I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
Mary Dearing on
In last 3 years my club has been from Folio to Interactive Brokers to Ameritrade to now Schwab. We are accepting Schwab limitations and enjoying talking to real helpful people.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
Tracy, Molly M on
Our club created our Fidelity Investment Club account by completing the attached application form (see second page you can indicate investment club).
We sent it overnight mail with a copy of our partnership agreement. Fidelity received our account application form and called us within 1 business day with a case # and contact person managing our case. The new account was successfully set up in about a week's
time.
Then Fidelity provided us the form to request transfer of our portfolio from our Schwab account.
They were extremely helpful throughout the entire process.
I hope this is helpful.
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Lynda J. Feit via bivio.com <user*26876200001@bivio.com> Sent: Tuesday, March 12, 2024 1:26 PM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: [club_cafe] Question for Clubs that use Fidelity
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Try Carson Cushing
833-500-1041 ext 75676
Another name is: Kyle Kszepka
561-624-0615 ext 77764
Sent from my iPhone
> On Mar 12, 2024, at 2:26â¯PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote:
>
> I have appreciated all the input re: changing our brokerage
> acct from Schwab to Fidelity. Several Clubs recommended I
> call Fidelity and ask them to open a case # so that I could
> talk to a Fidelity person who is in the 'back office' who
> can speak to the specifics of moving our Club to Fidelity.
> I have tried this twice, and both times was told there is no
> such back office.
>
> One of those 2 times, the person had no clue if Fidelity had
> accounts for Investment Clubs, despite my telling her I know
> for a fact that they do. She has asked me, to ask other
> Clubs, for a specific name of such a Fidelity person (and
> phone # if you have it). Then, I'm to call her back and she
> will look up that person's name and contact them to find
> out how to code an account as an Investment Club.
>
> It's like living in the Twilight Zone.
>
> Can any of you share who your Fidelity contact was (name and
> phone #)?
>
> Thank you again,
> Lynda Feit
> Treasurer, TERIC
Carole Jansen on
I would call your local office and tell your partnership (or whatever) wants to transfer your entire portfolio from Schwab to Fidelity, and need to speak to someone that can guide you through the process. Seems like they should be able to find someone to help you...the Investment Club issue didn't seem to be a problem for them, because of our General Partnership structure, with officers.
Don't know if the forms are the same, but we used one called a Transfer of Assets. The form says if there are questions to go to Fidelity.com/toa, or call 800-396-8982. In the place where the form wanted the type of Account transferring from and the type of Fidelity account transferring to, we were instructed to enter IC in both places. Our partnership name and Taxpayer ID are on the account. Don't have the records to know if all partners needed to sign, but the signature page can be duplicated for ease of getting signatures. We didn't need Medallion Signature Guarantees.
Our President and me, the Treasurer, are Authorized Individuals for all stock purchases and sales, and check writing.
We made it a check writing account using a form called Checkwriting. Fidelity.com/checkwriting, or 800-343-3548. Authorized Individuals signed that one.
We transferred our portfolio from Folio Investments in January of 2021, during Covid, which was over 3 years ago, but if we got it done during Covid, it seems like it should be doable now.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
Lynda Feit on
I appreciate your input Mary, however we are a club with members in their 60's & 70's, and at some (yet unknown) time, we will eventually disband. When that happens, we want to take our shares in stock, not cash. Schwab apparently allowed this for older investment clubs, but does not allow it for new clubs like ours that have recently been transitioned over. Thus Schwab is not a good choice for our Club.
In last 3 years my club has been from Folio to Interactive Brokers to Ameritrade to now Schwab. We are accepting Schwab limitations and enjoying talking to real helpful people.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
Lynda Feit on
Thanks to everyone who responded. I feel like I now have the information I need to move forward. You're a great resource group, and I appreciate you all!
I appreciate your input Mary, however we are a club with members in their 60's & 70's, and at some (yet unknown) time, we will eventually disband. When that happens, we want to take our shares in stock, not cash. Schwab apparently allowed this for older investment clubs, but does not allow it for new clubs like ours that have recently been transitioned over. Thus Schwab is not a good choice for our Club.
In last 3 years my club has been from Folio to Interactive Brokers to Ameritrade to now Schwab. We are accepting Schwab limitations and enjoying talking to real helpful people.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
Peter Dunkelberger on
I find it curious that there is so much brokerage turmoil surrounding organizational investment accounts in general, and investment clubs in particular. Never have had a solid explanation.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
Lynda Feit on
I agree, it's kind of bizarre. If you ever get a good answer, be sure to let us all know!
I find it curious that there is so much brokerage turmoil surrounding organizational investment accounts in general, and investment clubs in particular. Never have had a solid explanation.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
sharon kulkis on
Schwab told me we wouldn't be having the problems if it was a partnership. I told them that it is a partnership and that tax filing is under a partnership. I told them that having club in the name didn't prevent it from being a legal partnership. They said that having "club" in the name made it a club. I'm thinking we just need to change the name. Our club has Investment Club in name.. maybe change to ...... Investment Partners or Partnership. But then they'll probably give us a hard time about a name change and who knows what the IRS would do. Does anyone have any input about a name change.
I find it curious that there is so much brokerage turmoil surrounding organizational investment accounts in general, and investment clubs in particular. Never have had a solid explanation.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
Daniel Williams on
I agree, but it all probably tracks back to the profit motive. Though some investment club members have a significant amount of their money in investments clubs, I think most use the research and learning opportunities to either manage their own portfolios or at least to be able to communicate well with their personal financial advisor. Investment clubs are relatively high maintenance (a lot of people with a lot of questions and issues) and low income (with discount brokers particularly, there isn't much money to be made).
--Dan W.
Legacy Investments 2019
On Tuesday, March 12, 2024 at 03:19:33 PM CDT, Lynda Feit via bivio.com <user*26876200001@bivio.com> wrote:
I agree, it's kind of bizarre. If you ever get a good answer, be sure to let us all know!
I find it curious that there is so much brokerage turmoil surrounding organizational investment accounts in general, and investment clubs in particular. Never have had a solid explanation.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
Kolb, George on
FWIW, part of our [arduous] conversion from TDA to Schwab involved an error in the name. Schwab carried over our banking information from TDA, but only enabled cash transfers from the bank to Schwab, not outbound transfers from Schwab
to our bank (which we used to have both inbound/outbound available to us with TDA). They said the names had to match exactly. Our club's legal name is "Blue Chips & Salsa" which is how our bank account was titled. Schwab (and apparently TDA for the past
20+ years) had our account titled "Blue Chips & Salsa Inv Club". After sending them a copy of our original IRS determination letter showing our legal name, they removed the "Inv Club" portion from line one. They then added a line 2 of "An Investment Club"
so whether you call yourself an investment club or simply a partnership, it seems Schwab is intent on classifying it as a very specific type of partnership - one that I don't believe they have a strong interest in making it easy to work with for whatever reason.
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of
sharon kulkis via bivio.com Sent: Tuesday, March 12, 2024 4:37 PM To: club_cafe@bivio.com; Lynda Feit via bivio.com <user*26876200001@bivio.com> Subject: Re: [club_cafe] Question for Clubs that use Fidelity
[External Email]
Schwab told me we wouldn't be having the problems if it was a partnership. I told them that it is a partnership and that tax filing is under a partnership. I told them that having club in the name didn't prevent
it from being a legal partnership. They said that having "club" in the name made it a club. I'm thinking we just need to change the name. Our club has Investment Club in name.. maybe change to ...... Investment Partners or Partnership. But then they'll probably
give us a hard time about a name change and who knows what the IRS would do. Does anyone have any input about a name change.
I find it curious that there is so much brokerage turmoil surrounding organizational investment accounts in general, and investment clubs in particular. Never have had a solid explanation.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
Peter Dunkelberger on
Schwab tried that with me. They had "Sumner Stock selectors investment club, an investment club" in the name and I told him I can't file my tax returns with that name on the 1099, and could not write checks to our bank account with that name. And they changed the name they had on the books. Don't let them mess with you. Your club name is your club name and it doesn't need any fancy add on that they figure that schwab needs so they don't get lost in the shuffle. It is all on them and you should make them do what you, the customer, needs.
You have to admit, what they told you is pretty stupid.
Schwab told me we wouldn't be having the problems if it was a partnership. I told them that it is a partnership and that tax filing is under a partnership. I told them that having club in the name didn't prevent it from being a legal partnership. They said that having "club" in the name made it a club. I'm thinking we just need to change the name. Our club has Investment Club in name.. maybe change to ...... Investment Partners or Partnership. But then they'll probably give us a hard time about a name change and who knows what the IRS would do. Does anyone have any input about a name change.
I find it curious that there is so much brokerage turmoil surrounding organizational investment accounts in general, and investment clubs in particular. Never have had a solid explanation.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
Dan Cohn on
our club's officers were at Fidelity today; besides having to get signatures from all members (took 3 weeks!) and filling out some easy forms at their location - it was no big deal even for us old guys.
FWIW, part of our [arduous] conversion from TDA to Schwab involved an error in the name. Schwab carried over our banking information from TDA, but only enabled cash transfers from the bank to Schwab, not outbound transfers from Schwab
to our bank (which we used to have both inbound/outbound available to us with TDA). They said the names had to match exactly. Our club's legal name is "Blue Chips & Salsa" which is how our bank account was titled. Schwab (and apparently TDA for the past
20+ years) had our account titled "Blue Chips & Salsa Inv Club". After sending them a copy of our original IRS determination letter showing our legal name, they removed the "Inv Club" portion from line one. They then added a line 2 of "An Investment Club"
so whether you call yourself an investment club or simply a partnership, it seems Schwab is intent on classifying it as a very specific type of partnership - one that I don't believe they have a strong interest in making it easy to work with for whatever reason.
Schwab told me we wouldn't be having the problems if it was a partnership. I told them that it is a partnership and that tax filing is under a partnership. I told them that having club in the name didn't prevent
it from being a legal partnership. They said that having "club" in the name made it a club. I'm thinking we just need to change the name. Our club has Investment Club in name.. maybe change to ...... Investment Partners or Partnership. But then they'll probably
give us a hard time about a name change and who knows what the IRS would do. Does anyone have any input about a name change.
I find it curious that there is so much brokerage turmoil surrounding organizational investment accounts in general, and investment clubs in particular. Never have had a solid explanation.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?
Thank you again,
Lynda Feit
Treasurer, TERIC
--
Dan Cohn 404 862 5640
Tracy, Molly M on
Definitely change brokers , not your club name.
Schwab is too limiting for investment clubs to use.
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Kolb, George via bivio.com <user*24878100001@bivio.com> Sent: Tuesday, March 12, 2024 3:57 PM To: club_cafe@bivio.com <club_cafe@bivio.com>; Lynda Feit via bivio.com <user*26876200001@bivio.com> Subject: RE: [club_cafe] Question for Clubs that use Fidelity
FWIW, part of our [arduous] conversion from TDA to Schwab involved an error in the name. Schwab carried over our banking information from TDA, but only enabled cash transfers from the bank to Schwab, not outbound transfers from Schwab
to our bank (which we used to have both inbound/outbound available to us with TDA). They said the names had to match exactly. Our club's legal name is "Blue Chips & Salsa" which is how our bank account was titled. Schwab (and apparently TDA for the past
20+ years) had our account titled "Blue Chips & Salsa Inv Club". After sending them a copy of our original IRS determination letter showing our legal name, they removed the "Inv Club" portion from line one. They then added a line 2 of "An Investment Club"
so whether you call yourself an investment club or simply a partnership, it seems Schwab is intent on classifying it as a very specific type of partnership - one that I don't believe they have a strong interest in making it easy to work with for whatever reason.
From: club_cafe@bivio.com <club_cafe@bivio.com>
On Behalf Of sharon kulkis via bivio.com Sent: Tuesday, March 12, 2024 4:37 PM To: club_cafe@bivio.com; Lynda Feit via bivio.com <user*26876200001@bivio.com> Subject: Re: [club_cafe] Question for Clubs that use Fidelity
[External Email]
Schwab told me we wouldn't be having the problems if it was a partnership. I told them that it is a partnership and that tax filing is under a partnership. I told them that having club in the name didn't prevent
it from being a legal partnership. They said that having "club" in the name made it a club. I'm thinking we just need to change the name. Our club has Investment Club in name.. maybe change to ...... Investment Partners or Partnership. But then they'll probably
give us a hard time about a name change and who knows what the IRS would do. Does anyone have any input about a name change.
I find it curious that there is so much brokerage turmoil surrounding organizational investment accounts in general, and investment clubs in particular. Never have had a solid explanation.
I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity. Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.
One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do. She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it). Then, I'm to call her back and she
will look up that person's name and contact them to find
out how to code an account as an Investment Club.
It's like living in the Twilight Zone.
Can any of you share who your Fidelity contact was (name and
phone #)?