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Hi, I am Jan Simberlund from the Rich Chix LLC in Indian Harbour Beach, Fl. First, what kind of account do you trade from? Etrade? or Scot trade? Also, what type of bank account do you have to trade from?? I am asking because we currently have an LLC account set up with LPL financial-- and the trading is done by their financial advisor which can be more costly than other vehicle companies for buying and selling. Thank you for your input. We do not have a bank account. We decide what to buy and sell. All members recommendation is considered. Sent from my iPhone Bharat Bhatt > On May 31, 2015, at 9:34 AM, Janet M Simberlund <janetsimby@hotmail.com> wrote: > > Hi, I am Jan Simberlund from the Rich Chix LLC in Indian Harbour Beach, Fl. First, what kind of account do you trade from? Etrade? or Scot trade? Also, what type of bank account do you have to trade from?? I am asking because we currently have an LLC account set up with LPL financial-- and the trading is done by their financial advisor which can be more costly than other vehicle companies for buying and selling. Thank you for your input. Hello Janet W have a business checking account. W use E-trade . We have two members submit recommendations and the rest of the partners vote. Russ Ward On Sun, May 31, 2015 at 10:22 AM, <bbhatt978@gmail.com> wrote: We do not have a bank account. We decide what to buy and sell. All members recommendation is considered. We have had a Charles Schwab account from the start, 2002, and have an authorized member who enters the orders after each meeting. We have found that this gives us very low trade costs. We do not have a checking account as we can do direct deposits as well as check deposits into the account as contributions are made. On the rare occasion we need to withdraw funds, we do a Letter of Authorization with Schwab and a check is issued within a day or two. This approach keeps costs to a minimum and gives us the flexibility we need. Roman Geletkanycz Date: Sun, 31 May 2015 11:28:24 -0400 From: russdward@gmail.com Subject: Re: [club_cafe] General To: club_cafe@bivio.com Hello Janet W have a business checking account. W use E-trade . We have two members submit recommendations and the rest of the partners vote. Russ Ward On Sun, May 31, 2015 at 10:22 AM, <bbhatt978@gmail.com> wrote: We do not have a bank account. We decide what to buy and sell. All members recommendation is considered. Jan: It sounds like your club is ready to switch to a different brokerage firm. What I would do is: 1. I would recommend using a brokerage company which has "account synch" with Bivio. Account synch means that Bivio automatically downloads all of the transactions from your brokerage into your Bivio account. While it is not 100%, it is really close to that. It makes life easier as treasurer, as you are not inputting every single transaction, just checking that they are accurate. According to the Bivio website, they have Account Synch set up with: Charles Schwab E*TRADE Foliofn Fidelity Investments Options Express Scottrade Sharebuilder TD Ameritrade 2. Check which brokerage is easiest for you to use online. I would assume each company (we use TD Ameritrade) has some type of way on their website to show you how it works. Like anything, it takes a little time to get used to. TD Ameritrade does have the account synch feature I talked about. 3. I do know that TD Ameritrade also has two types of accounts you can use for depositing money. In our case, there is no need for a bank account separate from the investing account. It makes life much easier that way. I send our monthly deposit slips to TD Ameritrade directly and we can use that money for trades right away if desired. 4. Once you have decided which brokerage to use, I would stick with it for a few years. It does take time to learn how to read the monthly statements and figure out how to balance the books with Bivio. However, once you have it down, it really is easy, as long as you stay on top of it. I hope that helps. Tim Hoyman, Colorado Leprechauns. Hi, My women's investment club, which started trading in 1998, started doing our trades through an advisor for a large investment firm. It used to cost about $33.00 per trade. Now we used TDAmeritrade as our only account. They hold our cash in a money market account, which pays minimal interest, and we do our trades online through their website. We are pleased with their record keeping and prompt statements. The few questions I have had as treasurer have been dealt with by their tech or customer service or tax department as needed. I can recommend them to you. No need to keep a bank account and balance two statements each month and possibly pay fees. We have checks from our trading account to use to pay subscriptions, withdrawals, and the like. Fees are $9.99 per trade no matter how many shares you buy or sell. Also they now do not require us to keep updating our membership list each year with signatures. Back when it was TD Waterhouse, that was a requirement that was time consuming and tedious. Good luck, Peg Wentworth, treasurer, Women's Investment Network, Lancaster, PA -------------------------------------------------- From: "Janet M Simberlund" <janetsimby@hotmail.com> Sent: Sunday, May 31, 2015 9:34 AM To: <club_cafe@bivio.com> Subject: [club_cafe] General > Hi, I am Jan Simberlund from the Rich Chix LLC in Indian Harbour Beach, > Fl. First, what kind of account do you trade from? Etrade? or Scot > trade? Also, what type of bank account do you have to trade from?? I am > asking because we currently have an LLC account set up with LPL > financial-- and the trading is done by their financial advisor which can > be more costly than other vehicle companies for buying and selling. Thank > you for your input. > My club has an account at TDAmeritrade and we have been keeping the majority of our cash in a no transaction fee SP500 index fund. Now instead of getting 1 to 4 cents interest per month, we have received over $350 since last fall. When we decide to buy, we redeem enough shares to cover the purchase. Of course, if the market makes a major adjustment, we have the ability to pull our cash out and let it sit in money market instead. Mike Jones Wall$treet Wannabees Bloomington, MN From: Peg Wentworth <pegw@comcast.net> To: club_cafe@bivio.com Sent: Sunday, May 31, 2015 10:58 AM Subject: Re: [club_cafe] General Hi, My women's investment club, which started trading in 1998, started doing our trades through an advisor for a large investment firm. It used to cost about $33.00 per trade. Now we used TDAmeritrade as our only account. They hold our cash in a money market account, which pays minimal interest, and we do our trades online through their website. We are pleased with their record keeping and prompt statements. The few questions I have had as treasurer have been dealt with by their tech or customer service or tax department as needed. I can recommend them to you. No need to keep a bank account and balance two statements each month and possibly pay fees. We have checks from our trading account to use to pay subscriptions, withdrawals, and the like. Fees are $9.99 per trade no matter how many shares you buy or sell. Also they now do not require us to keep updating our membership list each year with signatures. Back when it was TD Waterhouse, that was a requirement that was time consuming and tedious. Good luck, Peg Wentworth, treasurer, Women's Investment Network, Lancaster, PA -------------------------------------------------- From: "Janet M Simberlund" <janetsimby@hotmail.com> Sent: Sunday, May 31, 2015 9:34 AM To: <club_cafe@bivio.com> Subject: [club_cafe] General > Hi, I am Jan Simberlund from the Rich Chix LLC in Indian Harbour Beach, > Fl. First, what kind of account do you trade from? Etrade? or Scot > trade? Also, what type of bank account do you have to trade from?? I am > asking because we currently have an LLC account set up with LPL > financial-- and the trading is done by their financial advisor which can > be more costly than other vehicle companies for buying and selling. Thank > you for your input. > I would consider Folio if you use market orders as you can trade at no cost. Our club has found it very convenient. Personally I use use limit orders and have used Schwab for years. Bob.
We've used TDAmeritrade for 18 years. Trades cost $9.99 and can be made online. For good separation of duties, we have a designated partner (other than the treasurer) to access the broker account. We used to have a bank account, but because the TDA account has check writing feature we simply write checks there. Thus what little cash we have on hand (we try to be fully invested at all times) is all in one place. Partners are required to send monthly payments electronically (via "bill pay" from their bank/credit union) directly to TDA so that it's in our broker account before our monthly meeting. Thus we avoid the hassle of moving money between bank and broker accounts, and the cash is always in the broker account when we want to trade or write a check for some purpose. Hope this helps. If I can answer any questions, shoot me an email. Andrew Hinds, Treasurer, Grey Rock Investment Club (now in our 18th year) Fort Collins, Colorado From: Janet M Simberlund <janetsimby@hotmail.com> To: club_cafe@bivio.com Sent: Sunday, May 31, 2015 7:34 AM Subject: [club_cafe] General Hi, I am Jan Simberlund from the Rich Chix LLC in Indian Harbour Beach, Fl. First, what kind of account do you trade from? Etrade? or Scot trade? Also, what type of bank account do you have to trade from?? I am asking because we currently have an LLC account set up with LPL financial-- and the trading is done by their financial advisor which can be more costly than other vehicle companies for buying and selling. Thank you for your input. THe Hawaiian Shirt Society is using ETrade as our broker & banker. We asked for check writing privs for our brokerage account, and that is working out well. We have online bill pay, & can also write a paper check. Only 1 account to balance. :-) Trades are $9.99 for stocks, and mutual funds are a bit more, depending. Tech support is good, and readily available if needed. Bivio syncs nightly with our Etrade account, so when a check clears I just have to give it an expense category, and when members make a deposit I need to make sure it is credited to the right person. Ive personally used ETrade for a lot of years so I am comfortable with them. I like the ETrade website, and they have always treated me well, even when I was just starting out with a small account. Our club is organized as a general partnership, as per Bivio's recommendations. We have just under 20 members, and still growing since we started in Dec 2014. Best, Dave Nathanson Treasurer, Hawaiian Shirt Society On May 31, 2015, at 6:34 AM, Janet M Simberlund <janetsimby@hotmail.com> wrote: Hi, I am Jan Simberlund from the Rich Chix LLC in Indian Harbour Beach, Fl. First, what kind of account do you trade from? Etrade? or Scot trade? Also, what type of bank account do you have to trade from?? I am asking because we currently have an LLC account set up with LPL financial-- and the trading is done by their financial advisor which can be more costly than other vehicle companies for buying and selling. Thank you for your input. Grey Rock Investment Club What a great system you have, Thanks Hari Krishna Noah J Ronquillo On Sunday, May 31, 2015 10:48 AM, A Hinds via bivio.com <user*28730700001@bivio.com> wrote: We've used TDAmeritrade for 18 years. Trades cost $9.99 and can be made online. For good separation of duties, we have a designated partner (other than the treasurer) to access the broker account. We used to have a bank account, but because the TDA account has check writing feature we simply write checks there. Thus what little cash we have on hand (we try to be fully invested at all times) is all in one place. Partners are required to send monthly payments electronically (via "bill pay" from their bank/credit union) directly to TDA so that it's in our broker account before our monthly meeting. Thus we avoid the hassle of moving money between bank and broker accounts, and the cash is always in the broker account when we want to trade or write a check for some purpose. Hope this helps. If I can answer any questions, shoot me an email. Andrew Hinds, Treasurer, Grey Rock Investment Club (now in our 18th year) Fort Collins, Colorado From: Janet M Simberlund <janetsimby@hotmail.com> To: club_cafe@bivio.com Sent: Sunday, May 31, 2015 7:34 AM Subject: [club_cafe] General Hi, I am Jan Simberlund from the Rich Chix LLC in Indian Harbour Beach, Fl. First, what kind of account do you trade from? Etrade? or Scot trade? Also, what type of bank account do you have to trade from?? I am asking because we currently have an LLC account set up with LPL financial-- and the trading is done by their financial advisor which can be more costly than other vehicle companies for buying and selling. Thank you for your input. everyone should consider contacting their brokerage and investigating if they can get lower fees. I did manage to lower my fees in my personal accounts years ago by initiating a transfer from TD Ameritrade to Scottrade. TD Ameritrade called me and asked why I was transferring and if there was anything they could do to keep my business. I told them it was simply the fee and if they would match the $7.99 fee I would stay. They did and I've been getting that transaction fee ever since. Bob "Nobody cares more about your money than you do" Thank you! Jan Simberlund 321-501-9895 Date: Sun, 31 May 2015 16:14:55 -0400 From: sailrmann@maestroanalyzer.com Subject: Re: [club_cafe] General To: user*13075900001@bivio.com; club_cafe@bivio.com everyone should consider contacting their brokerage and investigating if they can get lower fees. I did manage to lower my fees in my personal accounts years ago by initiating a transfer from TD Ameritrade to Scottrade. TD Ameritrade called me and asked why I was transferring and if there was anything they could do to keep my business. I told them it was simply the fee and if they would match the $7.99 fee I would stay. They did and I've been getting that transaction fee ever since. Bob "Nobody cares more about your money than you do" Great information thank you! Jan Simberlund 321-501-9895 > Date: Sun, 31 May 2015 15:57:47 +0000 > From: tim@timhoyman.com > Subject: [club_cafe] Re: General > To: club_cafe@bivio.com > > Jan: > > It sounds like your club is ready to switch to a > different brokerage firm. What I would do is: > > 1. I would recommend using a brokerage company which has > "account synch" with Bivio. Account synch means that Bivio > automatically downloads all of the transactions from your > brokerage into your Bivio account. While it is not 100%, it > is really close to that. It makes life easier as treasurer, > as you are not inputting every single transaction, just > checking that they are accurate. According to the Bivio > website, they have Account Synch set up with: > > Charles Schwab > E*TRADE > Foliofn > Fidelity Investments > Options Express > Scottrade > Sharebuilder > TD Ameritrade > > > 2. Check which brokerage is easiest for you to use online. > I would assume each company (we use TD Ameritrade) has some > type of way on their website to show you how it works. Like > anything, it takes a little time to get used to. TD > Ameritrade does have the account synch feature I talked > about. > > 3. I do know that TD Ameritrade also has two types of > accounts you can use for depositing money. In our case, > there is no need for a bank account separate from the > investing account. It makes life much easier that way. I > send our monthly deposit slips to TD Ameritrade directly and > we can use that money for trades right away if desired. > > 4. Once you have decided which brokerage to use, I would > stick with it for a few years. It does take time to learn > how to read the monthly statements and figure out how to > balance the books with Bivio. However, once you have it > down, it really is easy, as long as you stay on top of it. > > I hope that helps. Tim Hoyman, Colorado Leprechauns. Hi Jan,
I am the Treasurer of two clubs and both use Folio Investing. If you have four or more members who are BI members all of you trades are FREE. They do what they call window trades at 11 AM and 2 PM each day. Our members use bill pay through their bank or credit union so the money is there before the meeting. All trades and statements are online. It is linked with bivio which sweeps our account each evening so my job is very easy. All club members have access to the account but only Administrators can generate transaction. They have free check writing so all our funds are in one place. The only fees we have ever paid is when a Partner withdraws and we decide to give them stock rather than cash. It is $25 for the first company and $5 for each additional company. Our Bylaws say that the withdrawing partner covers this cost. We have been very satisfied with customer service as well. I would give them a 5 star rating!
Ye ole bud,....Larry
Larry Reno -----Original Message-----
From: Janet M Simberlund <janetsimby@hotmail.com> To: club_cafe <club_cafe@bivio.com> Sent: Sun, May 31, 2015 9:34 am Subject: [club_cafe] General Hi, I am Jan Simberlund from the Rich Chix LLC in Indian Harbour Beach, Fl. First, what kind of account do you trade from? Etrade? or Scot trade? Also, what type of bank account do you have to trade from?? I am asking because we currently have an LLC account set up with LPL financial-- and the trading is done by their financial advisor which can be more costly than other vehicle companies for buying and selling. Thank you for your input. |
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