Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to tjh290633,csearle,jfgw,bionichamster,Shelford, for Donating to support the site

The Share Centre

Discuss Brokers, trading, fees, experiences
teecee90
Lemon Pip
Posts: 59
Joined: November 4th, 2016, 2:30 pm
Has thanked: 21 times
Been thanked: 10 times

The Share Centre

#241944

Postby teecee90 » August 5th, 2019, 8:04 pm

Does anyone have any experience of using The Share Centre as a broker?

I am looking to make some investment from a discretionary trust, of which I am the lead Trustee. The number of brokers willing to open a trust account is fairly limited. The Share Centre is one such option and their admin fees don't see unreasonable at £2 per month. Their dealing charges are a bit expensive at 1%, but won't be doing much dealing anyway after the initial investment.

monabri
Lemon Quarter
Posts: 3009
Joined: January 7th, 2017, 9:56 am
Has thanked: 324 times
Been thanked: 792 times

Re: The Share Centre

#242098

Postby monabri » August 6th, 2019, 2:07 pm

When Beaufort Securities collapsed into admin last year, the administrators transferred the clients shareholdings into "TSC". Not a recommendation but you'd like to think that the administrators knew that TSC was financially sound.

PinkDalek
Lemon Quarter
Posts: 4302
Joined: November 4th, 2016, 1:12 pm
Has thanked: 1009 times
Been thanked: 1158 times

Re: The Share Centre

#242109

Postby PinkDalek » August 6th, 2019, 3:01 pm

teecee90 wrote:Does anyone have any experience of using The Share Centre as a broker?


No but why would you prefer them in preference to the other 3 or 4 you identified here https://www.lemonfool.co.uk/viewtopic.php?f=2&t=12952&p=167201#p167201?

Ours is not a Discretionary Trust but we use Hargreaves Lansdown for one overseas holding only in an interest in possession trust.

No ongoing charges for Shares, investment trusts, ETFs, gilts & bonds in their Fund & Share Account, other than their foreign exchange charge of up to 1%. Charges here https://www.hl.co.uk/shares/share-dealing/dealing-charges. Note the ongoing charges for Funds.

teecee90
Lemon Pip
Posts: 59
Joined: November 4th, 2016, 2:30 pm
Has thanked: 21 times
Been thanked: 10 times

Re: The Share Centre

#242145

Postby teecee90 » August 6th, 2019, 5:05 pm

PinkDalek wrote:
No but why would you prefer them in preference to the other 3 or 4 you identified here https://www.lemonfool.co.uk/viewtopic.php?f=2&t=12952&p=167201#p167201?



Mainly because I have opted for funds and TSC appears to be the cheapest for ongoing management charges - the investment will likely be a long term holding.

colin
Lemon Slice
Posts: 535
Joined: December 10th, 2016, 7:16 pm
Has thanked: 9 times
Been thanked: 72 times

Re: The Share Centre

#242656

Postby colin » August 8th, 2019, 10:35 am

teecee90 wrote:
Mainly because I have opted for funds and TSC appears to be the cheapest for ongoing management charges - the investment will likely be a long term holding.


Don't forget the percentage based dealing fee
when all the shares are finally sold, or can they be transferred to another broker without incurring charges?

Avantegarde
Lemon Pip
Posts: 78
Joined: January 29th, 2018, 10:13 pm
Been thanked: 49 times

Re: The Share Centre

#242659

Postby Avantegarde » August 8th, 2019, 10:46 am

I have used The Share Centre for about six years and I think they are very good indeed. The website is excellent and the firm provides good customer service on the phone or via email.

teecee90
Lemon Pip
Posts: 59
Joined: November 4th, 2016, 2:30 pm
Has thanked: 21 times
Been thanked: 10 times

Re: The Share Centre

#243005

Postby teecee90 » August 9th, 2019, 11:46 am

colin wrote:
Don't forget the percentage based dealing fee when all the shares are finally sold, or can they be transferred to another broker without incurring charges?


Just been speaking to their customer services team - they also have a frequent trader fee option which costs £24 per quarter and limits trading costs to £7.50 per trade. It is possible to shift between fee options at any time so, if the 1% fee on any proposed trade is likely to exceed £31.50 (i.e. a trade of more than £3,150) in any particular quarter, it is possible to move to the frequent trader option for that quarter and then move back to the standard fee option in the next quarter and thus avoid the £24 charge in periods with no trading. Seems like a reasonable deal to me.

Dod101
Lemon Quarter
Posts: 3874
Joined: October 10th, 2017, 11:33 am
Has thanked: 741 times
Been thanked: 1350 times

Re: The Share Centre

#243025

Postby Dod101 » August 9th, 2019, 12:51 pm

What is the definition of a frequent trader because I certainly would not pay 1% on a trade.

Dod

teecee90
Lemon Pip
Posts: 59
Joined: November 4th, 2016, 2:30 pm
Has thanked: 21 times
Been thanked: 10 times

Re: The Share Centre

#243029

Postby teecee90 » August 9th, 2019, 1:07 pm

Dod101 wrote:What is the definition of a frequent trader because I certainly would not pay 1% on a trade.

Dod


There is no definition as such, its entirely up to the customer to decide which fee structure to select and to change at any time.

Dod101
Lemon Quarter
Posts: 3874
Joined: October 10th, 2017, 11:33 am
Has thanked: 741 times
Been thanked: 1350 times

Re: The Share Centre

#243033

Postby Dod101 » August 9th, 2019, 1:15 pm

That all sounds rather cumbersome, if the customer can choose at any time which fee structure he wants to use. My trades would mostly be around £10,000 minimum and paying £100 per trade is quite prohibitive these days so I would probably take the £24 per quarter which is after all only £8 per month and then I get a trade for £7.50. Is that it? Two or three trades a year and I am well on the right side.

Dod

mc2fool
Lemon Quarter
Posts: 1441
Joined: November 4th, 2016, 11:24 am
Has thanked: 5 times
Been thanked: 335 times

Re: The Share Centre

#243035

Postby mc2fool » August 9th, 2019, 1:29 pm

The Share Centre is the main subsidiary of Share plc (SHRE), listed on AIM and with a market cap of £45m. Tiddly.

https://www.share.com/investments/shares/2594/share-plc-share-price

There's an interesting pair of news articles towards the bottom of that page:

3 May 2019 Share Plc confirms preliminary approach from Interactive Investor
9 May 2019 Interactive Investor not planning to bid for Share (although "discussions may be resumed").

teecee90
Lemon Pip
Posts: 59
Joined: November 4th, 2016, 2:30 pm
Has thanked: 21 times
Been thanked: 10 times

Re: The Share Centre

#243040

Postby teecee90 » August 9th, 2019, 1:58 pm

Dod101 wrote:That all sounds rather cumbersome, if the customer can choose at any time which fee structure he wants to use. My trades would mostly be around £10,000 minimum and paying £100 per trade is quite prohibitive these days so I would probably take the £24 per quarter which is after all only £8 per month and then I get a trade for £7.50. Is that it? Two or three trades a year and I am well on the right side.

Dod


Yes, that's my understanding.

https://www.share.com/investment-accounts/share-account

Dod101
Lemon Quarter
Posts: 3874
Joined: October 10th, 2017, 11:33 am
Has thanked: 741 times
Been thanked: 1350 times

Re: The Share Centre

#243052

Postby Dod101 » August 9th, 2019, 2:41 pm

mc2fool wrote:The Share Centre is the main subsidiary of Share plc (SHRE), listed on AIM and with a market cap of £45m. Tiddly.

https://www.share.com/investments/shares/2594/share-plc-share-price

There's an interesting pair of news articles towards the bottom of that page:

3 May 2019 Share Plc confirms preliminary approach from Interactive Investor
9 May 2019 Interactive Investor not planning to bid for Share (although "discussions may be resumed").


Thanks Mc2Fool TSC is substantially owned by the founding family and is almost certainly much smaller than I would be happy with. An approach by II would bother me, not so much for TSC but I am thinking that II has enough on its plate in absorbing ATS and is there that much money to be made in running platforms?

Most of my assets are currently with II/ATS and I am planning a four way split between, certificates, HSBC Invest Direct, II and A N Other. Hence my interest in TSC.

Dod

mc2fool
Lemon Quarter
Posts: 1441
Joined: November 4th, 2016, 11:24 am
Has thanked: 5 times
Been thanked: 335 times

Re: The Share Centre

#243055

Postby mc2fool » August 9th, 2019, 2:47 pm

Dod101 wrote:Most of my assets are currently with II/ATS and I am planning a four way split between, certificates, HSBC Invest Direct, II and A N Other. Hence my interest in TSC.

Go for IWeb. It's a small part of a huge bank, it's cheap, and it works (as long as you don't want to do any "sophisticated investor" stuff).

Dod101
Lemon Quarter
Posts: 3874
Joined: October 10th, 2017, 11:33 am
Has thanked: 741 times
Been thanked: 1350 times

Re: The Share Centre

#243066

Postby Dod101 » August 9th, 2019, 3:07 pm

Thanks mc2fool. I like its charges! I hear it mentioned a lot here so I may well go for it. I need to wait for ATS to transfer to the II platform because I have a lot of stuff split between the two, then work out what to transfer where. Besides, II make no charge for transfers out but ATS still does.

Dod

monabri
Lemon Quarter
Posts: 3009
Joined: January 7th, 2017, 9:56 am
Has thanked: 324 times
Been thanked: 792 times

Re: The Share Centre

#243081

Postby monabri » August 9th, 2019, 4:14 pm

My only criticism of iWeb is that they are a bit slow in processing divis into ones account. They don't always turn up on the pay day (but they have all turned up).

There is a £25 initial opening fee. If you open up a normal non-ISA account and then next year, say, you want to open up an iWeb ISA, there is no further charge...you just open it up from within the iWeb website.

The process of transferring money to and from a linked bank account is quite easy and slick to use.

I'm not sure if you can transfer funds from say your non-ISA account to an ISA'ed account directly (or vice versa)?


oh - and they issue (in .pdf) a report every quarter (MiFid requirement) on your accounts - the last one I had was "quite detailed" (25 pages) and also contained other useful tax info.

Dod101
Lemon Quarter
Posts: 3874
Joined: October 10th, 2017, 11:33 am
Has thanked: 741 times
Been thanked: 1350 times

Re: The Share Centre

#243090

Postby Dod101 » August 9th, 2019, 4:46 pm

Thanks monabri. I am open to any advice on the choice of another ISA provider. I am not very interested in a Trading Account. II get dividends into my ISA at opening on the day it is due. Do not know how they manage that.

Dod

mc2fool
Lemon Quarter
Posts: 1441
Joined: November 4th, 2016, 11:24 am
Has thanked: 5 times
Been thanked: 335 times

Re: The Share Centre

#243091

Postby mc2fool » August 9th, 2019, 4:48 pm

monabri wrote:My only criticism of iWeb is that they are a bit slow in processing divis into ones account. They don't always turn up on the pay day (but they have all turned up).

Well I've been using IWeb since 2006 and I don't recall that ever happening. AFAIAA they've always turned up on the pay day.

If you're talking about the paying away of dividends to ones bank account, IWeb do still use BACS for that, so it takes 3 working days to arrive (but each dividend is sent immediately and not aggregated with others for a once a month transfer, like ATS does).

I don't have many stocks left in my IWeb dealing a/c, which is the only one I pay away from (most have been bed'n'ISA'd over the years), but the last dividend I received from one of the remaining ones was from Morrisons, a final+special, which was due on Mon 1 July and, indeed, arrived in my IWeb a/c that day, and was automatically paid away and arrived in my bank account Thu 4 July.

Alaric
Lemon Quarter
Posts: 3535
Joined: November 5th, 2016, 9:05 am
Has thanked: 13 times
Been thanked: 700 times

Re: The Share Centre

#243093

Postby Alaric » August 9th, 2019, 4:57 pm

Dod101 wrote: I am not very interested in a Trading Account. II get dividends into my ISA at opening on the day it is due. Do not know how they manage that.


The dividend rate is known some weeks in advance. Those with current holdings will be known the night before. So it should not be a major issue to credit the dividends immediately and sort out any discrepancy with the amount received from the registrars at their relative leisure. They should only be sales after the xd date and perhaps any transfers out to other Brokers.

There was one Broker whose name I forget, that was quite notorious for late crediting. When pressed they said it was something to do with waiting for the cheque (!) from the Registrars to clear.

mc2fool
Lemon Quarter
Posts: 1441
Joined: November 4th, 2016, 11:24 am
Has thanked: 5 times
Been thanked: 335 times

Re: The Share Centre

#243099

Postby mc2fool » August 9th, 2019, 5:29 pm

monabri wrote:The process of transferring money to and from a linked bank account is quite easy and slick to use.

I'm not sure if you can transfer funds from say your non-ISA account to an ISA'ed account directly (or vice versa)?

Transferring money into IWeb through the online interface is by debit card, the (pre-registered) debit card of your nominated bank account. If you want to transfer a larger amount than your debit card will handle you can do so by faster payments/BACS/CHAPS and you have to call them (or use live chat) to get the sort code, account number and reference to wire it to.

You can transfer funds from your dealing a/c to your ISA by simply asking on live chat or over the phone. I presume the other way too but I've only ever done it dealing a/c to ISA.

Dod101 wrote:II get dividends into my ISA at opening on the day it is due. Do not know how they manage that.

And so do IWeb in my experience. In fact, so have all of the brokers I've used over the years ... except for ATS, who delivered one dividend (from Newton Asian Income) over a week late.


Return to “Brokers and Share Dealing”

Who is online

Users browsing this forum: No registered users and 4 guests