The retail stockbroking industry is set for a significant shake-up with exchange-traded funds operator Betashares to allow clients to buy Australian equities with no fees and ASX-listed full-service firm Bell Financial lobbing a $51 million bid for popular low-cost platform Selfwealth.
The cost of buying shares varies widely across popular platforms like Commonwealth Bank’s CommSec and National Australia Bank’s nabtrader. Selfwealth, which has about 130,000 active portfolios, charges a flat fee of $9.50 for trades of $5000 and below, while Bell Financial’s belldirect levies $15 for 10 trades of up to $10,000 each.
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Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
