SPP Harvester by OnMarket

Originally posted by Ct2020: ↑

Heya, just caught up on the recent posts, I’m wondering whether the other option is just to go for IB direct. It’s $6 not $5 but the corporate actions bit does worry me with Superhero. Although, all comms despite being email has been very responsive and full of “yes’s” when it comes to the corporate actions. I’m going to email them your example Tarvold as I agree the effort to achieve the criteria for $5 is questionable, that’s said, they don’t know you’d be selling and SPP would have to be deemed service for free, as the SPPs are brokerage free other than the exit which many wouldn’t.
the management and CA tab on IB seems better than most other sites? I can’t see this feature n my main Westpac account! the other thing I’m looking at is the setup then transfer, I’m intrigued by this cost for the algorithm comment as 1) first of all once that is created it’s a finite coast. 2) an algorithm that creates limited market downside in a sell strategy seems unlikely. If you could create that, would’nt you flip and create an algorithm that would you just create buys on lows and sells on highs. and downs also there are other unknowns in place in non Harvester sells... the liability of not selling for 3 days when at $x and having a negative announcement or non SPP harvester institution exit creating a big drop would surely create a harvester liability and risk from a customer chasing OnMarket for the created loss from the wait.

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Good points.

As I posted above they should be a bit more proactive in discounting low volume shares such as AQR & just go down the ASX list a bit further. Plenty of decent companies in the 300-500 range.

Personally I think the whole inflated broker costs substantiated by the algorithm is BS.
When I questioned the high fees I got a reply from one of the Onmarket MD's who seem to think Commsec was charging more than $300 to sell $30k of shares!
So I think either IB has pulled a fast one on Onmarket or they're splitting the broker fees between them.
As you say all the additional cost of the algorithm would be upfront with very little additional ongoing costs, certainly not to substantiate greater than $100 a trade!
Plus what are you talking about as a cost, x number of hours of pay for developmemt from a very smart geek?

If you did go down the Superhero route you would have such a small volume to sell you could dump on opening without impacting the share price before the IB algorithm kicked in.

I'd be very interested to hear back on the corporate action experience from Superhero re SPP's, I'd close down my SPP Harvester & switch just on principle of the rip off broker fees.