Heads up - Getting Ready for Upcoming Broker Changes
Laurie Frederiksen on
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
On Mon, Aug 3, 2020 at 12:33 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
Sent via the Samsung Galaxy Note8, an AT&T 5G Evolution capable smartphone
-------- Original message --------
From: Laurie Frederiksen <laurie@bivio.biz>
Date: 8/3/20 12:33 PM (GMT-06:00)
To: The Club Cafe <club_cafe@bivio.com>
Subject: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
Our club is in the buying mode. Do you know when this transfer will happen? It seems that at some point we would probably need to delay purchases.
Kim Potter
BI Brighton Model Club
Sent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone
-------- Original message --------
From: Laurie Frederiksen <laurie@bivio.biz>
Date: 8/3/20 1:33 PM (GMT-05:00)
To: The Club Cafe <club_cafe@bivio.com>
Subject: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
Subject: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
Subject: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
I guess I was thinking if we made a purchase or sale right before the transfer of data we would not be able to check it for accuracy and get it corrected if need be.
Kim
Sent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone
-------- Original message --------
From: Laurie Frederiksen <laurie@bivio.biz>
Date: 8/3/20 2:56 PM (GMT-05:00)
To: The Club Cafe <club_cafe@bivio.com>
Subject: Re: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
I couldn't find any specific dates for any of them. More second half of the year type language.
Perhaps if you call your broker they could be more specific.
I'm not sure why it should affect purchase decisions. Any order you place will be executed one way or the other.
Laurie Frederiksen Invest with your friends! www.bivio.com
Subject: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
Kim - Timing is the issue, but some clubs have a lot of tax lots in their portfolios. So the best way is to take care of all tax lots you have now, then you won't have as many to review when the transfer does happen. Laurie is warning us to be prepared.
I guess I was thinking if we made a purchase or sale right before the transfer of data we would not be able to check it for accuracy and get it corrected if need be.
Kim
Sent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone
Subject: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
I guess I was thinking if we made a purchase or sale right before the transfer of data we would not be able to check it for accuracy and get it corrected if need be.
Kim
Sent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone
Subject: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
The merger with TD Ameritrade is estimated to be completed in towards the end of this year. At this time we do not have any indication on how that intend to work with specific accounts. While Schwab no longer opens investment club accounts, it is possible those accounts are TD Ameritrade would be grand fathered in. But as of right now it is a little early to tell. Most likely news about the accounts and migration of accounts will come out next year after the merger has been finalized. You would receive notification on intents as well. From here I would recommend reaching back out to us early next year to see if there has been an updates for this that we are able to provide you.
Please let us know if there are any additional questions and I hope you have a great weekend!
If you have additional questions, please feel free to use the link at the top of this email to chat with a financial professional. We greatly appreciate your business.
Ira Haas
Yankee Model Investment Club
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Margaret Wentworth via bivio.com Sent: Monday, August 3, 2020 3:42 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
We use TD Ameritrade. I have been in touch with customer reps of each within the past two weeks.
First, neither could say when the merger will be finalized.
Second, currently Schwab has no accounts for investment clubs. Neither rep seemed interested in exploring options for us.
If any treasurer out there or Bivio knots about clubs using Schwab, I would be grateful for information.
Peg Wentworth, Women's Investment Network
Amy Carlson on
I also had the same experience when I explored the club option with Schwab several months ago when it was first mentioned. So, if anyone has experience with Schwab, it would be helpful to know.
Amy
ItsRelative
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Margaret Wentworth via bivio.com Sent: Monday, August 3, 2020 12:42 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
We use TD Ameritrade. I have been in touch with customer reps of each within the past two weeks.
First, neither could say when the merger will be finalized.
Second, currently Schwab has no accounts for investment clubs. Neither rep seemed interested in exploring options for us.
If any treasurer out there or Bivio knots about clubs using Schwab, I would be grateful for information.
I guess I was thinking if we made a purchase or sale right before the transfer of data we would not be able to check it for accuracy and get it corrected if need be.
Kim
Sent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone
Subject: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
We have been with Schwab since the beginning 12 years ago. No problems or headaches with them, but have heard before that they are not taking on new Investment Clubs. I would think in the merger they would have to take on the TD Ameritrade Investment Clubs.
Steve Foster
Circle of Friends
On Monday, August 3, 2020, 01:08:45 PM PDT, Amy Carlson via bivio.com <user*31169100001@bivio.com> wrote:
I also had the same experience when I explored the club option with Schwab several months ago when it was first mentioned. So, if anyone has experience with Schwab, it would be helpful to know.
Amy
ItsRelative
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Margaret Wentworth via bivio.com Sent: Monday, August 3, 2020 12:42 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
We use TD Ameritrade. I have been in touch with customer reps of each within the past two weeks.
First, neither could say when the merger will be finalized.
Second, currently Schwab has no accounts for investment clubs. Neither rep seemed interested in exploring options for us.
If any treasurer out there or Bivio knots about clubs using Schwab, I would be grateful for information.
I guess I was thinking if we made a purchase or sale right before the transfer of data we would not be able to check it for accuracy and get it corrected if need be.
Kim
Sent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone
Subject: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
Thanks for the feedback. Currently some us use direct pay from our banks but the rest hand me checks made out to TD and I make out a deposit slip and mail them. Will not go back to running a bank account so we can write one check each month. Any other Schwab clubs out there?
We have been with Schwab since the beginning 12 years ago. No problems or headaches with them, but have heard before that they are not taking on new Investment Clubs. I would think in the merger they would have to take on the TD Ameritrade Investment Clubs.
I also had the same experience when I explored the club option with Schwab several months ago when it was first mentioned. So, if anyone has experience with Schwab, it would be helpful to know.
I guess I was thinking if we made a purchase or sale right before the transfer of data we would not be able to check it for accuracy and get it corrected if need be.
Kim
Sent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone
Subject: [club_cafe] Heads up - Getting Ready for Upcoming Broker Changes
In this second half of the year three brokers commonly used by clubs are being Acquired.
TDAmeritrade is being acquired by Schwab
Folio Investing is being acquired by Goldman Sachs
E*Trade is being acquired by Morgan Stanley
If your club uses any of these brokers, there are two things you should do right now to get ready.
Make sure that you check that the purchase dates, number of shares and cost basis shown for each lot of each of the stocks you own on the bivio "Investment Lot Cost Basis" report, agrees with similar details on an "Unrealized gain/loss" or "Open Tax Lot" report you can get from your broker.
Make sure that you check that the purchase dates, number of shares and cost basis and capital gain shown for each lot of each stock you have sold so far this year shown on the bivio "Capital Gains and Losses" report agrees with similar details that your broker shows on a "Realized gain/loss" or "Closed tax lot" spreadsheet.
The reason to do these things ASAP is that the information from your old broker will go to the new one. If any of it is incorrect, there then be no way to change it at the new broker.
If any of your information in bivio is incorrect, you will need information from the old broker to get it corrected. Access to this may be limited once the change has happened.
You want to find out and fix any problems now, before the brokers are taken over.
Laurie Frederiksen Invest with your friends! www.bivio.com
I just had a live chat with a Schwab rep. Her reply to my
question about our investment club account at TDAmeritrade
was this:
" At this time we do not have any guidance on how investment
cub accounts will be handled. The TDAmeritrade/Schwab merger
is expected to go through the end of 2020, and the
integration and transfer of accounts will take place over
the course of 18-36 months after that."
So our club is just standing by and waiting to see what
happens. We'll keep investing as usual until then.
Peter Dunkelberger on
It seems to me that brokerages are blind to "non-business" organizations like investment clubs. Your legal organization structure (most likely a partnership) is more important. So I would not ask "what about investment clubs", I would ask about partnerships organized for investing/trading of partnership funds. Every representative should be able to discuss that with you. If that representative cannot do that, there certainly has to be someone up the line with that knowledge.
I just had a live chat with a Schwab rep. Her reply to my
question about our investment club account at TDAmeritrade
was this:
" At this time we do not have any guidance on how investment
cub accounts will be handled. The TDAmeritrade/Schwab merger
is expected to go through the end of 2020, and the
integration and transfer of accounts will take place over
the course of 18-36 months after that."
So our club is just standing by and waiting to see what
happens. We'll keep investing as usual until then.