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Question for clubs using Folio Investing. How would you rate this broker ? Fair, Good, or Excellent. Are they responsive in a timely manner to a problem ? Do you talk to the same rep each time you need assistance ? Rich I am the Treasurer for two clubs that uses Folio and I am very pleased with Folio!
Ye ole bud,....Larry
Larry Reno -----Original Message-----
From: RICHARD REDLINE <redline1@windstream.net> To: club_cafe <club_cafe@bivio.com> Sent: Fri, Aug 14, 2015 8:49 pm Subject: [club_cafe] Brokers Question for clubs using Folio Investing. How would you rate this broker ? Fair, Good, or Excellent. Are they responsive in a timely manner to a problem ? Do you talk to the same rep each time you need assistance ? Rich My club has been using them since our portfolio got transferred there from BuyandHold.com. I used Customer Service when I first logged in our club account (for some reason they wanted my SS# to set up our Club account, and I wanted to be sure they had us set up as an Investment Club....which they had). They were very responsive, and that is the only time I have used their customer service. Things I like: Their research features seem to be more robust than BuyandHold, although the issue is still to convince club members to use it. Things I don't like: I am not a big fan of their website. I don't like that they will not automatically deduct the money for a stock purchase from the checking account we have linked to Folio. I have to transfer the money from checking into Folio, and then wait for the EFT to happen, and then make our purchase. We lose a few days after our stock purchase decisions. Hope this helps, Carole Jansen Treasurer, Wise Investment Club
Comment to Carol- from your posting I believe you don't use Folio's Checking account. I have to ask why? It is a real convenience and you don't have to reconcile two separate accounts every month. About half my clubmembers make their monthly contributions by EFT direct to Folio, the other half hand over checks at the meeting and I prepare and mail a deposit. With Folio checkwriting I can write checks against the cash held in the account for the few payments required during the year and don't need an outside checking account.. As to the website they just made some major changes to it overall i think it was an improvement but i am still learning all the "nooks and cranny's" they have built into it. Comment to Leonard...I guess I never thought about using a Folio checking account. The only time we have ever had a need for checks is to make distributions to members, which happens very seldomly. Reconciling the bank account is not an issue for us, as our checking accounting typically has just one deposit a month and one debit for the transfer to Folio. If our bank starts charging us for our account, it will become an issue, and we would then be looking at checking through our broker. We have discussed using EFTs for our monthly investments, without a lot of enthusiasm from most of the members. Frankly, I feel like it would be something I would have to keep after them about--it is easier for me to collect checks at the meetings, and I don't have a problem depositing our checks at our local bank. If I mailed them directly to Folio, it would still cause a delay in making our monthly stock purchase for the mailing time, so I'm not sure we would gain anything there. I will check out the website changes, thanks for the heads up. c.
Several years ago my club stopped giving checks to me the treasurer and sent them directly /electronically or snail mail to the broker. Each partner has a "penny amount" so the deposits can be differentiated. No more collecting or mailing for the treasurer. It's up to each partner to coordinate their deposit and ensure arrival (electrons or snail) by meeting time. Not sure two accounts are even necessary for a clu these days, especially if check writing available. And why wouldn't you clu members want to make a small change in process to accommodate making their treasurer's life easier? Just sayin. Regarding interest. .. Is there really much difference in the interest provided by a bank and a broker sweep account? Unlikely. Be Well. Irina Sent from my iPad
I'd like to comment about members making deposits directly to our broker account. A few years ago our members approved a rule that required all partners to send their payments directly to the broker account using the "pennies" method. We specified a date by which the payment must be posted to the broker account so that we have the funds available by the date of our monthly meeting. Most members use Billpay (which many banks/credit unions provide free to their customers); two partners send personal checks to the broker. It has worked wonderfully, and greatly reduced my workload: I don't have to make deposits or transfer funds from one account to another or wait for checks to clear. The funds are always there so if we decide at our meeting to buy a particular stock, we can effect the trade immediately. If we need to write a check (seldom) we write it against the cash in the broker account. By the way we use TDAmeritrade, but many broker accounts work the same way. From: Irina Clements <irina39@verizon.net> To: "club_cafe@bivio.com" <club_cafe@bivio.com> Sent: Saturday, August 22, 2015 3:35 AM Subject: Re: [club_cafe] Re: Brokers Several years ago my club stopped giving checks to me the treasurer and sent them directly /electronically or snail mail to the broker. Each partner has a "penny amount" so the deposits can be differentiated. No more collecting or mailing for the treasurer. It's up to each partner to coordinate their deposit and ensure arrival (electrons or snail) by meeting time. Not sure two accounts are even necessary for a clu these days, especially if check writing available. And why wouldn't you clu members want to make a small change in process to accommodate making their treasurer's life easier? Just sayin. Regarding interest. .. Is there really much difference in the interest provided by a bank and a broker sweep account? Unlikely. Be Well. Irina Sent from my iPad
Once the EFT is set up there is nothing for you as the treasurer to do until time to enter it into Bivio so I really like it. When I collected checks at the meeting, people who were absent tended to forget to get it to me. Since we serve a radius of over 50 miles it isn't a matter of stopping over to get it. I guess I would prefer that to everyone sending in their own check. The more the variance the more difficult the job becomes. From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Carole Jansen Comment to Leonard...I guess I never thought about using a Folio checking account. The only time we have ever had a need for checks is to make distributions to members, which happens very seldomly. Reconciling the bank account is not an issue for us, as our checking accounting typically has just one deposit a month and one debit for the transfer to Folio. If our bank starts charging us for our account, it will become an issue, and we would then be looking at checking through our broker. We have discussed using EFTs for our monthly investments, without a lot of enthusiasm from most of the members. Frankly, I feel like it would be something I would have to keep after them about--it is easier for me to collect checks at the meetings, and I don't have a problem depositing our checks at our local bank. If I mailed them directly to Folio, it would still cause a delay in making our monthly stock purchase for the mailing time, so I'm not sure we would gain anything there. I will check out the website changes, thanks for the heads up. c.
Hee
Our members write 12 checks dated the 15th of each month at the beginning of the year and give them to the Treasurer. Then if someone misses a meeting no problem about the monthly contribution arises. Sent from my iPhone
My club requires that partners pay each month which gives them additional initiative to attend meetings. For those who have to miss, we added a late fee effective 7 days after the meeting that provides incentive to remain current. We also refer to payments as investing in the partnership and not 'club dues' which has an added emotional effect. Mike Jones Wall$treet Wannabees Bloomington, MN From: Sheryl Story via bivio.com <user*7608900001@bivio.com> To: "club_cafe@bivio.com" <club_cafe@bivio.com> Sent: Thursday, August 27, 2015 7:33 AM Subject: Re: [club_cafe] Re: Brokers Our members write 12 checks dated the 15th of each month at the beginning of the year and give them to the Treasurer. Then if someone misses a meeting no problem about the monthly contribution arises. Sent from my iPhone Once the EFT is set up there is nothing for you as the treasurer to do until time to enter it into Bivio so I really like it. When I collected checks at the meeting, people who were absent tended to forget to get it to me. Since we serve a radius of over 50 miles it isn't a matter of stopping over to get it. I guess I would prefer that to everyone sending in their own check. The more the variance the more difficult the job becomes. From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Carole Jansen Sent: Friday, August 21, 2015 10:55 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Re: Brokers Comment to Leonard...I guess I never thought about using a Folio checking account. The only time we have ever had a need for checks is to make distributions to members, which happens very seldomly. Reconciling the bank account is not an issue for us, as our checking accounting typically has just one deposit a month and one debit for the transfer to Folio. If our bank starts charging us for our account, it will become an issue, and we would then be looking at checking through our broker. We have discussed using EFTs for our monthly investments, without a lot of enthusiasm from most of the members. Frankly, I feel like it would be something I would have to keep after them about--it is easier for me to collect checks at the meetings, and I don't have a problem depositing our checks at our local bank. If I mailed them directly to Folio, it would still cause a delay in making our monthly stock purchase for the mailing time, so I'm not sure we would gain anything there. I will check out the website changes, thanks for the heads up. c.
My club uses EFT to Foliofn every month with PICA (Personally Identifying Cent Amounts :) )
We used to have a penalty for not investing each month; did away with that.
We used to require everyone to invest every month; did away with that. Almost everyone still invests every month.
We do allow anyone to invest any amount >= $25 each month - rarely does anyone change their investment.
If investments aren't received by Foliofn by the time of the meeting they count toward the following month's investments.
We do not accept proxies.
We trust and expect everyone to work to the best interests of the group.
We used to have a full withdrawal fee; did away with that.
Bob Mann
founder, Lunch Money Investment Club
Dearborn, MI
On August 27, 2015 at 10:43 AM "Mike Jones via bivio.com" <user*21595500001@bivio.com> wrote: Laurie: I very much enjoyed the PICA reference. I believe that Mr. Mann has spent some time in bureaucracies of some note, given his ability to generate such an acronym. Do consider using PICA as the new term for the penny method (tongue 3/4 in cheek). Be Well. Irina Sent from my iPad
All members in our club bring a check to every meeting. But, it's their investment check for the following month. I mail them all in to Fidelity sometime after the 1st of the following month. This way, if anyone forgets their check they have a bit if time to get it to me. Been doing it this way for years. It works very well for us. Jay Villages Investment Associates San Jose CA From: Mike Jones via bivio.com <user*21595500001@bivio.com> To: "club_cafe@bivio.com" <club_cafe@bivio.com> Sent: Thursday, August 27, 2015 7:43 AM Subject: Re: [club_cafe] Re: Brokers My club requires that partners pay each month which gives them additional initiative to attend meetings. For those who have to miss, we added a late fee effective 7 days after the meeting that provides incentive to remain current. We also refer to payments as investing in the partnership and not 'club dues' which has an added emotional effect. Mike Jones Wall$treet Wannabees Bloomington, MN
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