Replacement for Campbell O’Connor

[Brendan Burgess]

I have shares in a US company that I transferred to COC from Mercers in March and now obvs have to transfer again, approx. €38k and the easy option seems to be Cantor Fitzgerald. Not planning on buying or selling for now, just need a holding account. Unf my knowledge of brokers etc is very limited, does anyone have experience with them? Thanks

You will need to read the thread to get the information you need.

Cantor Fitzgerald charge very high fees just for keeping the account open.

DavySelect will charge you €200 a year.

I am going with Davy Select and explain my reasons here:

Replacement for Campbell O’Connor

Or will DeGiro allow me to dematerialise my shares? No they're online only, no handling of physical share certs. Guess that's how they keep their fees low.

www.askaboutmoney.com

Brendan

 

[MrEarl]

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

 

[huskerdu]

I have shares in a US company that I transferred to COC from Mercers in March and now obvs have to transfer again, approx. €38k and the easy option seems to be Cantor Fitzgerald. Not planning on buying or selling for now, just need a holding account. Unf my knowledge of brokers etc is very limited, does anyone have experience with them? Thanks

You have left it very late to set up an account with a different broker and transfer the share.
COC have to have all transfers complete on June 10th. You might not have a lot of choice but to transfer to Cantor Fitzgerald for the moment and then consider another move.

 

[davyselect]

Is the fee charged on a specific date. Such as January, April, July, October or on the anniversary of when you opened the account?

Hi Tintagel,

Yes the fee is charged in early January, April, July and October.

Best regards
davyselect

 

[Laramie]

Hi Davy Select,

Thanks for coming on to the forum. I wonder could you answer my post 53 above? Thanks

 

[davyselect]

Hi Davy Select,

Thanks for coming on to the forum. I wonder could you answer my post 53 above? Thanks

Hi Laramie,

Sorry we missed that question. We will get back to you on this ASAP.

Best regards
davyselect

 

[davyselect]

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

Hi Laramie,

Share certs must be lodged with DavySelect and settled on an account before the sale can take place. Once we have received the share cert, lodgement to your account typically 2/3 days for Irish and UK stocks and at least 3 weeks for European/US stocks.

Once a sale has been completed (online or phone), the standard market settlement period (typically T+2) will apply. Clients do not have the option of choosing the settlement date.

We understand that some clients prefer to hold share certs and we are very happy to accommodate trading in same. We would point out that there is no extra charge to hold these shares on your account and have them available for immediate sale if you so wish.

Please let us know if you have any other questions

Best regards
davyselect

 

[WaterWater]

We understand that some clients prefer to hold share certs and we are very happy to accommodate trading in same. We would point out that there is no extra charge to hold these shares on your account and have them available for immediate sale if you so wish.

I am confused by this statement. Do you actually hold the physical share certs for the client? When you say you can sell them immediately....earlier you said that it takes 2/3 days to lodge these to your account.....not really immediately.....

 

[WaterWater]

I forgot to add to my above question. If I want to open an account with my share cert.....can I drop in to DavySelect and meet someone off the street or do I have to make an appointment?

 

[TrundleAlong]

http://www.davyselect.ie/binaries/content/assets/davyselect/pdfs/eswebtcs.pdf#page=90

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?

 

[TrundleAlong]

Then I look at Interactive Brokers costs and wonder why anyone would want to pay the DavySelect charges.

Rates & Charges - interactive investor

You’ll find details of our rates and charges here. Alternatively you can download a PDF version. Capital at risk

www.interactiveinvestor.ie

Does anyone use Interactive Brokers?

 

[Eeyore]

Have been using them for the last 6 six years. If you're looking for a low cost online broker they're great.

 

[Monksfield]

I am very very late into this and my suggestion will be not much help to those leaving Campbell O'Connor.
Those looking at a low-cost online broker should look at Saxo.....I have had an account with them and find them quite good, and very keen on charges. I Like BB I am basically a 'buy & hold' investor - not put many trades through them.

 

[WaterWater]

I had a look at the Saxo trading platform on their website. I couldn't find any details about charges and commissions charged. I like to see these things prominently displayed. Maybe I am missing something?

 

[davyselect]

I am confused by this statement. Do you actually hold the physical share certs for the client? When you say you can sell them immediately....earlier you said that it takes 2/3 days to lodge these to your account.....not really immediately.....

Hi Water Water,

Sorry for the delay in responding and if we were not clear in our original post. We do not hold physical share certs for clients. However, clients can opt to have their share certs lodged and held in electronic format on their accounts. When the shares are held electronically on your account they can be sold immediately. Davy Select are open from 08.30am to 5.30pm Monday to Friday at our offices at 49 Dawson Street, Dublin 2. There is no need to make an appointment to meet a member of the team. You can drop in with your share cert and complete the account opening information there and then.

Please let us know if you have any other questions

Best regards
davyselect

 

[TrundleAlong]

Davy Select. Can you answer my question above....Post 70.

There may be a few other questions that you missed also.

Thanks

 

[davyselect]

http://www.davyselect.ie/binaries/content/assets/davyselect/pdfs/eswebtcs.pdf#page=90

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

 

[Grizzly]

Once a sale has been completed (online or phone), the standard market settlement period (typically T+2) will apply. Clients do not have the option of choosing the settlement date.

OK. I sell in the morning on a T+2 basis. That afternoon the share price drops and I need to buy these again or some other share. Can I purchase immediately or do I have to wait until you receive my fund from the sale?

 

[IsleOfMan]

Unfortunately when Davy Select sell your Sterling shares they convert this to Euro in your account BUT they do not show you the rate of exchange they used to make this conversion. They only say it was the rate of exchange that was applicable on the day. Your account should clearly show the rate used because when you need to do another trade in Sterling, you will have to factor in the exchange rate used.

Campbell O'Connor always showed the rate of exchange they used when they converted Sterling to Euro.

 

[BOXtheFOX]

Unfortunately when Davy Select sell your Sterling shares they convert this to Euro in your account BUT they do not show you the rate of exchange they used to make this conversion. They only say it was the rate of exchange that was applicable on the day. Your account should clearly show the rate used because when you need to do another trade in Sterling, you will have to factor in the exchange rate used.

Campbell O'Connor always showed the rate of exchange they used when they converted Sterling to Euro.

You would imagine that Davy Stockbrokers would have the latest technology on their trading platform.

When you did a trade with Campbell O'Connor, on your contract note, you were shown the exact time of your trade (with Davy you are only shown the date of the trade).
Campbell O'Connor also showed you the exact purchase price that you received to 6 decimal points. For example you might have received a price for Tesco at £2.37625. On the Davy platform they just show £2.37.

I agree that if you have a Sterling or US Dollar portfolio that is expressed in Euro in your account, they should display the rate of exchange used to value your portfolio.