Stockbrokers for Investment Clubs Sep’25

Tanatclub

Did anyone receive any interest on their cash account from Interactive Investor this month. I was about to close our account this morning when a msg popped up to say we will lose any accrued interest if we closed the account. So I called II and was advised to leave the account open for a week to receive the interest. 

Dorcots

We have received a rejection letter from Interactive Brokers. No reason could be given. No appeal. Given that @johncalvert had the same experience, it makes IB's sales pitch here look very hollow.

We are now going to CFM who, for us, will be about twice the cost of Interactive Investor. (Pilling, GHC and Redmayne Bentley are just too expensive as an excecution-only service.)

Ch1ll1Phlakes

Dorcots said:

We have received a rejection letter from Interactive Brokers. No reason could be given. No appeal. Given that @johncalvert had the same experience, it makes IB's sales pitch here look very hollow.

We are now going to CFM who, for us, will be about twice the cost of Interactive Investor. (Pilling, GHC and Redmayne Bentley are just too expensive as an excecution-only service.)

Had a look at that link they've now added a Note at the top of the article as follows:

findthetruth

We have the rejection letter from IBKR. I have asked them about LLPs. BestInvest,HL, AJBell, Killik, Trading 212 all negative. Awaiting an answer from Fidelity and ii.
Rachel is rumoured to be planning NIC on LLPs. Not sure what this means but this whole idea doesn’t seem that hopeful ATM. It also seems unlikely that shares could be transferred ‘in specie’ to an LLP.

chiefteddy

A question for those that have moved to Capital please. Firstly are you happy with them and secondly were you concerned about the one man ownership of the company? Thoughts welcome

Dorcots

Thank you @Ch1llb1Philakes for pointing out Interactive Brokers' new legal entity requirement.

I looked at several LEI provision services and most of them are only offered to those who can provide a company number. So my guess is that IB are using such a service and those among us who tick IB's "We will apply for an LEI for you" as we did, will get a rejection. With hindsight, we should have got an LEI ourselves as @LIC2000 did (page 14 of this thread) for their GHC application.

WightWave

Hi Everyone,

Our account with ii is now closed and we are preparing to switch to CFM. However, we have lost several members just because CFM do not offer online dealing. They were concerned about the length of time it would take to place a sell trade if the markets were moving fast.  I'm assuming all the investment clubs here would prefer to be able to deal online so I'm wondering about us, as a group, trying to place gentle pressure on CFM to upgrade their platform. It would need to be done very politely as we don't want them also rejecting investment club accounts.

Gunnista

WightWave said:

Hi Everyone,

Our account with ii is now closed and we are preparing to switch to CFM. However, we have lost several members just because CFM do not offer online dealing. They were concerned about the length of time it would take to place a sell trade if the markets were moving fast.  I'm assuming all the investment clubs here would prefer to be able to deal online so I'm wondering about us, as a group, trying to place gentle pressure on CFM to upgrade their platform. It would need to be done very politely as we don't want them also rejecting investment club accounts.

We have been with CFM for a couple of weeks now and whilst we do miss the ability to deal online we recently emailed a Dealing request to Buy/Sell 8 different Stocks which was dealt and completed within the hour.  The online portal was updated immediately to reflect the trades.  

findthetruth

Ch1ll1Phlakes said:

Dorcots said:

We have received a rejection letter from Interactive Brokers. No reason could be given. No appeal. Given that @johncalvert had the same experience, it makes IB's sales pitch here look very hollow.

We are now going to CFM who, for us, will be about twice the cost of Interactive Investor. (Pilling, GHC and Redmayne Bentley are just too expensive as an excecution-only service.)

Had a look at that link they've now added a Note at the top of the article as follows:

Just seen this. Thanks
We will persist with IBKR and an LLP before looking more thoroughly at the implications. 

johncalvert

We have today formed a limited company for our investment club.  Didn't take too long and cost just £50 at companies house.  Now need to register with HMRC for a UTR, get an LEI and apply to AJ Bell for a dealing account.  AJ Bell have confirmed they will support our application. Will report on progress.