Forum Archive Index - January 2000

["Peter Robertson" <p.robertson@clear.net.nz>]

I just thought I would share my recent experience.... On Monday lunchtime, I made up my mind to buy AQL, so rang the broker I usually use (in Napier here) & said "buy x at a maximum of 18c (at that time they were being quoted at 17.6 I think). He says "yeah, no worries". I checked later that day & they had closed at 17.8 , the next morning they went to 18c & then shot up to 20c over the next day or 2.  I was feeling pretty happy with myself, but come Weds morning, no mail from the broker re. my purchase, so I rang em up. "Oh, you put a limit of 18c on that purchase & they were over that by the time we got around to it. I enquired when that was..................& would you believe TUESDAY morning.   I couldn't believe it. I rang them at 2.15 pm Monday. Anyway, bottom line is I've changed brokers, they weren't even competitive price-wise, I was using them out of misplaced loyalty to use a local firm. Now going to use a big one (not sure if I'm allowed to name names), but I think the "Lazy Guru" also uses them-- I rang them & they did it while I talked to "the Man" & they sent the confirmation next day (& they were cheaper). Any one else had similar problems with "Provincial" brokers?