SelfWealth

Hello

Just wanted to see if anyone is using these guys?
Online Share Trading - just $9.50 per trade, regardless of trade size!

Their fees are $9.50 per trade no matter how much you trade or the size of the trade. Apparently they hold your money with ANZ.

cheers

 

Nobody using them?

 

Yes - I am with them.

Simple and effective platform for domestic trading. You are right, cash is held in ANZ cash management account so you even make a little interest on cash not invested in stock holdings.

If you are using international trades and / or derivatives you will want a secondary broker but for domestic trades they are highly recommended. The research portal and community aspect are good value additions too.

Yes

 

How are things going with Selfwealth, I've seen a few referrals for them of late?

 

I can't compare them to any other broker as I've not used any other. My experience has been great. Sign up was a breeze and quick and the few trades I've made have all been executed without problem. I don't use all the social media/community type stuff.

 

Signed up to the website (havn't completed the registration for trading yet) on the weekend but stuffed up the referral link. Put in a support ticket asking them to correct the referral for me so I (and my referee) get the 5 free trades but they've denied it, instead offering me 2 free trades. I was stunned. Not that I need the free trades - but nice way to alienate a potential new customer..... Am I being unreasonable?

 

I don't think you are being unreasonable. Frankly if they were going to offer the referral trades anyway then they are not really losing anything by fixing your mistake for you and it would engender goodwill.

I completely forgot about the referral (AussieFireBug) to get 5 free trades when I signed up. I considered contacting them but for the $47.50 it would have saved me I just didn't bother. Seems I saved myself some wasted time if your experience is the norm.

 

Podcast from Aussie Firebug here

Our guest today is Andrew Ward, the founder and managing director of online investing tool Self Wealth. Andrew is a former Executive Manager at Commonwealth Bank who has held many other high positions throughout his 20 years in the finance sector. Andrew seen an opportunity in the market for an online community for investors, but after failing to get through the red tape that comes with working in a large organisation, decided to start up his own company.

In this episode, we talk about:

• What is Self Wealth and what does it offer
• $9.50 flat fee brokerage costs!
• The catalyst for the idea of Self Wealth
• Pricing models
• What CHESS sponsored and HIN means and why it’s so important
• Integration with Sharesight

 

Anyone know what kind of reporting do they offer, do they provide a full, consolidated tax statement for the account holdings at the EOFY?

 

There is an annual statement for tracking changes to your portfolio but it is lacking dividend/distribution detail. You can extract a report detailing the transactions on your SW cash account i.e. trades, brokerage and (purportedly) dividends - however as my dividends are either reinvested or directed to an external account, they don't show up here. Not exactly useful.

As a result I use Sharesight to generate a consolidated report, then use share registries to confirm their reports. Easy enough with the few holdings I've got.