Choosing/Rating Stockbroker

[billions]

Originally Posted by Yomik

Hello guys
I need your all help here, is this the way you guys deal with these kind of issue or I m I the one that is not patient enough. I happen to have two brokers; one of them has little or no online services, but my account officer will go out of his way to do anything for me which I really appreciated. The other broker have good online services but I have a crazy account officer, this guy will not take my call, not even respond to my email to extend that I have stop buy stock from them long time ago but I still have some things to verify. Today I decided to talk to his boss, to my surprise the phone keep on cut off every few minutes, later I told her did you realized this is an international call why are you cutting off may phone she say no its not me that that is the way they set up their office phone, that they did not allowed conversation to last more than five minutes, the line will automatic cut off. Up till now I cannot be able to get any reasonable answer to my questions, I deposited money to their account they say they cannot find it. Please guy is this how Nigeria business system operated or I’m I the one that have no patient. Because I m thinking of dropping this broker, I m really tired. I want your advice before I cut them off. Incase you might be wondering which broker is this, its called (Lead capital.). pls help me out how did you think I can deal with this I based out of the country .

You can request for a different Acct. officer.I hv a friend that was having problems with cashcraft but when his acct officer was changed...his experience wt cashcraft became wonderful.

Personally,i can do without online services and will probably prefer to switch to d second firm.

[threecrown]

Originally Posted by billions

You can request for a different Acct. officer.I hv a friend that was having problems with cashcraft but when his acct officer was changed...his experience wt cashcraft became wonderful.

Personally,i can do without online services and will probably prefer to switch to d second firm.

it is better to follow Billions advice, request for a change of account officer but better still switch to the second firm and develop a good relationship with that account officer who goes out of his way to sort you out. Though we need this stock broking firms, but the most important point is your account officer. My stockbrokers online service is as good as dead but my account officer takes care of me.

[fredski]

Originally Posted by Yomik

Hello guys
I need your all help here, is this the way you guys deal with these kind of issue or I m I the one that is not patient enough. I happen to have two brokers; one of them has little or no online services, but my account officer will go out of his way to do anything for me which I really appreciated. The other broker have good online services but I have a crazy account officer, this guy will not take my call, not even respond to my email to extend that I have stop buy stock from them long time ago but I still have some things to verify. Today I decided to talk to his boss, to my surprise the phone keep on cut off every few minutes, later I told her did you realized this is an international call why are you cutting off may phone she say no its not me that that is the way they set up their office phone, that they did not allowed conversation to last more than five minutes, the line will automatic cut off. Up till now I cannot be able to get any reasonable answer to my questions, I deposited money to their account they say they cannot find it. Please guy is this how Nigeria business system operated or I’m I the one that have no patient. Because I m thinking of dropping this broker, I m really tired. I want your advice before I cut them off. Incase you might be wondering which broker is this, its called (Lead capital.). pls help me out how did you think I can deal with this I based out of the country .

I do not in any circumstance's expect to chase after an account officer of mine be it in the bank or otherwise. These guys are handling my cash period so they take my calls or I walk.

I would sugest you resolve the issue of monies paid into their account then switch brokers as soon as.
We Nigerians have got to learn to walk rather than get emotional.

[Yomik]

Thank guys, the thing don tire me, is just like that is not the place we all grow up instead for thing to continue grow better, its getting worst. More comment please.

Yomik

[hispy99]

Originally Posted by Yomik

Hello guys
I need your all help here, is this the way you guys deal with these kind of issue or I m I the one that is not patient enough. I happen to have two brokers; one of them has little or no online services, but my account officer will go out of his way to do anything for me which I really appreciated. The other broker have good online services but I have a crazy account officer, this guy will not take my call, not even respond to my email to extend that I have stop buy stock from them long time ago but I still have some things to verify. Today I decided to talk to his boss, to my surprise the phone keep on cut off every few minutes, later I told her did you realized this is an international call why are you cutting off may phone she say no its not me that that is the way they set up their office phone, that they did not allowed conversation to last more than five minutes, the line will automatic cut off. Up till now I cannot be able to get any reasonable answer to my questions, I deposited money to their account they say they cannot find it. Please guy is this how Nigeria business system operated or I’m I the one that have no patient. Because I m thinking of dropping this broker, I m really tired. I want your advice before I cut them off. Incase you might be wondering which broker is this, its called (Lead capital.). pls help me out how did you think I can deal with this I based out of the country .

PM Apache...i think he has a contact at Lead that might be able to help you resolve your issue.

Good luck

[imanis2005]

My Stock Brokers are HEARTHBEAT INVESTMENT LIMITED and FORTE ASSET MANAGERS LTD

CAN YOU NAME ANY RELIABLE FOREIGN BROKER THAT CAN HANDLE PENNY STOCK

[hispy99]

How to recruit the right broker

By Layi Adeloye
Published: Sunday, 24 Aug 2008

In the critical matter of investment, how much advice you need will be determined by how much you are willing to pay. Following the banking and insurance sectors‘ consolidation in the Nigerian finance sector, which started in 2005, the investment landscape in the country has never been the same. There have arisen different classes of analysts, lay and learned, who proffer supposed solutions to different investment problems. Some newspaper follow-up investors have sometimes gone ahead to anoint themselves as knowledgeable enough in the art of studying goings-on on the Nigerian Stock Exchange. Yet there remains a class of ignorant investors, who rely on some half-baked self appointed analysts to stake their investment future in the world of the unknown. Nevertheless, some fair majority are in the know of the fact that there are people trained and knowledgeable in the art of investment advice. Naturally, most people flock to any company with the inscription of a ‘broker‘. While some get prised, some others have been vindicated, with good results justifying the decision.

A carefully selected broker can supply you with valuable investment information and make profitable investment suggestions. If you make the right choice, your broker can be your single most valuable source of help in making good investment decisions. By the same token, an inept or unresponsive broker can make your life miserable, as well as cost you money.

The first decision you need to make is whether you want a traditional broker or you would rather do your stock research and trading yourself. You can also get your advice elsewhere and use a brokerage firm only to execute your trades.

According to Sola Akinyemi, a stockbroker, brokers differ in several ways. There are full-service and discount firms, which may be of national, regional and local profile. Besides, there are firms that operate only online or over the phone. They all sell stocks and inter-mediate in their sales. But they do often sell more than stocks- they sell municipal bonds, unit trusts, tax shelters, and annuities. But the chief distinction is between full-service and the discount firms.

According to Kiplinger‘s Personal Finance magazine, full-service brokers exist to cater for investors that would rather pay someone else for stock recommendations, advice and inter-mediation. It is a full-service brokerage.

Discount or online brokers exist to cater for the self-serve type.

Full-service firms offer a wide range of customer services, including research reports, individual advice, asset-management accounts, consolidated account statements, and seminars on retirement planning, tax shelters and other investment-related topics. Among their most popular programmes are so-called wrap accounts, in which the firm manages a portfolio of mutual funds or stocks you select. According to experts, you may get advice as part of the package and you pay no commissions to buy and sell in the account, instead of paying an annual ”wrap” fee of 0.75 per cent to 1.5 per cent of your assets if you own funds. For wrap accounts containing stocks, the fee may be three per cent or so. This fee structure makes wrap accounts attractive for investors in mutual funds that charge sales commissions, but a bit on the expensive side for investors in stocks, especially buy-and-hold investors who don‘t generate enough commissions to cover the wrap fee.

If you have a good working relationship with a broker, and he or she provides valuable help in making your investment decisions, then commissions should not be a major concern. ”Most people select a brokerage firm for reasons that have nothing to do with commissions, anyway. Usually, most investors or would-be investors try to run away from full-service brokers because of the commissions. But certain factors and benefits, like the convenient location of the broker‘s office, its research reports, (which are often found to be useful), or the periodic interactions with its account executive, which are also useful, often commend this service to investors. Factors such as these can easily compensate for the commissions, especially for relatively modest investors,” says Dolapo Ogundele, a stockbroker.

According to experts, the best way to start your search for the right full-service broker for you is to talk to friends who invest. Who do they use? Then quiz your friends as closely as you comfortably can about their investment goals and styles. But the experts warn that some factors should be considered before making the choice. For instance, some of the questions to answer within yourself include: Are your friends buy-and-hold types or do they trade frequently? Do they favour stocks or bonds? Are they small companies or large? Are they in contact with their broker frequently or only once in a while? Are their phone calls returned? Are the firm‘s account statements easy to understand or does the broker provide research reports and other backup for investment recommendations? And finally, knowing what they do for them, would your friends recommend their broker to be your broker?

This process will produce a few names for you to pursue.

The next step is to check the brokers‘ regulatory histories. Have they ever been sued, fined or suspended? If their records are clean, then you can call to set up face-to-face interviews.

While preparing for the meeting with your prospective broker, experts advise that you do some background briefs. For instance, such personal briefs should include a brief outline of your investment goals; questions on the brokers‘ experience and educational background, (both academic and professional) and their approach to investments, for instance, do they specialise in a particular area, or are they generalists?

You are expected to note what kinds of questions each broker asks about you and your financial situation. A broker should know your goals, your resources and your risk tolerance before he or she is in a position to advise you. Your interests and the broker‘s interests should be the same: to lay the seeds for a long-term, mutually beneficial relationship. But if a broker shows little interest in finding out your financial position and goals, and instead presses you with sales focus on getting rich, remove that one off your list and move on.

According to the Kiplinger‘s Personal Finance magazine, alternatively, ”you can decide to go for an online broker (adviser) or a discount broker. This is especially applicable if you feel comfortable making your own investment decisions, and possibly feel you don‘t need or want a firm-based broker‘s advice, then there‘s no need to pay for such services.” But this area seems yet not well developed in Nigeria, though it is evolving. All such investors have to do is to latch on to a broker online or discount broker for a fee in a one-off way. The implications of this trend are not lost on the discount brokers, who have jumped into the field with both feet. But the trend is not without its disadvantages.

[hispy99]

I hope no one here uses them

Alliance Capital, still operational?
Posted Thursday, September 4, 2008

-As investors complain of desertion



PETER OBIORA

Proshare NI

September 03, 2008 at 15:43 GMT





There are doubts if Alliance Capital Management Company Limited, Member of the Nigerian Stock Exchange (NSE) is still operational.



This is coming on the heels of a complaints sent to Proshare NI. As a case study, we took on one from Adenopo Oluwatoyin Olayinka of the Bureau of Public Services Reforms in Abuja Nigeria.



Her mail reads thus, “Good day to you all, I got to know about you from a friend who advised me to present my case to you.



My name is Adenopo Oluwatoyin Olayinka, a civil servant with the Bureau of public Service Reforms, Asokoro, Abuja.



I visited a company named Alliance Capital Management Company Limited, Abuja Branch on 28/03/08 to register and verify my share certificates for (10 different types). On this same day, the original certificates were collected and receipts were issued to me.



Since then I have not heard or received a text message from this company.



For the past one month, the Abuja office has been locked up, no staff to attend to customers, I could not reach them on phone, either not available or not being picked up. Many customers queue up in front of the office everyday, yet no one to give information.



I don’t know what is going on at all. I don’t know if an account has been opened for me, neither do I know the status of verification,



Please I'll appreciate every assistance you can render in investigating this matter. Hope to hear from you very soon. Thank you”



Proshare NI in a bid to clarify the true position of issues as regards Alliance Capital paid a visit to New Africa House, Royal Exchange Building in Marina Street, Lagos.



As at the time of filling in this report, Proshare NI met an almost deserted office of Alliance Capital; with just a handful of staff on hand.



However, some of the investors whom where at the office to transact one business or the other confirmed to Proshare NI that the company maybe having some slight challenges which has affected its operations.



One of the staff of the company Proshare NI spoke with affirmed that very soon the staff of the company would resume duties. This confirms the speculations that at the moment, the company is not operational.



“Don’t worry very soon they will resume” the source said.



However, the source declined to give an explanation in respect of the above statement.



Proshare NI also contacted another source of the company on phone; who was not around as at the time of its visit.



The source on his part affirmed that the staffs of the company were on their break period when Proshare NI visited.



“When you came to our office; most of the staffs were out on break; including me” the source affirmed.



Some market sources contacted by Proshare NI on the issue could not give any explanation concerning Alliance Capital.



However, as at the time of filling in this report, we could not confirm the true status of the company from the NSE.

[cashrules]

hello all.

am quite new on the forum though i have been following the site for some time now...
As a matter of fact i have decided to deal with stockbroking firms that are affiliated with banks cos of my brothers experience in empire securities where he was given dud cheques on several occassions.

Presently i use Fidelity Union securities from my base in the Uk.. actually am too much an online person cos i prefer putting a face to all my transaction so i deal with a guy there who i would say has been quite lovely and nice to work with... The good thing abt him is that he makes efforts to get to me on why my orders cannot be executed, all my certs i gave to them were also verified in record time... If anyone is interested i would give the person the guy's personal details so that he could handle ur transactions too.

[muranay@yahoo.com]

Please, what can you say about this stock broking firm "CORE TRUST & INVESTMENT LIMITED" ?

I need your advice.

[hispy99]

Investors petition NSE on Alliance Capital
Posted Wednesday, September 17, 2008



Proshare NI

September 16, 2008 at 19:37 GMT



Investors have petitioned the Nigerian Stock Exchange (NSE) on the activities of Alliance Capital Management Company Limited.



This is coming on the heels of complaints and enquiries to Proshare NI as regards the activities of the company.



A petition against Edward Diete-Koiki, the Managing Director/Chief Executive Officer (MD/CEO) of Alliance Capital dated July 29, 2008 was made available to Proshare NI today in Lagos Nigeria at the Stock Exchange by A.J. Sule Esquire and Solicitor to the petitioner.



From the document, the circumstance leading to the petition from one Prince Oyerinde Adewale Atanda reads thus, “on the 13th day of September, 2007, Alliance Capital Management Company Limited under the control of Mr. Edward Diete-Koiki collected the sum of N598, 000 from our client vide Receipt No. 0008095 for the purchase on our clients behalf 20,000 units of Access Bank Plc shares Public Offer 2007 valued at N298, 000 and 20,000 units of Dangote Flour Mills Plc 2007 Public Offer valued at N300,000.



Precisely again on the 14th day of November 2007, our client entered into another business transaction with Alliance Capital Management Company Limited and paid to the said company the sum of N520,000 for the purchase of 20,000 units of FCMB 2007 Public Offer and 30,000 units of Fidelity Bank Plc 2007 Public Offer”



Photocopy of a Diamond Bank Plc cheque of N598, 000 dated September 05 2007 with cheque number 06340645 issued to Alliance Capital was also made available to Proshare NI.



While another United Bank for Africa Plc (UBA) Ebute-Metta Branch cheque of N240, 000 dated November 11, 2007 with cheque number 74750930 was issued yet again to Alliance Capital.



The petitioner also issued a Zenith Bank Plc Herbert Macaulay Branch cheque of N280, 000 dated November 11, 2007 to Alliance Capital with cheque number 0000078.



However, the cheques amounted to the second N520, 000 transactions for the purchase of the FCMB and Fidelity Bank 2007 offers. A corporate receipt with number 0010646 was issued to Atanda the petitioner by Alliance Capital.



In the same vein, a letter dated July 16, 2008 by solicitors to Atanda to the MD of Alliance Capital was also made available to Proshare NI.



The letter showed details of the said transaction with Atanda and requesting that Alliance Capital pay the sum of N1, 076,583.03 million in terms of un-allotted Dangote Flour Mills return money, un-purchased FCMB and Fidelity Bank 2007 offers and anticipated income by way of profit on FCMB and Fidelity Bank offers.



A breakdown of these shows that Alliance Capital is to pay N256,585.03 on Dangote Flour Mills return money, N520,000 FCMB and Fidelity Bank un-purchased offers and N300,000 anticipated income by way of profit on FCMB and Fidelity Bank offers; totalling N1,076,585.03.



As at the time of filling in this report, Proshare NI could not clarify the issue from the NSE or Alliance Capital.



Prior to this time, Proshare NI has visited the office of Alliance Capital situated at New Africa House, Royal Exchange Building in Marina Street, Lagos but met an almost deserted office with handful of investors around to ascertain the fate of their investments through the Stockbroking firm.

[panej]

Originally Posted by cashrules

hello all.

am quite new on the forum though i have been following the site for some time now...
As a matter of fact i have decided to deal with stockbroking firms that are affiliated with banks cos of my brothers experience in empire securities where he was given dud cheques on several occassions.

Presently i use Fidelity Union securities from my base in the Uk.. actually am too much an online person cos i prefer putting a face to all my transaction so i deal with a guy there who i would say has been quite lovely and nice to work with... The good thing abt him is that he makes efforts to get to me on why my orders cannot be executed, all my certs i gave to them were also verified in record time... If anyone is interested i would give the person the guy's personal details so that he could handle ur transactions too.

I have the same exact scenario with FUSL and I trade out of Philadelphia, USA. My rep in Lagos calls me regularly to update and verify transactions and answers her emails so promptly I wonder if she sleeps sometimes. Her name is Peggy Chibundu and she makes that company look better than I really think they seem. Their online presence leaves a lot to be desired though, but I think they will go places with staff like her.

[williamschichi]

please am quite confuse somewhere,fellow members continue to say they opened an cscs acc with 50 and 500k and no feedback from there virous broker.i use PLATINUM CAPITAL LIMITED and my stock broker only requested 2,500k for registar and i got registered with a cscs acc,and he promises to get me on line soon.so what the big different.meanwhile have also got some good good amount stock shares with them.PLEASE IS THERE ANY THING TO KNOW ON THIS ISSUE.PLEASE NEEDING A REPLY FROM FELLOWS.williamschichi@yahoo.com