How Do You Invest In Shares explain how to trade as cheaply as possible. A fund run by a professional stock-picker can carry a seemingly trivial 1pc a year fee that adds up to a huge sum over several decades, because of the compounding effect. 100 a year or more to hold shares on your behalf, in addition to a fee when you buy. Others charge nothing once you have paid the dealing commission. Some charge a percentage for buying and holding shares, others fixed amounts.
Some charge for holdings within an Isa but not outside, some the other way around. A long-running Telegraph campaign against excessive pension charges has highlighted that as much as a third of the money you save can end up disappearing in fees, so fees are an important consideration. Are politicians about to start tinkering with Isas? Are US shares set to fall? Holding shares through certificates rather than electronically can be cheap or expensive, depending on which broker you use and how much you are spending. It also has other advantages and disadvantages unrelated to price. If you buy this way, there is no annual charge from the broker, because it has no continuing relationship with you once the shares have been bought.
A broker that holds your shares in a nominee account acts as the custodian of your shares. 50 to buy or sell a certificated holding over the phone. 40 or 4pc of the value in all. Many brokers do not offer certificated trading but The Share Centre, Halifax, Barclays and Lloyds are among those that do, according to research by Which? You will also be able to attend company meetings and be eligible for shareholder perks.
On the other hand, shareholder registers are public documents and are used by “boiler room” fraudsters to identify potential targets for their high-pressure attempts to sell worthless shares. The EU wants to ban share certificates. Some brokers charge to hold your shares on your behalf in a nominee account, some don’t. But the cost of holding shares with other brokers can be significant. J P Morgan Asset Management, for example, will charge you 0. 5pc of the value of the shares every year if it holds them in a nominee account. 120 a year, but is more than the annual charge on many tracker funds, which follow the path of a specific index of shares. 10 dealing charge when you buy or sell.
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Some brokers levy monthly or quarterly charges that are waived if you trade a certain number of times. But remember that trading also costs you money. J P Morgan, for example, will handle rights issues on your behalf by selling the rights and crediting you with the proceeds. As a certificate holder, or with some other brokers, you would have more options. Some brokers, such as Barclays Stockbrokers and Hargreaves Lansdown, have dedicated web pages for these aspects of owning shares.
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Some will charge fees if you do want to make use of these services. Some also charge for reinvesting dividends. As well as the cost of holding shares, it’s important to consider trading costs, which can vary widely. 95 if you traded at least 10 times in the previous month. 5 to trade in shares in the US or Japan, for example. Also consider the cost of reinvesting any dividends. Some services will add an additional 1pc fee for this.