Trading Shares with different brokers - can you consolidate?

Discussion in 'Share Investing Strategies, Theories & Education' started by Jmillar, 9th Jul, 2020.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Jmillar

    Jmillar Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    680
    Location:
    Sydney
    Okay, this might sound like a dumb question but I listened to a podcast this morning (Equity Mates) and someone mentioned that they use multiple brokers for different purposes. They said they used to use Broker A and still have shares with them but no longer trade with them, they now use Broker B and C.

    My question is this - if you buy shares with Broker A, does that mean you can only sell them through Broker A? Or could you somehow consolidate them across to Broker B or C so you can track your portfolio in one place?
     
    Jmillar, 9th Jul, 2020
    #1
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,347
    Location:
    Australia
    Yes you can transfer holdings to other brokers.
     
    Trainee, 9th Jul, 2020
    #2
  3. Jmillar

    Jmillar Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    680
    Location:
    Sydney
    Is there typically a cost to do that?
     
    Jmillar, 9th Jul, 2020
    #3
  4. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,347
    Location:
    Australia
    No cost usually. You can do it online with larger brokers. But the details (name and address) have to match exactly, letter for letter. So if one says John A Smith and the other account says Johnathan Adam Smith you’ll need to change one to match the other.
     
    Trainee, 10th Jul, 2020
    #4