Robinhood or E*Trade vs. Schwab
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Could anyone who uses either Robinhood or E*Trade (with JP Morgan) please comment on their experience with either of these brokers? Our club transitioned from Ameritrade to Schwab in November and we are not comfortable with the changes. Specifically, Are these brokers, Investment Club friendly? How difficult was it to set up the Club account? Are their monthly statements easy to read and interpret? Any useful comments are welcome! Thanks in advance! Gary Treasurer, Sidney Investment Club We've used e-trade since our club started in 1997. the transition to JP Morgan has been seamless. We can still write our e-trade checks - to cover expenses or pay a partial withdrawal. We have not tried transferring stock between members related to a member withdrawal.
We have all our members do automatic monthly deposits. Our account pairs well with Bivio accounting software. Monthly statements are easy to read and thus far have matched with our Bivio account with rare exceptions. I can't speak to whether Morgan Stanley is friendly to new clubs but they haven't tried to throw us out or make anything difficult to date.
Barbara Treasurer, San Diego Women's Investment Club
From:
club_cafe@bivio.com <club_cafe@bivio.com> on behalf of GARY SERGIO via bivio.com <user*35169000001@bivio.com> Could anyone who uses either Robinhood or E*Trade (with JP Morgan) please comment on their experience with either of these brokers? Our club transitioned from Ameritrade to Schwab in November and we are not
comfortable with the changes. Barbra, Thank you for reply and comments on E-Trade! I was hoping to get more responses before we make our decision on where move our brokerage to, but your info is very helpful. Gary What other brokers are club friendly besides E-trade? I know Firstrade is not one one of them. Barbra, Thank you for reply and comments on E-Trade! I was hoping to get more responses before we make our decision on where move our brokerage to, but your info is very helpful. Our club uses Schwab and we are pleased with their service.
We are happy with Fidelity.
We just moved to Fidelity and are very happy so far. ... Myra On Jun 4, 2024, at 7:36 AM, Robert Shaw via bivio.com <user*27509400001@bivio.com> wrote:
Fidelity is great! Sent from my iPhone
On Jun 4, 2024, at 6:55 AM, Myra Wilson via bivio.com <user*20068600001@bivio.com> wrote:
My club is in the process of transferring from Schwab to E*Trade. They appear to be club friendly and have told us we can transfer stock to withdrawing members. I personally have used E*Trade for over 20 years and have never had any problems with the company. When they were purchased by Morgan Stanley a couple of years ago, I noticed no changes except that they assigned a new longer account number. Kathy
My club is also looking for a new broker. Has anybody joined E-trade recently and we're you able to get checks?
E*Trade works very well for my club and my own personal accounts
as well. Lee, Market Miners Investment Club On 6/16/2024 8:19 AM, Rich Spina via
bivio.com wrote:
We have used Ameritrade for years. Recently they were purchased by Morgan Stanley. One of our members needed to withdraw from the club. It took a whole month for our club treasurer to find out how to get this person their payout in stocks. A new account is required. People at MS stated, "We are not investment club friendly". What a night mare!!!! Etrade was recently acquired by MS so they will probably be no better. In the club meeting the question was asked, "Where should we transfer to?" This would affect bivo too if there are multiple club moves to companies that are not investment club friendly. Which companies has bivio had the best relationship with? Which companies are happy to be investment club friendly? Which companies is MS likely to acquire next? Robinhood was mentioned, who has experience with them? Ameritrade was acquired by Schwab, not Morgan Stanley. Schwab has not been easy to work with. I don't have any experience with E*Trade/Morgan Stanley, but there are plenty others here who have. Ira Smilovitz We have used Ameritrade for years. Recently they were purchased by Morgan Stanley. One of our members needed to withdraw from the club. It took a whole month for our club treasurer to find out how to get this person their payout in stocks. A new account is required. People at MS stated, "We are not investment club friendly". What a night mare!!!! Etrade was recently acquired by MS so they will probably be no better. In the club meeting the question was asked, "Where should we transfer to?" This would affect bivo too if there are multiple club moves to companies that are not investment club friendly. Which companies has bivio had the best relationship with? Which companies are happy to be investment club friendly? Which companies is MS likely to acquire next? Robinhood was mentioned, who has experience with them? We used Ameritrade for years; they were purchased by Schwab which is not investment club friendly. We transferred our club portfolio to Fidelity, transferred member stock withdrawals through them, and are very happy. Total timeframe less than two weeks to find out Schwab would not work for us, transfer portfolio and do stock payouts. Fidelity is linked with Bivio too.
Sent from my iPhone > On Jun 22, 2024, at 2:02â¯PM, James Kandler via bivio.com <user*31592800001@bivio.com> wrote: > > We have used Ameritrade for years. Recently they were purchased by Morgan Stanley. One of our members needed to withdraw from the club. It took a whole month for our club treasurer to find out how to get this person their payout in stocks. A new account is required. People at MS stated, "We are not investment club friendly". What a night mare!!!! Etrade was recently acquired by MS so they will probably be no better. In the club meeting the question was asked, "Where should we transfer to?" This would affect bivo too if there are multiple club moves to companies that are not investment club friendly. Which companies has bivio had the best relationship with? Which companies are happy to be investment club friendly? Which companies is MS likely to acquire next? Robinhood was mentioned, who has experience with them? I seem to remember that most brokerages require the member to open an account for stock transfer. (someone like Ira might be able to confirm this). I see this as a fairly simple thing, I'm under the impression most brokerages don't make it difficult to open the personal account, move the stocks to another brokerage account and then close the account. (Schwab not being included in 'most brokerages') That said, I don't have personal experience. When I have been involved in a stock transfer the person already had an account with the same brokerage. But, mostly, we've elected to cash people out because the tax hit on remaining members isn't enough to warrant the hassle. My club has now reached a size where this could be an issue, especially if more than one member were to leave in a given year. We are in the process of opening a Fidelity account and abandoning Schwab. Linda We have used Ameritrade for years. Recently they were purchased by Morgan Stanley. One of our members needed to withdraw from the club. It took a whole month for our club treasurer to find out how to get this person their payout in stocks. A new account is required. People at MS stated, "We are not investment club friendly". What a night mare!!!! Etrade was recently acquired by MS so they will probably be no better. In the club meeting the question was asked, "Where should we transfer to?" This would affect bivo too if there are multiple club moves to companies that are not investment club friendly. Which companies has bivio had the best relationship with? Which companies are happy to be investment club friendly? Which companies is MS likely to acquire next? Robinhood was mentioned, who has experience with them? |
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