Hi Jason.

 

My club doesn't inform the broker of our members' comings and goings.  But then, we have a separate bank account where we deposit our dues, then have our funds transferred through ACH to the broker on an as-needed basis. 

 

For clubs that have no bank account, where the members write the check directly to the broker, then of course you would have to notify them.  They would need to be on record in order for those funds to be placed in your account.

 

The only time we update our broker's records is when we change treasurers.  But that's just us.  I'm sure Ira and/or Rip will have additional comments.

 

Lynn Ostrem, VP

Crow River Investment Club

www.bivio.com/crowriver

 

On Mon, Jun 23, 2008 at 12:53 AM, Jason <bowl@bivio.com> wrote:

Hi I have started a club a couple months ago and sent in the
paperwork to the state and broker for the investment club.
My question is, when a new person joins do I have to inform
the broker of the new member

Thanks,
Jason