Brokerage Accounts
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Brokerage Accounts Hello Everyone. At present, our investment Club. Uses TD Ameritrade as our broker. With the impeding merger with Schwab, we met with the Schwab people to discuss how our club would be impacted. We had a good discussion until we found out that Schwab does not recognize investment clubs. The person we spoke with is looking into wether they will grandfather us in or not. I am wondering if anyone has had a similar experience ? Or is there a club that is using Schwab currently? We were surprised by this discovery to say the least. Any insight will be appreciated. Thanks for your time. Tim MacEachen President, Central Ohio Investors Is there a broker that actually invites investment clubs? We haven't had a decent one since Scottrade. Thanks, Judy Farrar, Treasurer, Arbor Street Investment Club -----Original Message----- From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Michael T MacEachen (13) via bivio.com Sent: Sunday, March 22, 2020 6:15 AM To: club_cafe@bivio.com Subject: [club_cafe] Brokerage Accounts Hello Everyone. At present, our investment Club. Uses TD Ameritrade as our broker. With the impeding merger with Schwab, we met with the Schwab people to discuss how our club would be impacted. We had a good discussion until we found out that Schwab does not recognize investment clubs. The person we spoke with is looking into wether they will grandfather us in or not. I am wondering if anyone has had a similar experience ? Or is there a club that is using Schwab currently? We were surprised by this discovery to say the least. Any insight will be appreciated. Thanks for your time. Tim MacEachen President, Central Ohio Investors Hi All, Our investment group uses Charles Schwab since 2012 but I did read last year they are not excepting any new investment clubs. Schwab did have us file for a partnership with the state of Kansas when our account was established it was a $35.00 filing fee and renewed every 5 years with all members listed. Maybe they will except your club because of the TD Ameritrade? Regards, Mary > On March 22, 2020 at 8:15 AM "Michael T MacEachen (13) via bivio.com" <user*26235400001@bivio.com> wrote: > > > Hello Everyone. At present, our investment Club. Uses TD > Ameritrade as our broker. With the impeding merger with > Schwab, we met with the Schwab people to discuss how our > club would be impacted. We had a good discussion until we > found out that Schwab does not recognize investment clubs. > The person we spoke with is looking into wether they will > grandfather us in or not. I am wondering if anyone has had a > similar experience ? Or is there a club that is using > Schwab currently? We were surprised by this discovery to say > the least. > > Any insight will be appreciated. > Thanks for your time. > > Tim MacEachen > President, Central Ohio Investors Our club has used Schwab for as long as we have existed (since ~2000). I have been treasurer since Dec 2018. We have not had any significant issues with the routine operation of our account and those that we have had have been resolved expeditiously. The one issue that has taken the most time to resolve has been working through Schwab’s (18+ pg) ”Organization Account for incorporated and non-incorporated organizations” agreement. From Schwab’s perspective we are a “general partnership“. The document is largely “fill-in-the-blank” but took a lot of back and forth to get through Schwab’s approval process. I have handled 2 updates to our agreement the first was the most difficult as I was new to the treasurer role and thus did not already have access to the account. It took 2-3 mo. during which I did not have access to the account. The second update was less involved but took a little over a month. Based on my experience one bit of advice I have is to establish a relationship with a local Schwab rep to help you thru this process. Otherwise you will be using a different phone agent for every question or issue you have. Good luck, Jeff Rauch, treasurer SCS Investment Club Sent from my iPhone > On Mar 22, 2020, at 9:15 AM, Michael T MacEachen (13) via bivio.com <user*26235400001@bivio.com> wrote: > > Hello Everyone. At present, our investment Club. Uses TD > Ameritrade as our broker. With the impeding merger with > Schwab, we met with the Schwab people to discuss how our > club would be impacted. We had a good discussion until we > found out that Schwab does not recognize investment clubs. > The person we spoke with is looking into wether they will > grandfather us in or not. I am wondering if anyone has had a > similar experience ? Or is there a club that is using > Schwab currently? We were surprised by this discovery to say > the least. > > Any insight will be appreciated. > Thanks for your time. > > Tim MacEachen > President, Central Ohio Investors Hi, Yes you right about all the paper work, but we use a broker and staff had us there when they were talking with the Charles Schwab associate it was completed and signed with no problems. We had changes officers in the club and had to do this.....Mary > On March 22, 2020 at 9:09 AM "Jeff Rauch via bivio.com" <user*37506900001@bivio.com> wrote: > > > Our club has used Schwab for as long as we have existed (since ~2000). I have been treasurer since Dec 2018. We have not had any significant issues with the routine operation of our account and those that we have had have been resolved expeditiously. > > The one issue that has taken the most time to resolve has been working through Schwab’s (18+ pg) ”Organization Account for incorporated and non-incorporated organizations” agreement. From Schwab’s perspective we are a “general partnership“. The document is largely “fill-in-the-blank” but took a lot of back and forth to get through Schwab’s approval process. I have handled 2 updates to our agreement the first was the most difficult as I was new to the treasurer role and thus did not already have access to the account. It took 2-3 mo. during which I did not have access to the account. The second update was less involved but took a little over a month. > > Based on my experience one bit of advice I have is to establish a relationship with a local Schwab rep to help you thru this process. Otherwise you will be using a different phone agent for every question or issue you have. > > Good luck, > Jeff Rauch, treasurer > SCS Investment Club > > Sent from my iPhone > > > On Mar 22, 2020, at 9:15 AM, Michael T MacEachen (13) via bivio.com <user*26235400001@bivio.com> wrote: > > > > Hello Everyone. At present, our investment Club. Uses TD > > Ameritrade as our broker. With the impeding merger with > > Schwab, we met with the Schwab people to discuss how our > > club would be impacted. We had a good discussion until we > > found out that Schwab does not recognize investment clubs. > > The person we spoke with is looking into wether they will > > grandfather us in or not. I am wondering if anyone has had a > > similar experience ? Or is there a club that is using > > Schwab currently? We were surprised by this discovery to say > > the least. > > > > Any insight will be appreciated. > > Thanks for your time. > > > > Tim MacEachen > > President, Central Ohio Investors We have had a great experience for most of the 20 years we have been in existents. When we went to other brokersx we always had trouble. Customer Service with our EJ advisor has been excellent -----Original Message----- From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Judith Farrar via bivio.com Sent: Sunday, March 22, 2020 7:36 AM To: club_cafe@bivio.com Subject: RE: [club_cafe] Brokerage Accounts Is there a broker that actually invites investment clubs? We haven't had a decent one since Scottrade. Thanks, Judy Farrar, Treasurer, Arbor Street Investment Club -----Original Message----- From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Michael T MacEachen (13) via bivio.com Sent: Sunday, March 22, 2020 6:15 AM To: club_cafe@bivio.com Subject: [club_cafe] Brokerage Accounts Hello Everyone. At present, our investment Club. Uses TD Ameritrade as our broker. With the impeding merger with Schwab, we met with the Schwab people to discuss how our club would be impacted. We had a good discussion until we found out that Schwab does not recognize investment clubs. The person we spoke with is looking into wether they will grandfather us in or not. I am wondering if anyone has had a similar experience ? Or is there a club that is using Schwab currently? We were surprised by this discovery to say the least. Any insight will be appreciated. Thanks for your time. Tim MacEachen President, Central Ohio Investors Our investment club is currently with TD Ameritrade and other than the seamless syncing of the individual automatic payments, everything else with Bivio and TDA has worked. My question for those that use Schwab are there issues with Bivio and Schwab? Amy Carlson, President Its Relative Investment Club -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Jeff Rauch via bivio.com Sent: Sunday, March 22, 2020 7:10 AM To: club_cafe@bivio.com Subject: Re: [club_cafe] Brokerage Accounts Our club has used Schwab for as long as we have existed (since ~2000). I have been treasurer since Dec 2018. We have not had any significant issues with the routine operation of our account and those that we have had have been resolved expeditiously. The one issue that has taken the most time to resolve has been working through Schwab’s (18+ pg) ”Organization Account for incorporated and non-incorporated organizations” agreement. From Schwab’s perspective we are a “general partnership“. The document is largely “fill-in-the-blank” but took a lot of back and forth to get through Schwab’s approval process. I have handled 2 updates to our agreement the first was the most difficult as I was new to the treasurer role and thus did not already have access to the account. It took 2-3 mo. during which I did not have access to the account. The second update was less involved but took a little over a month. Based on my experience one bit of advice I have is to establish a relationship with a local Schwab rep to help you thru this process. Otherwise you will be using a different phone agent for every question or issue you have. Good luck, Jeff Rauch, treasurer SCS Investment Club Sent from my iPhone > On Mar 22, 2020, at 9:15 AM, Michael T MacEachen (13) via bivio.com <user*26235400001@bivio.com> wrote: > > Hello Everyone. At present, our investment Club. Uses TD > Ameritrade as our broker. With the impeding merger with > Schwab, we met with the Schwab people to discuss how our > club would be impacted. We had a good discussion until we > found out that Schwab does not recognize investment clubs. > The person we spoke with is looking into wether they will > grandfather us in or not. I am wondering if anyone has had a > similar experience ? Or is there a club that is using > Schwab currently? We were surprised by this discovery to say > the least. > > Any insight will be appreciated. > Thanks for your time. > > Tim MacEachen > President, Central Ohio Investors Ask them to recommend a reputable brokerage, since they do not recognize you! I am serious--Schwab has the possibility of losing a lot of TDA customers with such an antiquated outlook. Peer Dunkelberger On Sun, Mar 22, 2020 at 9:15 AM Michael T MacEachen (13) via bivio.com <user*26235400001@bivio.com> wrote: Hello Everyone. At present, our investment Club. Uses TD Our club uses Charles Schwab ever since Schwab took over Options Express. Sent from my iPad > On Mar 22, 2020, at 06:36, Judith Farrar via bivio.com <user*30623800001@bivio.com> wrote: > > Is there a broker that actually invites investment clubs? We haven't had a > decent one since Scottrade. > Thanks, Judy Farrar, Treasurer, Arbor Street Investment Club > > -----Original Message----- > From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Michael T > MacEachen (13) via bivio.com > Sent: Sunday, March 22, 2020 6:15 AM > To: club_cafe@bivio.com > Subject: [club_cafe] Brokerage Accounts > > Hello Everyone. At present, our investment Club. Uses TD Ameritrade as our > broker. With the impeding merger with Schwab, we met with the Schwab people > to discuss how our club would be impacted. We had a good discussion until we > found out that Schwab does not recognize investment clubs. > The person we spoke with is looking into wether they will grandfather us in > or not. I am wondering if anyone has had a similar experience ? Or is there > a club that is using Schwab currently? We were surprised by this discovery > to say the least. > > Any insight will be appreciated. > Thanks for your time. > > Tim MacEachen > President, Central Ohio Investors > Our club has used ETrade for 5 years and it has been fine. No problems & it always syncs with Bivio. Etrade had a special form for investment clubs, so they obviously recognize us. I'd give them a call & see if the facts have changed. Best, Dave Nathanson Treasurer, Hawaiian Shirt Society On Mar 22, 2020, at 11:06 AM, devojake via bivio.com <user*13075900001@bivio.com> wrote: > > Our club uses Charles Schwab ever since Schwab took over Options Express. > > Sent from my iPad > >> On Mar 22, 2020, at 06:36, Judith Farrar via bivio.com <user*30623800001@bivio.com> wrote: >> >> Is there a broker that actually invites investment clubs? We haven't had a >> decent one since Scottrade. >> Thanks, Judy Farrar, Treasurer, Arbor Street Investment Club >> >> -----Original Message----- >> From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Michael T >> MacEachen (13) via bivio.com >> Sent: Sunday, March 22, 2020 6:15 AM >> To: club_cafe@bivio.com >> Subject: [club_cafe] Brokerage Accounts >> >> Hello Everyone. At present, our investment Club. Uses TD Ameritrade as our >> broker. With the impeding merger with Schwab, we met with the Schwab people >> to discuss how our club would be impacted. We had a good discussion until we >> found out that Schwab does not recognize investment clubs. >> The person we spoke with is looking into wether they will grandfather us in >> or not. I am wondering if anyone has had a similar experience ? Or is there >> a club that is using Schwab currently? We were surprised by this discovery >> to say the least. >> >> Any insight will be appreciated. >> Thanks for your time. >> >> Tim MacEachen >> President, Central Ohio Investors >> > I presume "EJ" is Edward James? Have their commissions gone to zero also? Peter Dunkelberger We have had a great experience for most of the 20 years we have been in Yes it is Edward Jones and no their fees have not gone to zero but we get customer service and there are no hidden agendas. Did you read the February edition of Better Investing with the headline of Zero commissions but how they make it up in other ways to control your actions. Good Read I just don't do business with anyone or company that won't reveal all charges From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Peter Dunkelberger via bivio.com I presume "EJ" is Edward James? Have their commissions gone to zero also? Peter Dunkelberger On Sun, Mar 22, 2020 at 12:00 PM Connie Humble via bivio.com <user*27031200001@bivio.com> wrote:
Thank you for the response. Yes, brokers are charging other fees while going "commissionless", but those fees do not seem to be as high as prior commissions. I have not asked TDA to disclose their "fees", but I am thinking they would. It would be interesting to see. them. Peter Dunkelberger
Any fees must be disclosed in the customer agreement that you sign when you open the account. Brokers can revise the fees by posting the revised agreement on their website. Ira Smilovitz On Mon, Mar 23, 2020 at 4:45 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
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