Schwab Vs Fidelity
Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
I don’t like that Schwab ties to one person’s accounts only so everyone can’t share.
We are watching closely for the synch between Bivio and Siebert to be completed and will probably transition then. Some time mid 2026.
We are across several states so having fidelity’s wet signature rules is a blocker too.
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
We are watching closely for the synch between Bivio and Siebert to be completed and will probably transition then. Some time mid 2026.
We are across several states so having fidelity’s wet signature rules is a blocker too.
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
Hi
With Schwab, multiple people can update, Other people can access for reading only,
I don't like that Schwab ties to one person's accounts only so everyone can't share.
We are watching closely for the synch between Bivio and Siebert to be completed and will probably transition then. Some time mid 2026.
We are across several states so having fidelity's wet signature rules is a blocker too.
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
Donna O'Connell
That's not what we got after we were ported from TDA.
Maybe we aren't asking the right questions of them though.
On Dec 18, 2025, at 10:27 PM, Donna OConnnell via bivio.com <user*23240500001@bivio.com> wrote:
HiWith Schwab, multiple people can update, Other people can access for reading only,I don't like that Schwab ties to one person's accounts only so everyone can't share.
We are watching closely for the synch between Bivio and Siebert to be completed and will probably transition then. Some time mid 2026.
We are across several states so having fidelity's wet signature rules is a blocker too.
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
--Donna O'Connell
Fidelity customer service is superior to Schwab, but the most important difference is that Fidelity allows you to transfer stocks from your investment club account to individual members of the club. This is critical if one or more club members are departing , to protect the remaining members from untimely tax consequences. We are very happy we transferred to Fidelity. Schwab told us they did not want to deal with investment clubs anymore , nor did we want to deal with them anymore as every person we spoke with gave us conflicting information.
Sent from my iPhone
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
Sent from my iPhone
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
I have quite a different experience with our Schwab account/staff. To move stocks or assets, Schwab requires a completed 'Move Asset from my Schwab Borkerage' form signed by any of the signatory associated with the club account. It's helpful to get to know the staff at the local office. We are fortunate to have an office near by. Hope this is helpful.
On Fri, Dec 19, 2025 at 9:59 AM, Tracy, Molly M via bivio.com<user*40992200001@bivio.com> wrote:Fidelity customer service is superior to Schwab, but the most important difference is that Fidelity allows you to transfer stocks from your investment club account to individual members of the club. This is critical if one or more club members are departing , to protect the remaining members from untimely tax consequences. We are very happy we transferred to Fidelity. Schwab told us they did not want to deal with investment clubs anymore , nor did we want to deal with them anymore as every person we spoke with gave us conflicting information.
Sent from my iPhone
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
Can you post a copy of the form from Schwab that your club used. That may help when talking to staff at a local Schwab office.
Bill W.
ClubNet
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Bill Waskosky      |
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Subject: [External] Re: [club_cafe] Schwab Vs Fidelity
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On Fri, Dec 19, 2025 at 9:59 AM, Tracy, Molly M via bivio.com<user*40992200001@bivio.com> wrote:Fidelity customer service is superior to Schwab, but the most important difference is that Fidelity allows you to transfer stocks from your investment club account to individual members of the club. This is critical if one or more club members are departing , to protect the remaining members from untimely tax consequences. We are very happy we transferred to Fidelity. Schwab told us they did not want to deal with investment clubs anymore , nor did we want to deal with them anymore as every person we spoke with gave us conflicting information.
Sent from my iPhone
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
My club is in process of moving to Fidelity, filling g out all paperwork, signatures, etc. but think we'll slow the process until the accusing issues are resolved
Sent from my iPhone
On Dec 19, 2025, at 9:12 AM, RHaubrich via bivio.com <user*13889800001@bivio.com> wrote:
I have quite a different experience with our Schwab account/staff. To move stocks or assets, Schwab requires a completed 'Move Asset from my Schwab Borkerage' form signed by any of the signatory associated with the club account. It's helpful to get to know the staff at the local office. We are fortunate to have an office near by. Hope this is helpful.
On Fri, Dec 19, 2025 at 9:59 AM, Tracy, Molly M via bivio.com<user*40992200001@bivio.com> wrote:Fidelity customer service is superior to Schwab, but the most important difference is that Fidelity allows you to transfer stocks from your investment club account to individual members of the club. This is critical if one or more club members are departing , to protect the remaining members from untimely tax consequences. We are very happy we transferred to Fidelity. Schwab told us they did not want to deal with investment clubs anymore , nor did we want to deal with them anymore as every person we spoke with gave us conflicting information.
Sent from my iPhone
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
We were moved from TDA to Schwab and we have no problems with Schwab. We have transferred stock to an individual member's Schwab account with no problem.. I was told by the local Schwab office that we had no problems because we are a Michigan LLC.
My club is in process of moving to Fidelity, filling g out all paperwork, signatures, etc. but think we'll slow the process until the accusing issues are resolvedSent from my iPhoneOn Dec 19, 2025, at 9:12 AM, RHaubrich via bivio.com <user*13889800001@bivio.com> wrote:I have quite a different experience with our Schwab account/staff. To move stocks or assets, Schwab requires a completed 'Move Asset from my Schwab Borkerage' form signed by any of the signatory associated with the club account. It's helpful to get to know the staff at the local office. We are fortunate to have an office near by. Hope this is helpful.
On Fri, Dec 19, 2025 at 9:59 AM, Tracy, Molly M via bivio.com<user*40992200001@bivio.com> wrote:Fidelity customer service is superior to Schwab, but the most important difference is that Fidelity allows you to transfer stocks from your investment club account to individual members of the club. This is critical if one or more club members are departing , to protect the remaining members from untimely tax consequences. We are very happy we transferred to Fidelity. Schwab told us they did not want to deal with investment clubs anymore , nor did we want to deal with them anymore as every person we spoke with gave us conflicting information.
Sent from my iPhone
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
Carolyn Sturgis
Our club is in CA. We also moved from TDA to Schwab, and were told (clearly) the rules had changed for NEW accounts, and we definitely were not allowed to transfer stock to individual members. We experienced many, many conversations with different Schwab departments, and always got a 'no.' So, we moved to Fidelity, which has been great, and we transferred stock to members shortly after our move. Now Fidelity is having this sync problem w/bivio, so hoping that gets resolved soon as it's the first problem we've encountered since moving the account.
Lynda Feit
We were moved from TDA to Schwab and we have no problems with Schwab. We have transferred stock to an individual member's Schwab account with no problem.. I was told by the local Schwab office that we had no problems because we are a Michigan LLC.My club is in process of moving to Fidelity, filling g out all paperwork, signatures, etc. but think we'll slow the process until the accusing issues are resolvedSent from my iPhoneOn Dec 19, 2025, at 9:12 AM, RHaubrich via bivio.com <user*13889800001@bivio.com> wrote:I have quite a different experience with our Schwab account/staff. To move stocks or assets, Schwab requires a completed 'Move Asset from my Schwab Borkerage' form signed by any of the signatory associated with the club account. It's helpful to get to know the staff at the local office. We are fortunate to have an office near by. Hope this is helpful.
On Fri, Dec 19, 2025 at 9:59 AM, Tracy, Molly M via bivio.com<user*40992200001@bivio.com> wrote:Fidelity customer service is superior to Schwab, but the most important difference is that Fidelity allows you to transfer stocks from your investment club account to individual members of the club. This is critical if one or more club members are departing , to protect the remaining members from untimely tax consequences. We are very happy we transferred to Fidelity. Schwab told us they did not want to deal with investment clubs anymore , nor did we want to deal with them anymore as every person we spoke with gave us conflicting information.
Sent from my iPhone
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you--Carolyn Sturgis
LLC definitely different than partnerships.
Jeff
On Dec 19, 2025, at 11:34 AM, Carolyn Sturgis via bivio.com <user*32364500001@bivio.com> wrote:
We were moved from TDA to Schwab and we have no problems with Schwab. We have transferred stock to an individual member's Schwab account with no problem.. I was told by the local Schwab office that we had no problems because we are a Michigan LLC.My club is in process of moving to Fidelity, filling g out all paperwork, signatures, etc. but think we'll slow the process until the accusing issues are resolvedSent from my iPhoneOn Dec 19, 2025, at 9:12 AM, RHaubrich via bivio.com <user*13889800001@bivio.com> wrote:I have quite a different experience with our Schwab account/staff. To move stocks or assets, Schwab requires a completed 'Move Asset from my Schwab Borkerage' form signed by any of the signatory associated with the club account. It's helpful to get to know the staff at the local office. We are fortunate to have an office near by. Hope this is helpful.
On Fri, Dec 19, 2025 at 9:59 AM, Tracy, Molly M via bivio.com<user*40992200001@bivio.com> wrote:Fidelity customer service is superior to Schwab, but the most important difference is that Fidelity allows you to transfer stocks from your investment club account to individual members of the club. This is critical if one or more club members are departing , to protect the remaining members from untimely tax consequences. We are very happy we transferred to Fidelity. Schwab told us they did not want to deal with investment clubs anymore , nor did we want to deal with them anymore as every person we spoke with gave us conflicting information.
Sent from my iPhone
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you--Carolyn Sturgis
Put simply, Schwab does not have a consistent policy regarding investment clubs. It doesn't matter if the club is a partnership or an LLC, registered initially with Schwab or was part of the Ameritrade acquisition. Clubs have posted here that they are partnerships - some original Schwab and some Ameritrade accounts, some can transfer shares/cash to members, some cannot.
Others like mine, are LLCs. Some came from Ameritrade, some were always Schwab accounts. Similarly, some can make transfers, others (like mine which cane from from Ameritrade) cannot. For my club, things got so bad that Schwab froze our account for no apparent reason. We have since moved elsewhere. (If you search through club_cafe, you can find where we are currently, but this post is not intended to promote any specific brokerage.)
The best advice I can give is this - if your club is with Schwab and has the freedom to transfer cash/shares to members, there's no reason to change. If your club is considering switching to Schwab, get a confirmation in writing that your club will be able to transfer cash/shares to members should you decide to do so. If you can't get that assurance (in writing), look elsewhere.
Ira Smilovitz
LLC definitely different than partnerships.JeffOn Dec 19, 2025, at 11:34 AM, Carolyn Sturgis via bivio.com <user*32364500001@bivio.com> wrote:We were moved from TDA to Schwab and we have no problems with Schwab. We have transferred stock to an individual member's Schwab account with no problem.. I was told by the local Schwab office that we had no problems because we are a Michigan LLC.My club is in process of moving to Fidelity, filling g out all paperwork, signatures, etc. but think we'll slow the process until the accusing issues are resolvedSent from my iPhoneOn Dec 19, 2025, at 9:12 AM, RHaubrich via bivio.com <user*13889800001@bivio.com> wrote:I have quite a different experience with our Schwab account/staff. To move stocks or assets, Schwab requires a completed 'Move Asset from my Schwab Borkerage' form signed by any of the signatory associated with the club account. It's helpful to get to know the staff at the local office. We are fortunate to have an office near by. Hope this is helpful.
On Fri, Dec 19, 2025 at 9:59 AM, Tracy, Molly M via bivio.com<user*40992200001@bivio.com> wrote:Fidelity customer service is superior to Schwab, but the most important difference is that Fidelity allows you to transfer stocks from your investment club account to individual members of the club. This is critical if one or more club members are departing , to protect the remaining members from untimely tax consequences. We are very happy we transferred to Fidelity. Schwab told us they did not want to deal with investment clubs anymore , nor did we want to deal with them anymore as every person we spoke with gave us conflicting information.
Sent from my iPhone
> On Dec 18, 2025, at 4:13 PM, Raj Araga via bivio.com <user*42044800001@bivio.com> wrote:
>
> Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you--Carolyn Sturgis
Schwab does not want investment club business. A rep recently told me that they don't like dealing with them because of all the new regulations.
Eight months ago, one of our members decided to leave the group and insisted on having shares transferred from our Schwab investment club to her E*Trade account, with the leftover cash to be sent to our credit union. I just completed the last step today. It's been a complete nightmare that has taken up countless hours and resulted in many headaches. We were referred from one person to another, all the way up to the Complex Accounts Team in Colorado. Even then, I had to get multiple forms signed by every member, secure wet signatures from our bank, and more. I just made the last call to Schwab today about the last hoop I was supposed to jump through. If I hadn't called, nothing would have happened because I was told the form was filed, with no action taken. I can't believe it.
The upshot is that one of the Schwab higher-ups told me that he tells clubs to just meet and discuss the market and stocks, but not share an account. That defeats the whole purpose of having a club, imho. So we're looking to switch to Fidelity. We look forward to seeing how that process goes for other clubs.
I do plan on keeping my personal portfolio at Schwab. We've never had issues until this fiasco.
Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
Our club account at Schwab, requires each member to create their own login to the account. They want to protect the club and members, so they do not want everyone to sign in with the One login. So, yes they don't want it shared in that way. Each member creates their login, then an "Authorized User" either gives them View Only Access or Full Access. Full Access can make trades and move money.
A club should have at least 2 Full Access users, so there is backup in case it is needed. There is a Move Money form that must be signed by all Authorized Users with wet signatures,(like Fidelity) and submitted. And We have talked to lots of Schwab people and gotten lots of different answer about stock transfers...the "higher up" have said we can transfer stock if using the proper form.
We haven't tried but want that option available. We can pay a cash withdrawal. Any institution is going to want legal documents, especially since new regulations exist to protect account holders. Schwab has been fine for us...except for the confusion about transferring stock.
Schwab does not want investment club business. A rep recently told me that they don't like dealing with them because of all the new regulations.Eight months ago, one of our members decided to leave the group and insisted on having shares transferred from our Schwab investment club to her E*Trade account, with the leftover cash to be sent to our credit union. I just completed the last step today. It's been a complete nightmare that has taken up countless hours and resulted in many headaches. We were referred from one person to another, all the way up to the Complex Accounts Team in Colorado. Even then, I had to get multiple forms signed by every member, secure wet signatures from our bank, and more. I just made the last call to Schwab today about the last hoop I was supposed to jump through. If I hadn't called, nothing would have happened because I was told the form was filed, with no action taken. I can't believe it.The upshot is that one of the Schwab higher-ups told me that he tells clubs to just meet and discuss the market and stocks, but not share an account. That defeats the whole purpose of having a club, imho. So we're looking to switch to Fidelity. We look forward to seeing how that process goes for other clubs.I do plan on keeping my personal portfolio at Schwab. We've never had issues until this fiasco.Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you
Good to know...any club had any issue (at all) leaving Fidelity? Or how was the experience?
On Dec 19, 2025, at 6:50 PM, Vickie Rabourn via bivio.com <user*26711600001@bivio.com> wrote:Schwab does not want investment club business. A rep recently told me that they don't like dealing with them because of all the new regulations.Eight months ago, one of our members decided to leave the group and insisted on having shares transferred from our Schwab investment club to her E*Trade account, with the leftover cash to be sent to our credit union. I just completed the last step today. It's been a complete nightmare that has taken up countless hours and resulted in many headaches. We were referred from one person to another, all the way up to the Complex Accounts Team in Colorado. Even then, I had to get multiple forms signed by every member, secure wet signatures from our bank, and more. I just made the last call to Schwab today about the last hoop I was supposed to jump through. If I hadn't called, nothing would have happened because I was told the form was filed, with no action taken. I can't believe it.The upshot is that one of the Schwab higher-ups told me that he tells clubs to just meet and discuss the market and stocks, but not share an account. That defeats the whole purpose of having a club, imho. So we're looking to switch to Fidelity. We look forward to seeing how that process goes for other clubs.I do plan on keeping my personal portfolio at Schwab. We've never had issues until this fiasco.Hello All, We are a new investment club (in the forming) and are exploring which brokerage to go with. I love and use the ThinkOrSwim tool and have a personal account with both. I see a lot of discussion regarding this topic at bivio. Is there a post that covers the difference between the two in a comprehensive manner? Seems like this question is a more common one. Leaving out the on-going OFX issue, I get Fidelity is favored but I need to explain to the members why we are going with one over the other. Appreciate any insight/input! Thank you