Fidelity
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Fidelity Opening a new account at Fidelity. My Club successfully moved from Schwab to Fidelity in November 2023. We did use the Business Application referred to (Pages 1-15), but DID NOT need any of the additional documents attached in the previous email. We did need 2 other Fidelity documents but as you go through the application, it tells you when you need other documents and the name of those documents. We also had to submit our Partnership Agreement and a current Broker Statement. It would probably be a good idea for any club considering a change to contact a Broker so that you submit what is needed for your club's particular situation. The Business Application is a great start though! Our Club successfully moved from Schwab to fidelity 2 months ago. We used the business application, as Investment Clubs are classified as a Business. Once the form was submitted, we were assigned a personal Fidelity contact who held our hand through the process. My experience was that Fidelity doesn't assign a person until the application is submitted. I filled out the Business form, and made several calls to Fidelity to ask for clarification re: some parts of the form. Our primary reason for moving to Fidelity was to be with a broker who allowed distributions to members in stock OR cash, or a combination of both. We just finished our first stock transfer a couple of weeks ago, and while it was a learning curve re: the bivio side, Becky Kruse at bivio did an exceptional job of helping me understand that part. Now that I've done it, it seems straight forward, but I definity needed and appreciated Becky's help. My Club successfully moved from Schwab to Fidelity in |
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