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  1. #31
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    Quote Originally Posted by couta1 View Post
    Sharesies no good for trading though unless they can offer live depth charts.
    or investing, if you wish to own the investment (have it in your name)
    For clarity, nothing I say is advice....

  2. #32
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    Quote Originally Posted by couta1 View Post
    Sharesies no good for trading though unless they can offer live depth charts.
    Agreed, and no good if you want to vote at AGM's and other events at this stage. But once they allow limit orders it may be a game changer.

  3. #33
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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.

    Quote Originally Posted by peat View Post
    or investing, if you wish to own the investment (have it in your name)
    Last edited by justakiwi; 08-10-2019 at 10:46 AM.

  4. #34
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    Quote Originally Posted by justakiwi View Post
    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.
    That’s what I thought with Halifax to. That the shares were held custodially for me.
    Turns out somehow this is not correct.

  5. #35
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    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.”
    Quote Originally Posted by RTM View Post
    That’s what I thought with Halifax to. That the shares were held custodially for me.
    Turns out somehow this is not correct.

  6. #36
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    Just purchased 411.157 shares in PGW at $2.42. A $1,000 order and the "brokerage or commission" was only $5.

  7. #37
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    Link to full explanation of custodial service:

    https://www.sharesies.nz/ourblog/201...todial-service

  8. #38
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    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.

    Quote Originally Posted by justakiwi View Post
    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.”
    For clarity, nothing I say is advice....

  9. #39
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    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.

    Quote Originally Posted by peat View Post
    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.

  10. #40
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    Quote Originally Posted by justakiwi View Post
    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.
    I am pretty comfortable too. I guess the only worry is say that Sharesies goes under, and the liquidator takes the assets that are in the custodial service...

    Otherwise it should be foolproof.

  11. #41
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    Quote Originally Posted by blackcap View Post
    I am pretty comfortable too. I guess the only worry is say that Sharesies goes under, and the liquidator takes the assets that are in the custodial service...

    Otherwise it should be foolproof.
    That's why I like ASB or DB they are big fish in a small pond, I dont want a Halifax type scenario with the size of my account.

  12. #42
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    But from what I read at the link above, in the event of Sharesies going bust, the liquidators would not have access Sharesies Nominee Limited. They would be liquidating Sharesies Limited, not the Nominee Company. At least that is how I am reading it.

    If anything were to happen to Sharesies Limited, your money would still be safe because it’s held completely separately in Sharesies Nominee Limited and the NZX Depository! We hold your money and investments in Sharesies Nominee Limited and the NZX Depository ‘on bare trust’. This means we’re holding it on your behalf and in our name, but they still belong to you. We can’t do anything to your money or investments unless you tell us to (e.g. when you use Sharesies to deposit/withdraw money, or buy/sell shares).

    Quote Originally Posted by blackcap View Post
    I am pretty comfortable too. I guess the only worry is say that Sharesies goes under, and the liquidator takes the assets that are in the custodial service...

    Otherwise it should be foolproof.

  13. #43
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    Quote Originally Posted by justakiwi View Post
    But from what I read at the link above, in the event of Sharesies going bust, the liquidators would not have access Sharesies Nominee Limited. They would be liquidating Sharesies Limited, not the Nominee Company. At least that is how I am reading it.

    If anything were to happen to Sharesies Limited, your money would still be safe because it’s held completely separately in Sharesies Nominee Limited and the NZX Depository! We hold your money and investments in Sharesies Nominee Limited and the NZX Depository ‘on bare trust’. This means we’re holding it on your behalf and in our name, but they still belong to you. We can’t do anything to your money or investments unless you tell us to (e.g. when you use Sharesies to deposit/withdraw money, or buy/sell shares).
    Agree, it should be safe, its just that you do not 100% know that sharesies actually do put the investments into Sharesies NOminee Limited. And Trust have been busted in the past by good lawyers. Who is to say nominee accounts cannot be busted either. But I am no expert in these matters at all, just have a passing interest. Maybe someone with more knowledge can clarify the matter.

  14. #44
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    True, but if Sharesies were not putting investments into the Nominee Account, as they should be, the annual audit would surely capture that. I get where you’re coming from. I guess we just have to do our homework and follow our gut instincts to some extent.

    Quote Originally Posted by blackcap View Post
    Agree, it should be safe, its just that you do not 100% know that sharesies actually do put the investments into Sharesies NOminee Limited. And Trust have been busted in the past by good lawyers. Who is to say nominee accounts cannot be busted either. But I am no expert in these matters at all, just have a passing interest. Maybe someone with more knowledge can clarify the matter.

  15. #45
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    Quote Originally Posted by justakiwi View Post
    True, but if Sharesies were not putting investments into the Nominee Account, as they should be, the annual audit would surely capture that. I get where you’re coming from. I guess we just have to do our homework and follow our gut instincts to some extent.
    The annual audit would capture that, by then it may be too late. But yes gut instinct initially and time will increase their perceived viability and trust. I have spoken to the founders and exec team and am comfortable with my minimal investment there.

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