Key Post Davy Select FAQ

Laramie

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I am a bit confused about Davy Stockbrokers.

I wish to purchase £75k of GSK to hold.

If I get Davy to do this I assume I can no longer get these shares in certificate form?

So what would be my costs associated with this transaction be? Because they will be holding these shares on my behalf will I be charged an annual % maintenance fee based on my £75k purchase?
 
I am a bit confused about Davy Stockbrokers.

I wish to purchase £75k of GSK to hold.

If I get Davy to do this I assume I can no longer get these shares in certificate form?

So what would be my costs associated with this transaction be? Because they will be holding these shares on my behalf will I be charged an annual % maintenance fee based on my £75k purchase?

Hi Laramie,

You can hold GSK shares in certificate form.

Best regards
davyselect
 
Thanks for answering part of the question. Good to know that I can hold shares in certificate form through Davy Stockbrokers.

If you know, can you give me an answer to the second part of my question.

If I purchase £75k of GSK in certificate form to hold.What will my costs be and will there be ongoing yearly costs associated with having opened an account with you to buy these in the first place.

Hi Laramie,

The cost to buy £75k of GSK would be £375.

The ongoing costs of a Davy Select Personal Investment Account where Davy would hold the stock for you would be a €50 per quarter. This fee is reduced by the value of any commissions incurred during the quarter.

If you wanted to get a share certificate there would be a charge of €30+VAT. If you decided to close your account after receiving the share cert there would obviously be no ongoing account fee. You would need to open an account with a broker to sell the shares in the future.

Hopefully this is clear. Let is know if it is not.

Best regards
davyselect
 
The cost to buy £75k of GSK would be £375.

The ongoing costs of a Davy Select Personal Investment Account where Davy would hold the stock for you would be a €50 per quarter. This fee is reduced by the value of any commissions incurred during the quarter.

If you wanted to get a share certificate there would be a charge of €30+VAT. If you decided to close your account after receiving the share cert there would obviously be no ongoing account fee. You would need to open an account with a broker to sell the shares in the future.

O.K. So the £375 is the .5% commission. The share cert is €30 plus VAT. Because I will have a share certificate then Davy would not be holding the stock on my behalf. I am personally holding it.
So can you confirm that there would be nil €50 charge per quarter if I leave the account open (as you will not be holding the stock) or do I actually have to contact Davy and close the account?
In other words, do you charge the €50 per quarter even if there are nil transactions and if I hold the share certs in certificate form.
 
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I am just wondering how selling shares held in certificate format are dealt with by DavySelect.

Let's say I want to sell 5000 shares and I have a certificate for 5000 shares. Are these sold on a T+3 or a T+10 basis or similar?

In other words I complete the transaction online. If I sell on a T+3 basis I get paid after 3 days. If I sell on a T+10 basis I get paid after 10 days.

Do I have an option to choose the settlement date? With Campbell O'Connor I had a choice. Sometimes by choosing a longer settlement I was able to get a slightly better price.

My concerns are. I will need to sign a transfer form and get the physical share certificate in to DavySelect. I live in Dublin so I can drop this in by hand. However someone living in the country might have to post their Share Cert.

Can someone from DavySelect let us know the step by step process and advise us about settlement dates etc? Thanks
 
For most long-term buy and hold investors T+10 would not be an issue.

They told me that to sell shares held in share certs, I would have to send the shares in to them and they would convert them to online shares and then sell them.

Brendan
 
Hello,

What is attracting people to Davys over Goodbodys please ?

From a quick glance, it looks like Davys have higher annual fees (before deduction in respect of commission on trades), Goodbodys have a cheaper annual fee, but higher trade commissions. Both seem to offer decent service, have a physical presence in Ireland etc. So, what am I missing please ?

Thanks
 

It looks as if DavySelect also charge an execution fee of .15% on top of their commission charge of .5% when making an execution only online purchase. Is this correct?

Hi TrundleAlong,

This is not correct. The only execution fee is the €50 per quarter reduced by the value of commissions incurred in that quarter. The commission charge of 0.5% also applies on each trade.

You may be referring to the illustration in our terms and conditions which simulates the yearly cost of investing and holding €100,000 of an Irish stock. In this illustration the execution service fee is €150 which is also represented as 0.15% of portfolio value. The €150 execution fee in this illustration is in fact the quarterly €50 fee with one quarter excluded. The quarter excluded is the one where the purchase was made. The commission paid in that quarter would have be greater than €50 hence no quarterly service fee would apply.

Clearly the illustration is creating some confusion. We will update it to be more clear.

Please let us know is you have any other questions

Best regards
davyselect
 
When dealing with Davy Select can I have my account in Sterling?

If I want to do some trades on the FTSE 100. Buying and Selling, it would be convenient to keep my holdings in Sterling. Otherwise I have to deal through Euro. This would mean a bid/offer currency spread every time I need to buy and sell a share listed in Sterling.

The retail banks have a bid/offer spread of up to 5 pence. Would this be the same spread that Davy would use?

Hi Kimmagegirl,

Yes you can. Your Davy Select account allows you to maintain separate Euro, Sterling and USD sub-accounts. There is no extra charge for this.

Please let us know if you have any other questions

Regards
davyselect
 
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