Shares and Paperwork

MrBurns · 26 October 2009

I bought 6 shares (companies) a month or so ago and ever since i've been bombarded with paperwork, from everywhere.
Then I went online and gave a bank account number for the dividends and it started all over again.
I'm up to my ears in Computershare, Link, you name it I've got it.

So how do share TRADERS cope ? They must create more paperwork per human being than any other industry.

matty2.0 · 26 October 2009

just elect to get it all done online.
no paper work then. even dividends will come straight through online.

cutz · 26 October 2009

Hi MrBurns,

Yeah it's a hassle.

I dare say most serious traders use derivatives and a serious traders broker like IB, you don't get all that junk, even with shares.

matty2.0 · 26 October 2009

once you set up the paper work once ... it should be okay later on. familiarise yourself with computershare and link MS and it should be fine.

MrBurns · 26 October 2009

I've already set it up OK but it's a disincentive to buy and sell again.

Every time I think I'll sell this or that and maybe buy in again next week/month I think of the paperwork and it turns me off.

schnootle · 26 October 2009

I was just thinking it was ridiculous as i checked the mail today, i used computershare to organise dividends for a few shares and they send you confirmations for each one individually - craziness

Sir Osisofliver · 26 October 2009

MrBurns said:
I've already set it up OK but it's a disincentive to buy and sell again.

Every time I think I'll sell this or that and maybe buy in again next week/month I think of the paperwork and it turns me off.

Burns you are buying through a Market participant. That Participant should have your TFN and Bank Details attached to your CHESS HIN. Any purchases through that account should have those details automatically logged with the registry. All you then need to decide therefore is do I want a hard copy of the annual report, should I DRP... Doesn't take long.

There are also services around that will do the paperwork and accounting documentation prep for you, (for a small fee of course) which means you sign them over with a limited power of Attorney and they get to answer your mail for you, send in proxy forms etc etc. (Most will also try and sell you an adviser with the service (for an additional small fee but you can tell them to get stuffed.) I did know of a firm in Brisbane that was offering that service for 0.25% of the value of the portfolio but it has slipped my mind.

Cheers

Sir O

nunthewiser · 26 October 2009

Yep .......... Perhaps we can make some paper mach'e tree sculptures with all that waste paper.

matty2.0 · 26 October 2009

MrBurns said:
I've already set it up OK but it's a disincentive to buy and sell again.

Every time I think I'll sell this or that and maybe buy in again next week/month I think of the paperwork and it turns me off.

You have to elect to not receive paperwork. Link and c-share give you the option. I buy and sell regularly these days and don't receive any paper.

MrBurns · 26 October 2009

Sir Osisofliver said:
Burns you are buying through a Market participant. That Participant should have your TFN and Bank Details attached to your CHESS HIN. Any purchases through that account should have those details automatically logged with the registry. All you then need to decide therefore is do I want a hard copy of the annual report, should I DRP... Doesn't take long.

There are also services around that will do the paperwork and accounting documentation prep for you, (for a small fee of course) which means you sign them over with a limited power of Attorney and they get to answer your mail for you, send in proxy forms etc etc. (Most will also try and sell you an adviser with the service (for an additional small fee but you can tell them to get stuffed.) I did know of a firm in Brisbane that was offering that service for 0.25% of the value of the portfolio but it has slipped my mind.

Cheers

Sir O

Thanks - I'll have another look at the available options in Link and Computershare and see if I can de paper myself.

MrBurns · 26 October 2009

matty2.0 said:
You have to elect to not receive paperwork. Link and c-share give you the option. I buy and sell regularly these days and don't receive any paper.

They always want signatures but I think I'm through that now so fingers crossed.

MrBurns · 26 October 2009

Just checked, everything is now by email so that should be ok.

outback · 26 October 2009

I was sorta paperish free, then changed account details with commsec, that meant a new HIN, and whammo more paper than a paper works.

MACCA350 · 26 October 2009

Elect for electronic, anything comes through as paper mail that you don't need.............feed the recycle bin and forget about it

You're right though, it's a PITA having to elect for electronic through c-share or link every time you buy, for those stocks I turn over quickly I don't bother and just feed the recycle bin

Anyone know if there is a master option in c-share or link that will automatically set your preferences for new stocks, couldn't find anything like that last time I checked.

cheers

Shares and Paperwork

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