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Advice on brokers...

  • 08-06-2010 7:43pm
    #1
    terencemc
    Registered Users, Registered Users 2 Posts: 543 ✭✭✭


    Hey all,
    I have an account with sharewatch at the moment and since I'm investing long term, I'm trying to oust this €60 annual fee.
    At the moment, the best alternative seems td waterhouse but as my holding (FTSE & ISEQ) is slightly under €5000, I will be charged €15 plus vat per quarter.
    Can I just say to SW, I want my certs and then in the future whn I want to sell them in, I just start up with another company and send them in?


    Does anyone have any suggestions to my dilemma?
    I looked at the likes of etrade, sinkorswim and firsttrade but think that I have to be dealing with large amounts to get a good return from these.

    Cheers


Comments

  • #2
    terencemc
    Registered Users, Registered Users 2 Posts: 543 ✭✭✭terencemc


    bump


  • #3
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,597 Mod ✭✭✭✭Jim2007


    Yes in general you should be able to do this....

    All brokerages just hold the positions on your behalf, so yes it is possible for ask for the certs and then do what you like with them there after. However, there is normally a fee for doing this and it can take some time for you to receive the certs., during this period you can't trade the position. You should read the terms and conditions of your broker for details.

    Normally shares held be online brokers are not registered in your name, but rather in the name of a nominee so they are easy to trade and also keeps costs down. When you make a request to receive the certs. the broker must do the paper work to have them transferred into your name and then send them on to you, this takes time and of course costs money.

    The reverse must happen when you want to trade the position again. You will have to deliver the certs to a broker and wait for him to get everything set up for you to trade it. Then there may also be a fee for doing this.

    However, you need to do all the maths to find out if it is worth while or not. In my case, the broker charges CHF50 for a portfolio valued at under CHF100,000 and CHF250 for issing or receiving certs., clearly in this case it would not be worth the effort. Most broker only charge a small fee for transferring a position between brokers because it is only a warehouse transaction and thus not a big deal.

    Good luck with your decision,

    Jim
    (Switzerland).


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