Transferring share portfolio to Easy Equities

[Tongs of Destiny]

Has anyone else been through the pain in the ass process of transferring your portfolio from another broker to Easy Equities?

They send me forms to fill in, I fill them in... then they send me more forms to fill in (all the same info once again!) now a new form today that says, DTC or DWAC <-- how the eff is one supposed to know what that means? Then they also want a list of every single share in your portfolio, the price you bought them for, the ticker symbol, the quantity etc! This after I sent them a snapshot of my portfolio with all the shares and said I want to transfer EVERYTHING across. They then ask if I know about the fees <-- this after their website says there are no fees in transferring. Oh then they say "fill in the broker DTC" again, wtf is a DTC as there is no explanation on their forms. Oh and to top it off on their forms they ask if I have a debit order with Easy Equities? I mean what has that got to do with the price of bread.

Is it just easier to sell everything in my portfolio and then rebuy them in Easy Equities? Because this process is run by the village idiot and you have to wait days for a reply to your email questions...

Maybe buying a couch and shoving cash in it is easier and less stressful.

 

[Sir Bob]

Why would you want to get involved with a company that doesn't want your business???
If you want your issue solved use x and tag @NilanGTPB and @PurpleGroupPPE with your problems.

 

[3WA]

his after I sent them a snapshot of my portfolio with all the shares and said I want to transfer EVERYTHING across.

Not good enough. Fill out the damn forms.

Is it just easier to sell everything in my portfolio and then rebuy them in Easy Equities?

Depends on how much you have and how long you've held. If CGT or income tax is payable, rather go through the pain of the transfer instead of losing money to tax.

 

[zerocool2009]

I did it before. Quick and easy. If its etf’s, dont sell but rather just “move them”

 

[Tongs of Destiny]

held it for years, I was just thinking at some point you will pay CGT when you sell.. so if I sell now, I pay CGT on the profit. Then I buy again, I would only be liable for another CGT on the new profit when I sell again years down the line? Isn't it the same... CGT 30% profit now + 10% profit later is the same as 40% profit kept and sold later? my thinking...

If I have 200 different shares in my portfolio I must now write them all down on a form that has 10 lines <-- I mean this is retarded. I understand if you want to transfer a specific share but the entire portfolio should be a simple process.

 

[Tongs of Destiny]

oh and the reason for the transfer is

1) disgusting yearly management fees by ABSA just for the platform + $20 per trade I mean ffs this is the 21st century and that is a blatant ripoff
2) trying to keep all investments in one simple platform which is easy to read and understand

 

[Tongs of Destiny]

I did it before. Quick and easy. If its etf’s, dont sell but rather just “move them”

do you remember if there were fees involved in moving your portfolio to EE? they say no fees which I queried, and after 5 days they emailed back saying sorry for the confusion and we will update our portal and ask finance... which means they don't even know

 

[RedViking]

Interesting. I've only ever heard of someone wanting to take their portfolio out of Easy Equities....

 

[zerocool2009]

do you remember if there were fees involved in moving your portfolio to EE? they say no fees which I queried, and after 5 days they emailed back saying sorry for the confusion and we will update our portal and ask finance... which means they don't even know

I must be honest. Moving portfolio's aint fun, as in to get to someone who knows what they are doing is the KEY thing. The cost, I recall FNB charged R300 per fund to be moved a few years ago

 

[Tongs of Destiny]

I must be honest. Moving portfolio's aint fun, as in to get to someone who knows what they are doing is the KEY thing. The cost, I recall FNB charged R300 per fund to be moved a few years ago

thanks for the heads up, gosh EE doesn't even have a telephone number to call. I will call ABSA and see what they charge as it's obviously a two way transfer... ughhh

 

[Scooby_Doo]

Has anyone else been through the pain in the ass process of transferring your portfolio from another broker to Easy Equities?

They send me forms to fill in, I fill them in... then they send me more forms to fill in (all the same info once again!) now a new form today that says, DTC or DWAC <-- how the eff is one supposed to know what that means? Then they also want a list of every single share in your portfolio, the price you bought them for, the ticker symbol, the quantity etc! This after I sent them a snapshot of my portfolio with all the shares and said I want to transfer EVERYTHING across. They then ask if I know about the fees <-- this after their website says there are no fees in transferring. Oh then they say "fill in the broker DTC" again, wtf is a DTC as there is no explanation on their forms. Oh and to top it off on their forms they ask if I have a debit order with Easy Equities? I mean what has that got to do with the price of bread.

Is it just easier to sell everything in my portfolio and then rebuy them in Easy Equities? Because this process is run by the village idiot and you have to wait days for a reply to your email questions...

Maybe buying a couch and shoving cash in it is easier and less stressful.

Are these SA or US based shares/ETF?

If you are trying to move stuff over to the USA Easy Equities, I would suggest moving it to IB or something else - far more sophisticated platforms.

 

[Tongs of Destiny]

Are these SA or US based shares/ETF?

If you are trying to move stuff over to the USA Easy Equities, I would suggest moving it to IB or something else - far more sophisticated platforms.

both stocks and ETF's, Rands and USD ones.. I shall look into IB, thanks
I managed to ask ABSA as they have this amazing invention called a phone. They charge R200 per share, Standard Bank charge R62.23 per share.

 

[Scooby_Doo]

both stocks and ETF's, Rands and USD ones.. I shall look into IB, thanks
I managed to ask ABSA as they have this amazing invention called a phone. They charge R200 per share, Standard Bank charge R62.23 per share.

If you feeling spicy and decide to go with IB, ping me so I can share my referral code.

I moved all my EE USD stuff over in 2021.

 

[Thrasil]

held it for years, I was just thinking at some point you will pay CGT when you sell.. so if I sell now, I pay CGT on the profit. Then I buy again, I would only be liable for another CGT on the new profit when I sell again years down the line? Isn't it the same... CGT 30% profit now + 10% profit later is the same as 40% profit kept and sold later? my thinking...

If I have 200 different shares in my portfolio I must now write them all down on a form that has 10 lines <-- I mean this is retarded. I understand if you want to transfer a specific share but the entire portfolio should be a simple process.

you may be heading down the wrong track if you are holding 200 different shares, maybe why the admin is so hard as they would not have designed the system for something like that (their problem not yours though if they want your business). I would google some ETFs strategies as very hard to outperform the market holding 200 shares as you are basically then holding the market.

 

[Tongs of Destiny]

you may be heading down the wrong track if you are holding 200 different shares, maybe why the admin is so hard as they would not have designed the system for something like that (their problem not yours though if they want your business). I would google some ETFs strategies as very hard to outperform the market holding 200 shares as you are basically then holding the market.

I have both ETF's and individual companys.

If an ETF like VOO has 5% weight of Microsoft and you $50,000 in VOO then you've only got $2,500 of Microsoft. But I want $20,000 of Microsoft, so I can either buy $400,000 of VOO or just buy $20,000 of Microsoft. These are select companies I chose worldwide. These are examples obviously...

 

[Thrasil]

yes i agree with you up to a point but i think your going to far. If you own 100 shares on S&P 500 index, 30 on the UK FTSE 100 and 20 on JSE top 40. Your chance of outperforming the market is miniscule. You could rather have just held 3 etfs for each of those indexes. Your chance to beat the market is improved if you held just 5-20 shares i think.

All i am trying to say is have a think about rather holding 10-20 stocks and the rest in a ETF, rather than trying to make your own ETF as trying to keep your research up to date even on 30+ stocks if its not your day job seems a tall order.