Direct Broking

[t.rexjr]

I find the way they use their discretion with my orders extremely irksome and slowness to market is often very problematic.
Maybe ASB securities is better now days, it wouldn't be hard to be lol
Only improvement is the call account interest rate of 2% for over $50K which is nice. Share clarity is completely useless in my opinion.

ASB is instant so use them for trading activities. I find the Direct Broking interface better though so view my trade goings on via DB and literally just use ASB to place the order

[Vaygor1]

ASB is instant so use them for trading activities. I find the Direct Broking interface better though so view my trade goings on via DB and literally just use ASB to place the order

I was a dedicated long-term fan of ASB Securities, but completely left them about a year ago.

Direct Broking are yet to prove themselves inept (if they in fact are) but I eventually found ASB Securities hopeless to deal with. It took a great deal of work and 5 months to get myself out from under the Margin Lending stranglehold they had on me. I feel so relieved to have done so. So far I've had no problems with ANZSecurities/Direct Broking.. fingers crossed.

[forest]

I was a dedicated long-term fan of ASB Securities, but completely left them about a year ago.

Direct Broking are yet to prove themselves inept (if they in fact are) but I eventually found ASB Securities hopeless to deal with. It took a great deal of work and 5 months to get myself out from under the Margin Lending stranglehold they had on me. I feel so relieved to have done so. So far I've had no problems with ANZSecurities/Direct Broking.. fingers crossed.

DB used to get orders to market within 1 or 2 minutes. Now at times it can take the best part of an hour.
I even have had an Buy order partly filled, and the balance of the order not showing up on the debt. Subsequent transactions were lower than my buy order which was being ignored, then the price jumped and I had to increase the buy offer to get it filled.
I suspect that they tried to fill the order in house.

On top of that it seems returning e-mails is not a priority, still waiting for an answer of an e-mail send in December.
Yesterday and today I tried to get hold of Aaron McGrath, the Client Experience Manager by phone no luck.
I am not impressed.
Sad sad way how direct broking seem to be loosing the plot.

[blackcap]

DB used to get orders to market within 1 or 2 minutes. Now at times it can take the best part of an hour.
I even have had an Buy order partly filled, and the balance of the order not showing up on the debt. Subsequent transactions were lower than my buy order which was being ignored, then the price jumped and I had to increase the buy offer to get it filled.
I suspect that they tried to fill the order in house.

On top of that it seems returning e-mails is not a priority, still waiting for an answer of an e-mail send in December.
Yesterday and today I tried to get hold of Aaron McGrath, the Client Experience Manager by phone no luck.
I am not impressed.
Sad sad way how direct broking seem to be loosing the plot.

They probably do not care. No money in the traditional retail client side of things anyway. So they can ignore you and hope you go away. And if they do they go great, that's another customer that makes us no money that we do not have to worry about. Maybe a bit cynical or sarcastic maybe, but I wonder if there is any money in making $30 a trade with NZ retail punters with all the costs involved. Real money to be made elsewhere of course.
So why did FNZC purchase Direct Broking off ANZ? Probably for the database of clients to be able to sell their IPO's and other products to. And after a year when brokerage may go up, plenty may leave and try ASB out for size. Not sure if I even am correct here but that is how I see it.
If there was real money to be made in NZ selling brokerage at $30 a pop there would be more operators out there. But there are not. Access could not do it back in the day and went under and Direct back in the day was not a cash cow. It did ok but that was about it.

[dodgy]

They probably do not care. No money in the traditional retail client side of things anyway. So they can ignore you and hope you go away. And if they do they go great, that's another customer that makes us no money that we do not have to worry about. Maybe a bit cynical or sarcastic maybe, but I wonder if there is any money in making $30 a trade with NZ retail punters with all the costs involved. Real money to be made elsewhere of course.
So why did FNZC purchase Direct Broking off ANZ? Probably for the database of clients to be able to sell their IPO's and other products to. And after a year when brokerage may go up, plenty may leave and try ASB out for size. Not sure if I even am correct here but that is how I see it.
If there was real money to be made in NZ selling brokerage at $30 a pop there would be more operators out there. But there are not. Access could not do it back in the day and went under and Direct back in the day was not a cash cow. It did ok but that was about it.

Hi Blackcap,
I use a site in the USA for US stuff and they are trade commission free.
Check out Firstrade.
Regards,
-dodgy

[couta1]

They probably do not care. No money in the traditional retail client side of things anyway. So they can ignore you and hope you go away. And if they do they go great, that's another customer that makes us no money that we do not have to worry about. Maybe a bit cynical or sarcastic maybe, but I wonder if there is any money in making $30 a trade with NZ retail punters with all the costs involved. Real money to be made elsewhere of course.
So why did FNZC purchase Direct Broking off ANZ? Probably for the database of clients to be able to sell their IPO's and other products to. And after a year when brokerage may go up, plenty may leave and try ASB out for size. Not sure if I even am correct here but that is how I see it.
If there was real money to be made in NZ selling brokerage at $30 a pop there would be more operators out there. But there are not. Access could not do it back in the day and went under and Direct back in the day was not a cash cow. It did ok but that was about it.

Make no mistake they will be making money with a lot of ability to match orders in house and double clip the ticket.

[blackcap]

Make no mistake they will be making money with a lot of ability to match orders in house and double clip the ticket.

How is that double clipping the ticket? There is a buy order, yours, and a sell order someone else's. If they match you both off in house its $30 bucks a pop or $60. If they buy yours on market and sell the other order on market its still $30 each. So not really double clipping is it.

[couta1]

How is that double clipping the ticket? There is a buy order, yours, and a sell order someone else's. If they match you both off in house its $30 bucks a pop or $60. If they buy yours on market and sell the other order on market its still $30 each. So not really double clipping is it.

Your assuming that both buyer and seller are DB clients yet a lot of the time they are only gaining the $30 from one side of the transaction unless both buyer and seller are DB clients.They have a far wider matching ability now with FNZC on tap and a much bigger pool of easily accessible clients for matching orders.