WealthClub

[Kipling]

Hi,
I was wondering if anyone had any experience, good, bad, or indifferent, of using WealthClub for buying and administering VCTs?
Regards,
K.

[flyer61]

Experience has been very good. Hargreaves Lansdown esque in their customer service. I manage my own (certificated) VCT portfolio so just go through them for the initial purchase. They send a rebate cheque every January.

[james188]

I used to invest in top-up issues for VCTs through Club Finance, who Wealth Club acquired a few years ago. Whilst the rebates on commission are not as good under Wealth Club as they were in Club Finance times, Wealth Club provide a first rate service (actually better than Club Finance used to be) and the rebates are still better than the other alternatives that I know of. For those reasons, I have continued to invest through Wealth Club. I have no connection with Wealth Club other than as a customer.

[moorfield]

Very good. Used them to buy Albion VCTs and screwed up the amount on my application, overpaying by abut £600. They sorted out the return of funds to be without any quibbles. Which reminds me, I haven't had my Albion share certificates yet, the offer closed on 31 Jan, so may call them again this week to chase up.

[CrackAddick]

Pretty much what all the above have said. Former Club Finance (CF) customer myself and as mentioned the trail rebates now are not as good as they were under CF.

So if you want the best trail rebates then Cavendish Online still offer 100% trail rebates, along with Interactive Investor (II). Although II these days are a little more opaque on their website, as they used to explicitly say what the rebate was per offer.

Where Wealth Club still manage to offer an advantage is that you can apply Online. Although a few VCT providers are now starting to offer this functionailty themselves,

[CrackAddick]

Which reminds me, I haven't had my Albion share certificates yet, the offer closed on 31 Jan, so may call them again this week to chase up.

I had a similar worry myself a few days back, Per the Offer document

"Definitive share certificates dispatched within 30 Business Days of allotment"

30 Business days?? Seriously?

[IJ49]

I think you will find that 30 days is pretty standard for paper share issues.

I know from experience that there is a lot of work that has to be done once the allotment is closed. Some businesses will leave it to whoever has been subcontracted to handle the admin, Albion however does it all in house. This stems from a few years ago when Capita were the share registrars and well and truly screwed up an allotment across the Albion VCTs. Albion took over and Computershare were appointed registrars.

Once an allotment is closed, there are cheques to be cleared, all documents received from applicants, particularly if coming through an IFA, before the final allotment data can be finalised, plus it all has to be checked. Then it will go to the registrar for them to process onto their system and issue the share certs. The certs go back to Albion, who then have to prepare all the individual allotment letters, get these checked and then collate the whole lot with the share certs. Again, all has to be checked before despatch.

So it is time consuming and hats off to Albion for making sure it is all correct, not all VCT managers take such care I have found.

IJ

[scotia]

there are cheques to be cleared

Increasingly they cash your cheque as soon as they receive it, and it may be several months later before the allotment is made, and finally, after a further few weeks, you receive the share certificate.

[onslow]

Only positive experiences with Wealthclub, both for VCTs and EIS offerings

[CrackAddick]

I think you will find that 30 days is pretty standard for paper share issues.........

While I would entirely agree with the sentiments in your post as a whole, I would respectfully disagree with the first point.

Based purely on some of the offers I have invested in this year. Mobeus & Amati estimated 10, Proven 15 and Northern 20 business days from allotment to receipt of the certificates. Not to say that Albion are the only ones needing 30 business days. But it seems a little slow, when you consider how long ago some of their offers closed and hence the time they had to check /chase up anything outstanding.

Perhaps Albion could have spent more time streamlining this process and less time focusing on how to change the Performance charges for their own benefit......

[SpinDoctor]

For decent service and generous discounts/rebates, also look at:
https://www.wealthme.com/

If an offer is not on their website, ask.

[bernie]

Very good. Used them to buy Albion VCTs and screwed up the amount on my application, overpaying by abut £600. They sorted out the return of funds to be without any quibbles. Which reminds me, I haven't had my Albion share certificates yet, the offer closed on 31 Jan, so may call them again this week to chase up.

Are you still waiting? I received the dividends in my bank account today but have had zero paperwork through the post.

[moorfield]

Very good. Used them to buy Albion VCTs and screwed up the amount on my application, overpaying by abut £600. They sorted out the return of funds to be without any quibbles. Which reminds me, I haven't had my Albion share certificates yet, the offer closed on 31 Jan, so may call them again this week to chase up.

Are you still waiting? I received the dividends in my bank account today but have had zero paperwork through the post.

Yes I got a dividend notification by email from Computershare today and found all my holdings listed when I logged in with the link provided. Perhaps I've ticked a box somewhere to switch off paper correspondence, which is fine with me. I'm actually in the process right now of adding them into my spreadsheets (Friday nights are full of fun at Moorfield Towers ).

[CrackAddick]

My Share and Income Tax relief certificates turned up in the post today.

So in the end they took about 20 business days from the allotment date.

[Karellan]

I find Wealth Club fine. Good firm to deal with , just like Clubfinance.