FolioInvesting Account
| HelpRegister |
FolioInvesting Account We have been using FolioInvesting for several years and we are pleased, except when our Treasurer resigned. FolioInvesting tells us the only way we can remove the Treasurer (who is designated "Owner") of the account is to close the account and open a new account. Even when the former Treasurer requested to have her name removed, we could not accomplish it. Does anyone have any experience with this problem, and any suggestions on how to set the account up to avoid this situation? We have 2 officers listed on our Schwab account as "owners" so if one leaves, we still have one to transact Club business. We would then replace the departed officer with another person. Steve Foster Circle of Friends Investment Club On Wednesday, November 19, 2014 7:34 AM, Rita Roberts <rita.roberts@verizon.net> wrote: We have been using FolioInvesting for several years and we are pleased, except when our Treasurer resigned. FolioInvesting tells us the only way we can remove the Treasurer (who is designated "Owner") of the account is to close the account and open a new account. Even when the former Treasurer requested to have her name removed, we could not accomplish it. Does anyone have any experience with this problem, and any suggestions on how to set the account up to avoid this situation? Why wouldn’t the club be the name as the registered owner? Seems like a scary tax issue to me. From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Steve Foster We have 2 officers listed on our Schwab account as "owners" so if one leaves, we still have one to transact Club business. We would then replace the departed officer with another person. Steve Foster Circle of Friends Investment Club On Wednesday, November 19, 2014 7:34 AM, Rita Roberts <rita.roberts@verizon.net> wrote: We have been using FolioInvesting for several years and we The account is in the name of the club. Maybe "administrators" would be a better name than owners. On Friday, November 21, 2014 10:47 AM, Marty Eckerle <bmeckerle@comcast.net> wrote: Why wouldn't the club be the name as the registered owner? Seems like a scary tax issue to me. From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Steve Foster Sent: Friday, November 21, 2014 1:19 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] FolioInvesting Account We have 2 officers listed on our Schwab account as "owners" so if one leaves, we still have one to transact Club business. We would then replace the departed officer with another person. Steve Foster Circle of Friends Investment Club On Wednesday, November 19, 2014 7:34 AM, Rita Roberts <rita.roberts@verizon.net> wrote: We have been using FolioInvesting for several years and we are pleased, except when our Treasurer resigned. FolioInvesting tells us the only way we can remove the Treasurer (who is designated "Owner") of the account is to close the account and open a new account. Even when the former Treasurer requested to have her name removed, we could not accomplish it. Does anyone have any experience with this problem, and any suggestions on how to set the account up to avoid this situation? Hi, At BetterInvesting, we've reached out to our contacts at FolioInvesting for clarification as to the account owner status and the method to change the account creator or 'owner' of an investment club account. At this point we have not heard back but we'll keep you posted as soon as we do hear something. Regards, Suzi Artzberger BetterInvesting > Date: Wed, 19 Nov 2014 15:34:19 +0000 > From: rita.roberts@verizon.net > Subject: [club_cafe] FolioInvesting Account > To: club_cafe@bivio.com > > We have been using FolioInvesting for several years and we > are pleased, > except when our Treasurer resigned. FolioInvesting tells us > the only way we > can remove the Treasurer (who is designated "Owner") of the > account is to > close the account and open a new account. Even when the > former Treasurer > requested to have her name removed, we could not accomplish > it. > Does anyone have any experience with this problem, and any > suggestions on > how to set the account up to avoid this situation? Thanks Suzi. We appreciate the help. We can't imagine why we'd have to close the account, but that's what we've repeatedly been told. The former Treasurer worked diligently to resolve the problem, with no success. Now that she's had to resign for medical reasons, we really need to resolve this before the third Treasurer takes over. We appreciate any assistance you provide. Regards, Rita Sent from my iPad
The closing the account scenario sounds like a good reason not to do business with Folio. Sent from my iPhone
Hi, We've heard back from FolioInvesting and they have provided us with these instructions in the case where the original creator of the Folio investment club account leaves the club and the club wants to change the account creator/owner: -create a written letter of instruction that is signed by the original account creator/owner as well as the person taking over the role that indicates that the change is authorized. - in the letter indicate the information for the new account owner - this is equivalent to the information needed for opening an investment club account at FolioInvesting; name, email, social security number, date of birth, primary address and contact telephone number. - include the meeting minutes or corporate resolution where the account ownership change is indicated that supports the change - email the information to support@folioinvesting.com or send via US mail to: Folio Investing 8180 Greensboro Drive 8th Floor McLean, VA 22102 Regards, Suzi Artzberger BetterInvesting Date: Fri, 21 Nov 2014 19:38:51 -0500 From: rita.roberts@verizon.net Subject: Re: [club_cafe] FolioInvesting Account To: club_cafe@bivio.com Thanks Suzi. We appreciate the help. We can't imagine why we'd have to close the account, but that's what we've repeatedly been told. The former Treasurer worked diligently to resolve the problem, with no success. Now that she's had to resign for medical reasons, we really need to resolve this before the third Treasurer takes over. We appreciate any assistance you provide. Regards, Rita Sent from my iPad
|
|
||||||