Yup, I’ve only got 3 holdings and only one is asx.
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Yup, I’ve only got 3 holdings and only one is asx.
A question wot someone might know the answer to. These smartshares funds - do ones focusing on overseas assets fall within the scope of the FIF regulations? Probably they do. Could be that even those focusing on Australia do.
Yes, any overseas fund run out of New Zealand, including Smartshares, falls under the FIF regime. And they have an extra disadvantage because they have to pay FIF tax in down years as well, whereas individuals holding investments in their own name do not. For higher income earners, some of that disadvantage is clawed back as under the PIE regime, (the maximum tax rate paid by investors in these funds being 28%).
All of the FIF tax obligations are taken care of internally by the fund managers. So investors in those funds do not see it in any of their personalized fund paperwork. Nevertheless, those investors who buy into such funds, thinking they are escaping the FIF tax net, are wrong.
SNOOPY
WTF is going on with this Sharesies site ?
NZD well in credit for One Figure
Withdrawable balance 0.00, but can apply the NZD credit balance to further purchases ???????
Are Sharesies now restricting CASH WITHDRAWALS of Member's Cleared Funds or a site glitch ??
Dude - you read my mind. I sold some MLN on Friday and I can't withdraw anything - this is probably to be expected as settlement isn't actually complete until COB today. I can live with that and understand that. The bit that is worrying me is that I got an SCL dividend into my wallet on Friday and THAT should be withdrawable immediately - that should be my money, cash in hand.
I have messaged support twice and no word yet...I'm worried that they've ****ed something up and aren't communicating. Can I suggest you also message support and keep bugging them.
Mine is the same, but is due to a sale not settled yet.
What is the majority of your wallet balance? Is it dividends or funds subject to T+X settlement? The bit that worries me is that I can't get a dividend out - I'm hoping it's a site glitch whereby the funds subject to T+X settlement have "locked" the whole account. Otherwise I can't think of a reason for my dividend to be inaccessible.
Well I went to transfer out, and while it says you can transfer ASX shares they simply don't show up in the list so...?
I've now had an MCY dividend land in my wallet just now, but the amount withdrawable is still 0.
All of this sounds very odd. Particularly the ASX transfer thing - that makes zero sense given the info I posted re transfers out :confused:
As for DRP. I messaged them today to ask when the rest of the DRP companies will be available - they have no timeline for this.
Just not good enough.
Yes, I got a message about ten minutes ago, saying "We do not have a time line for this." I messaged them via the app - I find I usually get a quicker response that way.
I'm pretty disgusted with the way they have handled the DRP request. This has always been the number one requested feature, right back from when I first signed up, in 2018. It is inexcusable that it has taken this long, and even more so that they have no time line to add all companies that offer DRP.
I got further on my pc than on my phone, maybe a development bug. But I seem to have figured out that I need to do some prep beforehand anyway.
Sharesies never used to be like this - waiting for clearance times - with Exchange Transfers into NZD
sales proceeds on NZ, US or Aussie markets
Funds in credit were always previously available to withdraw aside for just a few minutes for
Trade proceeds to be confirmed
Where is their announcement that they would be holding these member monies for days ?
Is withholding ability to withdraw member funds so they can presumably earn interest on it something recently introduced since 31 March 2023 ?
Just wait until all the Sharesies masses learn the hard way that what is showing as a Credit
in Their Accounts cannot necessarily be withdrawn today, tomorrow or the next day !!
Let's see just how that goes down with all sold the 0.5% Discounted now 1.9% inflated Sharesies Dream
A further exodus of members headed back out the gate ? ;)
Pleased I transferred everything out when they hiked the fees. Hopefully they aren't having liquidity issues...
Looks like the "T+2 share " settlement excuse now coming out this morning.
These guys offer little or no advisory, the % commission is north of 1.5% which used to be
reasonable brokerage, and they offer no credit - which some brokers used to offer
ie: settlement within 2 days of purchase
Of course Sharesies while withholding the sale proceeds for 2 business days shouldn't
in turn have to settle out member purchases for 2 days either ..
Can't have it both ways - Sharesies - it doesn't smell like playing very fair when effectively
you lot get to score 2 days interest out of proceeds settlements both ways ;)
Who is winning when member share buys are increasing and there is 2 days to pay the other broker
when the funds are already in Sharesies nominee account perhaps earning interest and
Sharesies have decided to withhold settlements out to members for 2 further days ?
Who has collected interest on all the Member Funds in credit not used for buying shares
in the meantime ? ;) .. that would be Sharesies and not the members - wouldn't it ? :)
And short term Call interest rates in last 12 months have doubled or better :)
Everyone getting the picture now on how members are wearing this new unpublicised piece of
enhanced customer service ? ;)
Obviously the strings have been pulled on funds management in recent week or so
which many wont be aware of happening.
Perhaps something to do with how they manage their liquidity now, which must
have substantially reduced with market & trading decline in more recent tightening
times ?
This sort of thing wont be buying many favours with those attracted in on the earlier
selling points, then whacked over the head with their higher fees regime only to find
they now get further curtailed with extra strings applied to their own funds.
Love the title of this thread btw lol
I stopped using Sharesies as soon as the fees went up, in particular the fee increase to transfer out was a deal breaker for me.
Why bother when the cost is now very similar to what ASB charges? ASX is now AUD$15 for a trade under $1000. Not to bad and it goes straight to my CSN, heaps less admin
I just managed to withdraw $6,700 no worries. I don't think they have liquidity issues. Probably bugs in the system as I have encountered plenty of them in the past. Didn't they cull a heap of people recently? Probably not running as efficiently either.
The question is whether those funds were from recent sales and/or dividends - I suspect from my experience and nztx's experience, they are holding on to recent settlements and/or dividends a lot longer than they used to. It could be for sinister reasons (liquidity, gathering interest) or terrible bugs. It's possible that in my case there's a silly bug that locks all withdrawals if even one transaction is subject to T+2 settlement.
From the Sharesies website:
Quote:
We work hard to keep your money and investments safe. To do this, your money and investments are kept separate from the money we use day-to-day to develop and maintain the platform.
- Sharesies Limited employs the New Zealand-based staff, develops and maintains the Sharesies platform, and does everything else in between to run the New Zealand company.
- Sharesies Nominee Limited holds investors’ money and investments on their behalf. Keeping your money with Sharesies Nominee Limited means that it isn’t mixed up with the money used to keep the Sharesies platform running!
If anything were to happen to Sharesies Limited, your money would still be safe because it’s held completely separately by, or on behalf of, Sharesies Nominee Limited. Your money and shares are held separately to the money used in the operation of the business.
I got in touch with Jarden Direct who I'm looking to transfer into, they weren't aware of Sharesies having the ability to transfer ASX shares. Upon running through it with the person from JD, they concluded that what Sharesies are suggesting as a process would not work for Jarden and I was recommended to sell and repurchase to facilitate a "transfer".
BTW - whilst waiting for customer support to resolve my issues, I joined the "Sharesies' Share Club NZ" Facebook page and decided to ask if others were having similar issues. The admins blocked my post - apparently one of the "rules" is to not discuss customer service queries there. That's a great way to make sure that your screw-ups don't get much public airtime.
You don't transfer out to another broker as such. You transfer out to your CSN - I don't hold ASX so am assuming they are registered against your CSN as NZX holdings are?
I transferred most of my NZX holdings out before the fee hike. They are now registered under my CSN - with the relevant share registries - and sit there until such time as I wish to sell any. At that point, I can either transfer them back to Sharesies (unlikely), to sell, or I can sell via ASB Securities.
Further update from Sharesies support - their indicated settlement date for my MLN sale was wrong. "I've made a ticket for our team to look into this, as it looks like the note it is pulling info from the day you placed the order instead of the day the order filled. Hopefully this can be addressed soon." They assure me my MLN funds will be withdrawable by end of today. Let's see if that occurs.
Meanwhile they still cannot explain what's going on with dividends not being withdrawable and are looking into it.
Pretty amateurish if you ask me - they have literally one job, which is to act as an intermediary with the markets and they aren't calculating settlement dates right, blocking dividends from being withdrawn, etc.
I requested a withdrawal yesterday of the cleared balance, which is now in my bank account.
So I've finally been able to withdraw the vast majority of my funds, except for $250 which is still not withdrawable. This doesn't correspond to any remaining T+2 settlement, nor does it match any dividend(s) I got recently. It seems an oddly arbitrary number. It really doesn't engender much confidence in their operations. Maybe it will be $250 locked up today for no reason, and $2,500 on another day!
The $250 locked up yesterday magically became free to withdraw this morning. Sharesies support have no idea why. Nor do they understand why my recent dividends weren't immediately withdrawable.
Recently I've had difficulties with orders not being placed on ASX in a orderly manner. My dealings with Sharsies have been largely unsatisfactory. Either a bot answers a question, but not MY question or customer service says they will answer within 24 hours and that's the last that I hear from them. Quite unsettling as to the benefits of dealing with them.
This Mob are now FAST TO TAKE YOUR MONEY
VERY TARDY on the MONEY READY for PAYING BACK OUT TO YOU
The Fast to take your money includes the Interest Free Loan
on Credit Balances not used for purchases, plus TWO DAYS
allowance for paying out the other Broker for your purchases
A very far cry from how they were operating when they started out..
You need to keep bothering them I find and they finally respond. But now that I've finally got my money out I haven't had any feedback as to why dividends where not able to be withdrawn for a while, or why $250 was stuck in my account for a while...Agree that it doesn't inspire confidence at all.
Geez. I have never withdrawn from my wallet before, but just went to make a small withdrawal and noticed that "it can take up to five working days to process your withdrawal."
How on earth can it possibly take that long?
Looks like a lot of "issues" on their platform of late .. a new one received today
Converted FX is suggested to also need it's own T+2 from time the fiat is traded for
the deflated inflation ravaged local coinage
The way things are going with long weekend etc how about T+8 for size
by the time the Trustee casts an eye over things before pressing OK to go ? :)
No interest offer in so far for all their issues - what would be an appropriate penalty rate ? :)
After all, in some places inconvenience can be expected to attract an exorbitant penalty..
Remember - this mob are B****dy fast to extract their 1.9% and exchange fees etc etc
on top of the free use of member money held and on that going out to other brokers T+2
Here is an explanation I got for some of the bugs I experienced:"Without having looked at your account specifically, the key cause was a check that we do prior to allowing a withdrawal of money. The check looks to ensure that there isn't a negative balance in all currency wallets before a withdrawal can take place. Unfortunately this check was looking for all time, rather than what was currently in there. Some investors had had a negative balance at some point in time historical (generally to do with a crystallisation of managed fund tax), hence the check put the brakes on the withdrawal. This should all be fixed now"
Finally today in site messages appears a Notice of change to Withdrawals to T+2
mid month after obviously changes have occurred, otherwise no-one would be
seeing withdrawal issues or the various excuses offered from 1 April.
Is there now a staffing issue, or have trade volumes reduced along
with the trends in markets downwards ?
reading this last page of comments, makes my brow furrow.
remember that by default this company holds your shares in trust for you
it certainly seems like they did the a massive bait during the bull and switch on the bear
RNZ article today:
traders-wary-as-market-wobbles-threat-of-recession-looms
I had to chuckle at this statement:
He said about 17,000 people had registered to join Sharesies KiwiSaver ....
They are making a huge assumption. I suspect more than a few people "registered interest" purely out of curiosity, as I did. I have zero intention of switching providers, but registered for the wait-list, because I am interested to see what they are offering, and whether it can compete in any real way, with existing schemes. I seriously doubt it can.
I am thinking of switching my Kiwisaver away from ASB and was considering Simplicity, Kernel and Sharesies. After the mess I've had with withdrawals I won't place my faith in Sharesies. With Kernel I scheduled a chat with one of their people - after receiving numerous automated reminders to be ready for the call they did not call back. I emailed them back and got an out of office message and no reply since. Therefore I think Simplicity might win by default.
I couldn't agree more.
I made the switch to Simplicity when they first came out. I must had been one of the first few hundred? as I received a phone call from Sam Stubbs thanking me for making the change.
I feel that he set it up as a way to giving back through lower fees and disrupting the KS industry. Thank you Mr Stubbs.
Also in the simplicity fan club :)
That might be the case, but the T+2 counts both ways in their settling purchases as well as
being settled for sales.
They already require Cash up front cleared in Wallet - which presumably they already
see benefit of use of for up to 2 days before shelling out to settle member purchases,
then apparently think it is okay to sting the same members on selling for a further
2 days on havng available for refund thet proceeds, that is when there are not system issues and
the T+2 is actually being adhered to..
Tell me who is winning out of this - it certainly doesn't look like the member
in terms of who is scoring benefit for the use of funds they are entrusted with..
If there was limited activity, then they should at all times have adequate reserve capital - most
brokers I knew of years ago were required to have adequate reserve capital.
If as a business they make a statement in T&C then they are required to adhere by that,
and expected especially given the size of funds/investments under their management.
The 1.9% hiked up brokerage should be paying for that, not a wad of excuses covering
why they haven't performed after the event ;)
If they are not careful with the way they operating and they happen to strike the wrong member,
there could be grave risk of any non T&C compliant conduct landing in the hands of the Market
regulator, FMA and ComCom over any defaults ;)
It' looks like a conspiracy to make Simplicity look good.
I've only started with Sharesies since the fee increase, couldn't be bothered with it before. Very economical for investing small sums, which has the additional advantage of not betting a lot at once so as to reduce fixed minimum fee as a percentage. Those who are unhappy should try something else, like Jardens and pay minimum $29 per trade instead of minimum of $3 per month.
Got an email today re the new Savings account. 4.35% - provided by a major NZ bank but they did not divulge which one.
Not competitive enough in my opinion when I’m getting 4.6% on a Heartland Direct Call or 4.7% on a Rabobank Premium account. I guess though, for those who bank only with traditional banks, this rate might appeal.
More likely it’ll appeal to people who are keeping credit balances on Sharesies, but yeah it’s quite competitive for a on call savings account. However I really dislike how both Sharesies and Kernel are not up front with the bank(s) they use to provide this service. They just say it’s an RBNZ registered bank so no worries, but that’s really not good enough. We just need to look at recent bank failures overseas to see why you need to let your customers make an informed decision about who they choose to deposit their funds with. Neither Sharesies or Kernel will reimburse their customers who use these products if the banker they’ve entered into a partnership with fails.
I emailed them to ask them which bank, so watch this space. I'm not interested in using this product. I don't have a hell of lot of faith in Sharesies currently. All of this feels like a desperate attempt to keep customers. I honestly can't see their KiwiSaver being a viable option either, as from what I've seen so far, it has nothing to offer that is not already available via current providers.
Squirrel is 5% on call, held in bnz.
And Kernel seems to be Heartland. T & C’s: 7 .
When you make a payment to your shareies account which bank does it go thru?
Most likely that will be that bank???
It is quite possible that commercial deals/rates are very different than customer rates.
I used to manage a cash fund and would ring around all the major banks and play them off against each other. The larger the $ I had to invest, generally the more successful I was in negotiating a better rate.
Yeah, I get that. If it is ASB, I'm a bit surprised, although that could explain why they won't disclose which bank - some customers might go down the "why aren't you using a Kiwi bank" road.
From Sharesies:
We're not able to disclose the bank that we will be using at this time—as it’s commercially sensitive, but it is a NZ-based bank with a credit rating of AA- (the highest rating in NZ currently).
I had our first AP go out this morning at 5:37am and received notification of being received at 9:37am, seems inline with their statement:
Quote:
Squirrel is set up as a registered payee with all the banksOnce you've registered for an account with us, and been verified by our team, you can start depositing funds into your On-Call account.
When you're ready to make your first deposit, you can search for us as a registered payee in your bank’s internet or mobile banking payments system.
There are usually two options listed – ‘Squirrel Borrower’ and ‘Squirrel Investor’. Make sure you select the ‘Investor’ template, add in the other information we need from you (like your unique reference), and you’re set.
If you make your deposit on a business day, between the hours of 9:00am – 10:00pm, you can usually expect it to show up within your Squirrel On-Call account within about two hours.
Getting your money out of your On-Call account is easy too.
Requests are collated every 30 minutes, and when you make a withdrawal from your On-call account on a regular business day, you can expect your money to be back into your nominated bank account within 2 hours.
We’ve also built some handy Auto-Withdrawal features that you can turn on if you’re wanting to take money out on a regular basis.
Doesn’t have two factor but they will only put money back into your back account and there’s a process to approve new bank accounts.
Agreed, I can't see any way of adding a new bank account via the user portal. Imagine you'd need to follow a reasonable procedure to change or add a bank account.
Heartland do seem to be quite security conscious. The couple of times I've changed term deposit maturity instructions, within a day or so someone phones to confirm my instructions. Sorry, may have got off-topic a bit.
How do you do that? Using the Heartland app? I can't see a way to do it for my TD right now. That said, it's a term PIE and I find that Heartland's systems are atrocious for those.
Yes we may well be getting offtopic. There must be a thread somewhere for bank deposits...
I may have got that wrong - it's a while since I did it. On the app my TD is shown and under account details it shows (among other things) Current maturity instructions. I think what I did was send them a secure message (on the app) asking them to change the maturity instruction, and then I received the phone call from them to confirm my request.
I think the instructions are set to the default 'renew the principal and pay out the interest'. Having looked now I see my next maturing TD has those instructions, which are the same as on the previous TD. So I'll be sending them a secure message for that one too.
Sorry for the confusion.
I would imagine that if you asked to withdraw a "large" amount you'll probably get an email or phone call from a human being to confirm.
Sharesies did this for me in the past and I had to do some AML stuff as well due to amounts invested.
https://www.sharesies.nz/kiwisaver?lid=sw6rteia579d&utm_source=braze&utm_me dium=email&utm_campaign=KIWI0005NZ
Interesting. Bit different to what I was expecting.
Yes Craig's def pricey on fees, I know first hand as I am with the self selected Craigs Scheme, since 2020 pandemic share price dip.
Fees are terrible, service is decent.
1.25% on total sum paid monthly
$45 a year fee because they are greedy.
1.25% brokerage if you buy or sell a stock
Far too expensive but at least I know what I am invested in rather than an opaque unit trust through the Aussie banks.
Returns so far for me are:
FY 2021 19.67% after fees
FY 2022 16.99% after fees
2023 so far -1.85%
More than happy to see more competition coming into this space. If it is a competitive offer I will likely switch. Suspect if a few people like me leave Craig's with respectable Kiwi saver balances, Craig's may well have to sharpen their pencils. Cant wait.
That said there are only 130 NZ companies total so not that many that you could not choose from. I am guessing they would be limiting the lower 30, so pretty much every viable NZ company (listed) will be able to be invested in. I will give this considerable thought. Although the caveat is that 50% of your Kiwisaver still has to be in a fund....
I understand Oztrailure has self-managed superannuation options. Although I'm big on freedom and choice and so have a philosophical leaning to this I think due thought should be given to the intention of Kiwi Saver, which of course is to ultimately foster retirement independence and if too much freedom is allowed then it increases the risk of not achieving that goal so I do think the constraints around having half in a professionally managed fund and no more than 5% in a company are a good compromise with freedom and preventing screw ups because lots of folk do find ways to screw things up. It wouldnt take too much of buying high and selling low to adversely affect the goal.
Limits to manage risk
You’ll be able to invest up to half of your KiwiSaver balance in your own picks, to a max of 5% in each investment. At least half of your balance will need to be invested in the base fund you choose.
https://www.kourawealth.co.nz/how-it...y-funds/crypto
Crypto anyone. I think this is more irresponsible.
Gambling for retirement.