High balance Sharesies users jump ship after fee change

An Instagram advertisement promoting Sharesies fee changes.

Wed, 19 May 2021

Retail investors with large sums of money in exchange-traded funds have been ditching Sharesies after the investment platform simplified its fee structure last month.The new structure axed the $30 membership fee but added transaction fees to buying and selling NZX listed exchange-traded funds (EFTs), to bring them in line with how ASX and US funds are charged.While Sharesies said the changes benefit 95% of users and “significantly reduces revenue” – at least in the short term – many high-value users are finding other way...

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