ML no longer supporting investment club accounts and Fidelity no longer opening new club accts?

CAM on

We have our trading account at Fidelity and they have been work friendly. Have not heard they would like us to leave. Their link to Bivio functions well

Sent from XFINITY Connect Mobile App

------ Original Message ------

From: Realto Nosky via bivio.com
To: club_cafe@bivio.com
Sent: November 8, 2018 at 11:00 AM
Subject: Re: [club_cafe] ML no longer supporting investment club accounts and Fidelity no longer opening new club accts?

We used Scottrade since our inception in 2012 without issue. However, Scottrade was purchased by TD Ameritrade recently. To date, we have had no issues with TD Ameritrade & have found their Think or Swim software much more useful than anything Scottrade offered.

Rick J. Nosky

Treasurer, Tactical Gains Investment Fund

On ‎Thursday‎, ‎November‎ ‎8‎, ‎2018‎ ‎11‎:‎52‎:‎59‎ ‎AM‎ ‎EST, Mark Eckman via bivio.com <user*24054700001@bivio.com> wrote:

You used the word "advisor" and that seemed curious to me. Why do you choose to go to an advisor who then has to go to a broker/dealer to make your transaction instead of going directly to a broker such as TDAmeritrade or ETrade? Back in the days of fixed commissions, that was the only way to reach the market, but not today. I believe both TDA and ETrade are very accepting of investment clubs.

Mark Eckman

On Thu, Nov 8, 2018 at 10:28 AM Kimberly Berry via bivio.com <user*36387200001@bivio.com> wrote:

Our club was informed in early October by our advisors at Merrill Lynch that they can no longer hold our account and that we need to find a new custodian by the end of the year. The reason given was risk management - because we are a partnership of individuals it is too risky to have our account because we could be money laundering etc. They simply don't want to do business with partnerships like ours any more.

We began searching/interviewing new advisors to move our account at year end and thought we had found several, but upon sharing our membership list and partnership agreement with one of them, we were just informed that the custodian they work with, Fidelity, is no longer opening investment club partnership accounts.

Is this affecting current accounts held at Fidelity? Where else might we be able to open an account?

Has anyone else run into this situation?

Mark Eckman

Karen Andrusiak on

We have always used Ameritrade and it works seamlessly with BiVio.

Sent from my iPhone

On Nov 8, 2018, at 12:24 PM, CAM via bivio.com <user*36544300001@bivio.com> wrote:

We have our trading account at Fidelity and they have been work friendly. Have not heard they would like us to leave. Their link to Bivio functions well

Sent from XFINITY Connect Mobile App

------ Original Message ------

From: Realto Nosky via bivio.com
To: club_cafe@bivio.com
Sent: November 8, 2018 at 11:00 AM
Subject: Re: [club_cafe] ML no longer supporting investment club accounts and Fidelity no longer opening new club accts?

We used Scottrade since our inception in 2012 without issue. However, Scottrade was purchased by TD Ameritrade recently. To date, we have had no issues with TD Ameritrade & have found their Think or Swim software much more useful than anything Scottrade offered.

Rick J. Nosky

Treasurer, Tactical Gains Investment Fund

On ‎Thursday‎, ‎November‎ ‎8‎, ‎2018‎ ‎11‎:‎52‎:‎59‎ ‎AM‎ ‎EST, Mark Eckman via bivio.com <user*24054700001@bivio.com> wrote:

You used the word "advisor" and that seemed curious to me. Why do you choose to go to an advisor who then has to go to a broker/dealer to make your transaction instead of going directly to a broker such as TDAmeritrade or ETrade? Back in the days of fixed commissions, that was the only way to reach the market, but not today. I believe both TDA and ETrade are very accepting of investment clubs.

Mark Eckman

On Thu, Nov 8, 2018 at 10:28 AM Kimberly Berry via bivio.com <user*36387200001@bivio.com> wrote:

Our club was informed in early October by our advisors at Merrill Lynch that they can no longer hold our account and that we need to find a new custodian by the end of the year. The reason given was risk management - because we are a partnership of individuals it is too risky to have our account because we could be money laundering etc. They simply don't want to do business with partnerships like ours any more.

We began searching/interviewing new advisors to move our account at year end and thought we had found several, but upon sharing our membership list and partnership agreement with one of them, we were just informed that the custodian they work with, Fidelity, is no longer opening investment club partnership accounts.

Is this affecting current accounts held at Fidelity? Where else might we be able to open an account?

Has anyone else run into this situation?

--

Mark Eckman

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