TD has been taken over by Charles Schwab, so it does not make sense to switch to TD Ameritrade and then have to make the change to Schwab. Last I heard, Schwab was not taking on new investment club accounts, so I don't know what will happen with the transferred accounts. You should find out before proceeding.

All brokerage firms make the paperwork difficult. It too us years to get Fidelity to change our officers.

You should have at least 5 members authorized to make trades and write checks, otherwise you will have a problem if one person becomes incapacitated or dies. Forget about trying to change officers - it is very difficult, especially when members live far apart.

Linda Wiltse

Pointe Players

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Linda Glein via bivio.com
Sent: Thursday, December 03, 2020 3:40 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] The Fun Never Stops in 2020 - Attn Folio Clubs

We had already decided to switch to TDAmeritrade. The paperwork is a bit daunting.

Laurie, do you have suggestions for which club members to designate for Authorized Agent, Control Person and Trusted Contact? I'm assuming the Treasurer is the AA. Is the President the Control? The Trusted contact is optional.

Do you also have suggestions on how to collect the signatures in an organized, efficient way that will meet their requirements? ("Original signatures are required; electronic signatures and/or signature fonts are not authorized.") Our club members do not live near each other. Hundreds of miles apart.

We'll figure this out, but I think others will benefit from your recommendations.

Linda

On Thu, Dec 3, 2020 at 8:09 AM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:

Thanks Laurie

On Thursday, December 3, 2020, 11:03:59 AM EST, Laurie Frederiksen <laurie@bivio.biz> wrote:

Here is a link to a list of the brokers currently supported by AccountSync: AccountSync Brokers Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe

On Thu, Dec 3, 2020 at 10:49 AM Sfairchic via bivio.com <user*31161800001@bivio.com> wrote:

Thanks for the heads up. Can you supply us a list of the Brokers Bivio supports with account-sync? That will help facilitate our decision.

Regards, Susan Fairchild. Ladies of the Club NW Investors.

Sent from my iPad

On Dec 3, 2020, at 5:59 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:

Folio informed clubs today that it is stopping all "self directed" accounts (like club accounts). As of January 13, your Folio account will automatically be transferred to Interactive Brokers unless you move it somewhere else. Thanks Folio. Lots of time to prepare and address during the busy tax season. Before you all email and ask if we support Interactive Brokers with AccountSync, the answer currently is unfortunately not. I am addressing it with our programmers to see if they can be added, but, at this time of year, their focus is on getting the 2020 tax programs ready so I can't tell you there will be any sort of positive answer for you on that front. What you do need to do immediately is this: 1. Make sure you have downloaded a "Closed tax lot" spreadsheet from Folio and checked that your capital gains and losses shown on the bivio "Capital gain/loss" report agree with what they show. You may not be able to get this if you wait to find out you have problems until you get your 1099 form from them and you'll need it to help resolve those issues. It also wouldn't hurt to download however many past closed tax lot spreadsheets they provide and keep them with your records. Historical information is frequently crucial in resolving current issues. 2. Make sure you have downloaded an "Open Tax Lot" spreadsheet from folio and checked that the lot details shown for each lot of each stock you own agree between that and the bivio "Investment Lot Cost Basis" report. Again, if there are any issues there, you need to get them addressed before you (or they) transfer your accounts to another broker. 3. I'd recommend also downloading as many of your past statements as they provide if you don't save them each month already. Again, if you have cost basis issues that you don't find until the future, they will be vitally important for addressing them. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe

---

This email has been checked for viruses by Avast antivirus software. www.avast.com

Hi, members - I'm wondering what brokerages members really
like using? Any in particular to avoid?

Thanks!

Jeanne Wu
Market Mavens

Hi, members - I'm wondering what brokerages members really
like using? Any in particular to avoid?

Thanks!

Jeanne Wu
Market Mavens

Fidelity Investments has been a great broker to work with.

Ruthy Sellers

On Fri, Dec 4, 2020 at 9:57 AM Jeanne Wu via bivio.com <user*31171000001@bivio.com> wrote:

Hi, members - I'm wondering what brokerages members really
like using? Any in particular to avoid?

Thanks!

Jeanne Wu
Market Mavens

On Fri, Dec 4, 2020 at 12:01 PM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:

Our club will be transitioning to another broker (not InteractiveBrokers) and I'm wondering since Folio has a 90 day hold on half of our cash, how will that be handled? Does anyone know?

I'd recommend you ask Folio about that. I don't believe it ended up being a problem when we transitioned our club account last spring, but I don't completely remember. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe

Our family club uses Fidelity and it does do Account Sync with bivio.  I had been with Fidelity for 20 years before starting the family club so I was very familiar with it.  Free commissions and good research available.  I like it a lot.

BTW, Fidelity is one of the few brokers who does HSAs (Health Spending Accounts - must have a High Deductible Health Insurance Plan).

Paul Madison

On Fri, Dec 4, 2020 at 1:47 PM Laurie Frederiksen <laurie@bivio.biz> wrote:

On Fri, Dec 4, 2020 at 12:01 PM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:

Our club will be transitioning to another broker (not InteractiveBrokers) and I'm wondering since Folio has a 90 day hold on half of our cash, how will that be handled?  Does anyone know?

 

I'd recommend you ask Folio about that.  I don't believe it ended up being a problem when we transitioned our club account last spring,  but I don't completely remember. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend!  www.facebook.com/bivio Follow us on twitter!  www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list.  Click here to  Unsubscribe

We've been with Ameritrade for 22 years. No complaints.

Dick Lewis

On Dec 4, 2020, at 2:40 PM, Ty Hughes via bivio.com <user*3139700001@bivio.com> wrote:

I contacted Schwab today. They said they are not opening any new investment club accounts. 

The search continues. I would appreciate hearing from anyone who is happy with their current broker. 

Best regards,

Ty Hughes | 571-382-0700

On Dec 4, 2020, 15:27 -0500, Paul Madison via bivio.com <user*31595900001@bivio.com>, wrote:

Our family club uses Fidelity and it does do Account Sync with bivio.  I had been with Fidelity for 20 years before starting the family club so I was very familiar with it.  Free commissions and good research available.  I like it a lot.

BTW, Fidelity is one of the few brokers who does HSAs (Health Spending Accounts - must have a High Deductible Health Insurance Plan).

Paul Madison

On Fri, Dec 4, 2020 at 1:47 PM Laurie Frederiksen <laurie@bivio.biz> wrote:

On Fri, Dec 4, 2020 at 12:01 PM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:

Our club will be transitioning to another broker (not InteractiveBrokers) and I'm wondering since Folio has a 90 day hold on half of our cash, how will that be handled?  Does anyone know?

 

I'd recommend you ask Folio about that.  I don't believe it ended up being a problem when we transitioned our club account last spring,  but I don't completely remember. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend!  www.facebook.com/bivio Follow us on twitter!  www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list.  Click here to  Unsubscribe

Did you ask about partnerships organized for investing? The term "investment club" can have a lot of baggage.

Peter Dunkelberger

On Fri, Dec 4, 2020 at 5:41 PM Ty Hughes via bivio.com <user*3139700001@bivio.com> wrote:

I contacted Schwab today. They said they are not opening any new investment club accounts.

The search continues. I would appreciate hearing from anyone who is happy with their current broker.

Best regards,

Ty Hughes | 571-382-0700

On Dec 4, 2020, 15:27 -0500, Paul Madison via bivio.com <user*31595900001@bivio.com>, wrote:

Our family club uses Fidelity and it does do Account Sync with bivio. I had been with Fidelity for 20 years before starting the family club so I was very familiar with it. Free commissions and good research available. I like it a lot.

BTW, Fidelity is one of the few brokers who does HSAs (Health Spending Accounts - must have a High Deductible Health Insurance Plan).

Paul Madison

On Fri, Dec 4, 2020 at 1:47 PM Laurie Frederiksen <laurie@bivio.biz> wrote:

On Fri, Dec 4, 2020 at 12:01 PM Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:

Our club will be transitioning to another broker (not InteractiveBrokers) and I'm wondering since Folio has a 90 day hold on half of our cash, how will that be handled? Does anyone know?

I'd recommend you ask Folio about that. I don't believe it ended up being a problem when we transitioned our club account last spring, but I don't completely remember. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe



All:

Thanks for all the responses about brokers.

I am still trying to confirm from Schwab whether we can move our club account there. A local Schwab rep (Arlington, Virginia) told me today that they are not opening any new investment club accounts but are grandfathering existing clubs. However, the Schwab website still has an application for accounts for non-incorporated entitled, e.g., partnerships. The local rep may be incorrect. I will follow-up with Schwab on Monday and report back.

Best regards,

Ty Hughes