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The main takeaway from the article: Brady plans every detail of his life so he can play football as long as possible, and he'll do anything he can to get an edge. He diets all year round, takes scheduled naps in the offseason, never misses a workout, eats what his teammates call "birdseed," and does cognitive exercises to keep his brain sharp. Brady struggles to unwind after games and practices. He's still processing, thinking about what's next.

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Presented to the SCCA race physician who has made the greatest contribution to racing during the preceding year. Snively, M. Benedict, M. Norris, M. Ginardi, M. States, M. Ward, M. Lee, M. Hume, M. John Blizzard, M. Presented to the SCCA racing enthusiast who has done the most in the past year to promote motorsports, both nationally and internationally. Hill - M. Corwin "Bud" Miller - Don P. Shoenert - Alfred T. Momo - Frank Bott - Arden V. Dayton - Not Presented - William C.

McCorkle, Jr. Foerster, M. Presented to an SCCA worker who displays unusual courage while exposed to danger. The winner is chosen by the Club Racing Board. Originally presented by the San Francisco Region until , this award is for outstanding contributions to safety in motorsports. Terry Trammell M. David Badger - Not presented - Dr. John Melvin - Dr. Joseph W. Menu Programs Teen Driving Program.

Road Racing Awards. President's Cup. Jim Fitzgerald Rookie of the Year. John McGill Award. Workers of the Year. Kimberly Cup Most Improved Driver. Mark Donohue Award. David Morrell Memorial Award. Val D. Scroggie, M. Memorial Award. The stories go on and on. Not one of the groups invented the raid.

Everyone has an exploiter in their dna. And everyone has an overcoming victim in their dna. My updates appear much better. All the ancestors I find are German. Now I am almost totally Germanic Europe. Older version had me all over Europe and some Turkey. Terribly confused. My husband says that his grandmother was full blooded Cherokee Indian although her maiden name was Luttrell which is French.

Texas areas. That information is accurate as my grandfather is from Mexico. Beliefs are much different than facts — old family stories cannot be relied upon. I think that people, in general, want to envision their roots in some exotic way — and then the truth hits when the DNA comes back. I notice that you feel your results are more accurate and so you are defending the results lol.

I wonder how you would feel if it changed and all of YOUR research turned to shit over night. Export the data to myheritage, ftdna, gedmatch and dna. My original ancestry estimate made sense mostly British as most of my roots are from old New England except for the higher than expected Scandinavian that I figured was part of the influxes of Danish etc. I can accept my British going down a bit and Western Europe going up as Britain was definitely a melting pot and it might be hard to differentiate that mixing.

However, my Greek ancestry of approximately 25 percent should still be there. How can we trust any ethnicity estimates, even when they now seem correct? I cam here also because of my Ancestry DNA results change that made little sense-. Very odd. Does not make sense on how South Europe turned into Persian. When I first saw the note my results for revised I thought they would break it down into more specific areas in the Caucasus region or s.

Instead it switched continents. The new northwestern Europe is blurred. What happened to the southern European percentages? Any casual observer would say that my dad and grandmother , uncles, are southern European. How could Scottish and British, for example, have such dark eyes, olive complexions, with such thick wavy hair?

Otherwise it would have been a lie to start with. The pool became tainted over the last several years. Millions of new migrants flooding into Europe are changing the pools. As far as the Scandinavia results go, they spread their genetics so much into all the areas surrounding Scandinavia that im sure an accurate result cant be reached. Which is BS. My grandmas family literally came from Spain after living there for countless generations. I kinda feel like Ancestry dropped the ball big time.

Literally it says like everyone. The problem is Ancestry is using an untested algorithm. They should have rolled out the larger reference populations first, then rolled out the algorithm in a separate beta and compared the changes.

It matches my paper trail. Imagine that. Did it ever occur to you that the people showing African actually have African ancestry? What a crazy idea, especially in America where white men raped black women continuously for about years. It sounds like you just have a problem with people of color since you think migrants are tainting Europe. You forget the Moors invaded Spain and the Moors carried with them to a large degree African and Middle-eastern bloodlines.

I have found the latest update of of Ethnicity Estimate less plausible. However there are areas where people have very homogenous DNA indicating little movement of these people and little influence from those outside of this. Welsh DNA has been found to be homogenous sharing similarities with the Basque. Looking at my family based on births, deaths, and marriage records going back to it seems they remained in a small area in Wales.

There is Welsh on the other side of my family also. I think the large groupings that Ancestry have used simply subsumed the discrete Welsh DNA: It may have removed noise but also reduced sensitivity. I will continue to review updates but also review latest in depth research as my interest in DNA and ancestry continues. York used to be a part of the Viking empire in the isles and was known as Jorvik at one time for nearly a 30 year period.

It cannot be considered the epitome of English blood-lines! Everything else is gone. What in the world is going on with your system Ancestry? Both of my parents may have a lot of French, but there is no way I am that much. Great Britain and Italian are on my mom while Irish is on my dad. I'll see what 23andMe has to say about this.

I also find the ancestry. Previous results matched quite closely to my research. If they had upped the Swedish or Norwegian aspects , I might have been fooled, as these groups did make their way around Europe. The Finnish? Hard to explain, except that ancestry. My new results are ridiculous. I now have no idea what I am. All of my records including my last name and many last names in my tree, are German. On one side is English too, but the closer ancestors most recent were German.

Hot headed ones. My father was as genealogist and professor before he died in His family was Cherokee and Creek Indian with relatives that we had on reservation in North Carolina and I do have his records showing membership to the Cherokee Nation as well as his Aunt. And before anyone who obviously works likely for Ancestry.

I feel this will become a problem further for Ancestry. I will however not be subscribing or recommending Ancestry. Unfortunately, with no detectable Native American, that can only mean that it was very far back, or was not there. Native American DNA is one of the most detectable origins at all the testing companies. The bigger issue, though, is expecting ethnicity estimates to be final and accurate.

The science of ethnicity estimates is VERY early and still developing, and has numerous known limitations the biggest being the current paucity of reference populations. The estimates we have today will continue to be refined and changed as new populations are tested and algorithms are refined.

You think you have it bad, try being of African or Asian ancestry! Their estimates are incredibly high level and notoriously noisy. With pause, my 2ndGreatGrandmother that all 4 of us have in common, was of Italian descent but not sure where exactly from -yet. Multiple angles to demonstrate my Italian ancestry….

Wow, so Disappointed with the Lumping Part.. Really bad update. New results wiped out all my German ancestry. All noise also eliminated. All my great grand parents were born mainly in Germany, the rest Ireland. This new update needs some refinement because its way off.

I was very pleased with the 23 and Me updates. They were very specific. I knew from genealogical records where my Swedish ancestors came from and the update was able to pinpoint exactly their county of origin in Sweden. Likewise, their U. I feel like i wasted a bunch of money on this…. I think what confuses me the most is how so VERY different the results are in the update…. I agree. I am definitely not wasting any more money on any more tests right now either.

How can almost one third of my DNA heritage be just background noise that needs to be filtered out?? Ancestry DNAs New update does either filter some important facts or they are building too big common regions in their map. Or they simply have problems with south-european DNA…. I have brown eyes and dark hairs with ability to easily get suntained. How can this not be associated with some percentage of south european traces?

Especially if Gedmatch. The growth of Irish percentage surprises a bit. And this data might help me a bit. You got amazing updates. Maybe in the future, you get more details about your Northwestern Europe race? Treat any subsequent ethnicity updates that you receive as informational supplements, and no more.

I know that this method was used by students to compare gene drift in Australia. This is a simple method of pairwise sequence comparison without deletion and gene inversion. I found such a tool on the NSBI. You can compare several groups of sequences of different ethnic groups.

Any others with questions there recently? Mine was larger than expected in the first version, and is still rather large equivalent to a grandparent, roughly even after going down. This is interesting because another company and an academic site that will run our raw data seem to have this portion for me as southeastern Europe or Mediterranean. PS I cannot answer to the paper record backing this up or contradicting.

I had the Dna test done my great grandparents on my mothers mother side where born in Germany they were Ashkenazi jews they are buried in a jewish cemetery. Yet there is nothing saying it her father was Polish and lithuanian my father.

Your email address will not be published. Enjoyed reading your account of updates re DNA results. Thank you. However, neither of my two children have any Italian DNA. Can you explain how this is possible? The new ethnicity estimate makes much more sense to me that the old one. Mike H. I have a feeling this detail is broken or in progress.

He never said you could. Please write Ancestry at to voice your concerns: Ancestry. Traverse Parkway Lehi, Utah If both Previous Results and the Update are accurate but presented in different ways that needs to be stated. Really lousy update. Or they simply have problems with south-european DNA… I have brown eyes and dark hairs with ability to easily get suntained.

Martin, Bavaria, South Germany. Thanks, all. Leave a Reply Cancel reply Your email address will not be published. This website uses cookies to improve your experience. Click to Accept or Opt Out. Accept Reject Read More. Necessary Always Enabled.

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At least they found and kept my native line. My new estimate makes absolutely no sense. And both my children ended up with several ethnicities not present in either my profile or that of my wife. Actually, the whole DNA testing process is…let me explain. My parents have spent countless hours doing proper genealogical research, going state to state, courthouse to courthouse, grave site to grave site. They have copies of birth certs, death certs, marriage certs and immigration records.

But mine have taken a turn. Where did this come from? We are literally talking about thousands of years of people having sex… Records from the close past on immigration are not a substitute for DNA results. I was not expecting that as a mixed Canadian. Waste of my money. I understand the changes can be frustrating but it seems like a lot of people here would be better off considering that there might be misattributed paternity in their family trees rather than blaming Ancestry.

I completely agree. This changes everything when looking at ethnicity. I now have Scandinavian and Norwegian when before I had none, and my background noise of Middle Eastern and Ashkenazi Jewish have disappeared. Ditto on that one! Tons of adoption and infidelity in my tree. I think that this DNA testing has created a massive identity crisis for those who may have believed their family stories.

People create a narrative for who they think they are, or want to be, and that bubble explodes when the DNA tests come back. Yet Ancestry feeds some more raw numbers into a computer and wipes out my paternal line completely.

Ancestry is on the way to destroying itself by data error—now garbage in, garbage out. I attribute it to Autosomal ancestry testing being a pseudoscience. The only thing it can accurately do is match close relatives. Give 5 identical samples to separate companies and prepare for totally different results, that in many cases wildly differ.

In particular, highly admixed ethnic groups are getting loopy and inconsistent results. You cannot determine misattributed paternity from an ethnicity estimate. You can only use matches for that. And the changes are frustrating for a lot of people because their previous results matched their genealogical research and the new ones are wildly different.

My DNA changed significantly and now makes no sense. I have not found one German surname in the past years in any of my generations. They are from Great Britain, Sweden and Poland. I have written Ancestry asking for an explanation. I am not happy with this at all. If both Previous Results and the Update are accurate but presented in different ways that needs to be stated. If new users get results based on the Upgrade format I think there is a good chance they will receive erroneous results.

I was going to have my cousin test but not now. Why bother, they already scammed us out of our money. The new update is a total scam. Save your money folks…. I was contacted approximately a week ago saying that methods were changed. About this same time a news article appeared describing a similar heritage dna result was not accepted by federal government. Individual was denied federal assistance for minority business owners.

Case has gone to court. Was my change in heritage due to new techniques or to avoid potential court case? Dicey waters. Europeans are now genetically distant from people living in the modern Caucasus region. Caucasians are significantly more Asian shifted than Europeans. Interesting comment about Caucasians not being from the Caucasus mountains. The world has seen many dna raids of real estate. Bantu speaking Africans migrated toward Congo and raided East and South from there.

Norsemen raided Britain and Europe. Arabs raided Persia. Brits raided North America. Turks raided Anatolia. Japan raided China. The stories go on and on. Not one of the groups invented the raid. Everyone has an exploiter in their dna.

And everyone has an overcoming victim in their dna. My updates appear much better. All the ancestors I find are German. Now I am almost totally Germanic Europe. Older version had me all over Europe and some Turkey. Terribly confused. My husband says that his grandmother was full blooded Cherokee Indian although her maiden name was Luttrell which is French.

Texas areas. That information is accurate as my grandfather is from Mexico. Beliefs are much different than facts — old family stories cannot be relied upon. I think that people, in general, want to envision their roots in some exotic way — and then the truth hits when the DNA comes back.

I notice that you feel your results are more accurate and so you are defending the results lol. I wonder how you would feel if it changed and all of YOUR research turned to shit over night. Export the data to myheritage, ftdna, gedmatch and dna. My original ancestry estimate made sense mostly British as most of my roots are from old New England except for the higher than expected Scandinavian that I figured was part of the influxes of Danish etc.

I can accept my British going down a bit and Western Europe going up as Britain was definitely a melting pot and it might be hard to differentiate that mixing. However, my Greek ancestry of approximately 25 percent should still be there. How can we trust any ethnicity estimates, even when they now seem correct? I cam here also because of my Ancestry DNA results change that made little sense-.

Very odd. Does not make sense on how South Europe turned into Persian. When I first saw the note my results for revised I thought they would break it down into more specific areas in the Caucasus region or s. Instead it switched continents. The new northwestern Europe is blurred. What happened to the southern European percentages? Any casual observer would say that my dad and grandmother , uncles, are southern European.

How could Scottish and British, for example, have such dark eyes, olive complexions, with such thick wavy hair? Otherwise it would have been a lie to start with. The pool became tainted over the last several years. Millions of new migrants flooding into Europe are changing the pools.

As far as the Scandinavia results go, they spread their genetics so much into all the areas surrounding Scandinavia that im sure an accurate result cant be reached. Which is BS. My grandmas family literally came from Spain after living there for countless generations. I kinda feel like Ancestry dropped the ball big time. Literally it says like everyone. The problem is Ancestry is using an untested algorithm. They should have rolled out the larger reference populations first, then rolled out the algorithm in a separate beta and compared the changes.

It matches my paper trail. Imagine that. Did it ever occur to you that the people showing African actually have African ancestry? What a crazy idea, especially in America where white men raped black women continuously for about years. It sounds like you just have a problem with people of color since you think migrants are tainting Europe. You forget the Moors invaded Spain and the Moors carried with them to a large degree African and Middle-eastern bloodlines. I have found the latest update of of Ethnicity Estimate less plausible.

However there are areas where people have very homogenous DNA indicating little movement of these people and little influence from those outside of this. Welsh DNA has been found to be homogenous sharing similarities with the Basque. Looking at my family based on births, deaths, and marriage records going back to it seems they remained in a small area in Wales.

There is Welsh on the other side of my family also. I think the large groupings that Ancestry have used simply subsumed the discrete Welsh DNA: It may have removed noise but also reduced sensitivity. I will continue to review updates but also review latest in depth research as my interest in DNA and ancestry continues.

York used to be a part of the Viking empire in the isles and was known as Jorvik at one time for nearly a 30 year period. It cannot be considered the epitome of English blood-lines! Everything else is gone. What in the world is going on with your system Ancestry? Both of my parents may have a lot of French, but there is no way I am that much. Great Britain and Italian are on my mom while Irish is on my dad. I'll see what 23andMe has to say about this. I also find the ancestry. Previous results matched quite closely to my research.

If they had upped the Swedish or Norwegian aspects , I might have been fooled, as these groups did make their way around Europe. The Finnish? Hard to explain, except that ancestry. My new results are ridiculous. I now have no idea what I am. All of my records including my last name and many last names in my tree, are German. On one side is English too, but the closer ancestors most recent were German. Hot headed ones. My father was as genealogist and professor before he died in His family was Cherokee and Creek Indian with relatives that we had on reservation in North Carolina and I do have his records showing membership to the Cherokee Nation as well as his Aunt.

And before anyone who obviously works likely for Ancestry. I feel this will become a problem further for Ancestry. I will however not be subscribing or recommending Ancestry. Unfortunately, with no detectable Native American, that can only mean that it was very far back, or was not there. Native American DNA is one of the most detectable origins at all the testing companies. The bigger issue, though, is expecting ethnicity estimates to be final and accurate.

The science of ethnicity estimates is VERY early and still developing, and has numerous known limitations the biggest being the current paucity of reference populations. The estimates we have today will continue to be refined and changed as new populations are tested and algorithms are refined. You think you have it bad, try being of African or Asian ancestry! Their estimates are incredibly high level and notoriously noisy.

With pause, my 2ndGreatGrandmother that all 4 of us have in common, was of Italian descent but not sure where exactly from -yet. Multiple angles to demonstrate my Italian ancestry…. That is what is funny about Fidelity. I can have buy fixed-to-floating preferreds when they come out with their temporary tickers, and pay no commission.

But once the permanent ticker comes online, I can only sell them, and cannot purchase more of what I already have. It makes no sense whatsoever. But I guess it does not have to. In any case, I can then have an account at TD to buy fixed-to-floaters and keep mine at Fidelity for other things such as temporary tickers or other investments.

The limitation on Fix-to-Float that Fidelity imposes is frustrating; it works pretty well otherwise for everything else I need. Now using Vanguard, as my old mutual fund IRA there was quickly converted to a brokerage account. Able to buy BBs and F-F without difficulty so far.

Vanguard may be another option, yes. Anybody has any experiences good or otherwise with Interactive Brokers? BTW, thanks for all the help. In the case of an IRA, custodians, not investors, are responsible for filing the return. Others charge punitive fees. This is Vanguard new policy:. Schwab did right by me. Merrill has been down for more than 2hrs.

No explanation to be found thus far… Typical Merrill. Merrill was down from the open to about Eastern. Embarrassing and expensive to some customers. Also worth a mention that IBKR gives you a fully functional monopoly money account with a million dollars. You can test drive all the features before you put in real money. Bob — since you seem to be familiar with IBKR functionality, can you shed some light on their pricing? I have looked at the info on their website but I am confused. But that fee is waived if you make enough trades each month.

You will have to fill out a questionnaire each year to certify you are not a professional money manager. Tex, I had looked at their pricing maybe over a year ago now, and I recall that the minimums were waived if your account was above a certain size but I can not find that in their current pricing. Did they do away with that? Is that right? Kapios, I think the fee waiver is based on how much trading commissions you generate each month, independent of account size.

For stocks that would be about 6, shares. Since you never know exactly how much you will pay per bond trade, it could be less. I have not heard of anyone that got charged an outrageous amount for any data on IB. One click. It is sufficient for my needs but perhaps not yours. Tex has it right in that the pricing structure favors high balances and active trading.

For Pro anyway. For some of what I want to do there is no reasonable alternative or no alternative. For you, it may or may not make sense. The basics. Plus they have a separate mobile platform. I do all of my trading through WebTrader and only use Portal for administrative functions but it does have good trading functionality.

Pro gives you a few more capabilities but not many. Pro charges commissions albeit low , and gives you better margin rates and higher interest on cash balances. Lite gives you commission free trading on U. You pay commissions on just about everything else as with other brokers but, again, rates are good.

Not a biggy for me but takes some getting used to the look and feel. Telephone support is not their strength. Waits can be lengthy and the support person you reach may not be in the U. But they do know their stuff. Offsetting the weak telephone support is a robust online help system and a very responsive email inquiry system.

The amount of online help is extraordinary and will answer just about any question you may have, other than account specific questions of course, for which I use the email system. You just have to look for it. No OTC trading. Access to trading markets.

This is the key one for me. London, Paris, Tokyo, Sydney, Toronto, whatever you want to trade. For me, the initial attraction was the ability to trade Canadian preferred directly on the TSX. OTC tickers. And you will have no problems with off-limit tickers Vanguard, for example, will only trade about a quarter of the available tickers , no execution problems, and no foreign trading fees. IBKR also gives you access to most Capital Securities, meaning bonds and preferred that are not exchange traded.

Not by calling the bond desk, not at the bond dealers take-it-or-leave-it ask price, but at a limit price that you input online. But they do have 5 non-exchange listed issues that can be bought through IBKR. Easy currency and currency futures transactions. Even if what you want to do is just old-fashioned currency speculation, you can trade in and out at IBKR at very tight spreads and low commissions.

Lots of online seminars and videos. Good if you are new to IBKR or new to some aspect of trading. Ease of trading. Very fast to enter orders, especially repeat orders, as you might do buying an issue shares at a time all day long. Many of the trading defaults number of shares, warnings, etc. Outstanding statements.

Incredibly detailed statements and the ability to customize just about any aspect of a statement. Low margin rates. By far the lowest among retail brokers, but not as low as institutional brokers. The trading platforms never crash. Never slow; never down. IBKR has all the usual administrative functions available online and few more that are rarely seen. One can convert from Pro to Lite or vice versa online.

You get notified when positions are about to go from short term to long term. Very useful feature for tax based trading i. I have 2 IBKR accounts, using 1 for Canadian trading only makes the book keeping easier for me and a 2nd account for everything else. Very helpful, Bob… Thanks very much for posting.. Bids may be rejected as not being enough shares. I have only made 1 sale of a capital issue on IBKR and that was for 10 shares and it took a couple of days to execute all 10 because I had a high price on it.

There are quite a few corporates that had 1 or 2 minimum specified at IPO, but the dealer specifies a minimum order size of or So IB requires the or to place the order. The variable that you cannot control is who the selling dealer is. Each dealer seems to have a different commission schedule with IB. IB will show you what the margin percentage is when you first place the order. That percentage is only applicable to the quantity you ordered. This is more of an issue on munis than corporates.

The higher the quantity you buy, the higher the margin percentage might be. It is complicated and IB does not publicly disclose the algorithm they use to calculate the margin requirement. So if you buy a very small percentage of the float, your margin rate will be stable. IB can and does change the margin requirements with minimal notice and you have no recourse. Broadly speaking they increased all corporate and muni margin rates since the March sell off.

Thanks for the added color, Tex….. It will show ask and quantity, bid and quantity, and last and quantity. I then input any price and quantity I want. Same as buying exchange listed preferred. And without sitting on the phone for 30 minutes. In general you are allowed to put in a lower bid price than the ask price. If your order is to buy 50 pieces, Fidelity makes the order minimum and maximum 50 pieces.

So if someone wants to sell say 10 pieces at your bid price, the order will NOT be filled. IB lets you put in any bid price you want, regardless of the ask price. The risk is that you fat finger a buy price. Say there are 50 bonds offered at and you want to enter a 99 bid, but type in You just bought them at If your buy order is for 50 pieces, IB will allow it to be filled at any quantity from the minimum up to The minimum might be 1 or 2 for corporates and is typically 5 for munis.

You never know for sure how many will get filled until the order goes through. On munis, it is common for IB to show 2X to 3X the bonds available than are real. If IB shows 30, there might be 10, 15 or 30 available. This is less of a problem on corporates. IB in general will let you place corporate bond buy orders even if none are listed for sale. Fidelity will NOT let you do this. In general, IB will NOT let you place a muni bond buy order if none are showing for sale, which is the same as Fidelity.

Bob, I just tried the State Street Cusip you provided. Fidelity does not show any offered up and therefore will NOT let you place an order. IB shows 80 bid IB will let you enter an order for quantity of 1 on up. Not sure. This may not be the best day to be asking a question like that of Fidelity, Bob, at least not if everyone else is having the same problem I am experiencing…. Please try again later or call Fidelity at I have not called the desk and will just wait to see if problem is resolve by tomorrow.

Tex — ty for the info. This is State Street we are talking about. A-rated debt, BBB-rated preferred. A Low risk non-bank bank. F2F, but then almost all institutional preferred are F2F. Without a phone call. No luck on the Prospect issue….

IB also lets you do OPG orders, which means in essence to execute as close to the market opening as possible subject to your limit. In other words, they go to the front of the cue, ahead of day, fok, or gtc orders. Are others having similar experiences recently?

We are not able to reverse this charge, because it is not charged by TD Ameritrade. It is a pass through fee, charged by the transfer agent who handles the dividends for that stock. A foreign tax withholding fee is charged at the discretion of the company, and will not necessarily be applied to every dividend. It may be applied for every diviend, or it may be applied only once a year.

What you should ask them is whether this is a permanent change as a result of the merger, or a one-off. The answer lies in the US-Mexico tax convention. It is NOT at the discretion of the paying agent. If you can show them there should be no withholding they will get the paying agent to back off.

Turns out the paying agent was JPM. Greg, is this a case of your having benefited in the past from TDA not applying the rule correctly? Also, is the holding in a taxable account? If so, you can claim it back at tax time apologies in advance if you already knew that. It should produce a qualified dividend but Schwab will list as non-qualified. What you will loose financially by Schwab not reporting QDI correctly will overwhelm whatever you pay in commissions. The Fed released its statement on the deal at 5 p.

The full integration of the two firms — which announced the transaction 10 months ago — should take 18 to 36 months to complete after the deal officially closes. I never had a big Schwab account and what I had I have been draining ever since the problem with tax treatment of dividends.

The other brokerages I deal with got the tax treatment right most of the time and when they got it wrong they corrected the problem. They took my calls, researched the issue, and fixed the mistake, none of which Schwab did. I do not look upon the acquisition of TDA by Schwab as a positive.

TDA also get taxes right. I would be doing ten times the business with TDA that I do presently if not for the overhang of the Schwab acquisition. Not sure what that means, but no doubt there will be changes, for better or for worse. The longer the better in my mind. Yeah, I asked my TD guy about that, a few months ago.

At the time, he had no idea what was going to happen. Is there a way to get private messages on this board? Forbes has a nice writeup on how Robinhood makes money and was the first brokerage to offer commission free trading. This is where large algorithmic trading firms like Citadel and Virtu pay brokerages for their orders. They pay Robinhood 1. Obviously Citadel and Virtu think it is profitable to buy the orders from Robinhood. I am guessing you would have less limit orders filled for the low liquidity preferreds we discuss around here.

Robinhood has added 3 million new customers this year, far more than the other brokerages. The tone of the article is negative on Robinhood. Personally I do NOT have a Robinhood account, but if you are considering opening one, the article is worthwhile. As we look ahead, we intend to thoughtfully combine the great capabilities, tools and service at both firms to provide a unified, world-class trading experience for clients. As we look ahead, we intend to thoughtfully combine the great capabilities, tools and service at both firms to provide a unified, third-world-class trading experience for clients.

And my positive cash balance is not included in the former, but supposedly is included in the latter. Schwab says this has something to do with current prices vs. I say pick one and stick to it. Yes, very confusing to say the least. These variations in value seem to have worsened with the last upgrade of StreetSmartEdge. In March, the site was down for almost two days, just as stock prices were gyrating because of the coronavirus pandemic.

Plaintiffs who have sued over the outage said Robinhood had done little to respond to their losses. Unlike other brokers, the company has no phone number for customers to call. Tex comment: Not a pretty picture for RobinHood or Schwab on outages, but at least at Schwab you can call somebody and vent your frustration. They will not be able to get the platform back up but will be sympathetic.

First Energy just reclassified their last 2 dividends of last year out of nowhere. So anyone who owns it in a taxable account may get a corrected soon. This is BS. So much for the quick flip. That is standard procedure at TDA. It happens once in a while and is a tad irritating, but how can the call be instituted properly if the holders start selling off their shares? Look at it from their point of view. The segregating of shares do not require preventing the ticker from being traded.

It should be an overnight process after 8pm before 4 am while the market is closed separate out all the shares being called and leave the uncalled ones as freely tradeable. Qwest Corporation, 6. Anybody own XYF? They reported it as non-qualified, but it is qualified. The prospectus is fair. There is nothing indicating that they expected them to be qualified. But considering the nature of the assets held I would think that if one could unravel the thing you would find the divis are indeed unqualified.

In most cases, the brokers actually depend on third parties to establish the tax character of distributions. The qualified status is based on the fact that it trades on a recognized securities exchange. They hedge the qualified status like everybody else because besides the exchange or treaty test, there is a holding period test as well, which is obviously unique to each investor.

Trading on a recognized US exchange is not the only test. The principal tests are the underlying nature of the distributions and the tax characteristic of the payer. I did not do a deep dive on this security but a quick look did suggest to me that the distributions would not be qdi, even if it were a US entity. But go for it if so inclined. But do the rest of us a solid and let us know the details and the outcome so we can learn from your experience.

Tax treatment of foreign payments is often a crap shoot. In most cases I know what the tax treatment should be but it often gets reported incorrectly on monthly statements or more importantly s. My experience is that sometimes the fix is readily made and other time Schwab it will never be done. Lastly, I do point out that brokerages will often report dividends as non-qualified if recently purchased and flip them to qualified later.

In a notice to investors, TIAA said it plans to temporarily waive fees on a pair of money market funds. TIAA added that it cannot renew the waiver after the end of Below is the message I placed in the comments section. Feel free to use and send to Fidelity:. I trade a lot of preferreds.

Fidelity makes us call the bond desk to trade many of these preferreds, mainly fixed to floating…. Marcus Goldman Sachs dropped their MM rate to 1. No penalty CD is still 1. Or 1-year CD is 1. My preference has always been for Fidelity because of their platform, easy to understand tax reporting and excellent cash sweep. But the sweep is now less attractive with rates around zero although one can get.

Anyway, my big beef with Fidelity is their aversion to FTF preferreds. JP Morgan is offering a nice bonus to move money there. Retired, I transferred some money to TD last year and got a bonus…And forgot about it.. Well until I was reminded on my brokerage forms I downloaded into Turbo.

Well they didnt forget, and Uncle Sam got his cut from it also. Are you talking about You Invest or their managed accounts? One advantage is if you want premium checking you can use your brokerage balance as part of your required minimum. Thanks for the analysis. We often forget the benefit of price improvement. Can I ask about your experience with youinvest from JP Morgan? Are you able to read research from JP Morgan? I tried calling them, the guy I spoke to did not seem to understand my question at all.

Brokers monitor what they can through data feeds from vendors. There is no thinking or common sense at all behind it. The NYSE has reporting standards. The pink sheets do not. A typical broker has , securities on their books. Remember that the way you can tell if a security is delinquent on their filings is that the ticker symbol changes.

I use Schwab and will just say I have a boatload of money with them all of my assets but I find their service horrendous. Several times now just lately they have really dissapointed me greatly. So if you feel you get top notch service and great research plus new bond offerings without getting shut out of deals I would love to hear from you.

Merrill, blocked my access to my accounts for the 2nd time in 2 months. I sold some of my sock drawer issues to free up cash for investments. I did this in early March. A few weeks later they audited my trades and blocked my accounts because IPWLK is considered low price is what they said. After 3 days i talked to 3 people and they unlocked my accounts in Mid March. Yesterday they locked my accounts again because they did another audit another auditor found the same transactions and froze my accounts again.

This is day 2 and my accounts are frozen, and already talked to 2 people. No alerts, no communication, no phone calls, and they have auditors that are shutting off accounts with no communication. Better yet, they are auditing stuff that took place in 1st week of March. They have no guarantee a 3rd auditor will come along and shut my accounts off again for the trades that happened in March. After talking with a guy today..

If you sell them not buy them … at some point in time in the next several weeks and auditor will find it and shut off your accounts. After the 2nd call today my accounts are still frozen they have apologized a dozen times, but said there is not a lot they can do. It is in the hands of auditing and they set the rules.

So i have begun the process of transferring a few million dollars out of Merrill. I cant deal with this any longer. Did i break any SEC rules? We have policies that are in place that are not communicated to clients. We have auditors that follow those policies and act upon them. Why dont i get an email?

Why dont i get a text message when my accounts are disabled? They wanted me to call them when i do a trade so they can help with this process. You are already helping me and it is day 2 and you cant unlock my accounts. Last time it took 1 week with me calling in every day. This is all recorded… and i thanked them for their time, and said, i will begin the process of liquidating my accounts.

L thank you for sharing. What did they mean by the trades were low priced? My fear is which broker is maybe a sitting time bomb. Believe me, they probably were not the only brokerage affected. Charles, I asked 2 guys that same question. So then i asked him, you think low price means penny stocks or cheap stocks?

Then I asked him, do you think this is a cheap penny stock? Both of these guys are assigned to platinum accounts. After these 2 incidents… I am thinking platinum doesnt mean a thing at all. My next comment was that this was a preferred stock and was issued over 20 years ago, so this is no fly by night shop, and the questions was: Do you know what a preferred stock is?

I think both of them are customer friendly, can speak on the phone, and that is probably why they have their jobs. Lucky, Its not surprising they only vaguely know what a preferred stock is. I have ran into a retired brokers past years on golf course and they had no understanding of them either. And never missed a payment.

The problem is the suits confuse, pricing, volume, size, and trading market with a blanket policy. Which is immaterial because all the financials are there just like any others because the holding companies report them as that is what the holding company really is in the first place. Here is an example of Ameren doing this in before subsequently delisting more after there other acquisitions were consummated.

And its financials are certainly not any more robust…And if you look at the pricing of today, it is more volatile than these are. But you cant fight city hall, and these problems will continue because of their own catch all lazy procedures. Gridbird…not surprised that the retired brokers you have met did not know much about preferreds. I was about the only one in my office who did much investing in them.

And heck…even I had never heard of many of the obscure issues you know about. The firms had contests with prizes for those that sold the most. Brokers loved to sell those…. But wait…there is a new closed end fund on offer…. Fortunately this nonsense pretty much dried up after the 90s.

Retired, Im not so sure your old method wouldnt have been a bad one. You just collect the dividends quarterly and give no other thought to it. As you wouldnt be worried about how they were trading because preferred stock prices in the daily newspaper were not shown anyways.

In fact, I bet they rarely traded at all back then, being what they were and no real active conduit for trading at the retail level. It was just an annuity with some residual value for the next of kin if they want to figure out how to sell, ha.

Though never really a student of preferreds back then, or now for that matter, I knew enough to wonder why anyone bought a new issue preferred…. So, if the fund looked interesting, it seemed always to make more sense to wait to buy it in the secondary. Those little contests must have worked well, RB! I think your post confuses preferreds and closed end funds. Not worse than I think, worse than I write! Thanks for pointing out my morning fog on both points.

Well nuttin I can do about it now, except look stupid….. To put some context around this. It is related to investments where data or liquidity is lacking. It was likely compliance that flagged them. They are and rightly so trying to prevent lawsuits over investment losses. The problem is that these preferreds get lumped in with all the pump and dump stocks because to a compliance system, they have most of the same hallmarks. Justin, having dealt with this as a consumer, its their lazy no brained reliance on catch all screening tools when the slightest bit of common sense could override this.

They try to create a screening tool to solve the problem and it doesnt satisfy on either spectrum. None of your examples are low float, low avg daily volume that could be prone to pump and dump schemes that pop up in otc symbols which compliance is trying to avoid. That being said, I fully understand what your saying…But you havent dealt with losing appeals to transfer securities of these types…I got the online reps on my side and my local broker calling and supporting me…As they actually took the time to listen and agreed with me.

And dont say its all about consistency.. Because on appeal they did allow AILLL to be moved, but that was because it was the only stranded asset left in my Roth transfer. But transfer them? No that is too risky allowing these types to be transferred. What hypocrisy. Hi Justin, I could have posted hours of transcripts.

And that is what auditors do. They ensure compliance with policies that are in practice. Again, he said the auditors are looking at records that have taken place. What form can I sign? What can be done to my account so that it shows I know what I am doing?

I am not sure what these guys know. They probably know something. But I am not so sure they 2 could fight their way out of a wet paper sack on the phone calls I was on. My advice for anyone, is that if you have a job, you should make it a goal to understand all the aspects of your job.

You get passes for a jr member, and or new hires, but make it a goal to learn. Lucky, The only consistency with ML is that there is no consistency. There is a form that you can sign and you will be given less hassle when trading certain illiquids. Sounds like you are already familiar with some or all of this. It makes no sense. I thought they were the best folks ever, up until about 2 years ago when MAJOR changes began to happen.

I only stayed for the free trades, but since that is now a moot point, there is little holding my accounts there. BTW, I echo what Justin says. I knew the seasonal ups and downs and somewhat the market for this stock. TD let me buy it and yes trade it. I was contacted on SA by another reader who implied it was a perfect for buy and sell trades being low cost and low volume.

It had a lot of the indicators of what you say ML would flag a account for, yet TD let me own and trade it. On the other hand I have owned well known companies, with large trading volumes that I was taken to the cleaners on. I have also received letters asking me to join class action lawsuits by ambulance chasers.

If there was no overt crime, I figure I only have myself to blame. It has one big indicator. An NYSE listing. It trades on the NYSE, which has strict disclosure requirements. Those preferreds do not. No broker would ever block an NYSE listed security that was compliant with filings. But see that is where they are screwing up.. IPWLK does have strict reporting standards. They are issued right along with AES the holding company. They are screwing up and thinking this to be a small stand alone issue when it is not.

I have gone through hour-long calls through layers of personnel, to no avail. Walter Wriston famously said many years ago that capital goes to where it is treated best. While he had much bigger things in mind I apply the same concept to where I do my brokerage business. I will be closing out Schwab as soon as my time permits and I will be moving some of my Vanguard holdings to greener pastures.

Take the complaints with a grain of salt, but two takeaways I got was people complained how difficult Merrill made it to move a account. One person mentioned getting sent the wrong paperwork 3 times and another said they took past the 60 days allowed to transfer a K then sent a check instead of direct transfer to new broker so they ended up paying taxes. I am just speculating, not having had this experience before, maybe a few other people could tell us their experiences.

This strikes me as strange. Retired Broker. That was one of the many questions I had for them they could not explain as well. So why let me buy in the first place then? Oh, no they flagged the buy as well, and are probably self-disclosing it to the SRO FINRA as a newly discovered compliance risk related to suitability risk based on your account profile. For whatever reason, you are tripping up the suitability screens.

Did you fill them out correctly as to income, investing length, sophistication, portfolio goal? If you filled it out as conservative investing goal with low risk, those illiquid preferreds are going to light up the compliance screens like a Christmas tree. I suspect Justin is correct here. Also make sure your investing sophistication is extensive.

Also, the Reps couch their answers in different terms based on your investing profile. There is a huge difference between a retired grandmother and a retired grandmother who ran a quant hedge fund.. I think it might be worth while for everyone to contact their brokerage preemptively and ask them to identify any holding that would be subject to such an audit and what the proper procedure would be for selling it.

Lucky, I just queried Merrill about some of the issues you mentioned. Got multiple loads of HS from them. He said if your website access does get disabled, you just call them and they turn it back on after discussing the issue. He said your information was largely false. I called BS on much of what he said.

Bottom line for him was that if you have trouble selling something online, just call in. I have a call in to IR at Oxford to see what they say. There is a record date for when the call is effective. I received proceeds including accrued for shares bot even just 3 days ago…. Why should OXLCO have been treated differently and if for a legitimate reason, how was a shareholder supposed to know based on the documentation announcing the call or any other official document I could find???

The partial redemption mechanism involves a record date which establishes which shares should be segregated. Bruce — Thanks for the effort, but no. I got I own shares that were recently purchased through Schwab and tried to enter an order today and it was not accepted. They told me that only qualified institutional buyers would be able to trade going forward. I snagged some uepeo this morning at But I wondered, vanguard seems to be sometimes letting me place orders without having the cash already in the account.

Does anyone know the limitations of this benefit? Irish, Yes they do up to a certain amount…I dont know the number or percentage because I havent pushed it. I have had 50k out there before. But you have to know ahead of time what you are willing to flip ahead of time, or push cash into account to cover before market close…And dont sell an issue you just bought yesterday as those funds havent cleared.

You will get a nasty email, and potential loss of privelage.

HOW DOES BETTING WORK IN SPORTS

Which brokers treated institutional different than retail? Also, note that brokers can use multiple clearing firms which can cause different treatment across client accts. They have scheduled a hearing for February 18th. Maybe congress can pass a new law that says brokerages cannot limit trading. Does anyone know what is going on at Fidelity? I am only using Ford as an example. I seems to be happening with all the Preferred Symbols I put in.

The search function is garbage at Fidelity. Again, spelling the whole stupid thing usually works. I get around that by pretending to buy something else, then change the stock symbol in the buy menu. Time to take that money somewhere else. Then Fidelity is catching up with Vanguard. Vanguard banned trading in all but a few categories of OTC issues. All of IBKR customers are now net short in position. Question and answer start at 2 minutes in the video linked below.

Our customers are traditionally long the market. So the Robinhood folks are long these options, and IB customers are short these options. But as of yesterday. I contacted Ally. Will stick with TDA. Ally is not a good place to trade preferred stocks. Over last weekend all but five of the least used lists by the way of the lists were deleted and one was duped fourteen times.

Somebody flipped a button in tech and whooooopppps! I am in mourning. Periodically delete the old and just export the new data when I groom the lists. Lesson hard learned…JA. Just a regular account. I keep about nine account linked there so I can do only one logon. I love the Combined Positions Watchlist which combines all linked accounts and positions into one global view.

The Watchlists which I organized from many sources and mental constructs are washed. I suppose this gives me an opp to have a fresh view of my whole construct and neurosis speaking it may be a blessing in some disguise? Maybe it just happened too. The Watchlists seemed to be available in whichever account I was in. I would think there is prob a Global View Linking there too. Want to be ready if Schwab ends up being a vacate scenario. Somehow, it does that reversion normally without losing any additions to lists you may have made since the last save, so that comes in handy.

Not sure it would have saved you, but it does give some backup peace of mind. Also, as you mention neurosis, I could mention paranoia…. To quote Dan Carvey as H. It has worked well this year. Or I have just been lucky. Nothing fancy or exciting. KISS is my motto at this point; not trying to maximize anything anymore. Looking forward to next year except for Schwab taking over my holdings again when I hope to trade less and increase my income even more.

Sorry to have alarmed you with my flippancy, 2wr. But I really do not worry much about being up or down in the market. Here are a few things about me:. Nor do I read when Grid and others take them to task. I have profited greatly from his wisdom and bow to the light within him.

I was down greatly during the March swoon. For example, I watched my overloaded EPD drop from the high 20s all the way to Imagine that. Ten percent was no longer good enough for me. I also made almost six figures trading this year: Illiquids for beaten-down quality liquids and back again. I stayed on the high ground and never once followed Grid into the weeds where he is very agile.

I believe it will last me out. I have led an exciting and satisfying life, a real adventure, I tell ya. I live in a comfortable house in a nice town and drive decent but not showy cars. My only real vice now is drinking very good wine, which I do almost every day. And Lou Gehrig thought he was the luckiest man alive. Only here on III could I ever expect to receive such a wonderful response to an esoteric question…..

Many thanks, Camroc…. Camroc — good philosophy. I am along the same lines. I used to worry more about the portfolio value but now my main focus is income. I do think it is part of human nature to focus on the overall portfolio value but over the years, I have focused less and less on that. Like most people, my portfolio value dropped this spring but even while it did, my projected dividend income really did not change and now the overall portfolio is a bit higher than before.

Now I am 59 and retired early a few years ago and part of what helps me with this philosophy is how I structured my overall portfolio. I did not want to worry about ups and downs in the market before my wife and I started drawing social security. So besides my investments, I committed an amount in CDs and online money markets to basically fund living expenses til I reach And my wife was still working part time she just retired a few weeks ago. Not worrying about the portfolio value allows me to take the long view on things.

Everything in my portfolio earns a dividend. Like you and others, I took advantage of the spring crash, selling some things that held up and buying ones that were oversold — not only on the preferred side but also the common side. My goal has always been to craft a portfolio to generate sufficient income to live off without having to sell investments. If one can do that, you really learn not to focus on the portfolio value. If he knew half as much as he thought he did it would actually be twice as much as he really does know.

I liked poking the pig. He has me blocked off so I cant reach him anymore. If you maintain your watch lists in an excel or text file, you never have to worry if IBKR somehow deleted your lists. Separate from that, IBKR lets you back up your settings to your local box. So even if they deleted your entire setup, you could restore it from the local copy. Trader Workstation automatically saves the last 7 days of setups, so even if you did not manually save a copy, you have some ability to recover.

Unfortunately the stock ticker import function has been broken for the last few software releases, but you can still manually enter them into a tab. Yes, it is a pain, but you should only have to do it once. I have notified them that their software developers broke this function.

I only mention this since you already have an IBKR account. It is not a sufficient reason for anyone else to open an IBKR account. Like all brokerages, there are pluses and minuses. Hopefully the software guys at IB fix that soon. The above will save both the tickers on a page as well as any other formulas, notes, etc, you might have made. I know IBKR had software problems yesterday. No problem. I have need to talk to a broker today, before I am gone until next week.

It would have taken less than one minute to resolve, but the management over there does not set behavioral guideline for their employees. While waiting I emailed a detailed complaint to them as well. I will be interested in their reply…if any. I have had issues with IBKR being a bunch of goombas in a swagger krewe, but this last interaction is completely unprofessional and what is to be expected if you do business with them.

Like DE-Bob has suggested, paper trade their account until you have good command of it. But the timing was certainly terrible. Use the secure email system for questions. Rarely is anything urgent and they do answer the emails within 24 hours. Funny enough they have no problem if I purchase them when they trade on a temporary ticker, but not afterwards. Any recommendations?

Generally speaking, Schwab and TD will let you buy these and most any other preferred you want. And, of course, TD will be merged into Schwab in the next months, so factor that in if you want. Thank you for the info. I have had OTCs purchased through Fidelity and that is generally not an issue, but I am not sure what the status of grey ticker preferreds is.

I will double check with TD. Miguel, Greys are part of the OTC. You will be flying blind being no bid or ask spreads are posted, and pricing can be hard to nail down. Thank you. That is what is funny about Fidelity.

I can have buy fixed-to-floating preferreds when they come out with their temporary tickers, and pay no commission. But once the permanent ticker comes online, I can only sell them, and cannot purchase more of what I already have. It makes no sense whatsoever. But I guess it does not have to. In any case, I can then have an account at TD to buy fixed-to-floaters and keep mine at Fidelity for other things such as temporary tickers or other investments.

The limitation on Fix-to-Float that Fidelity imposes is frustrating; it works pretty well otherwise for everything else I need. Now using Vanguard, as my old mutual fund IRA there was quickly converted to a brokerage account. Able to buy BBs and F-F without difficulty so far. Vanguard may be another option, yes. Anybody has any experiences good or otherwise with Interactive Brokers? BTW, thanks for all the help. In the case of an IRA, custodians, not investors, are responsible for filing the return.

Others charge punitive fees. This is Vanguard new policy:. Schwab did right by me. Merrill has been down for more than 2hrs. No explanation to be found thus far… Typical Merrill. Merrill was down from the open to about Eastern. Embarrassing and expensive to some customers.

Also worth a mention that IBKR gives you a fully functional monopoly money account with a million dollars. You can test drive all the features before you put in real money. Bob — since you seem to be familiar with IBKR functionality, can you shed some light on their pricing? I have looked at the info on their website but I am confused. But that fee is waived if you make enough trades each month. You will have to fill out a questionnaire each year to certify you are not a professional money manager.

Tex, I had looked at their pricing maybe over a year ago now, and I recall that the minimums were waived if your account was above a certain size but I can not find that in their current pricing. Did they do away with that? Is that right? Kapios, I think the fee waiver is based on how much trading commissions you generate each month, independent of account size. For stocks that would be about 6, shares. Since you never know exactly how much you will pay per bond trade, it could be less.

I have not heard of anyone that got charged an outrageous amount for any data on IB. One click. It is sufficient for my needs but perhaps not yours. Tex has it right in that the pricing structure favors high balances and active trading. For Pro anyway. For some of what I want to do there is no reasonable alternative or no alternative. For you, it may or may not make sense. The basics. Plus they have a separate mobile platform. I do all of my trading through WebTrader and only use Portal for administrative functions but it does have good trading functionality.

Pro gives you a few more capabilities but not many. Pro charges commissions albeit low , and gives you better margin rates and higher interest on cash balances. Lite gives you commission free trading on U. You pay commissions on just about everything else as with other brokers but, again, rates are good. Not a biggy for me but takes some getting used to the look and feel.

Telephone support is not their strength. Waits can be lengthy and the support person you reach may not be in the U. But they do know their stuff. Offsetting the weak telephone support is a robust online help system and a very responsive email inquiry system. The amount of online help is extraordinary and will answer just about any question you may have, other than account specific questions of course, for which I use the email system.

You just have to look for it. No OTC trading. Access to trading markets. This is the key one for me. London, Paris, Tokyo, Sydney, Toronto, whatever you want to trade. For me, the initial attraction was the ability to trade Canadian preferred directly on the TSX. OTC tickers. And you will have no problems with off-limit tickers Vanguard, for example, will only trade about a quarter of the available tickers , no execution problems, and no foreign trading fees.

IBKR also gives you access to most Capital Securities, meaning bonds and preferred that are not exchange traded. Not by calling the bond desk, not at the bond dealers take-it-or-leave-it ask price, but at a limit price that you input online. But they do have 5 non-exchange listed issues that can be bought through IBKR.

Easy currency and currency futures transactions. Even if what you want to do is just old-fashioned currency speculation, you can trade in and out at IBKR at very tight spreads and low commissions. Lots of online seminars and videos.

Good if you are new to IBKR or new to some aspect of trading. Ease of trading. Very fast to enter orders, especially repeat orders, as you might do buying an issue shares at a time all day long. Many of the trading defaults number of shares, warnings, etc.

Outstanding statements. Incredibly detailed statements and the ability to customize just about any aspect of a statement. Low margin rates. By far the lowest among retail brokers, but not as low as institutional brokers. The trading platforms never crash. Never slow; never down. IBKR has all the usual administrative functions available online and few more that are rarely seen. One can convert from Pro to Lite or vice versa online. You get notified when positions are about to go from short term to long term.

Very useful feature for tax based trading i. I have 2 IBKR accounts, using 1 for Canadian trading only makes the book keeping easier for me and a 2nd account for everything else. Very helpful, Bob… Thanks very much for posting.. Bids may be rejected as not being enough shares. I have only made 1 sale of a capital issue on IBKR and that was for 10 shares and it took a couple of days to execute all 10 because I had a high price on it. There are quite a few corporates that had 1 or 2 minimum specified at IPO, but the dealer specifies a minimum order size of or So IB requires the or to place the order.

The variable that you cannot control is who the selling dealer is. Each dealer seems to have a different commission schedule with IB. IB will show you what the margin percentage is when you first place the order. That percentage is only applicable to the quantity you ordered. This is more of an issue on munis than corporates. The higher the quantity you buy, the higher the margin percentage might be.

It is complicated and IB does not publicly disclose the algorithm they use to calculate the margin requirement. So if you buy a very small percentage of the float, your margin rate will be stable. IB can and does change the margin requirements with minimal notice and you have no recourse. Broadly speaking they increased all corporate and muni margin rates since the March sell off.

Thanks for the added color, Tex….. It will show ask and quantity, bid and quantity, and last and quantity. I then input any price and quantity I want. Same as buying exchange listed preferred. And without sitting on the phone for 30 minutes. In general you are allowed to put in a lower bid price than the ask price.

If your order is to buy 50 pieces, Fidelity makes the order minimum and maximum 50 pieces. So if someone wants to sell say 10 pieces at your bid price, the order will NOT be filled. IB lets you put in any bid price you want, regardless of the ask price. The risk is that you fat finger a buy price. Say there are 50 bonds offered at and you want to enter a 99 bid, but type in You just bought them at If your buy order is for 50 pieces, IB will allow it to be filled at any quantity from the minimum up to The minimum might be 1 or 2 for corporates and is typically 5 for munis.

You never know for sure how many will get filled until the order goes through. On munis, it is common for IB to show 2X to 3X the bonds available than are real. If IB shows 30, there might be 10, 15 or 30 available. This is less of a problem on corporates.

IB in general will let you place corporate bond buy orders even if none are listed for sale. Fidelity will NOT let you do this. In general, IB will NOT let you place a muni bond buy order if none are showing for sale, which is the same as Fidelity. Bob, I just tried the State Street Cusip you provided. Fidelity does not show any offered up and therefore will NOT let you place an order.

IB shows 80 bid IB will let you enter an order for quantity of 1 on up. Not sure. This may not be the best day to be asking a question like that of Fidelity, Bob, at least not if everyone else is having the same problem I am experiencing…. Please try again later or call Fidelity at I have not called the desk and will just wait to see if problem is resolve by tomorrow.

Tex — ty for the info. This is State Street we are talking about. A-rated debt, BBB-rated preferred. A Low risk non-bank bank. F2F, but then almost all institutional preferred are F2F. Without a phone call. No luck on the Prospect issue…. IB also lets you do OPG orders, which means in essence to execute as close to the market opening as possible subject to your limit. In other words, they go to the front of the cue, ahead of day, fok, or gtc orders. Are others having similar experiences recently?

We are not able to reverse this charge, because it is not charged by TD Ameritrade. It is a pass through fee, charged by the transfer agent who handles the dividends for that stock. A foreign tax withholding fee is charged at the discretion of the company, and will not necessarily be applied to every dividend. It may be applied for every diviend, or it may be applied only once a year. What you should ask them is whether this is a permanent change as a result of the merger, or a one-off.

The answer lies in the US-Mexico tax convention. It is NOT at the discretion of the paying agent. If you can show them there should be no withholding they will get the paying agent to back off. Turns out the paying agent was JPM. Greg, is this a case of your having benefited in the past from TDA not applying the rule correctly? Also, is the holding in a taxable account? If so, you can claim it back at tax time apologies in advance if you already knew that.

It should produce a qualified dividend but Schwab will list as non-qualified. What you will loose financially by Schwab not reporting QDI correctly will overwhelm whatever you pay in commissions. The Fed released its statement on the deal at 5 p. The full integration of the two firms — which announced the transaction 10 months ago — should take 18 to 36 months to complete after the deal officially closes.

I never had a big Schwab account and what I had I have been draining ever since the problem with tax treatment of dividends. The other brokerages I deal with got the tax treatment right most of the time and when they got it wrong they corrected the problem. They took my calls, researched the issue, and fixed the mistake, none of which Schwab did. I do not look upon the acquisition of TDA by Schwab as a positive. TDA also get taxes right. I would be doing ten times the business with TDA that I do presently if not for the overhang of the Schwab acquisition.

Not sure what that means, but no doubt there will be changes, for better or for worse. The longer the better in my mind. Yeah, I asked my TD guy about that, a few months ago. At the time, he had no idea what was going to happen. Is there a way to get private messages on this board? Forbes has a nice writeup on how Robinhood makes money and was the first brokerage to offer commission free trading.

This is where large algorithmic trading firms like Citadel and Virtu pay brokerages for their orders. They pay Robinhood 1. Obviously Citadel and Virtu think it is profitable to buy the orders from Robinhood. I am guessing you would have less limit orders filled for the low liquidity preferreds we discuss around here.

Robinhood has added 3 million new customers this year, far more than the other brokerages. The tone of the article is negative on Robinhood. Personally I do NOT have a Robinhood account, but if you are considering opening one, the article is worthwhile. As we look ahead, we intend to thoughtfully combine the great capabilities, tools and service at both firms to provide a unified, world-class trading experience for clients.

As we look ahead, we intend to thoughtfully combine the great capabilities, tools and service at both firms to provide a unified, third-world-class trading experience for clients. And my positive cash balance is not included in the former, but supposedly is included in the latter. Schwab says this has something to do with current prices vs. I say pick one and stick to it. Yes, very confusing to say the least.

These variations in value seem to have worsened with the last upgrade of StreetSmartEdge. In March, the site was down for almost two days, just as stock prices were gyrating because of the coronavirus pandemic. Plaintiffs who have sued over the outage said Robinhood had done little to respond to their losses. Unlike other brokers, the company has no phone number for customers to call.

Tex comment: Not a pretty picture for RobinHood or Schwab on outages, but at least at Schwab you can call somebody and vent your frustration. They will not be able to get the platform back up but will be sympathetic. First Energy just reclassified their last 2 dividends of last year out of nowhere. So anyone who owns it in a taxable account may get a corrected soon. This is BS. So much for the quick flip. That is standard procedure at TDA.

It happens once in a while and is a tad irritating, but how can the call be instituted properly if the holders start selling off their shares? Look at it from their point of view. The segregating of shares do not require preventing the ticker from being traded. It should be an overnight process after 8pm before 4 am while the market is closed separate out all the shares being called and leave the uncalled ones as freely tradeable.

Qwest Corporation, 6. Anybody own XYF? They reported it as non-qualified, but it is qualified. The prospectus is fair. There is nothing indicating that they expected them to be qualified. But considering the nature of the assets held I would think that if one could unravel the thing you would find the divis are indeed unqualified. In most cases, the brokers actually depend on third parties to establish the tax character of distributions.

The qualified status is based on the fact that it trades on a recognized securities exchange. They hedge the qualified status like everybody else because besides the exchange or treaty test, there is a holding period test as well, which is obviously unique to each investor. Trading on a recognized US exchange is not the only test.

The principal tests are the underlying nature of the distributions and the tax characteristic of the payer. I did not do a deep dive on this security but a quick look did suggest to me that the distributions would not be qdi, even if it were a US entity. But go for it if so inclined. But do the rest of us a solid and let us know the details and the outcome so we can learn from your experience. Tax treatment of foreign payments is often a crap shoot. In most cases I know what the tax treatment should be but it often gets reported incorrectly on monthly statements or more importantly s.

My experience is that sometimes the fix is readily made and other time Schwab it will never be done. Lastly, I do point out that brokerages will often report dividends as non-qualified if recently purchased and flip them to qualified later. In a notice to investors, TIAA said it plans to temporarily waive fees on a pair of money market funds. TIAA added that it cannot renew the waiver after the end of Below is the message I placed in the comments section.

Feel free to use and send to Fidelity:. I trade a lot of preferreds. Fidelity makes us call the bond desk to trade many of these preferreds, mainly fixed to floating…. Marcus Goldman Sachs dropped their MM rate to 1. No penalty CD is still 1. Or 1-year CD is 1. My preference has always been for Fidelity because of their platform, easy to understand tax reporting and excellent cash sweep. But the sweep is now less attractive with rates around zero although one can get. Anyway, my big beef with Fidelity is their aversion to FTF preferreds.

JP Morgan is offering a nice bonus to move money there. Retired, I transferred some money to TD last year and got a bonus…And forgot about it.. Well until I was reminded on my brokerage forms I downloaded into Turbo. Well they didnt forget, and Uncle Sam got his cut from it also. Are you talking about You Invest or their managed accounts?

One advantage is if you want premium checking you can use your brokerage balance as part of your required minimum. Thanks for the analysis. We often forget the benefit of price improvement. Can I ask about your experience with youinvest from JP Morgan? Are you able to read research from JP Morgan? I tried calling them, the guy I spoke to did not seem to understand my question at all.

Brokers monitor what they can through data feeds from vendors. There is no thinking or common sense at all behind it. The NYSE has reporting standards. The pink sheets do not. A typical broker has , securities on their books. Remember that the way you can tell if a security is delinquent on their filings is that the ticker symbol changes.

I use Schwab and will just say I have a boatload of money with them all of my assets but I find their service horrendous. Several times now just lately they have really dissapointed me greatly. So if you feel you get top notch service and great research plus new bond offerings without getting shut out of deals I would love to hear from you.

Merrill, blocked my access to my accounts for the 2nd time in 2 months. I sold some of my sock drawer issues to free up cash for investments. I did this in early March. A few weeks later they audited my trades and blocked my accounts because IPWLK is considered low price is what they said.

After 3 days i talked to 3 people and they unlocked my accounts in Mid March. Yesterday they locked my accounts again because they did another audit another auditor found the same transactions and froze my accounts again. This is day 2 and my accounts are frozen, and already talked to 2 people. No alerts, no communication, no phone calls, and they have auditors that are shutting off accounts with no communication.

Better yet, they are auditing stuff that took place in 1st week of March. They have no guarantee a 3rd auditor will come along and shut my accounts off again for the trades that happened in March. After talking with a guy today.. If you sell them not buy them … at some point in time in the next several weeks and auditor will find it and shut off your accounts.

After the 2nd call today my accounts are still frozen they have apologized a dozen times, but said there is not a lot they can do. It is in the hands of auditing and they set the rules. So i have begun the process of transferring a few million dollars out of Merrill. I cant deal with this any longer. Did i break any SEC rules? We have policies that are in place that are not communicated to clients. We have auditors that follow those policies and act upon them.

Why dont i get an email? Why dont i get a text message when my accounts are disabled? They wanted me to call them when i do a trade so they can help with this process. You are already helping me and it is day 2 and you cant unlock my accounts.

Last time it took 1 week with me calling in every day. This is all recorded… and i thanked them for their time, and said, i will begin the process of liquidating my accounts. L thank you for sharing. What did they mean by the trades were low priced? My fear is which broker is maybe a sitting time bomb. Believe me, they probably were not the only brokerage affected. Charles, I asked 2 guys that same question. So then i asked him, you think low price means penny stocks or cheap stocks?

Then I asked him, do you think this is a cheap penny stock? Both of these guys are assigned to platinum accounts. After these 2 incidents… I am thinking platinum doesnt mean a thing at all. My next comment was that this was a preferred stock and was issued over 20 years ago, so this is no fly by night shop, and the questions was: Do you know what a preferred stock is?

I think both of them are customer friendly, can speak on the phone, and that is probably why they have their jobs. Lucky, Its not surprising they only vaguely know what a preferred stock is. I have ran into a retired brokers past years on golf course and they had no understanding of them either. And never missed a payment. The problem is the suits confuse, pricing, volume, size, and trading market with a blanket policy.

Which is immaterial because all the financials are there just like any others because the holding companies report them as that is what the holding company really is in the first place. The private banks also managed a startling 1, client interactions per day in The rise was driven by higher net revenues in Lending and debt investments, which was offset by slightly lower net revenues in Equity investments.

This was attributed to higher management and other fees. Net revenues in Private banking and lending remained were higher, due to net interest income on mortgages. The fall was attributed to lower net interest income due to lower interest rates.

The total number of financial and wealth advisers at the end of Q4 was 13,, compared with 14, in the prior year and 13, in the previous quarter. Money flowed into its ETFs, equity, fixed income and alternatives. As results start coming in, who in the US dealt the best with Covid? The COVID pandemic was set to adversely affect results from companies in every sector, but how did some in the financial sector fare?

Patrick Brusnahan looks at banks in the US and their luck in the past year during unprecedented events.

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CEO Interview: The future of finance with Walt Bettinger

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CEO Walt Bettinger said: “Producing record operating performance and closing the largest brokerage acquisition in history during the fourth. Schwab President and CEO Walt Bettinger said, "We are very pleased with the a joint statement with CDP, CDSB, GRI, and IIRC outlining a shared vision. Here is a link: richardbudeinvestmentservice.com (11)​Dividends Here is his email address: richardbudeinvestmentservice.comger@richardbudeinvestmentservice.com I received a​.