your account is funded and set up in Lattco.
Even before your account transfer is complete, you can familiarize yourself with the trading platform. You can also use the two weeks for the ACAT form transfer to set up your LattcoPRO account.
LattcoPRO Users – Please do NOT delete your LattcoPRO account upon successfully transferring your account to Ally. The old activity is essential to its accuracy. Give us a call when your account transfer is complete and we will help you switch the LattcoPRO account(s) over to Ally.
Snider Advisors has an economic incentive for recommending that clients open an account with Ally Invest. Specifically, Snider Advisors receives compensation to produce education material for Ally and a flat referral payment for each new account it refers to them. More detailed information about the relationship and our fiduciary responsibility can be found in our ADV Part 2A. Clients may contact Snider Advisors with any questions about the terms of the Agreement with Ally.