ASB is instant so use them for trading activities. I find the Direct Broking interface better though so view my trade goings on via DB and literally just use ASB to place the order
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Aaron McGrath
Client Experience Manager
Aaron joined FNZC in 2018 as Client Experience Manager in the Direct Wealth division as part of the Direct Broking acquisition (originally ANZ Securities). He is responsible for ensuring our Direct Broking clients have a seamless and world class experience from account opening (on-boarding) through to client queries and trade executions.
Prior to joining FNZC, Aaron worked in various roles at ANZ Bank. Starting in 2001, he worked in Institutional Operations leading International Payments and Market Operations teams. He was part of the integration of ANZ NZ Securities (formerly Direct Broking Limited) into ANZ Market Operations in 2013 and most recently has been Operations Manager of ANZ NZ Securities covering equity and fixed interest settlements, Client On-boarding (account opening) and the Client Service Team.
Outside of work, Aaron enjoys restoring classic cars and will jump at any opportunity to head out on the water in summer.
I was a dedicated long-term fan of ASB Securities, but completely left them about a year ago.
Direct Broking are yet to prove themselves inept (if they in fact are) but I eventually found ASB Securities hopeless to deal with. It took a great deal of work and 5 months to get myself out from under the Margin Lending stranglehold they had on me. I feel so relieved to have done so. So far I've had no problems with ANZSecurities/Direct Broking.. fingers crossed.
DB used to get orders to market within 1 or 2 minutes. Now at times it can take the best part of an hour.
I even have had an Buy order partly filled, and the balance of the order not showing up on the debt. Subsequent transactions were lower than my buy order which was being ignored, then the price jumped and I had to increase the buy offer to get it filled.
I suspect that they tried to fill the order in house.
On top of that it seems returning e-mails is not a priority, still waiting for an answer of an e-mail send in December.
Yesterday and today I tried to get hold of Aaron McGrath, the Client Experience Manager by phone no luck.
I am not impressed.
Sad sad way how direct broking seem to be loosing the plot. :(
Send all the principal's a link to this thread.
They probably do not care. No money in the traditional retail client side of things anyway. So they can ignore you and hope you go away. And if they do they go great, that's another customer that makes us no money that we do not have to worry about. Maybe a bit cynical or sarcastic maybe, but I wonder if there is any money in making $30 a trade with NZ retail punters with all the costs involved. Real money to be made elsewhere of course.
So why did FNZC purchase Direct Broking off ANZ? Probably for the database of clients to be able to sell their IPO's and other products to. And after a year when brokerage may go up, plenty may leave and try ASB out for size. Not sure if I even am correct here but that is how I see it.
If there was real money to be made in NZ selling brokerage at $30 a pop there would be more operators out there. But there are not. Access could not do it back in the day and went under and Direct back in the day was not a cash cow. It did ok but that was about it.
Thats simply because CHI-X don't run pre-open and close auction processes
I had always found ANZ SEC order processing appalling, but it seems it's got even worse. I have never had a problem with ASB, as they use Straight through Order Processes, but their exchange rates are usurious
I think there are a lot on here that maybe havn't paid $30 for a trade for a long time,myself included,because they trade bigger quantities,I actually tried to get my brokerage dropped without any luck, because I did think with the antiquated system they have,and with the extra pain of not knowing for ages whether your trade has gone through or not,it was just such easy money for them.And lets remember that's in and out, of a trade.
How is that double clipping the ticket? There is a buy order, yours, and a sell order someone else's. If they match you both off in house its $30 bucks a pop or $60. If they buy yours on market and sell the other order on market its still $30 each. So not really double clipping is it.
Your assuming that both buyer and seller are DB clients yet a lot of the time they are only gaining the $30 from one side of the transaction unless both buyer and seller are DB clients.They have a far wider matching ability now with FNZC on tap and a much bigger pool of easily accessible clients for matching orders.
You right Couta and that I think works in DB clients disadvantage.
It seems when a order is placed that FNZC is trying to trade the order in house, this can give time delays maybe an hour or so.
They are creating 2 problems with that, firstly the market can move agains you. But of even more concern is the extra time spend wondering if the order has been actioned on and /if the order is completed or needs adjusting.