Changing brokers

[Diev]

Hi Guys, just joined and have a quick question.

I entered the share market about 12 months ago by transfering some extra funds into an account with a large broker. Suffice to say I felt bad about the market and wanted out and told the broker such however I stupidly let him talk me out of it and it has cost me money.

I don't feel like another argument with him if I feel that this latest rally has run its course and I decide to make a hasty exit, he will only throw obstacles in the way and make it a pain in the proverbial.

So how do I sack this broker without having to listen to all of his excuses as to why I should keep him?

Can I just open an account and have the shares transferred to a different broker eg Commsec without giving him any chance to hinder it? Is it difficult to do?

I'm guessing I don't have any grounds to complain about this broker despite the fact he wouldn't carry out my request to sell

I'm not looking for advice on whether to sell or hold the shares, just how to transfer them to an online account so that I can freely choose whether to sell or hold.

 

[cutz]

Just open up a commsec account (or whichever broker you have in mind), sell your shares or do an off market broker to broker transfer, depending on whether you want to sell or hold, withdraw your funds from your existing broker, kiss your existing broker goodbye.

BTW Diev, why would you wanna listen to a broker,

 

[Kez180]

If you tell him to sell, and he gets difficult say you will write a letter about him and send it here:

http://www.aph.gov.au/Senate/committee/corporations_ctte/fps/submissions/sublist.htm

 

[Diev]

So I can use a Commsec account to sell shares that are held by another broker?

You mentioned two options, are there any advantages or disadvantages to either, will one cost me more than the other?

Yes I made a mistake listening to a broker, and it cost me, I don't plan to make that mistake again hence trying to circumvent him completely.

 

[Kez180]

an off market transfer should cost you less, you will need to open up a new account and know both HINs... I am not sure of the exact process but I know it is possible...

 

[cutz]

So I can use a Commsec account to sell shares that are held by another broker?

No you can't.

I don't know much about your situation but normally you can do an off market chess sponsored broker to broker transfer, i.e tranferring the shares into another brokerage using a standard transfer form.

The other option is to sell through your existing broker and withdraw the funds, this of course triggers a CGT event, then buy stocks via your new broker.

As i said, don't know much about your situation so DYOR.

 

[Gerkin]

1) Open the account,
2) Lodge an off market transfer form with the new broker (online broker)
3) pay for the transfer, comsec charge 54 per holding

You will need alot of i.d documents to open the accoutn.

This process above, your broker cant stop,

 

[nomore4s]

So I can use a Commsec account to sell shares that are held by another broker?

You mentioned two options, are there any advantages or disadvantages to either, will one cost me more than the other?

Yes I made a mistake listening to a broker, and it cost me, I don't plan to make that mistake again hence trying to circumvent him completely.

Open an account with the online broker of your choice - eg Commsec and then ring them and ask them to do it or the best way to do it. I'm pretty sure they will take care of it for you but you will need all the relevent details.

 

[Diev]

1) Open the account,
2) Lodge an off market transfer form with the new broker (online broker)
3) pay for the transfer, comsec charge 54 per holding

You will need alot of i.d documents to open the accoutn.

This process above, your broker cant stop,

Sounds like the best way for me going forward.

Thanks all for the advice.

 

[kam75]

Hi Guys, just joined and have a quick question.

I entered the share market about 12 months ago by transfering some extra funds into an account with a large broker. Suffice to say I felt bad about the market and wanted out and told the broker such however I stupidly let him talk me out of it and it has cost me money.

I don't feel like another argument with him if I feel that this latest rally has run its course and I decide to make a hasty exit, he will only throw obstacles in the way and make it a pain in the proverbial.

So how do I sack this broker without having to listen to all of his excuses as to why I should keep him?

Can I just open an account and have the shares transferred to a different broker eg Commsec without giving him any chance to hinder it? Is it difficult to do?

I'm guessing I don't have any grounds to complain about this broker despite the fact he wouldn't carry out my request to sell

I'm not looking for advice on whether to sell or hold the shares, just how to transfer them to an online account so that I can freely choose whether to sell or hold.

It's simple. You send an email to close the account and deposit funds to your nominated bank account. If he fails to execute your instructions, the next call should be from a lawyer.