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Anonymous

26 Aug 2019

∙

General Investing

Is it a good Idea to sell off all my shares in my current securities account and repurchase them in my new securities account, to lower the fees?

This might sound like a big "NO" due to the fees for buying & selling. I now have 10 overseas shares with Phillips Securities and the fees are $240 pa (about 0.5% of what I paid for all the shares). I intend to keep long term. Hence I'm considering selling off my shares in phillips ($25/trade) and re-buying them in SCB ($10/trade) which has 0 custody fees. Transfer is $53.50 per share. Any advice / opinion?

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Gabriel Tham

26 Aug 2019

Tag Team Member at Kenichi Tag Team

Sounds like a good plan if transferring costs more.

I don't see any other alternative here. If you intend to hold long term, then a one-time fee to move the shares to a cheaper custodian is definitely a wise choice.

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