sharesies.nz

[couta1]

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.

[justakiwi]

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).

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.

[blackcap]

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.

[justakiwi]

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.

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.

[blackcap]

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.

[winner69]

One needs faith that they keep doing things properly

[peat]

One needs faith that they keep doing things properly

and this contradicts rule : DTA

[blackcap]

Are now offering live market depth for the price of $10 per month. That seems very reasonable.

[turnip]

Are now offering live market depth for the price of $10 per month. That seems very reasonable.

Not the cheapest though. ASB give access to market depth for three months after making a trade, minimum borkerage is $15/trade, so you could get access to market depth for effectively $5/month by making one small trade every three months.

[justakiwi]

From this week’s Sharesies newsletter:

Last week was a record breaking week—with 9,700 new investors joining Sharesies, and a whopping $81M being traded via Sharesies into funds and companies!
In the next couple of months, we’ll be adding US shares to Sharesies—giving you more access, and more options to grow your wealth! We can’t give you an exact launch date just yet, but we’ll be sharing more details with you as we go. To get early access, register your interest on the Sharesies website.

Sharesies is possibly having a bigger impact than we think.