I'm asking a newbie question...

I've been investing since 1996 and use two "dinosaur" accounts with telephone access for investments. I also have a DB account for trading so I can keep things clean with IRD (and in my head!).

Am now looking at moving to ASB securities for investments, but it bothers me that I would need to go to CHESS, as have never done so. The main reason is that I just can't figure out whether there is any additional risk attached to CHESS? What happens to your holdings if your CHESS sponsor goes broke? How easy is it to transfer to another CHESS sponsor if you get antsy with them?

The new financial advisor regulations are the final straw - after 15 years, it seems insulting to be asked by my broker to fill in forms about my investment capital, goals etc for "know your client" stuff... I understand, but, after all the chats, lunches and drinks, I can't believe my "wealth advisor" no longer "knows" me... I've ticked the "transact only" box, but doubt they'll give me a discount for no advice...