-
Originally Posted by peat
They may be charging huge fees (no comments from me) but I doubt they are tracking FIF for their clients. Hey someone tell me if I'm wrong but they will leave all tax matters for the client to deal with. Which is of course the advantage of PIEs where you are all good.
I don't know myself. Can any Sharesies clients add that when they buy say their ETF such as their USF US500 fund, that Sharesies issues them a tax receipt so the client can file their tax return? If not, then there needs to be some transparency under FIF. If you look at IRD's website, they have all sorts of complications under FIF such as 'quick sale calculations' for those that frequently trade in the year. Surely, the managed funds and PIE funds are under the same FIF rule when they buy & sell foreign shares. Would the individual that buys US shares directly (upcoming in Sharesies promotion) be under the same paperwork and hassles? Again, need to be transparent.
Traditional NZ brokers like MacQuaires, Forsyth Barr, etc. issue tax statements. They are also charging high management fees on account value to reflect this. So the client pays high commissions for buying or selling, + pays a % on top for the total value of their assets invested. This is by far a huge difference to US brokers where most have gone a $0 based commission for share trades, and they certainly don't charge a monthly account fee on the total assets involved. If the clients are serious about trades and want additional investment news about the markets, they can pay a subscription fee.
-
Last edited by kiora; 11-06-2020 at 08:00 AM.
-
Member
Originally Posted by NZT
hi, i believe Stake are opening in NZ next week - access to US markets
You already have Hatch. They're both just DriveWealth technology customers.
-
Originally Posted by kiora
Interesting thanks for posting.
They are listed on the NASDAQ and have some big backers, Xiaomi, Jim Rogers and Interactive brokers.
Allow purchases in HK for only 0.029% commission and a HKD15 platform fee which is a nice option to have.
-
Junior Member
Originally Posted by kiora
I opened an account to try out however it is clearly designed for the Chinese market as some of the interface was in Chinese or broken English which i'm not very comfortable in using although they do have a very quick and helpful English speaking email and phone support from their office in Auckland.
The lady on the phone also mentioned that they are working to bring NZX and ASX trading onto the platform later this year which was interesting.
-
https://www.stuff.co.nz/business/mon...own-the-shares
"They tended to be long-term investors interested in adding to their stakes, not selling after short-term price rises, she said.
The other companies in Hatch’s top five most invested companies last month were Apple, Microsoft, Amazon, and Chinese electric vehicle company Nio.
The most popular themes of Hatch investors were clean energy, robotics, e-commerce, technology and cannabis.
But while some true believers like Clarke might be tempted to take a big risk and put all their eggs in one basket, Lunman said the average Hatch investor only invested about 10 per cent of their investible wealth through the platform."
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
|
|
Bookmarks