FYI ... this applies to us as well

What a pain!

On 8/3/2020 1:32 PM, Laurie Frederiksen wrote:

In this second half of the year three brokers commonly used by clubs are being Acquired.

TDAmeritrade is being acquired by Schwab

Folio Investing is being acquired by Goldman Sachs

E*Trade is being acquired by Morgan Stanley

If your club uses any of these brokers, there are two things you should do right now to get ready.

  1. Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.

  2. Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.

The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.

If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.

You want to find out and fix any problems now, before the brokers are taken over.

Laurie Frederiksen
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