Computershare
Do any of you have stock with Computershare. Every time I
want to do anything they require a Silver Medallion. I have
eight stocks with them; however, the previous person did not
add the words "A Partnership" when she purchased three
stocks. So I can go online and get the information for five
of them but not the ones without "A Partnership". I tried
to do a name change but it requires a Silver Medallion. My
bank won't do it without all the 14 members of the club
coming into the bank each time. Now I tried selling our
shares in one and that requires a silver medallion too which
means everyone would have to come in. Does anyone else have
this problem? Or do you not have Computershare.
want to do anything they require a Silver Medallion. I have
eight stocks with them; however, the previous person did not
add the words "A Partnership" when she purchased three
stocks. So I can go online and get the information for five
of them but not the ones without "A Partnership". I tried
to do a name change but it requires a Silver Medallion. My
bank won't do it without all the 14 members of the club
coming into the bank each time. Now I tried selling our
shares in one and that requires a silver medallion too which
means everyone would have to come in. Does anyone else have
this problem? Or do you not have Computershare.
Lorna:
I have no personal experience with Computershare; however, I believe it was
used by investment clubs in the past when mainline stock brokers were
charging $100+ commission for routine stock purchases. Computershare allowed
clubs with small portfolios to purchase shares directly from the company at
little or no commission.
In today's world of $4.95 trades, I don't know why a club would continue to
use it.
We have a regular brokerage account at Schwab (lots of clubs use one of the
major brokers) and have never required silver medallions. Last I heard of
silver medallions was back when a person could get a physical stock
certificate.
I suggest you pick one of the brokers used by a member of your club for
their personal investments and open a club account. The broker may then be
able to transfer the shares from Computershare on a broker to broker basis
without the need of a silver medallion.
Jack Ranby
-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Lorna
Duck via bivio.com
Sent: Friday, 15 March, 2019 13:28
To: club_cafe@bivio.com
Subject: [club_cafe] Computershare
Do any of you have stock with Computershare. Every time I
want to do anything they require a Silver Medallion. I have
eight stocks with them; however, the previous person did not
add the words "A Partnership" when she purchased three
stocks. So I can go online and get the information for five
of them but not the ones without "A Partnership". I tried
to do a name change but it requires a Silver Medallion. My
bank won't do it without all the 14 members of the club
coming into the bank each time. Now I tried selling our
shares in one and that requires a silver medallion too which
means everyone would have to come in. Does anyone else have
this problem? Or do you not have Computershare.
I have no personal experience with Computershare; however, I believe it was
used by investment clubs in the past when mainline stock brokers were
charging $100+ commission for routine stock purchases. Computershare allowed
clubs with small portfolios to purchase shares directly from the company at
little or no commission.
In today's world of $4.95 trades, I don't know why a club would continue to
use it.
We have a regular brokerage account at Schwab (lots of clubs use one of the
major brokers) and have never required silver medallions. Last I heard of
silver medallions was back when a person could get a physical stock
certificate.
I suggest you pick one of the brokers used by a member of your club for
their personal investments and open a club account. The broker may then be
able to transfer the shares from Computershare on a broker to broker basis
without the need of a silver medallion.
Jack Ranby
-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Lorna
Duck via bivio.com
Sent: Friday, 15 March, 2019 13:28
To: club_cafe@bivio.com
Subject: [club_cafe] Computershare
Do any of you have stock with Computershare. Every time I
want to do anything they require a Silver Medallion. I have
eight stocks with them; however, the previous person did not
add the words "A Partnership" when she purchased three
stocks. So I can go online and get the information for five
of them but not the ones without "A Partnership". I tried
to do a name change but it requires a Silver Medallion. My
bank won't do it without all the 14 members of the club
coming into the bank each time. Now I tried selling our
shares in one and that requires a silver medallion too which
means everyone would have to come in. Does anyone else have
this problem? Or do you not have Computershare.
ComputerShare is a management firm for dividend reinvestment plans (DRIP). That is a different animal entirely from a broker, albeit with some similarities.
Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
Good Luck,
Irina Clements
Treasurer Streetbeaters
Be Well. Irina Sent from my iPad
> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user*22851200001@bivio.com> wrote:
>
> Do any of you have stock with Computershare. Every time I
> want to do anything they require a Silver Medallion. I have
> eight stocks with them; however, the previous person did not
> add the words "A Partnership" when she purchased three
> stocks. So I can go online and get the information for five
> of them but not the ones without "A Partnership". I tried
> to do a name change but it requires a Silver Medallion. My
> bank won't do it without all the 14 members of the club
> coming into the bank each time. Now I tried selling our
> shares in one and that requires a silver medallion too which
> means everyone would have to come in. Does anyone else have
> this problem? Or do you not have Computershare.
Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
Good Luck,
Irina Clements
Treasurer Streetbeaters
Be Well. Irina Sent from my iPad
> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user*22851200001@bivio.com> wrote:
>
> Do any of you have stock with Computershare. Every time I
> want to do anything they require a Silver Medallion. I have
> eight stocks with them; however, the previous person did not
> add the words "A Partnership" when she purchased three
> stocks. So I can go online and get the information for five
> of them but not the ones without "A Partnership". I tried
> to do a name change but it requires a Silver Medallion. My
> bank won't do it without all the 14 members of the club
> coming into the bank each time. Now I tried selling our
> shares in one and that requires a silver medallion too which
> means everyone would have to come in. Does anyone else have
> this problem? Or do you not have Computershare.
Jack
Thanks. I am looking into doing that. Every time I turn around there is some problem. We have some of our stock in Edward Jones and it costs more but if I need something they are there to help me. I was going to contact them on Monday to see what they would charge me to transfer all our accounts.
Lorna
Sent from my iPhone
> On Mar 15, 2019, at 6:05 PM, Irina Clements via bivio.com <user*29448700001@bivio.com> wrote:
>
> ComputerShare is a management firm for dividend reinvestment plans (DRIP). That is a different animal entirely from a broker, albeit with some similarities.
>
> Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
>
> When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
>
> DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
>
> Good Luck,
>
> Irina Clements
> Treasurer Streetbeaters
>
> Be Well. Irina Sent from my iPad
>
>> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user*22851200001@bivio.com> wrote:
>>
>> Do any of you have stock with Computershare. Every time I
>> want to do anything they require a Silver Medallion. I have
>> eight stocks with them; however, the previous person did not
>> add the words "A Partnership" when she purchased three
>> stocks. So I can go online and get the information for five
>> of them but not the ones without "A Partnership". I tried
>> to do a name change but it requires a Silver Medallion. My
>> bank won't do it without all the 14 members of the club
>> coming into the bank each time. Now I tried selling our
>> shares in one and that requires a silver medallion too which
>> means everyone would have to come in. Does anyone else have
>> this problem? Or do you not have Computershare.
Thanks. I am looking into doing that. Every time I turn around there is some problem. We have some of our stock in Edward Jones and it costs more but if I need something they are there to help me. I was going to contact them on Monday to see what they would charge me to transfer all our accounts.
Lorna
Sent from my iPhone
> On Mar 15, 2019, at 6:05 PM, Irina Clements via bivio.com <user*29448700001@bivio.com> wrote:
>
> ComputerShare is a management firm for dividend reinvestment plans (DRIP). That is a different animal entirely from a broker, albeit with some similarities.
>
> Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
>
> When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
>
> DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
>
> Good Luck,
>
> Irina Clements
> Treasurer Streetbeaters
>
> Be Well. Irina Sent from my iPad
>
>> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user*22851200001@bivio.com> wrote:
>>
>> Do any of you have stock with Computershare. Every time I
>> want to do anything they require a Silver Medallion. I have
>> eight stocks with them; however, the previous person did not
>> add the words "A Partnership" when she purchased three
>> stocks. So I can go online and get the information for five
>> of them but not the ones without "A Partnership". I tried
>> to do a name change but it requires a Silver Medallion. My
>> bank won't do it without all the 14 members of the club
>> coming into the bank each time. Now I tried selling our
>> shares in one and that requires a silver medallion too which
>> means everyone would have to come in. Does anyone else have
>> this problem? Or do you not have Computershare.
Thanks Irina. I don’t know how that decision was made to get Computershare but it is a nightmare. And when you try to talk someone you get the stupid canned answer one. Which of course doesn’t fit my problem. Frustrating!
Lorna
Sent from my iPhone
> On Mar 15, 2019, at 6:05 PM, Irina Clements via bivio.com <user*29448700001@bivio.com> wrote:
>
> ComputerShare is a management firm for dividend reinvestment plans (DRIP). That is a different animal entirely from a broker, albeit with some similarities.
>
> Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
>
> When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
>
> DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
>
> Good Luck,
>
> Irina Clements
> Treasurer Streetbeaters
>
> Be Well. Irina Sent from my iPad
>
>> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user*22851200001@bivio.com> wrote:
>>
>> Do any of you have stock with Computershare. Every time I
>> want to do anything they require a Silver Medallion. I have
>> eight stocks with them; however, the previous person did not
>> add the words "A Partnership" when she purchased three
>> stocks. So I can go online and get the information for five
>> of them but not the ones without "A Partnership". I tried
>> to do a name change but it requires a Silver Medallion. My
>> bank won't do it without all the 14 members of the club
>> coming into the bank each time. Now I tried selling our
>> shares in one and that requires a silver medallion too which
>> means everyone would have to come in. Does anyone else have
>> this problem? Or do you not have Computershare.
Lorna
Sent from my iPhone
> On Mar 15, 2019, at 6:05 PM, Irina Clements via bivio.com <user*29448700001@bivio.com> wrote:
>
> ComputerShare is a management firm for dividend reinvestment plans (DRIP). That is a different animal entirely from a broker, albeit with some similarities.
>
> Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
>
> When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
>
> DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
>
> Good Luck,
>
> Irina Clements
> Treasurer Streetbeaters
>
> Be Well. Irina Sent from my iPad
>
>> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user*22851200001@bivio.com> wrote:
>>
>> Do any of you have stock with Computershare. Every time I
>> want to do anything they require a Silver Medallion. I have
>> eight stocks with them; however, the previous person did not
>> add the words "A Partnership" when she purchased three
>> stocks. So I can go online and get the information for five
>> of them but not the ones without "A Partnership". I tried
>> to do a name change but it requires a Silver Medallion. My
>> bank won't do it without all the 14 members of the club
>> coming into the bank each time. Now I tried selling our
>> shares in one and that requires a silver medallion too which
>> means everyone would have to come in. Does anyone else have
>> this problem? Or do you not have Computershare.
TDAmeritrade will allow drips should you decide to use them. They also will enter all transactions to your Bivio account. We chose to deposit checks to a Credit Union making each member deposit then doing electronic transfer to TD.
Our 22 yr old club prefers to invest dividends rather than DRIP.
Cindy Gerke
Coles River Investment Group
Do any of you have stock with Computershare. Every time I
want to do anything they require a Silver Medallion. I have
eight stocks with them; however, the previous person did not
add the words "A Partnership" when she purchased three
stocks. So I can go online and get the information for five
of them but not the ones without "A Partnership". I tried
to do a name change but it requires a Silver Medallion. My
bank won't do it without all the 14 members of the club
coming into the bank each time. Now I tried selling our
shares in one and that requires a silver medallion too which
means everyone would have to come in. Does anyone else have
this problem? Or do you not have Computershare.
Cindy
Sent from Yahoo Mail for iPhone
When I took over as Treasurer ours were all DRIP. I changed most of them because it is so much easier. Things didn't balance cause they rounded things off and then it was easier to make a mistake. Like being able to invest the dividends ourselves.
Can you do transactions online and see your accounts on line with TD Ameritrade.
Lorna
Sent from Yahoo Mail for iPhone
On Friday, March 15, 2019, 6:59 PM, cindy gerke via bivio.com <user*17338100001@bivio.com> wrote:
TDAmeritrade will allow drips should you decide to use them. They also will enter all transactions to your Bivio account. We chose to deposit checks to a Credit Union making each member deposit then doing electronic transfer to TD.Our 22 yr old club prefers to invest dividends rather than DRIP.Cindy GerkeColes River Investment GroupDo any of you have stock with Computershare. Every time I
want to do anything they require a Silver Medallion. I have
eight stocks with them; however, the previous person did not
add the words "A Partnership" when she purchased three
stocks. So I can go online and get the information for five
of them but not the ones without "A Partnership". I tried
to do a name change but it requires a Silver Medallion. My
bank won't do it without all the 14 members of the club
coming into the bank each time. Now I tried selling our
shares in one and that requires a silver medallion too which
means everyone would have to come in. Does anyone else have
this problem? Or do you not have Computershare.
I would assume EJ costs quite a bit more. How often do you really need their help? For typical investment club transactions, I would think it pretty rare. And most clubs make relatively small buy and sell orders, making that full broker commission that much more expensive overall.
Linda
Jack
Thanks. I am looking into doing that. Every time I turn around there is some problem. We have some of our stock in Edward Jones and it costs more but if I need something they are there to help me. I was going to contact them on Monday to see what they would charge me to transfer all our accounts.
Lorna
Sent from my iPhone
> On Mar 15, 2019, at 6:05 PM, Irina Clements via bivio.com <user*29448700001@bivio.com> wrote:
>
> ComputerShare is a management firm for dividend reinvestment plans (DRIP). That is a different animal entirely from a broker, albeit with some similarities.
>
> Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
>
> When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
>
> DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
>
> Good Luck,
>
> Irina Clements
> Treasurer Streetbeaters
>
> Be Well. Irina Sent from my iPad
>
>> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user*22851200001@bivio.com> wrote:
>>
>> Do any of you have stock with Computershare. Every time I
>> want to do anything they require a Silver Medallion. I have
>> eight stocks with them; however, the previous person did not
>> add the words "A Partnership" when she purchased three
>> stocks. So I can go online and get the information for five
>> of them but not the ones without "A Partnership". I tried
>> to do a name change but it requires a Silver Medallion. My
>> bank won't do it without all the 14 members of the club
>> coming into the bank each time. Now I tried selling our
>> shares in one and that requires a silver medallion too which
>> means everyone would have to come in. Does anyone else have
>> this problem? Or do you not have Computershare.
Linda
That is why we haven't tried to change it but it is so frustrating to not be able to do anything without this Silver Medallion. And maybe it is just our bank but I would think as Treasurer with the Partnership Agreement and Operating Instruction stating the Treasurer does all negotiations I should be the only one required at the bank and not all 14 people but they state they checked and it has to be everyone. If it was just me I wouldn't mind getting the SM each time. I tried going to a credit union for the SM too but since our account wasn't there he couldn't help me.
If we ever had to sell stock to buy someone out it would be terrible. We are in a small town and some of our members live at least 50 miles or more away and seldom come to meetings so it would be very difficult to get them all to the bank.
Lorna
Sent from my iPhone
I would assume EJ costs quite a bit more. How often do you really need their help? For typical investment club transactions, I would think it pretty rare. And most clubs make relatively small buy and sell orders, making that full broker commission that much more expensive overall.LindaJack
Thanks. I am looking into doing that. Every time I turn around there is some problem. We have some of our stock in Edward Jones and it costs more but if I need something they are there to help me. I was going to contact them on Monday to see what they would charge me to transfer all our accounts.
Lorna
Sent from my iPhone
> On Mar 15, 2019, at 6:05 PM, Irina Clements via bivio.com <user*29448700001@bivio.com> wrote:
>
> ComputerShare is a management firm for dividend reinvestment plans (DRIP). That is a different animal entirely from a broker, albeit with some similarities.
>
> Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
>
> When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
>
> DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
>
> Good Luck,
>
> Irina Clements
> Treasurer Streetbeaters
>
> Be Well. Irina Sent from my iPad
>
>> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user*22851200001@bivio.com> wrote:
>>
>> Do any of you have stock with Computershare. Every time I
>> want to do anything they require a Silver Medallion. I have
>> eight stocks with them; however, the previous person did not
>> add the words "A Partnership" when she purchased three
>> stocks. So I can go online and get the information for five
>> of them but not the ones without "A Partnership". I tried
>> to do a name change but it requires a Silver Medallion. My
>> bank won't do it without all the 14 members of the club
>> coming into the bank each time. Now I tried selling our
>> shares in one and that requires a silver medallion too which
>> means everyone would have to come in. Does anyone else have
>> this problem? Or do you not have Computershare.
Our club has used Edward Jones for about 8 years and we do not pay any annual fee and only pay $29.99 per trade. Our representative also comes to our meeting at least once a year and is doing an educational program periodically for us in her office. She is always available by phone. She has become the representative for several of our members which may influence our spectacular service from her.
On Mar 16, 2019, at 10:44 AM, Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:I would assume EJ costs quite a bit more. How often do you really need their help? For typical investment club transactions, I would think it pretty rare. And most clubs make relatively small buy and sell orders, making that full broker commission that much more expensive overall.LindaJack
Thanks. I am looking into doing that. Every time I turn around there is some problem. We have some of our stock in Edward Jones and it costs more but if I need something they are there to help me. I was going to contact them on Monday to see what they would charge me to transfer all our accounts.
Lorna
Sent from my iPhone
> On Mar 15, 2019, at 6:05 PM, Irina Clements via bivio.com <user*29448700001@bivio.com> wrote:
>
> ComputerShare is a management firm for dividend reinvestment plans (DRIP). That is a different animal entirely from a broker, albeit with some similarities.
>
> Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
>
> When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
>
> DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
>
> Good Luck,
>
> Irina Clements
> Treasurer Streetbeaters
>
> Be Well. Irina Sent from my iPad
>
>> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user*22851200001@bivio.com> wrote:
>>
>> Do any of you have stock with Computershare. Every time I
>> want to do anything they require a Silver Medallion. I have
>> eight stocks with them; however, the previous person did not
>> add the words "A Partnership" when she purchased three
>> stocks. So I can go online and get the information for five
>> of them but not the ones without "A Partnership". I tried
>> to do a name change but it requires a Silver Medallion. My
>> bank won't do it without all the 14 members of the club
>> coming into the bank each time. Now I tried selling our
>> shares in one and that requires a silver medallion too which
>> means everyone would have to come in. Does anyone else have
>> this problem? Or do you not have Computershare.
Wow. Has your club added up its brokerage costs for the last year? Is she really worth all that money? What is she doing that's so spectacular, may I ask? Have you considered any other broker that charges $10 or less per trade.
Your club, your money, your decision.
Bob
On March 16, 2019 at 2:03 PM "Sharon Vestal via bivio.com" <user*10767600001@bivio.com> wrote:
Our club has used Edward Jones for about 8 years and we do not pay any annual fee and only pay $29.99 per trade. Our representative also comes to our meeting at least once a year and is doing an educational program periodically for us in her office. She is always available by phone. She has become the representative for several of our members which may influence our spectacular service from her.On Mar 16, 2019, at 10:44 AM, Linda Glein via bivio.com < user*21345500001@bivio.com> wrote:I would assume EJ costs quite a bit more. How often do you really need their help? For typical investment club transactions, I would think it pretty rare. And most clubs make relatively small buy and sell orders, making that full broker commission that much more expensive overall.LindaJack
Thanks. I am looking into doing that. Every time I turn around there is some problem. We have some of our stock in Edward Jones and it costs more but if I need something they are there to help me. I was going to contact them on Monday to see what they would charge me to transfer all our accounts.
Lorna
Sent from my iPhone
> On Mar 15, 2019, at 6:05 PM, Irina Clements via bivio.com <user* 29448700001@bivio.com> wrote:
>
> ComputerShare is a management firm for dividend reinvestment plans (DRIP). That is a different animal entirely from a broker, albeit with some similarities.
>
> Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
>
> When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
>
> DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
>
> Good Luck,
>
> Irina Clements
> Treasurer Streetbeaters
>
> Be Well. Irina Sent from my iPad
>
>> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user* 22851200001@bivio.com> wrote:
>>
>> Do any of you have stock with Computershare. Every time I
>> want to do anything they require a Silver Medallion. I have
>> eight stocks with them; however, the previous person did not
>> add the words "A Partnership" when she purchased three
>> stocks. So I can go online and get the information for five
>> of them but not the ones without "A Partnership". I tried
>> to do a name change but it requires a Silver Medallion. My
>> bank won't do it without all the 14 members of the club
>> coming into the bank each time. Now I tried selling our
>> shares in one and that requires a silver medallion too which
>> means everyone would have to come in. Does anyone else have
>> this problem? Or do you not have Computershare.
Bob, I have to admit that $30 was a lot better than I was expecting. My dad's broker charged more like $130 a trade.
Linda Glein
I agree. At $29.99 per trade, I would cry. Add up your costs and see if they are worth the advice and hand holding. I am willing to bet that if several of your members use EJ, the broker will still come to your meetings to protect his/her investment. Open an account with TD Ameritrade and start using them. As you liquidate your positions with EJ, make the next purchase at TD Ameritrade. That way you might obviate some of the emotional pain of switching. Or you could elect to tear off that bandaid and transfer all of your holdings to TD Ameritrade en masse and be done with EJ. Whichever you choose, you have probably heard enough to realize that it is a waste of precious assets to continue with EJ. Have your members who use EJ learn from EJ and come to the meetings with their new smarts. That is part of the purpose of the investment club --to obtain and share investment knowledge.
Peter Dunkelberger
Sumner Stock Selectors Investment Club
Wow. Has your club added up its brokerage costs for the last year? Is she really worth all that money? What is she doing that's so spectacular, may I ask? Have you considered any other broker that charges $10 or less per trade.
Your club, your money, your decision.
Bob
On March 16, 2019 at 2:03 PM "Sharon Vestal via bivio.com" <user*10767600001@bivio.com> wrote:
Our club has used Edward Jones for about 8 years and we do not pay any annual fee and only pay $29.99 per trade. Our representative also comes to our meeting at least once a year and is doing an educational program periodically for us in her office. She is always available by phone. She has become the representative for several of our members which may influence our spectacular service from her.On Mar 16, 2019, at 10:44 AM, Linda Glein via bivio.com < user*21345500001@bivio.com> wrote:I would assume EJ costs quite a bit more. How often do you really need their help? For typical investment club transactions, I would think it pretty rare. And most clubs make relatively small buy and sell orders, making that full broker commission that much more expensive overall.LindaJack
Thanks. I am looking into doing that. Every time I turn around there is some problem. We have some of our stock in Edward Jones and it costs more but if I need something they are there to help me. I was going to contact them on Monday to see what they would charge me to transfer all our accounts.
Lorna
Sent from my iPhone
> On Mar 15, 2019, at 6:05 PM, Irina Clements via bivio.com <user* 29448700001@bivio.com> wrote:
>
> ComputerShare is a management firm for dividend reinvestment plans (DRIP). That is a different animal entirely from a broker, albeit with some similarities.
>
> Bottom Line, if you want the pain of the Medallion guarantees to stop, you have to bite the bullet, Coordinating 14 signatures for each holding to get your club out of DRIPs entirely. That means ending the DRIP for each stock, transferring the holdings to a brokerage Account under an investment club account (setting up etc etc). That will also mean (likely) 14 taxable events since partial shares will have to be sold and cash proceeds transferred to broker at same time as the shares.
>
> When I took over as treasurer, my club had one drip. I got us out of it, which takes time.
>
> DRIPs are a good starter vehicle for beginner investors, but admin and records management really make it a very poor alternative for investment clubs.
>
> Good Luck,
>
> Irina Clements
> Treasurer Streetbeaters
>
> Be Well. Irina Sent from my iPad
>
>> On Mar 15, 2019, at 4:27 PM, Lorna Duck via bivio.com <user* 22851200001@bivio.com> wrote:
>>
>> Do any of you have stock with Computershare. Every time I
>> want to do anything they require a Silver Medallion. I have
>> eight stocks with them; however, the previous person did not
>> add the words "A Partnership" when she purchased three
>> stocks. So I can go online and get the information for five
>> of them but not the ones without "A Partnership". I tried
>> to do a name change but it requires a Silver Medallion. My
>> bank won't do it without all the 14 members of the club
>> coming into the bank each time. Now I tried selling our
>> shares in one and that requires a silver medallion too which
>> means everyone would have to come in. Does anyone else have
>> this problem? Or do you not have Computershare.
Whoa. Those must have been heavy trades. Right now, TD Ameritrade is like $6.95 a trade and they synchronize with Bivio. They have a great online technical support group, and I do not know who our broker is, but I have talked to a few there and they have been super.
All of our trades are executed on line with lots of options, like limit trades. You might not trade enough to make a big dent in your budget, but you have to consider value received when one organization charges 25% of EJ's fees for pretty much the same services.
Peter Dunkelberger
Sumner Stock Selectors Investment Club
Bob, I have to admit that $30 was a lot better than I was expecting. My dad's broker charged more like $130 a trade.Linda Glein
I've been intrigued by the string of emails. I understand everybody saying dump EJ and go with TDA, and I would normally agree. (I use TDA myself and in one club.) But, until the Silver Medallion situation is rectified, I would stay with a more full-service broker like EJ and try to get it to acquire the shares that are locked up in CompuServe. When I've changed brokers before, the incoming broker handled everything. I would be surprised if EJ can't handle the transfer. Then that club can reevaluate and see which broker is best for them.
Thank you,
Thank you,
Roy Chastain
"The single biggest problem in communication is the illusion that it has taken place." George Bernard Shaw
On Mar 16, 2019, at 11:27 AM, Bob Mann via bivio.com <user*12614800001@bivio.com> wrote:Wow. Has your club added up its brokerage costs for the last year? Is she really worth all that money? What is she doing that's so spectacular, may I ask? Have you considered any other broker that charges $10 or less per trade.
Your club, your money, your decision.
Bob