changing stockbrokers

[c kenneths]

I feel like kicking something, I feel like am gonna explode,I am recieving the worst service from my stockbroker ! can you imagine paying money and obtaining a reciept and then waiting for over a month and still the stock has not been bought, (since 20th march 2007) they never even contacted me to tell me the status of the purchase, I knew the stock was available so there is no excuse of stock not being available.

Do you know what incensed me most, I placed a sale order on some of my stocks last week (wednesday)then I called on them yesterday to see if I could pick my cheque, lo and behold I was told the stocks are still not sold, infact the purchase order I filled is missing! and the same broker wants me to fill another form.

The stocks have since lost some value and the trades I wanted to make next are soarig away.

Has anybody in the house ever transfered stocks from one stockbroking firm to another? how long can the transfer take, and what is involved.Its time these guys sit up or lose some deals, these things involve money and the Nigerian normal inefficient tactics cannot be allowed to take root in our markets.

[Avocado]

Transferring stocks involves using a form; there's a standard format, but each 'receiving' stockbroking company would usually have one. It appears you're near the limit with your stockbrokers, else, my standard recommendation would be to sort it out with them (it may just be the officer)...

.

[paragon]

well you can transfer stocks from a broker to another. you need to write a letter to this effect the NSE of your intended action and one tpo your present broker. you would also specify the name of the new broker.
it costs less than N1000 to conclude this but i'm not really sure on how long it will take.

[babatunde akinyemi]

I feel your indignation. I have am having similar experience from cashcraft. Since you are not sure the next broker you pick would be better perhaps it is better to follow Avocado's suggestion above. I think you should let us know the identity of the stockbroking firm that gave you this raw deal for our future guidance.

[c kenneths]

@ Babatunde, did you just say cashcraft is having the same problems? well I use Eurocomm and it is the fault of an inifficient officer as Avocado thought.
Asides that its a cool stockbroking firm.

I was even thinking of switching to cashcraft, well what do I know.

I think the best thing for me to do is to move my trading sum to another stockbroking firm who will handle it with the speed it deserves.

[jazmil]

I use BGL and so far I've had fairly good service.

[Avocado]

c kenneths: It appears you've made the decision to move. I'll suggest that you talk to friends and check out with them first, those who use stockbroking firms that is. You'll hear stories, and I've met with some myself. It's true that sometimes - when you're at the limits - moving to a different firm may be the best choice. If you want suggestions, let's hope you'll get good ones here.

And I hope anyone giving any suggestions will be decent enough to give a full disclosure as to what interests (if any) they may have in the firms being recommended.

Per your original question: a stockbroker says it should take 2 to 3 weeks max, with the bonus information that sometimes, the resident stockbroking firm delays the transfer. I'll add a week and make it 4 weeks max.

I'll add this from another stockbroker: it may also depend on the stocks you're transferring, and a little bit of gentle pressure from you.
.

[c kenneths]

Thanks Avocado.

[Royal]

Hi all, wonderful thread. I had the same experience a while ago, lost lots of money, imagine telling my brokers to buy 100,000 units each of two stocks that are on the rise and they proceed to carry out my instructions four days later and cost me about half a million!
I immediately moved to other brokers which i noe use. however, i still have stocks in the control of the other broker, not selling yet because itz not time to off-load yet. i think with this info I'll just move the stocks. My new broker would be happy to get them - they are worth a bundle and I dont think he would want to lose my custom.
Kind regards.

[Avocado]

Royal: interesting contribution.

What your stockbrokers did may have been impossible if they had quite specific instruction. An instruction like: "Buy 1000 units of Royal shares at a maximum price of N30.00 per share" places a cap on how much you're spending on the buy. I've noticed that stockbrokers will often keep an instruction for execution at a later date unless informed otherwise. In that case, you could add: "this instruction is valid only for 07-09May 2007". I make it a practice of sending the same intsruction to the stockbroker and the immediate superior officer or supervisor. If there's little room for misunderstanding, your instructions will be carried out as you wish. We have to remember that stockbrokers are under some pressure too, and that we're not the only clients wanting an excellent service; we could help them to make their jobs easier.

And, as you may for your doctor and solicitor, your stockbroker ought to be, er, close.

Cheers.

[Royal]

Thanks Avocado,

I just migh t revert to doing that. I actually used to give written instructions, but with the brokers appointing an account manager and informing me that i could give her immediate instructions on the phone, we thereafter related in that manner. i see your point and just might insit on written instructions. since i am not one for running around i probably might agree to instructions sent by e-mail to at least two officers of the firm.

thanks again.