Jarden Direct Broking New Platform

[Rawz]

why do people not like the custody way of things? Is there a perceived risk that you will lose your money?

[huxley]

why do people not like the custody way of things? Is there a perceived risk that you will lose your money?

To be honest I only really care about it in respect of my Infratil shares, they often write to shareholders with useful information which you can miss if you are holding via a custody. As long as they are properly regulated then there shouldn’t be any additional risk.

[blackcap]

why do people not like the custody way of things? Is there a perceived risk that you will lose your money?

Not per se, but with Sharesies for quite a while, you could not vote on any resolutions. So you lost rights as an ordinary shareholder. I hope that Hatch will at least have that sorted to begin with.

It also depends on the security around the custody. That will have to be watertight for me.

[warthog]

Who owns this platform?

From the article referenced above:

Although the sale was completed on Aug 1 last year, Jarden expects to continue operating the Jarden Direct business until its transition to Hatch Invest NZ is completed, which is estimated to be in the first half of 2024. The sale price was $47.5 million in cash and a 25% stake in Hatch which Jarden values at $8.5 million and which has since been distributed to Jarden Partners.

Differences between the platforms:
Hatch seems to be an offshore broker only, with a US-based cash management account (money market fund).
Jardens covers NZ and offshore shares, bonds, etc., with multi-currency cash management accounts.

So Jarden effectively exiting the broking business with cash and a stake in the new paradigm player Hatch.

Does this mean all the Jarden product offerings/services will be offered by Hatch? That would substantially broaden Hatch's offering to enable it to compete with Sharesies, Tiger and Stake. Hatch doesn't even have a mobile app apparently.

[Rawz]

for me I prefer the custody way as its way less admin and paperwork. As soon as I went back to my CSN with Jarden i got mail with forms to complete. Then my address wasnt updated and they withheld dividends. Its all running smoothly now but I like things simple and zero paperwork. Sharesies is super easy, especially buying on the ASX. I think Ill flag Hatch and just go 100% sharesies.

[Toddy]

for me I prefer the custody way as its way less admin and paperwork. As soon as I went back to my CSN with Jarden i got mail with forms to complete. Then my address wasnt updated and they withheld dividends. Its all running smoothly now but I like things simple and zero paperwork. Sharesies is super easy, especially buying on the ASX. I think Ill flag Hatch and just go 100% sharesies.

I hadn't really thought about it too much. But now I am.

I will take on board what everyone is saying here. If you need to redo the paperwork then it's open season on a total review.

[SPC]

I'm confused as to what is going on here regarding the proposed Hatch move particularly with regard to any proposed 'custodial' intentions. I simply use Jarden to buy and sell shares. I do not use any other services. So I've forwarded the question below to Jardens.

Question: With the proposed move to Hatch are you suggesting that the shares held in my name are transferred to an intermediary Custodian (Hatch) who then holds my securities under custody?.
If there is any intended change to the way I own my securities with the Hatch move then you will need to explain this too me please.
I do not need the services of a third party custodian if that is the proposed intention.
Please advise me if you propose that the ownership of my holdings is altered in any way following the proposed closure of the Jarden Direct platform.

[RTM]

why do people not like the custody way of things? Is there a perceived risk that you will lose your money?

https://kpmg.com/au/en/home/creditor...z-limited.html

I got caught up with this. Shares were not in my name. So far got back most of my initial cash input....however none of the gain, > US$75K
So I prefer having the stocks in my name. If that is possible.

[huxley]

Just posting this reply in case it’s helpful. Here’s the FAQ link I was sent: https://www.hatchinvest.nz/jardendirect-faq

Email from Jarden Direct:

Hi xxxxx

Thanks for reaching out.

That’s correct. For your NZX shares, we will be offering both custody and own-name trading. Custody trading however, will be offered at a better price point and will allow us the ability to manage dividends, corporate actions, and tax.

For any further queries, please feel free to refer to our FAQ section here.

If you have any questions that aren’t answered in our FAQ’s, please don’t hesitate to get back in touch.

Have a nice rest of your day.

Kind regards,
Xxxxxx


Jarden Direct ​​​​
Operated by Jarden Securities Limited (NZX Firm)
Free Phone: 0800 805 777 www.jardendirect.co.nz

[777]

Why would you want them to manage your dividends?
What corporate actions are they referring to?
Why would I want them to handle my tax?


Come clean Jardens. Give us the info.... You have handled this badly.