AccountSync & Fidelity Investment Accounts

JDunham on

I recently setup a Fidelity account to use with my Bivio account. Particularly, those clubs where multiple Fidelity accounts are involved including some personal accounts which are owned by an individual authorized to transact on behalf of the club. I'm curious how you handled the requirement to provide login information so that Account sync can electronically access the fidelity account without exposing you personal account information. I'm also interested in how you may deposits to the investment account. Finally, I'd like to know what type of fidelity account you setup. Is it a personal, joint or business/partnership account.

I hope to learn from you to avoid mistakes going forward. Thanks in advance.

Irina Clements on

I admit I am somewhat puzzled by the implications of your question. In my view, there should never be a circumstance where personal and club account access and positions are commingled. Period.

It may happen that the person or persons authorized to transact on the club's behalf may have an account with the same brokerage, but there should be no establishment of linked accounts.

In my personal portfolio, I had both an IRA and a regular account and I was able to link the accounts to view one while in the other. That is entirely a different circumstance from what you are proposing.

Finally, while the club will have a brokerage account for the club, only select folks may view or transact within that account, not the entire club membership.

Brokerages will establish a club account in the name of the club with particular persons, authorized via signature card and brokerage documents, to view and transact on behalf of the club.

Since the account is a club account, there is no exposure of personal account information.

Please do read the various "how to" documents on the bivio site. I recommend getting a library copy of investment clubs for dummies, or the like. Both will provide a clearer description of club accounting processes.

Be Well. Irina Sent from my iPad

On Apr 8, 2014, at 8:12 PM, JDunham <jackdunham@aol.com> wrote:

I recently setup a Fidelity account to use with my Bivio account. Particularly, those clubs where multiple Fidelity accounts are involved including some personal accounts which are owned by an individual authorized to transact on behalf of the club. I'm curious how you handled the requirement to provide login information so that Account sync can electronically access the fidelity account without exposing you personal account information. I'm also interested in how you may deposits to the investment account. Finally, I'd like to know what type of fidelity account you setup. Is it a personal, joint or business/partnership account.

I hope to learn from you to avoid mistakes going forward. Thanks in advance.

Irina Clements on

The significant issue is to get an a EIN (employer identification number) from the IRS and establish the broker account in the name of the club under the club EIN.

The club should open the brokerage account in its behalf using the club EIN, (NOT you using your SSN).

Deposits can be made via us mail to the brokerage, or via direct deposit or electronic check or electronic transfer depending on what the brokerage allows foe investment clubs.

Be Well. Irina Sent from my iPad

On Apr 8, 2014, at 11:13 PM, Irina Clements <irina39@verizon.net> wrote:

I admit I am somewhat puzzled by the implications of your question. In my view, there should never be a circumstance where personal and club account access and positions are commingled. Period.

It may happen that the person or persons authorized to transact on the club's behalf may have an account with the same brokerage, but there should be no establishment of linked accounts.

In my personal portfolio, I had both an IRA and a regular account and I was able to link the accounts to view one while in the other. That is entirely a different circumstance from what you are proposing.

Finally, while the club will have a brokerage account for the club, only select folks may view or transact within that account, not the entire club membership.

Brokerages will establish a club account in the name of the club with particular persons, authorized via signature card and brokerage documents, to view and transact on behalf of the club.

Since the account is a club account, there is no exposure of personal account information.

Please do read the various "how to" documents on the bivio site. I recommend getting a library copy of investment clubs for dummies, or the like. Both will provide a clearer description of club accounting processes.

Be Well. Irina Sent from my iPad

On Apr 8, 2014, at 8:12 PM, JDunham <jackdunham@aol.com> wrote:

I recently setup a Fidelity account to use with my Bivio account. Particularly, those clubs where multiple Fidelity accounts are involved including some personal accounts which are owned by an individual authorized to transact on behalf of the club. I'm curious how you handled the requirement to provide login information so that Account sync can electronically access the fidelity account without exposing you personal account information. I'm also interested in how you may deposits to the investment account. Finally, I'd like to know what type of fidelity account you setup. Is it a personal, joint or business/partnership account.

I hope to learn from you to avoid mistakes going forward. Thanks in advance.

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