Scaresies chat page

[DazRaz]

Somewhere out there is a disruptive app which will turn the sharebroking industry inside out.
It hasn't arrived yet, but it's on its way, sure as eggs is eggs.

M1 Finance - US only. Great platform. Wish we had it here.

[justakiwi]

Fair enough, but you and others keep making it a Sharesies issue. That’s what raises my hackles. You have identified the issue - take it to NZX because the problems you are experiencing, is their issue to fix. Sharesies has done nothing wrong and did not create the issue.

Oh btw, your “shoe boy” comment could be interpreted a couple of different ways - so maybe clarify what your intention was. At least one possible interpretation could be considered entitled and arrogant, but I’ll give you the benefit of the doubt for now.

It just rests on the principle that system costs should be born fairly and equally otherwise there are perverse outcomes

[Waikaka]

From about 2010 till 2019 I bought shares through ASB. Used to cost me $20 for a trade.

Just checked now and they charge $15 (up to and including NZ$1,000) and $30 (over NZ$1,000 and up to and including NZ$10,000).

Sharesies .5% fee means I save significant amounts on brokerage. Most my parcels seem between $100-500, ASB would basically punish me for dollar cost averaging into stocks. More platforms and competition the better.

Once I get a decent stake I just transfer it to my CSN for $5.

[peat]

Once I get a decent stake I just transfer it to my CSN for $5.

Thats a really good thing to do. If an asset is worthwhile to you , it really MUST be in your own name so as to observe prudency protocols.

[justakiwi]

I disagree that this is a must, but there are a couple of advantages to transferring larger holdings out of Sharesies. I am not too bothered that my shares are not held under my CSN, but if Sharesies does not implement DRP soon, I will probably transfer my main holdings out. This is the one thing I am unhappy about. I often email or message them to request features or give feedback, and sometimes that pays off. I got on their case some time back about the fact that they were allocated MLN warrants but didn’t intend to pass them into shareholders. No idea whether it was my input had an effect or something else, but shortly afterwards, they announced that warrant issues would now be allocated. I received and exercised my MLN allocation, and intend to do the same with KFL and BRM. Still cannot currently trade warrants via Sharesies, so they have some more work to do to perfect it.

Having said all that, transferring out isn’t a perfect solution for me fees wise, so there are pros and cons to doing it.

Thats a really good thing to do. If an asset is worthwhile to you , it really MUST be in your own name so as to observe prudency protocols.

[RTM]

I disagree that this is a must, but there are a couple of advantages to transferring larger holdings out of Sharesies.

If you were experiencing the pain of the Halifax shambles....you might have a different perspective.

https://www.sharetrader.co.nz/showth...fax#post838828

[justakiwi]

From the Sharesies website:

All investments and money are held on bare trust by a separate custodian company called Sharesies Nominee Limited. Any customer money is held within a client trust bank account.
Customer money and investments are ring-fenced and not available for any creditors of Sharesies Limited or of Sharesies Nominee Limited.
If anything happened to Sharesies Limited, the customers money (and investments) is protected and is still the customers.
As a custodian, we are required to get an independent audit from a qualified auditor. Customers can get a copy of our latest audit report upon request.

What happens if Sharesies or brokers involved in your trade become insolvent or default on their obligations

If we become insolvent or otherwise materially default on our obligations (or the other brokers involved in your transaction do), your Orders, FX Orders or Trades could be cancelled. However, Sharesies Nominee will never use money, Investments, or other property held for you for the benefit of itself, us, or any other person.
If we become insolvent or otherwise materially default on our obligations, your Portfolio will be protected from the claims of general creditors, including any bank holding your money and CDO for any money or Shares held in the NZX depository account.
If our third-party currency exchange provider becomes insolvent, or otherwise materially defaults on its obligations, we may cancel your FX Orders.
Our third-party US broker-dealer holds all Investments in a separate account which is not available to the claims of general creditors.

If you were experiencing the pain of the Halifax shambles....you might have a different perspective.

https://www.sharetrader.co.nz/showth...fax#post838828

[RTM]

From the Sharesies website:



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Yep...I could show you pages of agreements I signed as well.
Not worth anything at the end of the day.

[justakiwi]

I am sorry that you have experienced this, but I’m not going to lose any sleep over it. As with investing, we do our due diligence and place our trust in others. Banks, brokers, finance companies and so on. I have faith in Sharesies. They are also my only affordable option.

Yep...I could show you pages of agreements I signed as well.
Not worth anything at the end of the day.

[peat]

I am sorry that you have experienced this, but I’m not going to lose any sleep over it. As with investing, we do our due diligence and place our trust in others. Banks, brokers, finance companies and so on. I have faith in Sharesies. They are also my only affordable option.

Dont be sorry , learn from it , so that RTM's pain is not wasted. I myself was considering putting some money in Halifax - but for some reason I didnt.

Financial crises get worse and worse and I have a feeling the next one is gonna be a real doozy. This is based on action and reaction principle. Basic physics applied to markets - for every action there is a reaction and we have been experiencing a massive bull market making us all geniuses - so its likely at some point there will be a massive liquidation phase and at that point everyone starts to worry , even about the major trading banks. I have a large amount of cash in Australia because it is government guaranteed which shows the degree of my concerns and the lengths I will go to so as to reduce risk for the safe part of my portfolio.
Somehow I think SHaresies may not be immune. Stockbrokers failed in '87. Sure, they probably weren't doing everything perfectly correctly but you just never really know about chinks in a company's armour.

I've been rapping The Message a lot lately to remind myself the truth
https://open.spotify.com/track/5wD0OP3jK8lz47EvLFYeeA

Its like a jungle sometimes,
I wonder how I keep from goin under.