Direct Broking to Jarden Direct to Hatch ?

[Basil]

What is going on here, it all feels a bit too much.  Last night I got this email from Jarden Direct

This year, we'll be moving your investments from Jarden Direct to Hatch. This is the investment platform owned by Jarden and FNZ. We'll be sending you important updates throughout 2024. But for now, there's nothing you need to do.

What does moving mean for me?
We're building new financial products on Hatch to help you grow and manage your wealth. On the Hatch platform, we will:
Manage and safeguard your transactions and holdings
Inform you of corporate actions
Look after your reporting and tax requirements
And it's not goodbye to your friendly Jarden Direct team either. They're moving with you to Hatch. So you'll know the people behind the platform, and they'll continue to give you an exceptional experience.

What happens next?
We'll give you plenty of time to understand what moving means for you before we make any requests. In the coming months, we'll ask for the following:
Your consent to move your cash and securities to Hatch
You to review and accept new terms and conditions (T&Cs)
And we'll take care of everything. There's nothing else you'll need to do.

Where can I get my questions answered?
We're here to guide you every step of the way, and we've answered some of the questions you might have here. If you have a question we've missed, please ask our team at info@jardendirect.co.nz

Kind regards,
The Jarden Direct and Hatch team

It would seem to me that they are looking at a custodial situation for my holdings, i.e. they are proposing to transfer all my holdings into a Nominee company controlled by Hatch.

Is that how others see this ?

Curious how others see this.    For me, one of the foundational principles I base all my investments on is that those investments will be held in my name of a trust or company I control.  Handing over to a nominee company is not something that I am comfortable with but I am curious how others feel about this and welcome feedback.

[BlackPeter]

What is going on here, it all feels a bit too much.  Last night I got this email from Jarden Direct

It would seem to me that they are looking at a custodial situation for my holdings, i.e. they are proposing to transfer all my holdings into a Nominee company controlled by Hatch.

Is that how others see this ?

Curious how others see this.    For me, one of the foundational principles I base all my investments on is that those investments will be held in my name of a trust or company I control.  Handing over to a nominee company is not something that I am comfortable with but I am curious how others feel about this and welcome feedback.

I absolutely agree with your sentiments, suspect however that they will keep the current broking services in the clients name - otherwise they certainly will lose me as a client.

Probably for clients just another rebranding exercise, another tens of pages of fine print to read, digest and confirm, another handful of hoops to jump through the security checks ... and again a new and further deteriorated online experience.

[entrep]

We just moved a year or so again? WTF is going on.

I tried joining Hatch a few years back and they were an absolute shambles.

Not happy about this.

[Waltzing]

 it looks like the end of the broking platform ...

this looks like your share are no longer registered in your name...

something about a US dollar account?

it looks like the end of direct buy and sell to the NZ market in your own CNN's
 
does not  look good at all...

WZ

[Untamed]

Will Hatch be able to broker unlisted orders, as Jarden does currently? That is literally the only time I ever use Jarden.

[Soolaimon]

Not happy, another change of which we are having to adjust too
I  will be going back to ASB

[Waltzing]

we will all have to wait and see what they are going to offer...

wonder what happens to there new web site everyone moved onto...

has the custodial share model just killed the direct broking model of buying and selling shares..

the letter indicated that the costs would be lower for broking well we will have to wait and see.

WZ

[Breezy]

Will Hatch be able to broker unlisted orders, as Jarden does currently? That is literally the only time I ever use Jarden.

That won't change.

[BlackPeter]

Not happy, another change of which we are having to adjust too
I  will be going back to ASB

Hmm - currently using both Jarden as well as ASB. For each of them there would be good reasons not to continue using them. Quite an contest for the ugliest user interface and the lowest service level between the two contenders, but sometimes ASB beats Jarden and sometimes Jarden beats ASB.

As far as I am concerned - ASB Securities only survived thanks to Direct Broking downgrading to Jarden Direct - and ASB well might get with Hatch another push into the arm (future will tell, we don't know yet).

However - while ASB might be better than Hatch (I don't know) ... its still not an experience to look forward to. Incredibly clumsy user interface and menues, still less useful information (unless you like and trust MorningStar) ... and their communication ... well - only use them if you enjoy to receive tens of emails for selling (or buying) a small package of shares.

They will send you for each individual deal a message - and if you are lucky to sell say 2500 shares to some tens of Sharesies investors - do I need to say more? Been there, done that.

[777]

May be if you purchase new shares they may be required to be put in a Nominee company but what you have got now are registered to you under your CSN number. They cannot change that.

More information should have been included with the announcement.

[Waltzing]

just spoke to jardens and they are now aware that the inbox is full...
 
the rep had no answers as they are all waiting and it appears no one has any answers they can give out...

its just the first step .. and made them aware that talk on the forums has taken a vocal turn,,,

they dont know what the new platform even looks like...

[Breezy]

May be if you purchase new shares they may be required to be put in a Nominee company but what you have got now are registered to you under your CSN number. They cannot change that.

More information should have been included with the announcement.

Apparently both options will be available ie custodial and own name holdings but I'm guessing a fee charged for the custodial option but a cheaper brokerage rate offered than own name, watch this space.

[Waltzing]

let hope you are right BZ ...

a lot more info to come as the team is also not sure what it all looks like...
 
it might actually offer our software for broking some commercial opportunities as ive outlined the scope of the broking transaction modules to jarden representative this morning..

WZ

[Basil]

I have sent a very "pointed" email to Jarden with some questions and asked for a reply within 7 days.

If I get a reply I will share what I learned.   

[Breezy]

I have sent a very "pointed" email to Jarden with some questions and asked for a reply within 7 days.

If I get a reply I will share what I learned.   

Good luck but most of their employees will be flying blind in the main like ourselves at this point.