Second Trading Platform - how does it work

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by Tony, 23rd Nov, 2018.

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  1. Tony

    Tony Well-Known Member

    Joined:
    28th Jun, 2016
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    Sydney
    Hi all,
    I am currently with Commsec and want to give SelfWealth a go. This means that I will have two trading platforms on the go at once. I'd like to know the following:
    1. When I sign up to SelfWealth, will they provide me with another HIN?
    2. Shares then bought using SelfWealth will appear on this trading platform and be associated with the new HIN provided by SelfWealth
    3. Shares will show up with the respective Share Registry e.g. MLT shares will show up with Link Market Services
    4. If I already have MLT with Commsec and then buy MLT through SelfWealth, will this be combined in Link Market Services or be seperated by the HIN.
    I do realise that there is a process to transfer shares across to a new platform but it isn't required to do so. I just wanted to know how it all works from someone that has already done it.
    Thank you
     
  2. wombat777

    wombat777 Well-Known Member Premium Member

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    Very interested in the answer to this also. I'm currently with Commsec but want to consider other brokers, not necessarily for all of my holdings.

    I am thinking you may end up with the multiple linkmarketservices accounts or other applicable registries.

    Off-topic - share registries need to be reformed or standards regulated in some way. Some of the user interfaces are absolutely terrible. I would prefer one platform that can manage my holdings irrespective of registry.
     
  3. SatayKing

    SatayKing Well-Known Member

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    20th Sep, 2017
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    Location:
    Australia
    I've no idea about using different brokers.

    However, the share registry you mentioned does have a facility to ADD a holding under a different HINs provided you are the authorised holder of the shares. Can alter addresses, TFNs, bank details, etc.

    I have done that for my personal account, SMSF, T/Trust and SRN's when I was the trustee for a few portfolios. Advanced Share Registry is the same.

    Computershare, however, requires separate accounts which is big fail in my opinion. Very cumbersome.