or investing, if you wish to own the investment (have it in your name)
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That bothered me a bit when I first signed up but after reading all the fine print and talking to Sharesies staff, I lam not concerned about that anymore. The shares are mine and processes and protections are in place to ensure that. I am very happy with Sharesies. Cannot fault their customer service and they passion they have for what they have set up. It is a breath of fresh air to find a company that is putting the needs and wants of customers first. They have vision and are constantly seeking feedback on what additional features we would like to see, so I expect we will have options like limit orders, paper/printable contract notes, auto orders for companies, ability to buy warrants and much more, in the not too distant future.
From Sharesies website:
”How we protect your money and investments
Our top priority is to keep your money and investments secure.We keep detailed records of all money in your Wallet and investments in your account.We use Sharesies Nominee Limited to hold your money and investments on bare trust for you. Sharesies Nominee is separate from the daily business operations of Sharesies Limited. This means your money is held separately to the money Sharesies Limited uses to pay staff, and buy office stuff, like stationery and coffee.Sharesies Nominee will never use money or investments held for you for the benefit of itself, us, or any other person.We get audited each year to ensure we are meeting our legal obligations for our custody service.”
Just purchased 411.157 shares in PGW at $2.42. A $1,000 order and the "brokerage or commission" was only $5.
Link to full explanation of custodial service:
https://www.sharesies.nz/ourblog/201...todial-service
yeh I get that it is 'safe' , and I have an account with Sharesies with about 4% of my portfolio, mostly in funds
but as per RTM's experience
for me it is a very important factor to have control over your stuff (or at least the bulk of it).
Complications over ownership are where a lot of issues seem to occur.
Things are always improving with Sharesies. We now have contract notes for every purchase, which we didn’t have when I signed up. Down the track I hope these will be able to be printed off for anyone who likes to keep a “paper trail” of investments.
I haven’t sold any investments and don’t intend to anytime in the near future, so I can’t comment on the efficiency of the selling process or whether anyone has experienced any issues, but if the selling process works as well as the buying process does, I don’t envisage any major issues. It seems that Sharesies have covered all bases with their custodial service so for now at least, I trust them and their processes. I am a beginner though, so there is always a chance I’ve “missed” something. Time will tell.