Best Broker to Go with to Liquidate Holdings for a Trust

txb on 08/02/2023 - 06:50

My oldies set up a joint family account that holds a few dollars (sub $1000) in value. They don't want them anymore and would rather sell it and be done with it. Their broker has ceased or something and converted their HIN into SRN. I'll need to move their holdings to another broker so it can be sold off. Can anyone suggest the most economical broker that can facilitate onboarding and has cheap brokerage?

..additionally, how much of a ball ache is it transferring to a new broker as a joint/family acc? What sort of paperwork is usually needed to be provided?

Thank you

Financial

Comments

  • bemybubble on 08/02/2023 - 07:03
    +3

    Why can’t you just select commsec or similar and transfer them that way?

    • payless69 on 08/02/2023 - 07:25
      +1

      yep Comsec is expensive but it works.
      Westpac gives you goosebumps.

  • txb on 08/02/2023 - 09:03

    Any suggestions other than expensivesec that is just as straightforward

    Stake dosent do trust transfers else idve gone with them

  • Daniel Plainview on 08/02/2023 - 09:04

    Stake

    PS. Seems they do not - therefore Self Wealth, who were my previous brokers. Whatever you pay it will be very cheap compared to your folks old broker - I'd contact the new broker and ask - am sure it's super simple.

  • Zephyrus on 08/02/2023 - 09:23

    Selfwealth claim to do trusts and are pretty good price wise

  • holdenmg on 08/02/2023 - 09:56

    Hi,
    There was https://www.delisted.com.au/sell-worthless-and-other-securit…
    and also some other ways where you can sell for low commission or fees or even donate the shares
    https://www.sharegiftaustralia.org.au/

  • wiipantz on 08/02/2023 - 12:11
    +1

    I use CMC and it's ok yet I'm not sure it can assist with your issue perhaps? I have Self Wealth too and NAB but not used these for the desired outcome.
    I am however seeking to move holdings from an individual account to a joint account in the cheapest method? No meaning to hijack but does anyone have some cursory advice on that by chance? It may align with what OP is seeking also, so far the only option I've seen is to perform an offmarket transfer with CMC between the individual to the joint account. I'm quite happy to close the individual account if needed, just not 100% is the best method?

  • CheapandUsed on 08/02/2023 - 16:31

    I remember this was a PITA, trying to ensure the new broker account matches 100% to what the SRN is or the transfer is rejected.

    In the end a lot of people just suck up the fee and sell via the share registry (I believe it forms part of the cost basis for the capital gain/loss anyway)
    Computershare - Investor Trade
    Link Market Services - Share Sale Centre

    unless the shares are with a smaller registry, then maybe it is back to trying to get a 3rd party broker.

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