[classroom] First let me state that this session is sort of like a 101 class, as it seems many are very unfamiliar with investing. Hope it is helpful
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[MsMarple] What is usually required to set up a brokerage account under an LLC?
[classroom] MsMarple The paperwork that is required can vary by investment firm. They will for the most part need new account paperwork and a copy of your LLC
[GlfShopTom] In the event the US government were to "nationalize" banks, would accounts in brokerage houses be protected or would "nationalization" affect ALL deposit accounts regardless of type of institution?
[classroom] GlfShopTom - I am sorry that I am not positive on the answer to that, however I don't see it happening. The investment industry is regulated by finra and the sec
[txgirl] What is a brokerage account and what are the benefits of having one?
[classroom] txgirl - A brokerage account is for housing investments. You would need one if you were to purchase investments such as stocks, bonds, annuities
[russianvodkaman] How do you withdraw money from an LLC?
[classroom] russianvodkaman - That would be up to your LLC document and how it is drafted with your attorney.
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Read More Link on Right
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[MsMarple] What is usually required to set up a brokerage account under an LLC?
[classroom] MsMarple The paperwork that is required can vary by investment firm. They will for the most part need new account paperwork and a copy of your LLC
[GlfShopTom] In the event the US government were to "nationalize" banks, would accounts in brokerage houses be protected or would "nationalization" affect ALL deposit accounts regardless of type of institution?
[classroom] GlfShopTom - I am sorry that I am not positive on the answer to that, however I don't see it happening. The investment industry is regulated by finra and the sec
[txgirl] What is a brokerage account and what are the benefits of having one?
[classroom] txgirl - A brokerage account is for housing investments. You would need one if you were to purchase investments such as stocks, bonds, annuities
[russianvodkaman] How do you withdraw money from an LLC?
[classroom] russianvodkaman - That would be up to your LLC document and how it is drafted with your attorney.
,,
Read More Link on Right
[sfmhi] I have an existing LLC. Could this existing one be used or do I have to create another specifically for "brokerage"? Thank you
[classroom] sfmhi - You would not need to create a new one, as long as those types of investments are not excluded in your LLC
[OWL2] Is there a brokerage account you could recommend for novice/moderate traders? And is there a "limit" to the amount of deposit to that account?
[classroom] owl2 - The type of account you hold depends on the name you set it up under, such as an individual or corporate.
[shar35] Are cash balances in brokerage accounts insured against the default of the brokerage house, and if so, to what limit, and by whom?
[classroom] shar35 - Investment accounts are generally covered under SIPC insurance.
[patientlyw8ng] Is it true that with a brokerage account you can recoup some of your money if you invest poorly and lose it?
[classroom] patientlyw8ng - Not exactly sure of your question, however investments are made at the expense of the account owner.
[Shellbell] What benefit is there to opening a brokerage account rather than some non-interest bearing account?
[classroom] Shellbell - A brokerage account is meant to hold many types of investments and are not limited to 1 sort of investment. They serve a different purpose than just a savings account.
[averysgrampa] if your starting from scratch like me what do I look for in a good broker who’s really looking out for my interests?
[classroom] averysgrampa - That is a great question. Please make sure you have a detailed conversation with whoever you choose to talk to. Let them know what you want from your investments and make sure they are listening to what you need. Please make use of the website www.finra.org it is full of information for investors. Please also ask for references, any valued broker should be more than happy to give them to you
[Blessedby] Good afternoon.
1. When you invest into brokerage account are you able to earn interest?
2. If the company goes belly up does that mean that your investment is a loss?
[classroom] Blessedby
1. Yes there are money market/interest bearing features for cash in brokerage accounts and; 2. That would fall under the SIPC insurance
[redeemed] How do taxes work on a brokerage account?
[classroom] redeemed - Just as any other tax. You will receive tax documents at the end of each year for gains and or losses. You will need to seek advice of your tax advisor on how to handle.
[..FG~] Can you use the account as a checking account?
[classroom] ..fg~ - There are brokerage accounts that have that feature, if that is what you need. Make sure you advise the broker when opening the account.
[huhawkins] How do you find and then determine if a broker/brokerage firm is reputable, honest and has a proven track record of increasing one's portfolio?
[classroom] huhawkins - The website provided will help you with a lot of that information. You can look up information on firms and advisors there as well. As for the track record that can vary by investment type.
[alohalani] Wouldn’t the personal investments be covered under a trust account?
[classroom] alohalani - If you have a trust and open your brokerage account in the name of the trust they are trust assets.
[codreamer59] What type of fees are associated with brokerage accounts? And are they different between a broker and a bank?
[classroom] codreamer59 - Fees vary by firm and investment type, so yes they can be different at each.
[GlfShopTom] If I am planning on retiring rather soon post-RV, is there any value in an LLC to me? or should I set up Revocable Trust?
[classroom] GlfShopTom - That would be a question for your attorney.
[one.love] Regarding shar35's question, what is the amount covered by the SIPC? Thank you.
[classroom] one.love - That can vary please go to www.sipc.org for more information.
[one.love] Is a brokerage account affected at all with the new Dodd Frank rules? Thank you very much.
[classroom] one.love - Not up to speed on those rules, so cannot give a justified answer, sorry.
[blessedinAZ] In your opinion what would be the best long term investments with low risk, relatively low yield (4-5%) to perpetuate a foundation and preserve the principal? Thank you for being here!
[classroom] blessedinAZ - Individual investment advice needs to be discussed in detail with your advisor, so there is not a blanket answer for that. There are several types of investments you could consider to meet your needs or a mix of those available. You're welcome and sorry I can't be more specific.
[nbr3bagshotrow] blessedinAZ Look into oil/gas pipeline MLPs.
[TheBeav] If the FDIC can take 100 years to pay on a claim, how long does it take the SIPC to pay on one?
[classroom] TheBeav - All of that information is available on the website.
[divinegrace] A brokerage would be similar to TRowe Price or Edward Jones etc? Investments only not banking however could be within a bank like JP Morgan is for Chase. Is this correct?
[classroom] divinegrace - Yes, brokerage accounts can be opened at most banks as well.
[friend3] With my wife and I being the trustees and having gifted our dinar to the trust, What might the capital gains tax ramifications be on the large return on investment? 15% higher, and typically when would they be due?
[classroom] friend3 Sorry, but that is a question for a tax consultant
[..FG~] For diversification would you suggest using different brokerage houses?
[classroom] ..fg~ - If you choose to use different firms you would need to communicate with your advisors what you have at each to really be able to diversify.
[Fiddlehead39] How can we get into the FaceBook IPO prior to IPO?
[classroom] Fiddlehead39 - That is easier said than done. That is a highly sought after investment, that will most likely go to existing clients.
[nbr3bagshotrow] I meant to ask what is your opinion on oil/gas pipeline MLPs
[classroom] nbr3bagshotrow - I have no opinion on those sorry.
[sfmhi] In your opinion based on your experience, do you recommend direct brokerage firms or through banks? Thank you.
[classroom] sfmhi - Not sure how to answer that - there could be advantages either way. I would look to negotiate fees with either and see where you are better off.
[tc0043] You have given us some good information, could you please state your credentials to instill more confidence please?
[classroom] tc0043 - I am a licensed broker holding a 7, 63, 65 and insurance license.
[canadian content] Is this advice for canadians or just the states?
[classroom] canadian - I am not familiar with Canadian regulations.
[GlfShopTom] Regarding fees, are all fees negotiable? e.g., is there a regularly scheduled maintenance fee for an account, then a "per transaction fee"?
[classroom] GlfShopTom Yes, there are different fees associated with the type of account you have, the options such as checking, and the investments you make. Some fees are negotiable.
[classroom] sfmhi - You would not need to create a new one, as long as those types of investments are not excluded in your LLC
[OWL2] Is there a brokerage account you could recommend for novice/moderate traders? And is there a "limit" to the amount of deposit to that account?
[classroom] owl2 - The type of account you hold depends on the name you set it up under, such as an individual or corporate.
[shar35] Are cash balances in brokerage accounts insured against the default of the brokerage house, and if so, to what limit, and by whom?
[classroom] shar35 - Investment accounts are generally covered under SIPC insurance.
[patientlyw8ng] Is it true that with a brokerage account you can recoup some of your money if you invest poorly and lose it?
[classroom] patientlyw8ng - Not exactly sure of your question, however investments are made at the expense of the account owner.
[Shellbell] What benefit is there to opening a brokerage account rather than some non-interest bearing account?
[classroom] Shellbell - A brokerage account is meant to hold many types of investments and are not limited to 1 sort of investment. They serve a different purpose than just a savings account.
[averysgrampa] if your starting from scratch like me what do I look for in a good broker who’s really looking out for my interests?
[classroom] averysgrampa - That is a great question. Please make sure you have a detailed conversation with whoever you choose to talk to. Let them know what you want from your investments and make sure they are listening to what you need. Please make use of the website www.finra.org it is full of information for investors. Please also ask for references, any valued broker should be more than happy to give them to you
[Blessedby] Good afternoon.
1. When you invest into brokerage account are you able to earn interest?
2. If the company goes belly up does that mean that your investment is a loss?
[classroom] Blessedby
1. Yes there are money market/interest bearing features for cash in brokerage accounts and; 2. That would fall under the SIPC insurance
[redeemed] How do taxes work on a brokerage account?
[classroom] redeemed - Just as any other tax. You will receive tax documents at the end of each year for gains and or losses. You will need to seek advice of your tax advisor on how to handle.
[..FG~] Can you use the account as a checking account?
[classroom] ..fg~ - There are brokerage accounts that have that feature, if that is what you need. Make sure you advise the broker when opening the account.
[huhawkins] How do you find and then determine if a broker/brokerage firm is reputable, honest and has a proven track record of increasing one's portfolio?
[classroom] huhawkins - The website provided will help you with a lot of that information. You can look up information on firms and advisors there as well. As for the track record that can vary by investment type.
[alohalani] Wouldn’t the personal investments be covered under a trust account?
[classroom] alohalani - If you have a trust and open your brokerage account in the name of the trust they are trust assets.
[codreamer59] What type of fees are associated with brokerage accounts? And are they different between a broker and a bank?
[classroom] codreamer59 - Fees vary by firm and investment type, so yes they can be different at each.
[GlfShopTom] If I am planning on retiring rather soon post-RV, is there any value in an LLC to me? or should I set up Revocable Trust?
[classroom] GlfShopTom - That would be a question for your attorney.
[one.love] Regarding shar35's question, what is the amount covered by the SIPC? Thank you.
[classroom] one.love - That can vary please go to www.sipc.org for more information.
[one.love] Is a brokerage account affected at all with the new Dodd Frank rules? Thank you very much.
[classroom] one.love - Not up to speed on those rules, so cannot give a justified answer, sorry.
[blessedinAZ] In your opinion what would be the best long term investments with low risk, relatively low yield (4-5%) to perpetuate a foundation and preserve the principal? Thank you for being here!
[classroom] blessedinAZ - Individual investment advice needs to be discussed in detail with your advisor, so there is not a blanket answer for that. There are several types of investments you could consider to meet your needs or a mix of those available. You're welcome and sorry I can't be more specific.
[nbr3bagshotrow] blessedinAZ Look into oil/gas pipeline MLPs.
[TheBeav] If the FDIC can take 100 years to pay on a claim, how long does it take the SIPC to pay on one?
[classroom] TheBeav - All of that information is available on the website.
[divinegrace] A brokerage would be similar to TRowe Price or Edward Jones etc? Investments only not banking however could be within a bank like JP Morgan is for Chase. Is this correct?
[classroom] divinegrace - Yes, brokerage accounts can be opened at most banks as well.
[friend3] With my wife and I being the trustees and having gifted our dinar to the trust, What might the capital gains tax ramifications be on the large return on investment? 15% higher, and typically when would they be due?
[classroom] friend3 Sorry, but that is a question for a tax consultant
[..FG~] For diversification would you suggest using different brokerage houses?
[classroom] ..fg~ - If you choose to use different firms you would need to communicate with your advisors what you have at each to really be able to diversify.
[Fiddlehead39] How can we get into the FaceBook IPO prior to IPO?
[classroom] Fiddlehead39 - That is easier said than done. That is a highly sought after investment, that will most likely go to existing clients.
[nbr3bagshotrow] I meant to ask what is your opinion on oil/gas pipeline MLPs
[classroom] nbr3bagshotrow - I have no opinion on those sorry.
[sfmhi] In your opinion based on your experience, do you recommend direct brokerage firms or through banks? Thank you.
[classroom] sfmhi - Not sure how to answer that - there could be advantages either way. I would look to negotiate fees with either and see where you are better off.
[tc0043] You have given us some good information, could you please state your credentials to instill more confidence please?
[classroom] tc0043 - I am a licensed broker holding a 7, 63, 65 and insurance license.
[canadian content] Is this advice for canadians or just the states?
[classroom] canadian - I am not familiar with Canadian regulations.
[GlfShopTom] Regarding fees, are all fees negotiable? e.g., is there a regularly scheduled maintenance fee for an account, then a "per transaction fee"?
[classroom] GlfShopTom Yes, there are different fees associated with the type of account you have, the options such as checking, and the investments you make. Some fees are negotiable.
