Stockbrokers for Investment Clubs Sep’25

Gunnista

LIC2000 said:

KnightsofSlinfold said:

I am Treasurer of an investment club currently with ii. I am looking to transfer to GHC Capital Markets or Capital Financial Markets. My experience to date has been that GHC have provided more prompt answers to my enquiries. cfm do not answer my emails. I would welcome hearing of anyone else's experience.

We have had the same experience with both GHC (very helpful) and CFM (non-communicative).

We have our next meeting on Monday when the committee will be proposing that we go with GHC.

Yes, both GHC and CFM offer a similar service (telephone dealing and provision of portal to view account) however we found the GHC dealing cost (1.0%) a bit more expensive than CFM (£9 flat).  They expect our stocks to be transferred form Int Investor next week so I will provide an update when this has been completed. 

Tanatclub

12Saver3 said:

Has anyone experience of using CFM?

Yes we have and it seems to be going smoothly. II are now in the process of transferring our account to CFM.  It's telephone or email only but couldn't find anyone like II. Looked at ibkr but decided against them. Another plus, is that every member will have access to the website portal. 

johncalvert

A brief update.  I'm still not able to tell you we have been accepted by Interactive Brokers.

Position is I have answered all the questions put to me to satisfy the new business team.  Having satisfied them the application has been sent for approval, which takes 3-4 days, I'm told. So, expecting an answer, one way or the other Monday or Tuesday.

findthetruth

johncalvert said:

A brief update.  I'm still not able to tell you we have been accepted by Interactive Brokers.

Position is I have answered all the questions put to me to satisfy the new business team.  Having satisfied them the application has been sent for approval, which takes 3-4 days, I'm told. So, expecting an answer, one way or the other Monday or Tuesday.

Thanks.
IBKR again asked for proof of registration so I sent the minutes of our first meeting. Awaiting an answer with fingers crossed. I feel there is some way to go…..

findthetruth

Further to my post above…..
IBKR have rejected my minutes as inadequate. They want the ‘Original and complete founding document of the club’.
Not sure what to give them next……
Mr Calvert- did you get over this particular hurdle please?

AlanPJ

Thanks to all since I started this thread six weeks ago. My club meets tonight so I guess we will have to choose CFM, GHC or wind up. 

Considering their Share Centre legacy, it’s a great shame ii didn’t simply introduce a per-member add-on fee to cover the extra admin costs for Investment Club accounts. 

LIC2000

After our club meeting last night it was decided to transfer to GHC rather than wind up. Application sent today so we'll see how we get on. We never got a response from CFM despite multiple contacts so GHC was our only real alternative to winding up.

johncalvert

@rutlandinvest Unfortunately I have received the same email from Maria Dieguez, followed by one from the New Accounts team rejecting our application.  Looks like we are all going to fall down on the Legal Personality and Unique Tax Reference because Investment Clubs have always just been a loose association of friends/investors, each taking responsibility for our own tax affairs.  Just a shame it took them 3 weeks to come up with this answer.
So, it looks like we find another broker or we shut down for good.

LIC2000

We are proceeding with our GHC application. The form they sent us was missing one vital piece of information - the request for an LEI.

Not to be daunted I applied for an LEI through LEIRegister using the basic £50 request. Submitted the application  at 8:30am this morning. Received an e-mail 90 minutes later requesting some proof of identity for which I upload minutes of our last meeting, making sure they identified the club officers and all members names, along with the constitution and a bank statement. At 1pm we were issued with an LEI. A much more painless process than I was expecting.

This will allow our application with GHC to proceed to the next step. We shall see what happens next.

Driverxyz

I am filling in the application form for GHC.  They require only an LEI which I have applied for from Legalidentifier.  They have come back asking for - 

- Certificate of Incorporation

- Certificate of Incumbency

- Articles of Association

- Trust Deed (if applicable ) 

Can I ask who you obtained your LEI from and what supporting documents you provided.  They seem to want some official documents but all we have is the club's Constitution & Rules.  Did you have anything more?

Does anyone else have any insight into LEI's for investment clubs?