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so you do have a VP account. I use it to monitor all my portfolios easy to view all in one place. The News section can be interesting. I didn’t change anything so lost nothing with the new platform.
I like IG do all my foreign trades with them. So far have never paid custody charges FX charge 0.5% and can have multicurrency accounts.
As mentioned, I don’t have a VP with ii. That is, I never set one up with ii nor had need to. For years I had a VP with “MoneyAM”. For a long while that was ample for my needs, though towards the end I hardly ever looked at it. MoneyAM were taken over a few weeks ago by the “Shares” site.
I’ve not bothered with any VP since as I no longer have a pressing need for one. But the only one I’ve ever had was with MoneyAM.
Thanks for highlighting IG. That was another contender, but unlike the three brokers I mentioned, I believe IG impose some charges on inactivity over quarterly periods. When I move from ii, the bottom line for me is no added charges for simply holding stocks for longer periods.
Though there were some years where I’ve done 70 to 75+ real share trades, other times I’ve done nothing but leveraged trading for over 8 months. I expect to see similar periods of inactivity with real shares in future. - Regards.
OK I understand you don’t have an ii VP account but all I’m saying is the system forces me to login to my research account (VP)otherwise it won’t let me access even the discussion boards. Perhaps it does this because I’ve had this VP account for 20 years could be more.
MoneyAM is part of AJBell I don’t like it… For me the VP portfolio monitoring site is the best I monitor all brokers here even have my ii trading portfolio. I can add notes for each stock very useful.
Thanks. That might explain it. The fact that you’ve had your VP with ii for 20 years.
A very different situation for me. I was with TD Direct until ii’s takeover about November 2017. I don’t even recall whether TDD had a VP option due to me using MoneyAM’s VP at the time. But in general TDD were an excellent broker, often delivering market-beating execution prices. I preferred TDD to ii for that alone. - Regards.
@J_Westlock, @jackdawsson, someone mentioned how dissatisfied they were with AJBell corporate actions. Was it either of you? Impossible to make any sense of most corporate actions, links/downloads don’t work I have to search the web for info to make a decision.
Other teams similarly poor. Incorrect data which I’ve queried and no resolution a week later!! I used to think they were one of my better brokers but since they’ve moved (probably different staff) and changed platform I cannot recommend them - I’d like to transfer away but unfortunately they still have high exit charges - come on FCA make no exit charges mandatory.
I’d be very careful about changing provider.
It was me!
Glad you found the same (in a way).
They try to automate such Corp Actions but then they do it in a confusing way… the actions appear on the Dealing screen!.. but also in the Corp Action menu item (which is the one you should use).
But… try and make amendments… and it appears to screw up… plus they sometimes get the basic instructions wrong eg. recent SEQI issue.
All that said… if you just send a Secure Message to them of your intentions… they just get on and do what you want… and that’s how I play it with AJ Bell.
@J_Westlock, no they don’t get on with it. I’ve been with them for a few years so know their reports structure well. Corporate actions appear in the Corp Action menu and in the Transactions report but a lot of the information is inadequate .
I have direct contact with the Customer Services Manager and ‘know’ the dealing team and customer services team leaders. They acknowledge all the issues I’ve raised but are unable to fix them as they have to wait for the other teams which can take forever. All messages are dealt with by the dealing team/customer services what they can do is limited.
I don’t think you’ve been with them for too long or perhaps have several accounts to deal with like I do.
Prefer to stick with ii for now but only been with them 6 months so far they’ve been better . Might think of Share Centre next time at least they say its possible to speak to corporate actions directly which is more than half my battle. Slightly higher costs perhaps but I’m happy to pay if its a good service.
How have you found Saxo for corporate actions and accurate reporting?
I only use any broker to get the initial alert of a Corp Action… I then always read the Company’s own documents on exactly what is happening/any multiples involved/any limits etc
I then ignore their automated Corp Action screen and any instruction to use it.
I just send a secure message of precisely what I want to happen.
I haven’t had an issue with that approach yet.
But I sure have had issues with AJ Bell’s automated Corp Actions when I first tried to use them… now I don’t even try.
I’ve only been with AJ Bell since last April. Just one of a few broker accounts.
@J_Westlock, not sure how many shares you have overall but where do you get the time to hunt around for info cos I sure haven’t. Surely that information should be provided by the broker.
What about Saxo do they give good instructions?
Yes, it should be and is provided by brokers but I personally don’t trust it… not unless it’s some very simple stock split in which case I don’t bother.
I have about 70 lines of stock across several brokers. Most corp actions you don’t get any choice about, they will just usually award you x shares for the y that you hold… those I don’t check.
I refer only to the voluntary corp actions… those I check out both to decide whether I want to increase a stake and also to verify from the company’s own docs what the broker has said. Of the latter, they don’t happen that often… certainly not more frequent than once a month and it only takes 15 mins of my time to then do any reading about it that might be necessary.
Yes, I’ve never had any issues with them regarding corp actions. Again, most of these are mandatory corp actions given nature of stocks I have there.
Oh… and Saxo also allows you to setup ongoing instructions for each stock via their application ie. to always take cash or take stock if offered… and that works fine.
@J_Westlock, I have many more stocks but trying to cut down. I ignore all mandatory corp actions but rights issues and share consolidation/return of capital I do need to understand only if to calculate the correct capital gains - can’t trust the broker to do this. What takes more of my time is getting the broker to correct their errors. Fortunately with the types of stocks I hold with IG there are not many.
A no deal Brexit is looking more likely I am fast getting rid of any UK based stocks the big internationals I will hold on to. That should reduce my workload
@J_Westlock, that’s good to know.
Is iWeb as good where corporate actions are concerned? Thanks for all your help
Yes… same here. Last couple of year or so I’ve moved to ETFs and ITs (similar to Pref). The individual stocks I have… I either like them and want to retain… or more usually… I’m waiting for the right price to sell them at.
Most of my stocks are in a SIPP or ISAs… but yes, I do have to keep track of the ones that aren’t for CGT purposes.
I don’t know if you have any funds that attract Excess Reportable Income… but if you do, and they are outside a tax wrapper… they are a total pain… as you need to declare it on your tax return too.
I’ve moved mine around now so I don’t have any such funds outside of tax wrapper accounts.
Saxo and iWeb are both OK for Corp Actions IMHO… in fact, it was only AJ Bell I had any issue with… and that was mainly regarding their attempt to automate the client instructions from the app.
@J_Westlock, I have ITs but only 2 funds. Not likely that ERI applies. AJBell is not what it used to be. Other than corporate actions seems as if you are generally pleased with AJBell.
I’ll stick with ii seems better but too early to say. I doubt I’ll end up paying more than £24/annum custody charge.
@jackdawsson, every trade with ii appears to have bettered the market execution price but how do I compare/believe them. If true then worth the custody charge (minimal in my case anyway).
Note that many types of fund can be liable to ERI… including ETFs.
You only need it to be non-UK domiciled (which is most!) and then to be sure… you have to read the documentation for each fund you own… you might be surprised… for some you get about 1/3 as ERI as you do in divis.
Whether the HMRC actually do go around checking Brokers and finding out if their clients own such funds is another matter… but as I’m sure you’re aware… you’re better off staying on the right side of things as far as the HMRC are concerned.
@J_Westlock, both my funds are UK domiciled so I’m OK. This might help if you want to check.