moving to Fidelity
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moving to Fidelity We are in the process of moving our club to Fidelity. Sent the application and should hear back next week sometime. Really hoping that there aren't too many things that need fixed in the applications. The application was long - 4 parts - business account, cash account, checking, transfer of funds. Also, it was pretty difficult getting all the signatures we needed through the holidays. My understanding is that there is no charge for the checking. I'll keep you posted on how it all works out. Kim Potter BI Brighton Model Investment Club P.S. As awful as their timing was, I'm not sorry to leave Folio. Their 90 day hold on bill pay was unbelievable, and they were slow with reports and especially tax forms. Here's hoping for much better with a much larger brokerage. Kim
On Thursday, January 14, 2021, 01:59:35 PM EST, Mike & Kim Potter via bivio.com <user*22890200001@bivio.com> wrote:
We are in the process of moving our club to Fidelity. Sent the application and should hear back next week sometime. Really hoping that there aren't too many things that need fixed in the applications. The application was long - 4 parts - business account, cash account, checking, transfer of funds. Also, it was pretty difficult getting all the signatures we needed through the holidays. My understanding is that there is no charge for the checking. I'll keep you posted on how it all works out. Kim Potter BI Brighton Model Investment Club FYI - had posted this in Dec Pro Tip for Fidelity users: When you call in for account changes, request a case number (they target closing within 30 days and you can reference followups back to it, without it you essentially start over with every call) and request help from / escalation to the backoffice Services Support Group. We do not have any checking fees with our Investment Club account (opened 2017). Michael Boyd, Treasurer Salt Pond Investment Club From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Mike & Kim Potter via bivio.com We are in the process of moving our club to Fidelity. Sent the application and should hear back next week sometime. Really hoping that there aren't too many things that need fixed in the applications. The application was long - 4 parts - business account, cash account, checking, transfer of funds. Also, it was pretty difficult getting all the signatures we needed through the holidays. My understanding is that there is no charge for the checking. I'll keep you posted on how it all works out. Kim Potter BI Brighton Model Investment Club Opening an account with Fidelity was the most challenging thing for us, especially given not being able to see people in person/get signatures during the pandemic, but they were extremely helpful with getting everything taken care of even though we had to fill out the paperwork three different times. We eventually ended up giving only one person access to the account and we'll change that once we can do everything in person. Their customer service has been great. We just transferred our portfolio from Folio to Fidelity. On Fidelity's end, it was practically painless. Folio will only transfer whole shares, so you will need to go to your Folio account after the transfer and sell whatever fractional shares remain. We also had a dividend come in to Folio after the transfer, so will leave our Folio account open for a bit. The most annoying and unanticipated part was that Folio did not transfer the cost basis info with our shares, so our Treasurer (me) will be doing quite a bit of data entry on the Fidelity site to enter that. I am so thankful that I did the work prior to this transfer to verify that Folio's cost basis on all lots agreed with Bivio's, and I only have a few purchases to verify. After the transfer, I could not find anywhere on Folio's site that included the cost basis of transferred stocks, or even what lots they transferred (to achieve the "whole share" transfer--one lot would have had to have been split). So far, I am assuming FIFO, as that was what our instructions to them was for sales. Another reason of quite a few that I am also happy to leave Folio in the rear-view mirror. Our TDA account permits only one user name and one password for the account. Does Fidelity permit multiple usernames their own passwords? Peter Dunkelberger Opening an account with Fidelity was the most challenging thing for us, especially given not being able to see people in person/get signatures during the pandemic, but they were extremely helpful with getting everything taken care of even though we had to fill out the paperwork three different times. We eventually ended up giving only one person access to the account and we'll change that once we can do everything in person. Their customer service has been great. They made it seem like it was possible to get up to 4 people authorized on trades and that if we wanted to add more there was a bit of additional paperwork. I am the treasurer and I already had existing Fidelity accounts so now it just shows up as an Investment Club account on my personal login. I'd definitely double check with them but they said it was possible (they also said a few other things were possible that weren't when it came to it so who knows!) We just completed our move to Fidelity last week. Per Fidelity, Folio has 15 days to send cost basis. Our cost basis was sent to Fidelity a few after holdings were transferred. Sent from my iPhone > On Jan 14, 2021, at 8:45 PM, Carole L. Jansen via bivio.com <user*8441200001@bivio.com> wrote: > > We just transferred our portfolio from Folio to Fidelity. > On Fidelity's end, it was practically painless. Folio will > only transfer whole shares, so you will need to go to your > Folio account after the transfer and sell whatever > fractional shares remain. We also had a dividend come in to > Folio after the transfer, so will leave our Folio account > open for a bit. The most annoying and unanticipated part > was that Folio did not transfer the cost basis info with our > shares, so our Treasurer (me) will be doing quite a bit of > data entry on the Fidelity site to enter that. I am so > thankful that I did the work prior to this transfer to > verify that Folio's cost basis on all lots agreed with > Bivio's, and I only have a few purchases to verify. After > the transfer, I could not find anywhere on Folio's site that > included the cost basis of transferred stocks, or even what > lots they transferred (to achieve the "whole share" > transfer--one lot would have had to have been split). So > far, I am assuming FIFO, as that was what our instructions > to them was for sales. Another reason of quite a few that I > am also happy to leave Folio in the rear-view mirror. We set up 3 Officers as account managers in Fidelity who each has a separate logon and ID. Each has full authority including trading shares and moving funds. Sent from my iPhone On Jan 14, 2021, at 8:46 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Interesting, Peter Dunkelberger
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