Are there investment clubs that moved to other brokers and not Schwab? I read about Schwab, but I'm making comparisons with Fidelity-Pros & Cons.
NJ Model Inv Club
We moved from Folio Investing, an online only broker, to Fidelity a few years ago. No complaints, no problems. I am the Treasurer and I also have a brokerage account with Fidelity, which is why we went there. It allowed us to close our separate checking account, as Fidelity has checking privileges with its accounts. Their online research area is comprehensive. They also have an mobile app with a check deposit feature.
Wise Investment Club
I am the Treasurer of Mitten Investors. We also moved from Folio to Fidelity after significant research. The AccountSync feature provided by Bivio works well with Fidelity.
Not all of our members' banks have electronic deposit capability to Fidelity. As a result, we deposit contributions to Fidelity by both electronic transfers and online mobile check deposit. Our brokerage account also has check writing privileges.
Fidelity's open lots report can be tedious to generate if there are numerous tax lots in a specific investment. In addition, all partners' signatures are required on documents establishing the account and perhaps when changing authorized agents (although we have not yet needed this). Fidelity did accept scanned copies of documents with signatures.
Although we have not needed yet, Fidelity told us during our research that if the club were to distribute stock to a partner in a withdrawal, the partner could set up a Fidelity account with no minimum deposit or fee to accept the shares. However, to transfer shares to another brokerage is much more involved. I would check this out with any potential broker.
Treasurer, Mitten Investors
Sent from my iPhone
On Jul 1, 2023, at 7:55 AM, Carole Jansen via bivio.com <firstname.lastname@example.org> wrote: