club_cafe: Changing treasurers on Buy and Hold.com
We are having a very hard time with Waterhouse. We have been trying for 9 months and I just can't seem to get it right. Each time I think I have followed the instructions to the "T" they send it back and I have failed to do something. The first time the members signatures were all there but it was not on their form. The second time some of the members did not put their occupation on the form and they would not process it (even though I told them on the phone that those members did not work outside the home). Then I signed the form (outgoing treasurer) and they really need the new treasurer to sign. That is what we are holding on now. I have forgotten what other things happened but it has been a real pain. To get signatures from all 15 partners takes some time and effort and I have had to do that at least twice. Each time it seems it takes two or three months to get the right people together to correct whatever needs to be corrected. We are scheduled for a change in treasurers again in 2005 and I am wondering if we will get the current change made before we have to start working on it again. I certainly do not look forward to changing people in this particular position because of the difficulty we have had.
Sharon Have fun customizing MSN Messenger -- learn how here!
I have long been of the opinion that brokers
(1) ask for a lot more information than they need or understand, (2) don't
understand investment clubs, and (3) are better off not knowing all the changes
in memberships of a particular club.
Now this may be very bad advice and I certainly have no
legal background. The last club to which I belonged had a provision in its
agreement that each member granted the officers of the club power of attorney to
sign their name on any broker document. When I submitted the original
application to our broker, I signed everyone's name, thus circumventing the
process of getting 15 signatures from people in various parts of the country. We
did all our trading on line, and when we changed treasurers, we didn't bother to
tell the broker, but had the new treasurer start making the trades. Writing
checks does provide some challenges, but we were able to overcome
those.
As I say, this may not be sound advice, but it did cut
through a lot of needless red tape.
Rip
Experianced similar problems with TDW
Ray Marchand
Sharon Pepper wrote:
Ray Marchand
Sharon Pepper wrote:
We are having a very hard time with Waterhouse. We have been trying for 9 months and I just can't seem to get it right. Each time I think I have followed the instructions to the "T" they send it back and I have failed to do something. The first time the members signatures were all there but it was not on their form. The second time some of the members did not put their occupation on the form and they would not process it (even though I told them on the phone that those members did not work outside the home). Then I signed the form (outgoing treasurer) and they really need the new treasurer to sign. That is what we are holding on now. I have forgotten what other things happened but it has been a real pain. To get signatures from all 15 partners takes some time and effort and I have had to do that at least twice. Each time it seems it takes two or three months to get the righ! t people together to correct whatever needs to be corrected. We are scheduled for a change in treasurers again in 2005 and I am wondering if we will get the current change made before we have to start working on it again. I certainly do not look forward to changing people in this particular position because of the difficulty we have had.
>From: "Bridgette St. Hilaire"
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