Sharesies-set up and Daily useage

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Forums › Finance and wealth management › Sharesies-set up and Daily useage

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Smpl Mnmlst
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#2700792 2-May-2021 14:38

decibel:

I don't know, you guys - you all sound a little too enthusiastic to me.

I remember all the "share clubs" we had at work in the 1980s; way before the on-line forums we have here. Lots of people would gather around someones desk at lunchtime and pore over the morning paper's shares page. And we all know how that turned out.

I hope you are all contributing enough to a Kiwisaver fund (not the "default" fund) in order to get the maximum contribution from your employer.

Good luck .

Hardly. Sharesies is not some sort of knock-about 1980’s share club - it’s a business with paying customers. More importantly, it's a Financial Services Provider registered under the Financial Services Legislation Amendment Act 2019.

They are required by law to act professionally. IMO, knowingly providing erroneous portfolio returns is totally unprofessional. I believe that they are not meeting their statutory obligations, as set out on their own website, to “exercise care, diligence, and skill in providing advice” and to “meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services”.

Sometimes I just sit and think. Other times I just sit.

MightyApe

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eracode

Smpl Mnmlst
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#2700794 2-May-2021 14:57

ANglEAUT:

Would really be interested in the outcome of your complaint. If they are understating the real return, I'd be keen to find out what my current 26% return is supposed to be.

Given their methodology, they may be overstating some people's returns as well.

They have tried to brush-off my complaint. What’s worse is that they say that under their terms and conditions: "We are not responsible for any reliance placed on returns, calculations, performance information or pre-made Orders shown through our service."

I’m sure they have taken legal advice on that but I do not believe that they should be able to effectively contract-out of their statutory obligations as a Financial Services Provider. Apart from that, what may be legally correct is not necessarily morally or ethically correct.

I have told them that I will wait for a reasonable period of time, to see if they come up with more accurate return calculations, before elevating this further.

Sometimes I just sit and think. Other times I just sit.

decibel

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#2700795 2-May-2021 15:00

eracode:

decibel:

I don't know, you guys - you all sound a little too enthusiastic to me.

I remember all the "share clubs" we had at work in the 1980s; way before the on-line forums we have here. Lots of people would gather around someones desk at lunchtime and pore over the morning paper's shares page. And we all know how that turned out.

I hope you are all contributing enough to a Kiwisaver fund (not the "default" fund) in order to get the maximum contribution from your employer.

Good luck .

Hardly. Sharesies is not some sort of knock-about 1980’s share club - it’s a business with paying customers. More importantly, it's a Financial Services Provider registered under the Financial Services Legislation Amendment Act 2019.

They are required by law to act professionally. IMO, knowingly providing erroneous portfolio returns is totally unprofessional. I believe that they are not meeting their statutory obligations, as set out on their own website, to “exercise care, diligence, and skill in providing advice” and to “meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services”.

As I said - Good Luck.

BlinkyBill

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#2700802 2-May-2021 15:38

There would have been some fees charged that would have diluted your return. And your portfolio ROI could/would have been affected by the difference in purchase price between the first tranche purchase and second tranche purchase, unless you bought at the same price each time.

So it’s a wee bit hard to understand the problem here. I’m sure there is one though.

When was your complaint acknowledged?

eracode

Smpl Mnmlst
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#2700809 2-May-2021 16:04

BlinkyBill:

There would have been some fees charged that would have diluted your return. And your portfolio ROI could/would have been affected by the difference in purchase price between the first tranche purchase and second tranche purchase, unless you bought at the same price each time.

So it’s a wee bit hard to understand the problem here. I’m sure there is one though.

When was your complaint acknowledged?

Thanks. Neither of these factors were material in the magnitude of the reported change in return that resulted.

Not sure why it’s relevant but my internal complaint was acknowledged on 26 April.

Sometimes I just sit and think. Other times I just sit.

BlinkyBill

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#2700815 2-May-2021 16:25

eracode:

BlinkyBill:

There would have been some fees charged that would have diluted your return. And your portfolio ROI could/would have been affected by the difference in purchase price between the first tranche purchase and second tranche purchase, unless you bought at the same price each time.

So it’s a wee bit hard to understand the problem here. I’m sure there is one though.

When was your complaint acknowledged?

Thanks. Neither of these factors were material in the magnitude of the reported change in return that resulted.

Not sure why it’s relevant but my internal complaint was acknowledged on 26 April.

Well, it’ll probably take them more than a few days to fix it; I was wondering how longstanding the issue is.

Handle9

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#2700817 2-May-2021 16:33

decibel:
I don't know, you guys - you all sound a little too enthusiastic to me.

I remember all the "share clubs" we had at work in the 1980s; way before the on-line forums we have here. Lots of people would gather around someones desk at lunchtime and pore over the morning paper's shares page. And we all know how that turned out.

I hope you are all contributing enough to a Kiwisaver fund (not the "default" fund) in order to get the maximum contribution from your employer.

Good luck .

What do you think your kiwisaver investments are placed in? A significant amount is placed in shares as over the medium term they are highly productive assets. There is volatility and investors should be prepared for large short term drops. These are always balanced by short term gains during economic cycles.

Personally I don't invest in individual shares, only very low fee index funds from the likes of vanguard or ishares. For me diversification, minimal fees and long term growth is The goal. 30% of my portfolio is in bonds which also spreads the risk.

80s share clubs were basically going to the casino and betting on red for short term gain. It's a very different approach.

eracode

Smpl Mnmlst
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#2700819 2-May-2021 16:37

BlinkyBill:

Well, it’ll probably take them more than a few days to fix it; I was wondering how longstanding the issue is.

Ah, right. I didn’t really expect them to fix it quickly - I understand that what they need to do to put a fix in place is a fairly complex thing.

When I asked them for a time scale for the fix (days/weeks/months?) they said “There's no concrete date for release … the changes will be implemented over the next few months providing our testing continues to go well”.

Given the casual way they handled my complaint, I’m not holding my breath.

Sometimes I just sit and think. Other times I just sit.

eracode

Smpl Mnmlst
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#2700821 2-May-2021 16:43

@Handle9 “Personally I don't invest in individual shares, only very low fee index funds from the likes of vanguard or ishares. For me diversification, minimal fees and long term growth is The goal. 30% of my portfolio is in bonds which also spreads the risk.”

Yep. It’s not relevant to the point I’m making here but just out of interest the three securities I have invested in via Sharesies are SmartShares NZX50, iShares S&P 500 and iShares MSCI.

Sometimes I just sit and think. Other times I just sit.

Handle9

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#2700831 2-May-2021 17:21

eracode:

Handle9 “Personally I don't invest in individual shares, only very low fee index funds from the likes of vanguard or ishares. For me diversification, minimal fees and long term growth is The goal. 30% of my portfolio is in bonds which also spreads the risk.”

Yep. It’s not relevant to the point I’m making here but just out of interest the three securities I have invested in via Sharesies are SmartShares NZX50, iShares S&P 500 and iShares MSCI.

For clarity I'm not using sharesies as it's not suitable for me as an expat who is effectively running my own pension fund but the principles are the same.

mattwnz

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#2700836 2-May-2021 17:43

eracode:

@Handle9 “Personally I don't invest in individual shares, only very low fee index funds from the likes of vanguard or ishares. For me diversification, minimal fees and long term growth is The goal. 30% of my portfolio is in bonds which also spreads the risk.”

Yep. It’s not relevant to the point I’m making here but just out of interest the three securities I have invested in via Sharesies are SmartShares NZX50, iShares S&P 500 and iShares MSCI.

If someone is only investing in ETFs, then invest now could be an option, as you can buy Smartshares ETFs without a transaction fee, just the normal management fee. Although I understand IN have a minimum transaction of about $250. Also it can take a while for the transaction to go through on IN, I think they do them at the end of the day. Unlike sharesies which seems to be able to buy and sell during the day. Also there is Hatch which also buying international ETFs which can work out cheaper depending on amounts being invested. PLus there are a few other similar providers. But if someone is drip feeding in smaller amounts, then sharesies can work out more convenient. But people should always get their own financial advice, to make sure it suits their requirements.

ANglEAUT

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#2700846 2-May-2021 18:53

mattwnz: But I enter all the shareholding figures into my ASB share account, which provides a lot of other data. Sharesies is good though for buying small regular amounts of shares as the fees are a lot smaller, than the $15 minimum you have to pay ASB. It is especially good since they now have australian shares.

So you were paying the Sharesies subscription & the ASB $15 fee? Or is the $15 ASB fee per purchase / sale? How much do you pay ASB to have a shares account?

Please keep this GZ community vibrant by contributing in a constructive & respectful manner.

mattwnz

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#2700853 2-May-2021 19:16

ANglEAUT:

mattwnz: But I enter all the shareholding figures into my ASB share account, which provides a lot of other data. Sharesies is good though for buying small regular amounts of shares as the fees are a lot smaller, than the $15 minimum you have to pay ASB. It is especially good since they now have australian shares.

So you were paying the Sharesies subscription & the ASB $15 fee? Or is the $15 ASB fee per purchase / sale? How much do you pay ASB to have a shares account?

$15 is just for a share purchase with ASB, think it is $15 for purchase under $1k. Sharesies you also pay a percentage transaction fee when buying ETFs etc on top of the subscription. If you don't buy any shares andcan just have an ASB share trading account account, then it doesn't cost to access ASBs share trading. At least it doesn't cost me but I have had an account with them for about 15 years, and have other bank accounts with them. Not sure if they will change this in the future, but I understand there is a delay to the figures, unless you are regually buying shares through it. You need to have a cash management account to use for purchasing shares via ASB. You can then add your portfolio into it. You can do something similar with Yahoo finance, but yahoo finance doesn't show all the buy and sell orders, where as ASB does. But these NZ platforms do seem to be missing a lot of information that Australian platforms provide, one of the big ones is dividend stability percentages.

eracode

Smpl Mnmlst
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#2700855 2-May-2021 19:22

Quite recently Sharesies dropped its subscription fee - with effect from about now. It was payable monthly or annually in advance. Those who had paid annually got a pro rata refund.

Sometimes I just sit and think. Other times I just sit.

mattwnz

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#2700878 2-May-2021 21:43

eracode:
Quite recently Sharesies dropped its subscription fee - with effect from about now. It was payable monthly or annually in advance. Those who had paid annually got a pro rata refund.

But with those changes they added transaction fees for NZ ETFs when buying and selling, when this was previously free

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