Change Of Brokerage Account

[Yusuf]

Dear Respectable Member of this Forum,

It pained me when I think of what I am about discussing on this Thread.

The problem is: it is easier to pass through the hole of a needle than to change a broker in Nigeria. Why??? Is that the norm everywhere. Members that are abroad should confirm this to us if it is applicable everywhere.

Must we device means of forceful sales of our holdings with them at unfavourable prices if we are bent in changing them? In business, mistakes are allowed as you learn from them. But it seems mistake made in choosing a broker is a life time mistake which you may either have to contend with or burn your fingers to make corrections.

We all pass through this agony one way or the other.

Dear forum member, base on our strenght in this forum, I want to believe we can make an impact by suggesting what we need to do to change this urgly trend if only it is the wrong thing, which I beleived it should be as there is no law that says if you choose me to provide a service to you and I cannot satisfy you, you should stick with me for the rest of your life.

Your contribution will be highly appreciated.

Thanks

[Bigboy]

Hi Yusuf,

I must say your frustration is almost palpable in your post; May be it will help if you give us a detailed account of your experience. Let us learn from it and hopefully respectable members of this forume might be able to share their own experience and lend some advice.

From the look of things and from feedback from most posts i have read on this site and other fora. It would appear that the conduct and practice of most stock broking firm leaves a lot to be disired

[c kenneths]

I must state here that I've been through this type of frustration coutless times and have decided not to change stockbrokers by stock transfer, this option is slow, inefficient and costly, however you can do this with stock tou intend to keep for a very long time.
Because of the bad tretment I receive from brokerage houses, I decided to leave all my holdings for the long term, just to minimise the hassles I go through in terms of inefficient stock brokers. Check out the thread on changing stockbrokers in this forum to see lots of advice I got when I was hit hard below the belt. Good luck.

[Soweto]

Originally Posted by Yusuf

Dear Respectable Member of this Forum,

It pained me when I think of what I am about discussing on this Thread.

The problem is: it is easier to pass through the hole of a needle than to change a broker in Nigeria. Why??? Is that the norm everywhere. Members that are abroad should confirm this to us if it is applicable everywhere.

Must we device means of forceful sales of our holdings with them at unfavourable prices if we are bent in changing them? In business, mistakes are allowed as you learn from them. But it seems mistake made in choosing a broker is a life time mistake which you may either have to contend with or burn your fingers to make corrections.

We all pass through this agony one way or the other.




Dear forum member, base on our strenght in this forum, I want to believe we can make an impact by suggesting what we need to do to change this urgly trend if only it is the wrong thing, which I beleived it should be as there is no law that says if you choose me to provide a service to you and I cannot satisfy you, you should stick with me for the rest of your life.

Your contribution will be highly appreciated.

Thanks

It is just unbelievable what is happening in that industry on our Beloved country,It is not the same everywhere like here in RSA,you can change brokers anytime,anyhow at no cost.i mean they are just there to obey you. i guessed is beacuse the Online share trading in Nigeria has been not extended to individaul investors, unlike here and most advance countries,whereby you can trade anywhere all over the world so long as you are connected to the internet.But I am still not sure there is a law in nigeria that gives them the right to be doing this. it is possible to come together thru the Forum and push the button.

[Geeman]

Previous posts on this forum discussed this problem. The conclusion was that the non-performance of stockbrokers is a general problem. Mine was so bad that when I went home recently I stormed their office and threatened to take my investment elsewhere. They kept my money in their account and ignored my instructions to buy for many months. I must say that things have improved since that episode. But the damage had already been done. As soon as I exhausted my money with them, I got a new stockbroker and like C Kennet, I decided to keep my stocks with my old broker for the long term.

[Yusuf]

Originally Posted by Geeman

Previous posts on this forum discussed this problem. The conclusion was that the non-performance of stockbrokers is a general problem. Mine was so bad that when I went home recently I stormed their office and threatened to take my investment elsewhere. They kept my money in their account and ignored my instructions to buy for many months. I must say that things have improved since that episode. But the damage had already been done. As soon as I exhausted my money with them, I got a new stockbroker and like C Kennet, I decided to keep my stocks with my old broker for the long term.

What should we do? Should we just accept our faith and keep looking? Lets get advice from gurus. We need to do something to remedy this urgly situation.

Over to you gurus

[whatsup]

I agree it is simply horrible.

As somebody who has experienced a change of brokers; you have 2 realistic options.

1) sell your shares and tell the old house to raise a bank draft to you/or the new broking house.

2) fill in all the correct forms get both houses to sign and it should take about 5 weeks. make sure your new brokers are h-o-t, so they can help monitor and speed up the process.

Either way, you need not settle for rubbish. You worked hard for your money. Pls do not let anybody abuse it.

[pumping]

I think we include the names of the stock broking firms where we have experienced problems with transfer of stock holdings. This will help us all im making future decisions. This should be the same for another other stock broker complaint.

Enjoy.

Pumping.

[Apache]

well, I moved my account from Mutual Alliance to zenith securities earlier in the year and the whole process took over a month (i think 6 weeks), during that period i could neither buy nor sell. my stockbrokers (zenith securities) said the delay was from CSCS and i want to believe them because those guys (Zenith securities) are wonderful. I couldn't believe i could get such good service after my experience with mutual alliance.
it's not like Mutual alliance are that bad, but they were too slow for my liking. It took them constant phone calls to make a buy or sell order and took a minimum of 3 days for the order to be effected. and funny enough, i realised that whenever they buy stocks for me, it's bought at either the closng price for the day or a price higher than that but never lower and when i am selling, it is either at a price lower than the closing price for the day or a price lower but never @ a peice higher than the closing price for the day
but with Zenith securities, everything is near perfect. I think they are the best in the country (personal opinion)

[MR. CEE]

Originally Posted by Apache

well, I moved my account from Mutual Alliance to zenith securities earlier in the year and the whole process took over a month (i think 6 weeks), during that period i could neither buy nor sell. my stockbrokers (zenith securities) said the delay was from CSCS and i want to believe them because those guys (Zenith securities) are wonderful. I couldn't believe i could get such good service after my experience with mutual alliance.
it's not like Mutual alliance are that bad, but they were too slow for my liking. It took them constant phone calls to make a buy or sell order and took a minimum of 3 days for the order to be effected. and funny enough, i realised that whenever they buy stocks for me, it's bought at either the closng price for the day or a price higher than that but never lower and when i am selling, it is either at a price lower than the closing price for the day or a price lower but never @ a peice higher than the closing price for the day
but with Zenith securities, everything is near perfect. I think they are the best in the country (personal opinion)

Apache, do they analyse stocks and offer suggestion on stocks to buy or sell what is their minimum to open an account.

[Apache]

they do but it's mostly in a general format like the type IBTC does. some of you would have seen their reports on Proshare.
their minimum to open an account is =N= 1 million which can be brought in either in cash or in stock value.
I forgot to mention that they do have some very pretty ladies there too lol!!! (abeg make una no vex, i be bachelor)

[pumping]

I feel you jare. Man shall not live by stocks alone se?

Enjoy.

Pumping.

[c kenneths]

Whatever you guys do, please dont open a stock broking account with Fidelity union securities, these guys are simply.......horrible will best describe them, for a list of reasons that are simply unprintable here, infact I will vote for them when an election will be done to select the worst stock broking firm in this country.

[Yusuf]

Proshare Nigeria - Sign In to Proshare

[Betiku Franklin Olugbenga]

Thank you Yusuf, good job

[Benjamin Dankwah]

Please members help me out from this problem. My broker is slow in effect transations, for almost one year now i submitted 5 different share certificates for verification, my borker has not effectively completed this job.
The same process whenever I drop money for buying stocks. I h ave spent
a lot transporting from east to lagos to visit their office, all to no avail. Now
am deciding to change my broker but afraid of their snail movement which may
take them one year to effect this change. please members in furom adivice me

[Naijadr]

much easier way (obviously extreme situation), sell off all your stocks, take the money and use that to open up in a new place

[Apache]

Let me share with you how i went about changing my stockbrokers. I changed my stockbrokers from Mutual Alliance to Zenith Securities. i got the transfer form from ZenSec's website, filled it and took it to the MD of Mutual Alliance to sign (it was actually nice meeting the MD of mutual alliance. He's a very nice chap). Anywayz, of course i had a good excuse for wanting the transfer - i had told him my fiancee just got a job with ZenSec and in order for her to meet her target, we had agreed for my account to be moved over there where she can then meet her target and also personally supervise the account. I am sure the MD was not ready to put asunder what God was about to join together so he readily signed the transfer form that same day with another senior colleague (you need two signatories from the broking you are transferring from)
Of course i don't have a fiancee but if you don't give these guys a very good story for wanting to transfer your account, they will just frustrate the whole process for you with come today or tomorrow etc even though it's your money that is involved.
so i gave the signed forms to Zensec and 2 months later, the deed was sealed. Although you mhave to note that during those 2 months, i couldn't buy or sell from that account