Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Lucile Sorrells on
We have had no trouble with Schwab. thursday soaps investment club
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
John Rice on
The issue with Schwab is that a club can not transfer stocks to a partner. So you will have to either raise cash or sell stocks when someone withdraws. That is really the only issue with our club. Also, a new investment club is not able to write checks.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Colleen Goings on
I will just tell you like I see it..I have to pay a withrawing member of long standing. I called Schwab before we even got started with the process to see about transferring stocks to a partner with a Schwab account, the representative said. So last week I had orders my the what stocks to trans get and ask another representative about transferring stocks and had said yes if they have a Schwab account and he even helped format the letter. Well long story short I get and email to call a number..well his answer was absolutely no you cannot transfer stocks to a member withdrawing so I'm very irritated and frustrated with them. They just aren't a good fit for investment clubs. I'm in the process of switching to Fidelity. They have done some other things so I am transferring the club over
The issue with Schwab is that a club can not transfer stocks to a partner. So you will have to either raise cash or sell stocks when someone withdraws. That is really the only issue with our club. Also, a new investment club is not able to write checks.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Scott Stambaugh on
We have in the past transferred stock from our club to a member account with TD Ameritrade. From what I am reading it does not appear that we will be able to do this with Schwab.
For those of you who are with Fidelity can you confirm that this is possible with them?
We do not have a withdrawing member currently, but this has brought up a very concerning issue as a club treasurer.
I will just tell you like I see it..I have to pay a withrawing member of long standing. I called Schwab before we even got started with the process to see about transferring stocks to a partner with a Schwab account, the representative said. So last week I had orders my the what stocks to trans get and ask another representative about transferring stocks and had said yes if they have a Schwab account and he even helped format the letter. Well long story short I get and email to call a number..well his answer was absolutely no you cannot transfer stocks to a member withdrawing so I'm very irritated and frustrated with them. They just aren't a good fit for investment clubs. I'm in the process of switching to Fidelity. They have done some other things so I am transferring the club over
The issue with Schwab is that a club can not transfer stocks to a partner. So you will have to either raise cash or sell stocks when someone withdraws. That is really the only issue with our club. Also, a new investment club is not able to write checks.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
David Karbulka on
I just transferred stock to a fully withdrawing member and am with Fidelity.
We have in the past transferred stock from our club to a member account with TD Ameritrade. From what I am reading it does not appear that we will be able to do this with Schwab.
For those of you who are with Fidelity can you confirm that this is possible with them?
We do not have a withdrawing member currently, but this has brought up a very concerning issue as a club treasurer.
I will just tell you like I see it..I have to pay a withrawing member of long standing. I called Schwab before we even got started with the process to see about transferring stocks to a partner with a Schwab account, the representative said. So last week I had orders my the what stocks to trans get and ask another representative about transferring stocks and had said yes if they have a Schwab account and he even helped format the letter. Well long story short I get and email to call a number..well his answer was absolutely no you cannot transfer stocks to a member withdrawing so I'm very irritated and frustrated with them. They just aren't a good fit for investment clubs. I'm in the process of switching to Fidelity. They have done some other things so I am transferring the club over
The issue with Schwab is that a club can not transfer stocks to a partner. So you will have to either raise cash or sell stocks when someone withdraws. That is really the only issue with our club. Also, a new investment club is not able to write checks.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Tracy, Molly M on
Agreed; Fidelity customer service is awesome and it syncs nicely with bivio.
Our club left Schwab specifically to be able to transfer stock to departing members And have been very pleased.
Sent from my iPhone
On Oct 1, 2024, at 4:38 PM, David Karbulka via bivio.com <user*26468500001@bivio.com> wrote:
I just transferred stock to a fully withdrawing member and am with Fidelity.
We have in the past transferred stock from our club to a member account with TD Ameritrade. From what I am reading it does not appear that we will be able to do this with Schwab.
For those of you who are with Fidelity can you confirm that this is possible with them?
We do not have a withdrawing member currently, but this has brought up a very concerning issue as a club treasurer.
I will just tell you like I see it..I have to pay a withrawing member of long standing. I called Schwab before we even got started with the process to see about transferring stocks to a partner with a Schwab account, the representative said.
So last week I had orders my the what stocks to trans get and ask another representative about transferring stocks and had said yes if they have a Schwab account and he even helped format the letter. Well long story short I get and email to call a number..well
his answer was absolutely no you cannot transfer stocks to a member withdrawing so I'm very irritated and frustrated with them. They just aren't a good fit for investment clubs. I'm in the process of switching to Fidelity. They have done some other things
so I am transferring the club over
The issue with Schwab is that a club can not transfer stocks to a partner. So you will have to either raise cash or sell stocks when someone withdraws. That is really the only issue with our club. Also, a new investment club is not able to
write checks.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Peter Dunkelberger on
DO NOT transfer to Schwab. They are really not friendly to investment clubs. As you can read from others, one cannot pay third parties out off the Schwab account. The club has to have a separate ( not with Schwab) bank account, which means you have to be register and on good standing with the state where your club is located. The club bank may not bank with Schwab as Schwab Bank only accepts personal accounts, not organizational accounts. Go to fidelity or do more due diligence for another broker.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Barbara Wolf on
Our club is moving to Fidelity but it is not easy making it happen.
DO NOT transfer to Schwab. They are really not friendly to investment clubs. As you can read from others, one cannot pay third parties out off the Schwab account. The club has to have a separate ( not with Schwab) bank account, which means you have to be register and on good standing with the state where your club is located. The club bank may not bank with Schwab as Schwab Bank only accepts personal accounts, not organizational accounts. Go to fidelity or do more due diligence for another broker.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Carole Jansen on
Re: transferring stocks to a member with a Fidelity account. Yes, they will do it, and they have a form where you can identify the lots you want transferred to each partner's account (super easy to open individual accounts online). Let me preface this story by saying that I have been a Fidelity customer for 15 years and the club treasurer for 23 years. The stock transfers would have gone flawlessly if Fidelity had just followed the instructions I gave them on the transfer forms. Also, they said our investment club account had been the subject of an attempted data breach on the same day that I was in their office to deliver the forms (4 members, we are dissolving the partnership). In addition to a password change, they insisted on giving the accounts (the investment club and my 3 personal accounts) new account numbers, which they actually didn't, but created entirely new accounts and transferred everything into the new accounts. I was shut out of the accounts (including my personal ones) for 4 days. I no longer have access to the original accounts, including historical data, etc....probably going to be a problem at some point. Another problem with the transfer is that Fidelity's cost basis numbers only go to 3 decimal points and Bivio's go to 4. Their effort to reconcile this led (incorrectly) to many unnecessary problems. The final blow came at the end when I asked to know what exactly they had transferred to the members accounts, including cost basis numbers of all of the lots, and they said they couldn't tell me because of privacy laws. What? I had the member's account numbers on the transfer forms, gave them the lots and our cost basis numbers, and I wanted to be assured that they had, in the end after many weeks of reconciling our numbers, actually transferred what I had asked them to. I finally got what I needed, almost.
It took almost a month and a lot of my time and the efforts of one dedicated Fidelity employee who actually understood the issues, but was not doing the actual work, to get to a point where our numbers were close enough that I didn't have heartburn and the partners got the stocks in the amounts that I identified on the transfer forms. Hopefully, it would have gone more smoothly if the data breach and its requirements to ensure account security hadn't occured. Trsnfers are also apparently handled by the local offices, so unless you are using the Plano TX office, you should be OK.
Again, Fidelity has been great for the 5-ish years our investment club account has been with them...until the transfer debacle, which I hope was a one-off. They also will send you checks for your brokerage account, if you ask. They are also prompt about making tax forms available prior to the deadline.
If you got this far, thanks for listening. If you have questions about the specific transfer process or any other questions relating to Fidelity and investment club partnerships, I'm kind of an expert at this point, and you are welcome to reach out.
We have in the past transferred stock from our club to a member account with TD Ameritrade. From what I am reading it does not appear that we will be able to do this with Schwab.
For those of you who are with Fidelity can you confirm that this is possible with them?
We do not have a withdrawing member currently, but this has brought up a very concerning issue as a club treasurer.
I will just tell you like I see it..I have to pay a withrawing member of long standing. I called Schwab before we even got started with the process to see about transferring stocks to a partner with a Schwab account, the representative said. So last week I had orders my the what stocks to trans get and ask another representative about transferring stocks and had said yes if they have a Schwab account and he even helped format the letter. Well long story short I get and email to call a number..well his answer was absolutely no you cannot transfer stocks to a member withdrawing so I'm very irritated and frustrated with them. They just aren't a good fit for investment clubs. I'm in the process of switching to Fidelity. They have done some other things so I am transferring the club over
The issue with Schwab is that a club can not transfer stocks to a partner. So you will have to either raise cash or sell stocks when someone withdraws. That is really the only issue with our club. Also, a new investment club is not able to write checks.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
DO NOT transfer to Schwab. They are really not friendly to investment clubs. As you can read from others, one cannot pay third parties out off the Schwab account. The club has to have a separate ( not with Schwab) bank account, which means you have to be register and on good standing with the state where your club is located. The club bank may not bank with Schwab as Schwab Bank only accepts personal accounts, not organizational accounts. Go to fidelity or do more due diligence for another broker.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Portia Catania on
We have been very happy with Schwab! No problems. Check directly with Schwab before you decide.
Sent from my iPhone
On Oct 1, 2024, at 5:17 PM, Tracy, Molly M via bivio.com <user*40992200001@bivio.com> wrote:
Agreed; Fidelity customer service is awesome and it syncs nicely with bivio.
Our club left Schwab specifically to be able to transfer stock to departing members And have been very pleased.
Sent from my iPhone
On Oct 1, 2024, at 4:38 PM, David Karbulka via bivio.com <user*26468500001@bivio.com> wrote:
I just transferred stock to a fully withdrawing member and am with Fidelity.
We have in the past transferred stock from our club to a member account with TD Ameritrade. From what I am reading it does not appear that we will be able to do this with Schwab.
For those of you who are with Fidelity can you confirm that this is possible with them?
We do not have a withdrawing member currently, but this has brought up a very concerning issue as a club treasurer.
I will just tell you like I see it..I have to pay a withrawing member of long standing. I called Schwab before we even got started with the process to see about transferring stocks to a partner with a Schwab account, the representative said.
So last week I had orders my the what stocks to trans get and ask another representative about transferring stocks and had said yes if they have a Schwab account and he even helped format the letter. Well long story short I get and email to call a number..well
his answer was absolutely no you cannot transfer stocks to a member withdrawing so I'm very irritated and frustrated with them. They just aren't a good fit for investment clubs. I'm in the process of switching to Fidelity. They have done some other things
so I am transferring the club over
The issue with Schwab is that a club can not transfer stocks to a partner. So you will have to either raise cash or sell stocks when someone withdraws. That is really the only issue with our club. Also, a new investment club is not able to
write checks.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Lynda Feit on
I'm the Treasurer for our club, which started out at TD Ameritrade and was later gobbled up by Schwab.
When we moved to Schwab I wasn't concerned about Schwab service, as I had a personal Schwab account and liked them. That said, I called Schwab to confirm things would work the same, especially re: stock transfers to members. I was told 'yes, no problem.' Schwab even provided me with their Stock Transfer form so I'd have it to reference when I wanted to use it. Long story short, the first time I submitted the form to do a stock transfer, I was told we were NOT allowed to make stock transfers! Reason: stock transfer capability was allowed only for 'old' Schwab Club accounts; new Schwab Club accounts do NOT have that option. Ridiculous.
We bit the bullet and transferred our Club account to Fidelity in July of this year. I wasn't thrilled to to go through another brokerage transfer, but once we submitted the initial Fidelity application, Fidelity assigned one person as our point of contact for our transition which made it much less painful than our experience w/Schwab transition. After everything moved over to Fidelity, I transferred shares of stock to some of our members. It was flawless, no mistakes at receiving end. (BTW, Fidelity allows stock transfers to either: a member's personal Fidelity account, or, to member's non-Fidelity broker.) We chose to have each member open a personal Fidelity account (if they didn't have one already) for the purposes of eventual stock transfers. We made this choice for 3 reasons:
1. It's a bit more complicated to transfer to a different broker - time and paperwork-wise.
2. It takes about 20 minutes to open a personal Fidelity acct online, and even if a member doesn't take stock now, the account will be there and open for future stock transfers.
3. Our assigned Fidelity contact offered to help any member open their personal account if the member felt they wanted help, or had questions (a few of our members did it this way) .
Fidelity syncs with bivio. I've not (yet) run into the possible fractions of shares not matching exactly as was mentioned in this string, but we occasionally had that happen with TDA also, so am not concerned.
Bottom line, I don't think Schwab really wanted more Investment Club business, I think they bought TDA for the majority of TDA's other business and assets. Otherwise why would they change the rules for new Clubs coming in?
DO NOT transfer to Schwab. They are really not friendly to investment clubs. As you can read from others, one cannot pay third parties out off the Schwab account. The club has to have a separate ( not with Schwab) bank account, which means you have to be register and on good standing with the state where your club is located. The club bank may not bank with Schwab as Schwab Bank only accepts personal accounts, not organizational accounts. Go to fidelity or do more due diligence for another broker.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Donna OConnnell on
My investment club has Schwab and Bivio. It works well. I use the LOA form to transfer stocks to a withdrawing member's account.
I'm the Treasurer for our club, which started out at TD Ameritrade and was later gobbled up by Schwab.
When we moved to Schwab I wasn't concerned about Schwab service, as I had a personal Schwab account and liked them. That said, I called Schwab to confirm things would work the same, especially re: stock transfers to members. I was told 'yes, no problem.' Schwab even provided me with their Stock Transfer form so I'd have it to reference when I wanted to use it. Long story short, the first time I submitted the form to do a stock transfer, I was told we were NOT allowed to make stock transfers! Reason: stock transfer capability was allowed only for 'old' Schwab Club accounts; new Schwab Club accounts do NOT have that option. Ridiculous.
We bit the bullet and transferred our Club account to Fidelity in July of this year. I wasn't thrilled to to go through another brokerage transfer, but once we submitted the initial Fidelity application, Fidelity assigned one person as our point of contact for our transition which made it much less painful than our experience w/Schwab transition. After everything moved over to Fidelity, I transferred shares of stock to some of our members. It was flawless, no mistakes at receiving end. (BTW, Fidelity allows stock transfers to either: a member's personal Fidelity account, or, to member's non-Fidelity broker.) We chose to have each member open a personal Fidelity account (if they didn't have one already) for the purposes of eventual stock transfers. We made this choice for 3 reasons:
1. It's a bit more complicated to transfer to a different broker - time and paperwork-wise.
2. It takes about 20 minutes to open a personal Fidelity acct online, and even if a member doesn't take stock now, the account will be there and open for future stock transfers.
3. Our assigned Fidelity contact offered to help any member open their personal account if the member felt they wanted help, or had questions (a few of our members did it this way) .
Fidelity syncs with bivio. I've not (yet) run into the possible fractions of shares not matching exactly as was mentioned in this string, but we occasionally had that happen with TDA also, so am not concerned.
Bottom line, I don't think Schwab really wanted more Investment Club business, I think they bought TDA for the majority of TDA's other business and assets. Otherwise why would they change the rules for new Clubs coming in?
DO NOT transfer to Schwab. They are really not friendly to investment clubs. As you can read from others, one cannot pay third parties out off the Schwab account. The club has to have a separate ( not with Schwab) bank account, which means you have to be register and on good standing with the state where your club is located. The club bank may not bank with Schwab as Schwab Bank only accepts personal accounts, not organizational accounts. Go to fidelity or do more due diligence for another broker.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
I'm the Treasurer for our club, which started out at TD Ameritrade and was later gobbled up by Schwab.
When we moved to Schwab I wasn't concerned about Schwab service, as I had a personal Schwab account and liked them. That said, I called Schwab to confirm things would work the same, especially re: stock transfers to members. I was told 'yes, no problem.' Schwab even provided me with their Stock Transfer form so I'd have it to reference when I wanted to use it. Long story short, the first time I submitted the form to do a stock transfer, I was told we were NOT allowed to make stock transfers! Reason: stock transfer capability was allowed only for 'old' Schwab Club accounts; new Schwab Club accounts do NOT have that option. Ridiculous.
We bit the bullet and transferred our Club account to Fidelity in July of this year. I wasn't thrilled to to go through another brokerage transfer, but once we submitted the initial Fidelity application, Fidelity assigned one person as our point of contact for our transition which made it much less painful than our experience w/Schwab transition. After everything moved over to Fidelity, I transferred shares of stock to some of our members. It was flawless, no mistakes at receiving end. (BTW, Fidelity allows stock transfers to either: a member's personal Fidelity account, or, to member's non-Fidelity broker.) We chose to have each member open a personal Fidelity account (if they didn't have one already) for the purposes of eventual stock transfers. We made this choice for 3 reasons:
1. It's a bit more complicated to transfer to a different broker - time and paperwork-wise.
2. It takes about 20 minutes to open a personal Fidelity acct online, and even if a member doesn't take stock now, the account will be there and open for future stock transfers.
3. Our assigned Fidelity contact offered to help any member open their personal account if the member felt they wanted help, or had questions (a few of our members did it this way) .
Fidelity syncs with bivio. I've not (yet) run into the possible fractions of shares not matching exactly as was mentioned in this string, but we occasionally had that happen with TDA also, so am not concerned.
Bottom line, I don't think Schwab really wanted more Investment Club business, I think they bought TDA for the majority of TDA's other business and assets. Otherwise why would they change the rules for new Clubs coming in?
DO NOT transfer to Schwab. They are really not friendly to investment clubs. As you can read from others, one cannot pay third parties out off the Schwab account. The club has to have a separate ( not with Schwab) bank account, which means you have to be register and on good standing with the state where your club is located. The club bank may not bank with Schwab as Schwab Bank only accepts personal accounts, not organizational accounts. Go to fidelity or do more due diligence for another broker.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.