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Trading accounts... BellDirect the way to go?

Discussion in 'Brokers' started by burnie, Jul 18, 2012.

  1. burnie

    burnie

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    Hi All,

    I've been with Westpac Broking for over 12 years. Apart from a burst of buying activity in 2007/08 and another burst of activity last month, this time selling (when I sold most of them at a big loss) I haven't used them much.

    Undaunted, I want to start buying shares again, but this time I hope to avoid all the paperwork (and the losses, mustn't forget the losses!). I'd like all the buying, selling, dividends etc. data to seamlessly stream into the accountant's financial software. I imagine this will save on tax return fees. And I could spend more time on my chosen hobbies of bungee jumping and pole vaulting instead of the keeping and filing of documents. I'd also like to be able to monitor my investments online and from my iPhone.

    This year I'm starting up an SMSF so there'll be 2 separate accounts, not just the one. Could get complicated.

    Can anyone suggest a set up of bank accounts and online share trading that would do this? Would the accountant need special software to make this work?

    I was thinking of BellDirect because the trading fees are cheaper and they seem to have all that electronic stuff well organised and they have a lovely website that looks professional and says nice things about their service, but is it all true? Is there something else?

    Cheers,

    Burnie
     
  2. skc

    skc Goldmember

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    Do a search on this forum about BellDirect and in particular where they put your cash...
     
  3. craft

    craft

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    I’m guessing the same people who happily deposit money in a trading account with Bell would baulk at buying a BFG listed note on the ASX if one existed at 2 or 3 times the interest rate they receive on their Bell ‘bank’ account.

    Buyer beware.
     
  4. burnie

    burnie

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    Thanks skc. After looking at this article I'm thinking I should stay with Westpac and use Sharesight portfolio management software. I checked with the accountant and he'd prefer I use Class Super at $250 pa. But I already set up a free account with Sharesight and it looks very good indeed. Though to upgrade to a level that allows more than 10 shares I'd have to pay $275pa. Which I would as it looks to be the answer to my prayers.

    Someone's put my question/post in the correct area, thank you.
     
  5. mike942008

    mike942008

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    I would actually go with Westpac (or stay with Westpac), but I would definitely give Sharesight portfolio management software a try, I have been hearing wonderful things 'bout that.
     
  6. titl4

    titl4

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    I changed to Bell a couple of years back for my ASX portfolio. Having tried a few others I much prefer their platform and reporting (particularly the annual reporting). That said I don't keep a lot of spare cash there. I use IB for other exchanges.

    But, main reason for this post - thanks very much for the Sharesight mention. I hadn't come across it before but I am very impressed - it does all I want and so little effort from me. :thankyou:

    Cheers ......... Alan
     
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