Investment Clubs

GMInvClub

Hi Guys,
We are a bunch of 10 retired guys who meet monthly and run a small investment club in our village. Our current broker (Interactive Investor) have advised they are removing the service for clubs. We've looked at other brokers who have some legacy clubs, but none so far are taking on new or transferred clubs. Does anyone have suggestions as it seems this may be the end of the club. It's not about the money here, but we really enjoy meeting and discussing our current and potential portfolio investments. 
Appreciate any help, thanks.

ColdIron

There is a recent thread (just above this one at present) discussing this very issue that you might want to read

https://forums.moneysavingexpert.com/discussion/6626749/stockbrokers-for-investment-clubs-sep-25#p1

bmcgo19

I/we are in similar situation with our 25 year old club. Our account was transferred from Share Centre to ii on the takeover
I have written to ii saying I hold my personal account(s) with them partly because of carry over from Club account.
Have threatened to close my account(s) and also sell my Abrdn shares as if this is Abrdn policy  (they own ii) then I want nothing more do do with them!
Doubt if this will have any effect but it made me feel better!
As a thought if enough account holders threatened closure would they reconsider?
It is one thing to stop opening new accounts but surely reactionary to close current ones
One platform I approached blamed ALM & regulatory measures for not accepting new accounts.
Surely something with system in this country?

Zamia

Hi those affected by the ii decision to discontinue brokerage for investment clubs. Am in a similar position. Somewhere I saw that ii had accounts for approx 1000 clubs and that there was approx 12000 in the UK. Who do the other 11000 use as their brokers? Any suggestions valued as our club does not know where to go.

wmb194

Zamia said:

Hi those affected by the ii decision to discontinue brokerage for investment clubs. Am in a similar position. Somewhere I saw that ii had accounts for approx 1000 clubs and that there was approx 12000 in the UK. Who do the other 11000 use as their brokers? Any suggestions valued as our club does not know where to go.

See the thread linked above, there appears to be a couple of (more expesive) options.

I'd seriously question that 12,000 figure and IIRC it dates from 2010.