Sharewatch partnership with Wallwood Consultants Ltd

Seifer

Anyone else get this mail?
What do people think?
Are Wallwood Consultants Ltd are reputable company?

Having analysed overall client performance, we recognise growth has been slow and sometimes minimal.
Opportunities to maximise returns in a rising market have been missed due to clients not having the time to analyse,
research, monitor and execute trades in a timely manner. In reaction to a demand for additional and alternative trading services,
Sharewatch Ltd and Saxo Capital Markets Ltd are delighted to announce a partnership with Wallwood Consultants Ltd who
specialise in a range of additional investment & Financial Products such as low cost Managed Account Services.

What are the benefits of a Managed Account Service?

Experienced traders analysing the markets on your behalf.
Execution of trades, realisation of profits and management of risk at the optimum times.
You can review your account online at any time via computer, smartphone etc.
No need to change from you existing account with Saxo Capital Markets Ltd.
No penalties for closing a client account and partial withdrawals can be made at any time.
Expert traders available via telephone to discuss your account at any time.
No inactivity fees charged.

There is no doubt the stock market has seen several changes in recent times, with quite a few household names delisted
from the Irish market, traders are looking elsewhere for opportunities. Wallwood Consultants Ltd concentrates on the FTSE 100,
which provides activity, liquidity and opportunity.
Your account and holdings will remain at Saxo Capital Markets Ltd and of course the new services are completely optional.
Our team will be in touch shortly to discuss this exciting opportunity with you in more detail or alternatively you can contact
our sales team at

colinm5040

I got a call from sharewatch this morning. Basically wallwood are using your margin in your saxo account to trade the ftse100 and make money on your behalf. Charging .25% to open and .25% to close trades. I was told they are top traders in Copenhagen who have won awards for their performance earning 53% for clients last year. All sounds great but dunno if I like the idea of someone playing with my account. Id be interested to hear anyone elses opinion

gordongekko

I had a disappointing experience with sharewatch. I won't let them or anyone associated with them touch my money

Savyinvestor

I spoke to Sharewatch too recently. It all sounds too good to be true - a very reasonable charge but I just thought I got the hard sell ( i.e. you need to sign-up soon or you might not be considered) which always puts me off. Also the letter I got did not spell out the details nor the charge involved. When I asked for more details to be sent I was told it was all in the letter. However I have to say I have not had any problems with Sharewatch while i have been with them.

colinm5040

If you get the phone call on the next few days answer it and talk to them its fairly interesting. Although im a sceptic you are in control.

Seifer

I got a call from Sharewatch and listened to what they had to say and asked a few questions. I agreed to talk to someone from Wallwood some time next week so we'll see how that goes.

I'm kind of getting a "what's the catch?" vibe. I mean the most obvious one is that these Wallwood guys have no clue what they're doing and will piss away your money in trade fees.

mielag

I got a call today and I think Ill pass... maybe i am wrong but there is just to many question marks and the whole approach seems to be very immature. I didn`t have great experience with sharewatch in the first place back in 2010 and to be honest I thought I will not have anything to do with them once I was moved to FXCM. And now they are coming back with this - some company that i never heard off and didn't get any reasonable info apart from the company name will be trading/playing with my margin. And i have to make up my mind quickly as they have representatives on the road that can meet me somewhere to sing the papers giving that unknown to me company right to view my account and execute trades on my behalf.

When i asked about more info regarding Wallwood i got a replay that i will hear more from the broker once i sign the papers as they (sharewatch) simply don't have time and all i have for now is the letter and the phone call conversation. So based on the info they provided they want me to sign the papers and then i will be able to talk to broker about their performance... i think that is slightly odd...

but i thought i will find something about them online - but apart directories nothing valuable really came up until i found this:

http://forums.moneysavingexpert.com/showthread.php?t=4801040&page=1

read the #4 comment from bowlhead99

I may not be giving deserved credit to that company but really i tried to find something that would convince me to do it and the only thing i found is pretty negative.

Anyway all bit odd and too many maybes so I am out.

colinm5040

Mario Kelly director of Wallwood consultants. Have a look at his LinkedIn profile.

Seifer

colinm5040 wrote: »

Mario Kelly director of Wallwood consultants. Have a look at his LinkedIn profile.

There are two; one very unprofessional and one very empty...

gordongekko

mielag wrote: »

I got a call today and I think Ill pass... maybe i am wrong but there is just to many question marks and the whole approach seems to be very immature. I didn`t have great experience with sharewatch in the first place back in 2010 and to be honest I thought I will not have anything to do with them once I was moved to FXCM. And now they are coming back with this - some company that i never heard off and didn't get any reasonable info apart from the company name will be trading/playing with my margin. And i have to make up my mind quickly as they have representatives on the road that can meet me somewhere to sing the papers giving that unknown to me company right to view my account and execute trades on my behalf.

When i asked about more info regarding Wallwood i got a replay that i will hear more from the broker once i sign the papers as they (sharewatch) simply don't have time and all i have for now is the letter and the phone call conversation. So based on the info they provided they want me to sign the papers and then i will be able to talk to broker about their performance... i think that is slightly odd...

but i thought i will find something about them online - but apart directories nothing valuable really came up until i found this:

http://forums.moneysavingexpert.com/showthread.php?t=4801040&page=1

read the #4 comment from bowlhead99

I may not be giving deserved credit to that company but really i tried to find something that would convince me to do it and the only thing i found is pretty negative.

Anyway all bit odd and too many maybes so I am out.

go with your gut. Maybe they would have made you millions I don't know but if it sounds too good it normally is.

colinm5040

Theres your gut and handin thousands over to someone to trade.

andodenis

I got a phone call from them (Wallwood/Sharewatch) yesterday. What they say sounds good as there is no inactivity charge. At the moment I am paying £25 per month to FXCM.
What I need is somewhere where I can trade occasionally myself, I don't want a managed account, I don't need their advice & I don't want to pay a high commission, I don't want to pay any inactivity charges. Their trading commissions sounds low, which is good.
Is it normal for a managed account to have such low fees?
If I keep my share account with them, can they touch my shares, or trade without my permission?
Is this safe? Are my money & shares protected? Is there any protection against fraud? Incompetence?
When you put money in the bank there is a government guarantee for your savings, is there anything similar for share accounts?

colinm5040

Denis. I done a bit of research into it. Its all too dodgey for my liking. For a start the ex owner of a londis shop coming to meet me to sign power of atorney for wallwood consultants to view and my account who were already able to look at my account from their shared office with sharewatch. Trading fees are 1 quarter of a percent of your account which could work out expensive as the trader is putting multiple trades per day. The trader is from a dodgey company I can find no info on who only got his acsi qualifications thid year. I had my broker (saxo) remove all power of attorney from my account now only I can view my details not sharewatch or any other company with a ceo who was from LinkedIn kicked out of college for drinking and taking magic mushrooms.

andodenis

Thank you, it does sound dodgy.

colinm5040

If their top class traders were so good they would br making a fortune for themselves with their own money.

sorchap

I'm in the same boat as others where I'm paying an inactivity fee every month. What alternatives have people looked at? I don't want to sell out an crystallise my loss and I'd like to keep the option of being able to trade again in the future.

Chev2010

Also a Sharewatch customer and was very happy until FXCM started charging the £25pm inactivity unless you trade more than 3 times in that period. Have to say I'm impressed Sharewatch are proactively looking at solving customer problems.

Oliver Stone from Sharewatch contacted me and offered 2 possible approaches if I want to move:
1) Saxo Bank execution only (no fees, 0.75% per trade)
2) Wallwood managed account (no fees, 0.25% in and out and the brokers trade multiple times a week)

I'm thinking option 1 will suit most people - has anyone actually done this swap? The thought of meeting somone in a cafe to sign contracts puts me off a little, but then if legit it saves me a 4hr round trip to Cork!

Seifer

Chev2010 wrote: »

Also a Sharewatch customer and was very happy until FXCM started charging the £25pm inactivity unless you trade more than 3 times in that period. Have to say I'm impressed Sharewatch are proactively looking at solving customer problems.

Oliver Stone from Sharewatch contacted me and offered 2 possible approaches if I want to move:
1) Saxo Bank execution only (no fees, 0.75% per trade)
2) Wallwood managed account (no fees, 0.25% in and out and the brokers trade multiple times a week)

I'm thinking option 1 will suit most people - has anyone actually done this swap? The thought of meeting somone in a cafe to sign contracts puts me off a little, but then if legit it saves me a 4hr round trip to Cork!

A lot of people made the switch to SAXO over a year ago when it was first announced that FXCM would be charging fees.
Just to be clear; SAXO do have an inactivity fee now too. It is £25 per quarter unless you make at least one trade in that quarter. So you need to make four trades a year to pay no fees.

Chev2010

Yeah, I saw that in chapter 7 in the pdf below.
http://uk.saxomarkets.com/documents/scml/legal-documentation/commissions-charges-margin-schedule.pdf

Any other suggestions for accounts with no charges?

PeterR1

Wallwood and their affiliates websites no longer seem to work!
http://www.wallwood.com/