The worst part of these replies you will get from here is that majority of your respondent are stock broker marketing their various firms,


I disagree a little. Actually, the worst part is for your broker to make a mistake (which happens all the time) and refuse to correct it to RESTORE YOU TO YOUR DESIRED POSITION. If your broker makes a mistake, it should not lead to any loss of money and opportunity (dividend, rights, bonus) on your part. He created the problem and should solve it

The man actually says that he wants recommendation. His head must be spinning now with all these recommendations. So what he should do is look at what is most important to him
1. Investment advice?
2. Integrity?
3. Execution Efficiency? etc

1 is easy to track. For 2 and 3, he needs to talk to other people who can share experience with him

To start with, alot of people dont know anything about stockbroking, Knowing the MD personally does not quarantee professionallism, secondly having your office in the NSE building is not a marketing tool Lastly the NSE or SEC will not tell u if there is any complain, Is like going to CBN cause u want to Open a bank account.All these will not help. What u need to do is find out which stock broking firms handle more merging accounts,their clientbase if its high it means a lot of people are happy with them.then it will also help if u have online CSCS account to monitor your buy and sell orders, apart from the sms, CSCS sends to you and Lastly the years of being member of the nigerian stock exchange, preferably 10yrs and above, Be very careful cause most of all the firms now are sacking they cannot pay staff, so that also means if they sell stocks for you, your money will not come out. BEWARNED.

texazzpete:

Don't be a dunce. he has a right to market his services in a public forum. Especially as the topic involves someone disenchanted with his current broker.

BLOODY HE-GOAT!!!

OUT TO DUPE SO HE SUPPORTS EVERY BODY OF LIKE MINDS

@sonate

One problem without us Nigerians is that we dont often try seek redress for infractions, thereby allowing the perpetrators of injustice to continue operating.

Do you know that there is a special department in the Stock Exchange that is setup for handling issues such as yours.

Do you know that by reporting him to this department, you can get him barred from trading on the floor until he has paid you back to the last kobo.

This department is called the compliance department. Just walk into the stock exchange building on customs street and ask for the compliance department, when you get there, tell them you want to make a complaint against a broker. It is a very simple and strightforward process.

Good luck.

aganaboos1:

Na OLEH o.

No be small thing.

@Viano 001
To start with, alot of people dont know anything about stockbroking, Knowing the MD personally does not quarantee professionallism,, 


I may not know a lot about stockbroking, but sincerely I know 1 or 2 things that I am able to get by.
I did not say knowing the MD will guarantee professionalism. Go back and read my 2 posts on this topic. I said I know the person well enough and I can vouch for him. You too should be able to express opinions - positive or negative - about people that you know. There are those whom you will vouch for and those you cannot trust longer than you can throw them

Regarding references, it is actually possible to find out those brokers that have been getting into trouble and have been reported to the regulators. SEC has a disciplinary process that you can avail yourself of and if you are not satisfied, you can go to IST which has the status of a high court. These processes lead to keeping records of complaints, offences and judgements for and against operators

Somebody has also mentioned that NSE has a compliance department. That avenue can also provide some information.

It is not really right comparing CBN to SEC/NSE. CBN's response to an inquiry about opening an account with a bank may lead to  a run on a bank and a serious problem for the others. If SEC says the same thing about a broker, the only thing that happens is that it will lose customers who will move their accounts. Indeed how many brokers have disappeared? Have you heard of SEC giving liquid support to brokers the way CBN does for banks. The operations are different! SEC even takes names of operators out of their list of registered operators (brokers, regisstrars, issuing houses, solicitors etc), if they don't pay fees or submit some returns.

Having an ofice at the NSE is inconsequential . THe NSE even plan to eject such tenant-stockbrokers very soon. Again, while NSE building is at Customs Street, the firm I recommended is at Bookshop House (Broad Street) and I just gave that as the address, not even as a credential for selection).

Having a large number of customers MAY NOT BE PROOF of satisfaction. It could mean less stringent account opening requirements, clients who are not so sophisticated etc I cannot understand how merging accounts will be proof of ability. Merging accounts may even become necessary because the broker made a mistake in setting up your account eg by misspelling your name

As for online access to CSCS statement, every broker can provide that. It is not a competitive advantage! It is the CSCS (a subsidiary of the NSE) that provides the platform, your broker only assists you in enrolling. Infact, you are encouraged to go to the bank and pay directly into CSCS account yourself.

You would like to see 10 years trading experience, the firm I mentioned has more than that! You are very comfortable with a firm that is NOT sacking people, and I have mentioned in my 2nd post that the firm is currently recruiting people. So it appears that the firm satisfies all the conditions you mentioned.

Unless there are other issues you may want to raise, which you want me to adddress, and I can say that I can address any on this matter satisfactorily, I will suggest that you remove that warning from your post. That warning may be appropriate in other circumstances, but DEFINTELY not in the present case. I make this assertion with the highest conviction possible.

hi,

the crook that sold your shares without your consent needs to be taught a lesson.

he should be reported to the appropriate authority.

Poster, The first thing we asked you in this trend was to tell us the name of the stock broker. If this really happened, why is this very difficult for you to say? Or you want others to fall victim of this broker?

make him pay for the pains he has caused you by punishing him through legal means,