RaboDirect to InvestNow

RaboDirect are discontinuing their managed funds and offering to transfer all current holdings to InvestNow. Problem is, I have no idea who InvestNow are. Has anyone had any experience with them?

no, I dont know them either but I have heard of them.
It doesnt make much difference to me who 'portals' the investments, but I am personally miffed at having to lose the spread to maintain my positions.

I've sent an email to Rabo and investnow highlighting this unnecessary clipping of the ticket so as to make them realise that many investors in the funds will reconsider - given their ticket is getting clipped anyway - and so investnow may not even end up with what they (have presumably) paid for.

This was always a good extra to RaboDirects offerings and I would see divesting it as a negative

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Originally Posted by peat

It doesnt make much difference to me who 'portals' the investments, but I am personally miffed at having to lose the spread to maintain my positions.

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I believe there won't be a cost if you allow the transfer to go through on 31 March 2018. You only lose the spread if you transition early. (They have not laid out the details as clearly as they should have.)

yes that would appear correct Banksie, I've received a response from Investnow correcting my understanding and aligning with yours.

I'll probably exit the equity funds anyway, I've been doing that gradually for a while now so this will just hurry it along.
Time to cash in on these , they've done well since I started buying in 2011 and 2012.

Not too worry, this dude says they're O.K.
https://thesmartandlazy.com

I’ve investigated and have now invested some money with Investnow. You can invest and withdraw from funds at no cost. Although, this won’t make much of a difference if you’re holding for a long term it is definitely an attractive proposition.

I've just fired off a grumpy email to InvestNow (who got bought out earlier in the year by a greedy overseas based fund manager).

Their previous policy for DRP was to deposit the unused portion of the dividends allocated for your holding back to your cash account, now they just allocate the lowest whole number of shares and keep the balance of the divvie for their own profits. Which unfairly penalises small holders.

E.g. My holding of 686 USF units had a dividend allocated of almost $20 which had 2 measly units allocated to my portfolio (market value of ~$13.63 each) at $19.84 - a 45% premium.

What else have they changed - **** like this erodes trust !