SSAS looking for a good stock broker - Suggestions?

DocProc

The SSAS, of which I am a Managing Trustee, has just sold a commercial property and has some funds to invest.

Some of the dividend yields on some of the stocks in the FTSE 100 are beginning to look attractive - even if they are halved! Certainly they look very much better and more attractive, than the interest gained from the cash just sitting in a bank account.

Can anyone suggest a suitable and efficient broker, who can offer the type of stock broking account that a Small Self Administered (pension) Scheme would require?

TD Waterhouse has been mentioned to me. However, from previous experience with them, I found, when the account went from active to inactive, the sheer size of their organisation prevented them from acting efficiently on our behalf.

As an indication of this inefficiency, even a CHAPS payment of, say £100,000 or more, sent very early in the morning to them, and thus potentially putting the account into cleared funds before, say 2pm or so, would not enable the account to buy shares in a stock until the following day.

Quite frankly, I feel this is a wholly unacceptable poor service, certainly not slanted towards helping a client, and I am therefore looking for a much better, more client-oriented service. Hopefully, there is one out there and this firm does not have a monopoly on it?

Any ideas or suggestions would be most gratefully accepted.

Debt_Free_Chick

You definitely want stocks .... not funds?

You can get the diversification you need by investing directly, yes?

DocProc

Definitely stocks.

Definitely not funds.

Debt_Free_Chick

If you're choosing your own investments, then I don't think you need "the type of stock broking account that a Small Self Administered (pension) Scheme would require". Effectively, you just want an execution-only service, not discretionary management, which would include advice/stock picking. You should be able to choose from any number of the thousands of brokers out there, but fees might be cost-prohibitive for low volumes.

Can the trustees not simply open an online broking account? I would have thought this would be the most efficient method.

DocProc

No. They can't.

You are correct in that we want an 'execution only' type of service.

A typical brokerage needs to be able to supply the necessary forms for us to be able to open a pertinent account.

I'm sure, if you think about it, just the referencing and money launderingg obligations they have to conform to with the necessary authorities, are quite different to those required by individuals, limited companies, SIPPS, Treasurers of clubs, and the like.

I'm hoping for someone to say, "We run an SSAS and we use 'XYZ stockbrokers' for our execution only share purchases and sales and have found them to be quite OK. We suggest you give them a try."

Debt_Free_Chick

Many SSAS proviers "package" a stockbroker with the services offered or have reciprocal arrangements with a specific broker.

What about the bank operating the trustees bank account? Do they have a broking service? Presumably, you've been through the ID & ML checks already?