Regarding Stockbroking et al

B

Beller

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Greetings. I'm new to this so forgive me if my question sounds a little naive. A few of years ago, at about the same time as the banking crash, I came into a small sum of money and decided to take a chance with it. I used it to grab as many Bank of Ireland shares as I could while they were still at a low value (around 15 cents) with the intention of sitting on them until retirement, in about 20 years time. I was obliged to open an account with a stockbroker to do this, of course, and since I'm not going to be playing the markets or anything like that, I'm wondering would it be more sensible to leave the shares with the stockbroker's custodian (where they currently reside) or to close the account, save myself the yearly fees, have the share certificates returned to me at my home address, and open a new account at retirement? Any advice from the regulars?
 
If there is no annual fee by broker, then you might as well let him hold them. If there is a fee, then holding the certificates yourself might be the better option. However, broker will charge a fee to move from nominee to cert. You then run the risk of losing the cert and incurring cost of a replacement.
 
I use TDdirectinvesting.ie. No annual charges, just nominal fees for selling/buying, you have internet access and they hold shares in nominee account, which can be handy should anything untoward occur and you need to act quickly. As Ravima pointed out, you will likely incur charges for leaving your current broker so do a cost benefit analysis. I would recommend having immediate internet access to shares & markets - you make never need it, but it is good to know you can act quickly should the need arise.
 
Only problem with advice from horusd is if your total shareholding held with TDdirectinvesting is less than € 5000 , and no dealing transactions being done, there is an account inactivity fee of € 15 per quarter. No fees if shares held are worth over € 5000.
 
Thank you all for your advice. My shares are valued at considerably higher than €5000 so TDdirectinvesting seems to be the best option. One question: when I close out my account with my present stockbroker, do I need to get my share certificates and then pass them on to TDdirect or can all this be done electronically?
 
can be done electronically, but holding broker will still charge a fee to transfer to new broker. This fee is usually €15/25 per line of stock. So if you are only transferring BoI, then there is only the one fee.
 
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