Questions for Clubs using Fidelity as their Broker
Our club transitioned from TDA to Schwab at the end of May.
For a number of reasons, we're not happy w/Schwab, so are
considering moving the acct to Fidelity. I have a few
questions for those who already use Fidelity:
1. Reports: Can we generate the following kinds of
reports:
Buy/Sell Watch Lists
End of year reports for:
Dividends
Interest
Expenses
Trade confirmations
Deposits
We can get this info by going through 12 Mo stmts,
but can we produce
a single, line item report for a full year?
2. If a member wishes to take a partial withdrawal in
stock, but does not have
a personal Fidelity acct, can they transfer their stock
to another brokerage?
(I know they could open a personal Fidelity acct, but
some members prefer
not to do that.)
3. Does Fidelity allow for a checking account linked to the
brokerage acct - a
checking acct that allows for both deposits, and
withdrawals?
I called Fidelity, and spoke to 3 different departments to
gather info, but couldn't get real-life solid answers re:
report types available, and stock withdrawal transfers. I
thought it would be wise to ask other clubs what their
real-life experience has been with them.
Thank you for any input you can provide.
Lynda Feit, Treasurer
TERIC Investment Club
For a number of reasons, we're not happy w/Schwab, so are
considering moving the acct to Fidelity. I have a few
questions for those who already use Fidelity:
1. Reports: Can we generate the following kinds of
reports:
Buy/Sell Watch Lists
End of year reports for:
Dividends
Interest
Expenses
Trade confirmations
Deposits
We can get this info by going through 12 Mo stmts,
but can we produce
a single, line item report for a full year?
2. If a member wishes to take a partial withdrawal in
stock, but does not have
a personal Fidelity acct, can they transfer their stock
to another brokerage?
(I know they could open a personal Fidelity acct, but
some members prefer
not to do that.)
3. Does Fidelity allow for a checking account linked to the
brokerage acct - a
checking acct that allows for both deposits, and
withdrawals?
I called Fidelity, and spoke to 3 different departments to
gather info, but couldn't get real-life solid answers re:
report types available, and stock withdrawal transfers. I
thought it would be wise to ask other clubs what their
real-life experience has been with them.
Thank you for any input you can provide.
Lynda Feit, Treasurer
TERIC Investment Club
Hi Ms. Feit: my club is interested in the same move. Please let me know what you learn.
Peter Dunkelberger
Financial Partner
Sumner Stock Selectors Investment Club
Our club transitioned from TDA to Schwab at the end of May.
For a number of reasons, we're not happy w/Schwab, so are
considering moving the acct to Fidelity. I have a few
questions for those who already use Fidelity:
1. Reports: Can we generate the following kinds of
reports:
Buy/Sell Watch Lists
End of year reports for:
Dividends
Interest
Expenses
Trade confirmations
Deposits
We can get this info by going through 12 Mo stmts,
but can we produce
a single, line item report for a full year?
2. If a member wishes to take a partial withdrawal in
stock, but does not have
a personal Fidelity acct, can they transfer their stock
to another brokerage?
(I know they could open a personal Fidelity acct, but
some members prefer
not to do that.)
3. Does Fidelity allow for a checking account linked to the
brokerage acct - a
checking acct that allows for both deposits, and
withdrawals?
I called Fidelity, and spoke to 3 different departments to
gather info, but couldn't get real-life solid answers re:
report types available, and stock withdrawal transfers. I
thought it would be wise to ask other clubs what their
real-life experience has been with them.
Thank you for any input you can provide.
Lynda Feit, Treasurer
TERIC Investment Club
My club is also interested
Sent from my iPad
Mary Fran Novak
On Jan 16, 2024, at 2:27 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Hi Ms. Feit: my club is interested in the same move. Please let me know what you learn.Peter DunkelbergerFinancial PartnerSumner Stock Selectors Investment ClubOur club transitioned from TDA to Schwab at the end of May.
For a number of reasons, we're not happy w/Schwab, so are
considering moving the acct to Fidelity. I have a few
questions for those who already use Fidelity:
1. Reports: Can we generate the following kinds of
reports:
Buy/Sell Watch Lists
End of year reports for:
Dividends
Interest
Expenses
Trade confirmations
Deposits
We can get this info by going through 12 Mo stmts,
but can we produce
a single, line item report for a full year?
2. If a member wishes to take a partial withdrawal in
stock, but does not have
a personal Fidelity acct, can they transfer their stock
to another brokerage?
(I know they could open a personal Fidelity acct, but
some members prefer
not to do that.)
3. Does Fidelity allow for a checking account linked to the
brokerage acct - a
checking acct that allows for both deposits, and
withdrawals?
I called Fidelity, and spoke to 3 different departments to
gather info, but couldn't get real-life solid answers re:
report types available, and stock withdrawal transfers. I
thought it would be wise to ask other clubs what their
real-life experience has been with them.
Thank you for any input you can provide.
Lynda Feit, Treasurer
TERIC Investment Club
Hi Peter,
I just replied to 'all' w/some answers that another member posted, so hope you will see that. If you don't, ping me back and I'll send it directly to you.
The weird thing about Schwab is that I have personal Schwab accounts that are easy & flawless, but the rules from Schwab re: Investment Clubs on pretty much everything from checking accounts to stock withdrawals are not only clear as mud, but contradictory every single time I call. So frustrating!
Plus it appears the rules for older Schwab investment clubs are not the same for new investment clubs (given what others have posted on Bivio).
Lynda
On Tue, Jan 16, 2024 at 12:27â¯PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Hi Ms. Feit: my club is interested in the same move. Please let me know what you learn.Peter DunkelbergerFinancial PartnerSumner Stock Selectors Investment ClubOur club transitioned from TDA to Schwab at the end of May.
For a number of reasons, we're not happy w/Schwab, so are
considering moving the acct to Fidelity. I have a few
questions for those who already use Fidelity:
1. Reports: Can we generate the following kinds of
reports:
Buy/Sell Watch Lists
End of year reports for:
Dividends
Interest
Expenses
Trade confirmations
Deposits
We can get this info by going through 12 Mo stmts,
but can we produce
a single, line item report for a full year?
2. If a member wishes to take a partial withdrawal in
stock, but does not have
a personal Fidelity acct, can they transfer their stock
to another brokerage?
(I know they could open a personal Fidelity acct, but
some members prefer
not to do that.)
3. Does Fidelity allow for a checking account linked to the
brokerage acct - a
checking acct that allows for both deposits, and
withdrawals?
I called Fidelity, and spoke to 3 different departments to
gather info, but couldn't get real-life solid answers re:
report types available, and stock withdrawal transfers. I
thought it would be wise to ask other clubs what their
real-life experience has been with them.
Thank you for any input you can provide.
Lynda Feit, Treasurer
TERIC Investment Club
Hi Mary,
I just replied to 'all' w/some answers that another member posted, so hope you will see that. If you don't, ping me back and I'll send it directly to you.
The weird thing about Schwab is that I have personal Schwab accounts that are easy & flawless, but the rules from Schwab re: Investment Clubs on pretty much everything from checking accounts to stock withdrawals are not only clear as mud, but contradictory every single time I call. So frustrating!
Plus it appears the rules for older Schwab investment clubs are not the same for new investment clubs (given what others have posted on Bivio).
Lynda
My club is also interestedSent from my iPadMary Fran NovakOn Jan 16, 2024, at 2:27 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:Hi Ms. Feit: my club is interested in the same move. Please let me know what you learn.Peter DunkelbergerFinancial PartnerSumner Stock Selectors Investment ClubOur club transitioned from TDA to Schwab at the end of May.
For a number of reasons, we're not happy w/Schwab, so are
considering moving the acct to Fidelity. I have a few
questions for those who already use Fidelity:
1. Reports: Can we generate the following kinds of
reports:
Buy/Sell Watch Lists
End of year reports for:
Dividends
Interest
Expenses
Trade confirmations
Deposits
We can get this info by going through 12 Mo stmts,
but can we produce
a single, line item report for a full year?
2. If a member wishes to take a partial withdrawal in
stock, but does not have
a personal Fidelity acct, can they transfer their stock
to another brokerage?
(I know they could open a personal Fidelity acct, but
some members prefer
not to do that.)
3. Does Fidelity allow for a checking account linked to the
brokerage acct - a
checking acct that allows for both deposits, and
withdrawals?
I called Fidelity, and spoke to 3 different departments to
gather info, but couldn't get real-life solid answers re:
report types available, and stock withdrawal transfers. I
thought it would be wise to ask other clubs what their
real-life experience has been with them.
Thank you for any input you can provide.
Lynda Feit, Treasurer
TERIC Investment Club
Right about Schwab on all counts!
Thanks,
Peter Dunkelberger
Hi Peter,I just replied to 'all' w/some answers that another member posted, so hope you will see that. If you don't, ping me back and I'll send it directly to you.The weird thing about Schwab is that I have personal Schwab accounts that are easy & flawless, but the rules from Schwab re: Investment Clubs on pretty much everything from checking accounts to stock withdrawals are not only clear as mud, but contradictory every single time I call. So frustrating!Plus it appears the rules for older Schwab investment clubs are not the same for new investment clubs (given what others have posted on Bivio).LyndaOn Tue, Jan 16, 2024 at 12:27â¯PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:Hi Ms. Feit: my club is interested in the same move. Please let me know what you learn.Peter DunkelbergerFinancial PartnerSumner Stock Selectors Investment ClubOur club transitioned from TDA to Schwab at the end of May.
For a number of reasons, we're not happy w/Schwab, so are
considering moving the acct to Fidelity. I have a few
questions for those who already use Fidelity:
1. Reports: Can we generate the following kinds of
reports:
Buy/Sell Watch Lists
End of year reports for:
Dividends
Interest
Expenses
Trade confirmations
Deposits
We can get this info by going through 12 Mo stmts,
but can we produce
a single, line item report for a full year?
2. If a member wishes to take a partial withdrawal in
stock, but does not have
a personal Fidelity acct, can they transfer their stock
to another brokerage?
(I know they could open a personal Fidelity acct, but
some members prefer
not to do that.)
3. Does Fidelity allow for a checking account linked to the
brokerage acct - a
checking acct that allows for both deposits, and
withdrawals?
I called Fidelity, and spoke to 3 different departments to
gather info, but couldn't get real-life solid answers re:
report types available, and stock withdrawal transfers. I
thought it would be wise to ask other clubs what their
real-life experience has been with them.
Thank you for any input you can provide.
Lynda Feit, Treasurer
TERIC Investment Club
Most reports that you need can be found in Fidelity,
although its not always obvious where these reports can be
found. For reports on Dividends, Interests, and Realized
Gains/Losses, click on "More" on the menu bar and then
select "Tax Info YTD". For reports on trades, deposits, and
checks written, click on "Activity & Order" on the menu bar.
I've attached some graphics that illustrate the above
We've used Fidelity for ten years and and have not had any
problems.
Len Delmolino
Massachusetts High Flyers Investment Club
although its not always obvious where these reports can be
found. For reports on Dividends, Interests, and Realized
Gains/Losses, click on "More" on the menu bar and then
select "Tax Info YTD". For reports on trades, deposits, and
checks written, click on "Activity & Order" on the menu bar.
I've attached some graphics that illustrate the above
We've used Fidelity for ten years and and have not had any
problems.
Len Delmolino
Massachusetts High Flyers Investment Club
Thank you Len, this has been very helpful, both to me, and to others who are also considering making a switch. I appreciate your taking the time to also provide the example - that's exactly the kind of report I was hoping to see!
Lynda
On Wed, Jan 17, 2024 at 9:38â¯AM Leonard J Delmolino via bivio.com <user*27879700001@bivio.com> wrote:
Most reports that you need can be found in Fidelity,
although its not always obvious where these reports can be
found. For reports on Dividends, Interests, and Realized
Gains/Losses, click on "More" on the menu bar and then
select "Tax Info YTD". For reports on trades, deposits, and
checks written, click on "Activity & Order" on the menu bar.
I've attached some graphics that illustrate the above
We've used Fidelity for ten years and and have not had any
problems.
Len Delmolino
Massachusetts High Flyers Investment Club
All of the information you seek, except deposits of member
capital contributions, can be found running the Income
Report in bivio. The member capital contribution information
can be found using the member status report and have the
start date 1 January and report date 1 January of the
following year.
Cheers, Jack
capital contributions, can be found running the Income
Report in bivio. The member capital contribution information
can be found using the member status report and have the
start date 1 January and report date 1 January of the
following year.
Cheers, Jack
Thank you Jack. I have produced those reports in Bivio, but when we do our audit, we have to compare the broker reports to the bivio reports. Going through all 12 broker statements one by one is one way to get the broker info, but I've always printed off line-item reports from TDA, as it makes the audit work go much faster. Schwab's website allowed me to do some of that, though the report printed out backwards (Dec first, back to Jan), while bivio's reports are the opposite. Also Schwab reports cannot print a full year at a time, only a 'page' of the year at a time, so each 'page' captures batches of data, but then they have to be woven together in a way that makes sense date-wise, which sounds like a slam-dunk, but it turned out to be more complicated. So, It's doable, but painful. Usually our audits take 2.5 hrs max, but this year it took 4 hours. The months when we still had w/TDA statements went fast, but the months we were with Schwab went so slow. All that said, I very much appreciated hearing from you!
Lynda
Lynda
On Wed, Jan 17, 2024 at 2:16â¯PM John W Ranby Trustee PGM Cariboo Trust via bivio.com <user*15792700001@bivio.com> wrote:
All of the information you seek, except deposits of member
capital contributions, can be found running the Income
Report in bivio. The member capital contribution information
can be found using the member status report and have the
start date 1 January and report date 1 January of the
following year.
Cheers, Jack