Advantages Pauline and her Barclayettes!
Disadvantages Dividends can't buy me love!
ORIGINALLY WRITTEN May 2001At school I received very little education about personal finance. A few maths lessons covered the calculation of simple and compound interest from the principal or lump sum and APR etc. This really did not stand me in good stead to cope with finances in adult life.
During the mid 1980s I mainly put money in safe building society deposit accounts. A few family friends dealt in shares. But I could not get my head around the volatility of shares.In 1996 a library book entitled 'The Which Guide to Investing' really enthralled me. I learned about the mechanics of stocks and shares.
SHARE DEALINGI then decided to dabble in shares. The only stockbroker accessible to amateur investors in those days was Barclays Stockbrokers.
The registration process was quite simple. The application form required basic details such as name, address, bank account details, password etc. The form is returned and a credit check is made on you. If all is well you are given a credit dealing limit, share deal account number and an introduction pack. A direct debit is also set up between your bank and BarclaysStockbrokers.For 3 years I had a telephone dealing account with Barclays Stockbrokers. You simply call the dealers, give them your share deal account number and password, tell them whether you want to buy or sell and tell them the stock you wish to deal in.
In those days the settlement period was 14 days or 10 working days. This means that money is taken from your bank account 10 working days after the share transaction. The telephone dealing cost at present is £19.99 per trade. You also have to pay stamp duty on all UK stock dealing. Once the deal has been settled you are given a share certificate.A bimonthly newsletter is sent to Barclays Stockbrokers customers. It usually says that the average deal is about £2500. My average deal costs about £120 including commission. I prefer to buy several shares in small amounts rather than gamble a big lump sum on one share.
Most of the time the dealers and customer service staff are courteous and efficient. But one or two can be condescending. On one occasion I requested to buy some Bentalls shares and I could hear some laughter in the background regarding my choice of share.Around October/November 1999 many investors plunged into technology shares. Getting on the phone to the dealer would take around 45 minutes. Obviously this situation was intolerable and luckily Barclays Stockbrokers rolled out its Internet dealing service soon afterwards.
REGISTRATIONRegistration takes place at www.barclays-stockbrokers.co.uk. The registration process is quite straightforward. The major difference is that you are given a digital certificate as proof of your registration.
Internet dealing takes around the same time as telephone dealing. It does take a few minutes for the site to download its software. You have 15 seconds to decide if you want to execute the deal. There is a price improver facility to give you the best price possible.
|Competitiveness of charges|
|Coverage of national/international markets|
|Quality of advice||Excellent|
|Online - Content/organization of site||Excellent|
|Online - Reliability/speed of site||Excellent|
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