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#1 Posted : Tuesday, February 2, 2021 4:32:28 PM(UTC)

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Many clubs in the BetterInvesting universe used Folio Investing as a broker. Folio stopped its self-directed accounts. If a customer did not transfer to a different broker their Folio account was to be transferred to Interactive Brokers. Many clubs are having a difficult time with the transfer to Interactive Brokers. The delay in transfer has been delayed more with GameStop trading issues on the Interactive Brokers platform. If your club is one of those dealing with the Folio to Interactive Brokers transfer, you are not alone. What are your alternatives?
When the transfer is complete you may want to consider moving to a larger broker. Fidelity and TDAmeritrade have good reviews among clubs. The ICLUBcentral support team has heard the fewest complaints from Fidelity customers. TDAmeritrade (TDA) has a bit of uncertainty regarding investment club accounts. Schwab recently completed a merger with TDA. Schwab also announced they would no longer open investment partnership accounts with less than $250,000 in assets. It is unknown to me as I write this if that new policy will apply to TDA when full integration with Schwab is completed in the future. Of course, Fidelity and TDA are not the only choices.
I was informed BetterInvesting management is actively talking to other brokerage firms about a relationship similar to the previous one with Folio Investing. That is the extent of my knowledge of the talks.

Russell Malley

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#2 Posted : Friday, February 5, 2021 12:11:39 AM(UTC)

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Better Investing just emailed AZ clubs last week about AZ requiring e-filing for the 2020 state taxes. Does the AZ state tax software for My i-club online allow e-filing? If not, will there be an update allowing it?

Edited by user Friday, February 5, 2021 12:33:19 AM(UTC)  | Reason: Not specified

#3 Posted : Friday, February 5, 2021 9:59:03 AM(UTC)

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We have checked with the state, and they do have an option for a waiver, that clubs can submit, to be allowed to file by paper. We have posted a link to the form, along with some suggested text, on our web site at:


There are also links in the tax printer user guide, and on the generated forms page for the AZ state tax printer.
thanks 1 user thanked sean for this useful post.
utpb22 on 2/5/2021(UTC)
#4 Posted : Monday, February 8, 2021 9:04:53 PM(UTC)

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On the topic of brokerage firms, the January 2021 issue of AAII Journal has an article comparing 18 broker options, including some app only based choices.

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