The Fun Never Stops in 2020 - Attn Folio Clubs
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Laurie:
This is very helpful information. Thank you.
Do you have any thoughts on Interactive Brokers? Do their accounts sync with Bivio? If not, what broker options do we have that work well with Bivio?
Best Regards,
Ty Hughes
This is very helpful information. Thank you.
Do you have any thoughts on Interactive Brokers? Do their accounts sync with Bivio? If not, what broker options do we have that work well with Bivio?
Best Regards,
Ty Hughes
Ty Hughes | 571-382-0700
On Dec 3, 2020, 9:00 AM -0500, 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
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Laurie,
Thanks for the heads up! Glad I read this email.
Since we need to decide on a new broker ASAP, could you please provide a list of possibles that bivio supports?
Kim Potter
BI Brighton Model Club
On Thursday, December 3, 2020, 09:00:39 AM EST, Laurie Frederiksen <laurie@bivio.biz> wrote:
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My club has been together since 1998, and have used TD Ameritrade since then, with Bivio. No problems
On Dec 3, 2020, at 9:22 AM, Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:Laurie,Thanks for the heads up! Glad I read this email.Since we need to decide on a new broker ASAP, could you please provide a list of possibles that bivio supports?Kim PotterBI Brighton Model ClubOn Thursday, December 3, 2020, 09:00:39 AM EST, 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
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Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
Have you had any feedback about what happens when the integration with Schwab is completed?
Bob Shaw
On Dec 3, 2020, at 10:33 AM, MARY FRAN NOVAK via bivio.com <user*7094300001@bivio.com> wrote:My club has been together since 1998, and have used TD Ameritrade since then, with Bivio. No problemsOn Dec 3, 2020, at 9:22 AM, Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:Laurie,Thanks for the heads up! Glad I read this email.Since we need to decide on a new broker ASAP, could you please provide a list of possibles that bivio supports?Kim PotterBI Brighton Model ClubOn Thursday, December 3, 2020, 09:00:39 AM EST, 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
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
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
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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
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
Thanks Laurie
On Thursday, December 3, 2020, 11:03:59 AM EST, Laurie Frederiksen <laurie@bivio.biz> wrote:
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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
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
Sent from my iPhone
Jan Neuenschwander
On Dec 3, 2020, at 9:22 AM, Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:
Laurie,Thanks for the heads up! Glad I read this email.Since we need to decide on a new broker ASAP, could you please provide a list of possibles that bivio supports?Kim PotterBI Brighton Model ClubOn Thursday, December 3, 2020, 09:00:39 AM EST, 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
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
Thanks LaurieOn 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:
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 UnsubscribeThanks 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
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
Our club experienced a similar excercise when we setup our account with ETRADE earlier this year. On the pages of the application that required signatures, we used the same sheet for people that lived in the same city with each other but used multiple sheets of the same page of the application because as you described, we have people in different cities. We mailed the sheets to a designated club member who put the physical package together and made a pdf of the application (one file) and sent it to them electronically. It was awkward but it worked.
Dan W.
On Thursday, December 3, 2020, 02:40:31 PM CST, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
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
Thanks LaurieOn 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:
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 UnsubscribeThanks 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
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
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Our club experienced a similar excercise when we setup our account with ETRADE earlier this year. On the pages of the application that required signatures, we used the same sheet for people that lived in the same city with each other but used multiple sheets of the same page of the application because as you described, we have people in different cities. We mailed the sheets to a designated club member who put the physical package together and made a pdf of the application (one file) and sent it to them electronically. It was awkward but it worked.Dan W.On Thursday, December 3, 2020, 02:40:31 PM CST, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote: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.LindaThanks LaurieOn 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:
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 UnsubscribeThanks 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
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
Linda,
If I am not mistaken TDAmeritrade is being absorbed by/merging wi Schwab, which our club has used for 20+ years. I have been treasurer for a few years and have gone through a couple updates to our agreement documents (yes it is a daunting exercise). I have a suggestion and a couple answers for you:
1) Establish a contact at a "local" Schwab office. This does not need to be local to you, my contact is 30mi away and we have never meet in person. This contact will give you a consistent person to help you through the process. Also in my case I was able to communicate and exchange documents via email, which was not possible with the Schwab call center.
2) All signatures I need were local, but were ultimately faxed to Schwab. So if everyone has access to a fax, that is probably your best option. I did get one signature as scanned pdf, last time I updated our agreement, that was accepted by Schwab.
3) I am the treasurer so am the Primary Authorized Individual. We listed our president and one other member as Authorized Individuals. We did not have a Control Person. We also had a few charter members that were >10% owners that also had to sign pages. In my opinion it is very important to have multiple Authorized Individuals in case something happened to the Primary, someone can make trades, etc. in case of a transition. When I became treasurer it took a couple months to get my access to Schwab approved.
Let me know if I can be of further help.
Good luck,
Jeff Rauch, Treasurer SCS Investment Club
Sent from my iPhone
On Dec 3, 2020, at 3:40 PM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
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.LindaThanks LaurieOn 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:
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 UnsubscribeThanks 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
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
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I called and talked to an actual 'live' person at TDA. She said:
Sign the sheet.
Scan it and send it via email to the next person.
They print it out, sign it, and re-scan it and send it to the next person.
Finally it should come back to me to submit.
This club isn't very big and reasonably tech-savvy so we can handle that.
For a larger club, doing this via snail mail would take forever.
In which case, Daniel, your solution would be better.
It would be better yet if the brokers came up with a more elegant solution.
Linda
Our club experienced a similar excercise when we setup our account with ETRADE earlier this year. On the pages of the application that required signatures, we used the same sheet for people that lived in the same city with each other but used multiple sheets of the same page of the application because as you described, we have people in different cities. We mailed the sheets to a designated club member who put the physical package together and made a pdf of the application (one file) and sent it to them electronically. It was awkward but it worked.Dan W.On Thursday, December 3, 2020, 02:40:31 PM CST, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote: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.LindaThanks LaurieOn 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:
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 UnsubscribeThanks 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
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
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:
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 UnsubscribeOn 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
