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Change of broker
Rank: Member Joined: 7/2/2014 Posts: 123
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Anybody with an experience of this kindly enlighten ... is the process smooth as the target broker claim and how long does it take? ,
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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ike wrote:Anybody with an experience of this kindly enlighten ... is the process smooth as the target broker claim and how long does it take? Unless its us its not smooth...  Utalia machozi possunt quia posse videntur
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Rank: Member Joined: 1/25/2010 Posts: 344
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ike wrote:Anybody with an experience of this kindly enlighten ... is the process smooth as the target broker claim and how long does it take? easiest way out, sell all your shares, get them money buy back the shares through the new broker. however, you get charges broker fees for the sell and buy
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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Start buying shares with your new preffered broker,when you sell anything with your old broker ask for payment not buying more shares there,changing a broker makes you at one point not able to transact anything,and I ask you a question,who co-operates fully in this world when losing business??unless you have news the broker is running bankrupt don't change a broker like an emergency "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Member Joined: 5/21/2014 Posts: 184
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ike wrote:Anybody with an experience of this kindly enlighten ... is the process smooth as the target broker claim and how long does it take? Quite to the contrary, when I was moving from D&B to SBG Securities, the process was smooth. I only got to be asked to give feedback on why and I told them my uncut opinion on their customer service. Selling shares and then buying them back with your new broker would be, in my opinion, a hefty price to pay for moving brokers. Fill out the necessary paperwork and then be patient. Maximum time if my memory serves me right would be 3/4 weeks. You would be unable to trade at some point during the migration but lets face it... it's highly unlikely that there is someone who's never failed to trade over a certain 3/4 consecutive weeks. Consolation would be better future service from your new stockbroker. There are too many opportunities all around. Open your eyes and maybe you'll spot one
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Rank: Member Joined: 3/5/2008 Posts: 34 Location: Nairobi
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actuarywahisa wrote:ike wrote:Anybody with an experience of this kindly enlighten ... is the process smooth as the target broker claim and how long does it take? Quite to the contrary, when I was moving from D&B to SBG Securities, the process was smooth. I only got to be asked to give feedback on why and I told them my uncut opinion on their customer service. Selling shares and then buying them back with your new broker would be, in my opinion, a hefty price to pay for moving brokers. Fill out the necessary paperwork and then be patient. Maximum time if my memory serves me right would be 3/4 weeks. You would be unable to trade at some point during the migration but lets face it... it's highly unlikely that there is someone who's never failed to trade over a certain 3/4 consecutive weeks. Consolation would be better future service from your new stockbroker. I churned from D&B for the same reason, poor customer service. Normally, it should take between 3 to 4 weeks but D&B frustrated my exit. From incorrect capture of details to failing to submit my transfer forms...I ended up trading with SBG after 3 months!
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Rank: Member Joined: 7/1/2009 Posts: 256
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actuarywahisa wrote:ike wrote:Anybody with an experience of this kindly enlighten ... is the process smooth as the target broker claim and how long does it take? Quite to the contrary, when I was moving from D&B to SBG Securities, the process was smooth. I only got to be asked to give feedback on why and I told them my uncut opinion on their customer service. Selling shares and then buying them back with your new broker would be, in my opinion, a hefty price to pay for moving brokers. Fill out the necessary paperwork and then be patient. Maximum time if my memory serves me right would be 3/4 weeks. You would be unable to trade at some point during the migration but lets face it... it's highly unlikely that there is someone who's never failed to trade over a certain 3/4 consecutive weeks. Consolation would be better future service from your new stockbroker. 3/4 weeks? Consider yourself lucky... it took over 3 months to get my shares moved by the offending broker when I did it a few years ago. And I believe exposing my frustration and the broker responsible here in Wazua helped.
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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shobiz wrote:actuarywahisa wrote:ike wrote:Anybody with an experience of this kindly enlighten ... is the process smooth as the target broker claim and how long does it take? Quite to the contrary, when I was moving from D&B to SBG Securities, the process was smooth. I only got to be asked to give feedback on why and I told them my uncut opinion on their customer service. Selling shares and then buying them back with your new broker would be, in my opinion, a hefty price to pay for moving brokers. Fill out the necessary paperwork and then be patient. Maximum time if my memory serves me right would be 3/4 weeks. You would be unable to trade at some point during the migration but lets face it... it's highly unlikely that there is someone who's never failed to trade over a certain 3/4 consecutive weeks. Consolation would be better future service from your new stockbroker. I churned from D&B for the same reason, poor customer service. Normally, it should take between 3 to 4 weeks but D&B frustrated my exit. From incorrect capture of details to failing to submit my transfer forms...I ended up trading with SBG after 3 months! Now that you are in sbg tell them not to joke with their online platform, nowadays its not guaranteed to get through like before, it becomes useless to miss a trading opportunity because of this kind of mistakes "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Member Joined: 3/5/2008 Posts: 34 Location: Nairobi
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mlennyma wrote:shobiz wrote:actuarywahisa wrote:ike wrote:Anybody with an experience of this kindly enlighten ... is the process smooth as the target broker claim and how long does it take? Quite to the contrary, when I was moving from D&B to SBG Securities, the process was smooth. I only got to be asked to give feedback on why and I told them my uncut opinion on their customer service. Selling shares and then buying them back with your new broker would be, in my opinion, a hefty price to pay for moving brokers. Fill out the necessary paperwork and then be patient. Maximum time if my memory serves me right would be 3/4 weeks. You would be unable to trade at some point during the migration but lets face it... it's highly unlikely that there is someone who's never failed to trade over a certain 3/4 consecutive weeks. Consolation would be better future service from your new stockbroker. I churned from D&B for the same reason, poor customer service. Normally, it should take between 3 to 4 weeks but D&B frustrated my exit. From incorrect capture of details to failing to submit my transfer forms...I ended up trading with SBG after 3 months! Now that you are in sbg tell them not to joke with their online platform, nowadays its not guaranteed to get through like before, it becomes useless to miss a trading opportunity because of this kind of mistakes I still have access to D&B portal and compare the two from time to time. I see that D&B upgraded their system which has improved on the downtime. Much as SBG has issues, they are usually prompt in resolving. And when I have an issue, their customer service is available and prompt.
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Rank: Member Joined: 7/2/2014 Posts: 123
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my broker is just another sad story... ,
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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shobiz wrote:mlennyma wrote:shobiz wrote:actuarywahisa wrote:ike wrote:Anybody with an experience of this kindly enlighten ... is the process smooth as the target broker claim and how long does it take? Quite to the contrary, when I was moving from D&B to SBG Securities, the process was smooth. I only got to be asked to give feedback on why and I told them my uncut opinion on their customer service. Selling shares and then buying them back with your new broker would be, in my opinion, a hefty price to pay for moving brokers. Fill out the necessary paperwork and then be patient. Maximum time if my memory serves me right would be 3/4 weeks. You would be unable to trade at some point during the migration but lets face it... it's highly unlikely that there is someone who's never failed to trade over a certain 3/4 consecutive weeks. Consolation would be better future service from your new stockbroker. I churned from D&B for the same reason, poor customer service. Normally, it should take between 3 to 4 weeks but D&B frustrated my exit. From incorrect capture of details to failing to submit my transfer forms...I ended up trading with SBG after 3 months! Now that you are in sbg tell them not to joke with their online platform, nowadays its not guaranteed to get through like before, it becomes useless to miss a trading opportunity because of this kind of mistakes I still have access to D&B portal and compare the two from time to time. I see that D&B upgraded their system which has improved on the downtime. Much as SBG has issues, they are usually prompt in resolving. And when I have an issue, their customer service is available and prompt. D&B is still the best. Zungukeni tu, finally you'll realize that poor customer service is a Kenyan thing. They got a new guy called Timothy who's really doing a great job plus the upgrade has enabled more capabilities. The next big thing (or the big thing) in online trading is HOW FAST the system is in executing a trade. E.g Yesterday someone sold mumias at 3.5 and another may still be trying to submit that sale order. Meanwhile, kazi inaendelea. Kwanza now that they want to introduce day trading.....life will be very interesting "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 9/12/2014 Posts: 120 Location: Nyali
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I think Wazuans should form a sacco and come up with their own brokerage firm.Ensure that it gives the best customer service and all these other good things you would like a broker to be.With the amount of money wazuans have in stock,the firm will break even within its first 6 months!
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Rank: Member Joined: 8/20/2008 Posts: 83
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Post the reasons why you want to move and I will share my experience. Customer service is not enough reason to move brokers. All of them are run by some dissatisfied and demotivated front office fellows. Last year I moved from cfc to dyer and am enjoying the difference. My main interest was a broker with a reliable online trading platform. So far so good
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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Some brokerage firms can be a pain, online system may help but not secure the problem of poor service delivery totally, I remember I had to change brokerage firm mid-last year and that wasn't smooth sailing either, tedious process but I reckon I'm kinda happy with where I moved to now.
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Rank: Veteran Joined: 1/25/2012 Posts: 1,624 Location: Langley
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mlennyma wrote:Start buying shares with your new preffered broker,when you sell anything with your old broker ask for payment not buying more shares there,changing a broker makes you at one point not able to transact anything,and I ask you a question,who co-operates fully in this world when losing business??unless you have news the broker is running bankrupt don't change a broker like an emergency This one works like magic. If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
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Rank: New-farer Joined: 1/9/2015 Posts: 19 Location: NAIROBI
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shrewdinvestor wrote:I think Wazuans should form a sacco and come up with their own brokerage firm.Ensure that it gives the best customer service and all these other good things you would like a broker to be.With the amount of money wazuans have in stock,the firm will break even within its first 6 months! remember, conflict of interest clause
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