Investment club broker

[Richard Jones]

I used their ‘Not yet a customer’ option to send them a message last night.
I’ll let you know if and when I receive a reply.

[Mark Bentley]

Thanks for the information posted here.

I have also been in touch with a senior executive at AJ Bell and have requested a meeting to discuss how ShareSoc could help AJ Bell to provide an offering for investment clubs.

I’ll advise on any progress we make here.

Best,

Mark

[Richard Jones]

Thank you Mark, much appreciated. You and AJ Bell are giving us a glimmer of hope that our investment club can survive.
I received a reply from AJ Bell this afternoon:-

Customer Onboarding Team <CustomerOnboarding@ajbell.co.uk>
12:33 (2 hours ago)
to me

Dear Mr Jones

Thank you for your email.

Unfortunately, AJ Bell do not currently offer a Dealing account for an Investment Club. That said, we are aware of Interactive Investor’s (II) decision to cease offering these account types from Monday 27 October.

Given the volume of enquiries we have received on the matter we are collating key information to see if we would consider offering this new account type.

Thank you for providing the key information below regarding your Investment Club. I have passed all the details over to our Product Team to review and we’ll come back to you in due course to confirm if we’re able to offer a solution for you.

I can’t make any guarantees at this stage as we’re against the clock with II’s deadline under 2 months away. It could well be that we have insufficient time to make the necessary system changes to introduce this new account type before 27 October. Nonetheless, I’ll come back to you shortly to confirm either way.

Yours sincerely

Aaron Willsher
Customer Onboarding Team

Customer Onboarding Team
|
AJ Bell
​​​​
Tel: 0345 543 8929
Website:
http://www.ajbell.co.uk

[Roger Doery]

Our Investment club has also been advised by II that we need to close or transfer it. When I called AJ Bell this morning.they just said no.

We will be interested to hear if someone comes up with a positive answer.

[Mark Bentley]

I’m pleased to advise that AJ Bell have agreed to meet – we just need to find a mutually convenient date/time.

[Richard Jones]

Great news Mark. Fingers crossed.

[Mark Clenshaw]

In reply to reply #31886

Thanks for your involvement Mark.

I have sent AJB bare bones details of my club on the lines requested in their mail to Sandy Forbes. Do you want a copy?

Best wishes

Mark

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[Sandy Forbes]

We may have found a broker for Investment Clubs in Capital Financial Markets. It’s not a big firm but here’s some details

CFM Investment Club dealing & custody service
CFM offer an Execution only dealing service for Investment Clubs.
You can trade in global shares that are listed on a recognised investment exchange and similarly virtually all investment funds so long as they are regulated.
You can place orders via telephone or email to our dealing desk.
The charges are:
£7 per trade
0.16% annual custody fee (for a £100,000 portfolio that equates to £160 annual custody charge)

Paul Coffin
Managing Director, Chartered FCSI
t: 0203 697 0560
w: http://www.capitalfinancialmarkets.co.uk
t: 0203 697 0563 – Dealing line
t: 0203 697 0565 – Administration support
e: support@capitalfinancialmarkets.co.uk
Capital Financial Markets Limited
St Albans Administration Office
8 Spicer Street
St Albans
AL3 4PQ
Capital Financial Markets Limited authorised and regulated by the FCA 760840. Company number 8224800 registered in England, Registered address 8 Spicer Street St Albans AL3 4PQ.

[John Calvert]

Sandy,
I’ve had a look at CFM and would not be happy to use them. They are tiny, literally a one man band with a turnover last year of only £635,000, and not registered with the Financial Conduct Authority. Look the up on the FCA website and Companies House. Personally I’m hoping that AJ Bell might come to our rescue.
John

[Sandy Forbes]

In reply to reply #31901

Hi John

I agree with what you say regarding the size of the company but they are FCA registered. I would also be more comfortable with AJ Bell but I am struggling to see why they would want a business that the current holder doesn’t. None the less fingers crossed.
Cheers

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[Richard Jones]

Thanks for sharing with us Sandy. I also looked at the FCA register and they are registered on there but as John says, it appears to be a one man band with one director and nine resignations! I will hold out to see what AJ Bell can do but keep it in mind if they fail to come up with anything to help us.

[John Calvert]

Thanks Richard & Sandy. Sorry If I got the FCA entry wrong. I must not have searched the name correctly.

[Mark Bentley]

In reply to reply #31899

Thanks Mark,

No, don’t think I need details at this stage.

Best,

Mark

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[Mark Bentley]

My meeting with AJB is now scheduled for next Tuesday.

I’ll advise here what the outcome is.

Best,

Mark

[Richard Jones]

Thanks Mark and good luck, I’m sure we all have our fingers crossed.

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