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Many Australians may hold shares that they never bought themselves and want to know at some stage how to sell shares without a broker.
You may assume that to sell shares in Australia that you need to hire an expensive stockbroking firm. This isn’t necessarily true.
To sell ASX-listed shares in Australia you will need a broker or broking service to execute the trade for you, but the sale can sometimes be completed by using an online broking service.
Whether you need to engage with an actual broker depends on what kind of shares you hold and the circumstances of you acquiring those shares.
For issuer-sponsored shares, that is, shares you hold via a direct relationship with the company you hold shares in, you can use a simple online broking service like Sell My Shares to facilitate the sale of your shares.
This isn’t the same as having to establish a relationship with a full-service stockbroking firm.
Sell My Shares is an online platform and will act as the share registry holder and manage the transaction for you. So effectively you can sell shares without a broker in the typical sense.
Of course, Sell My Shares meets all legal obligations required to sell shares in Australia and takes care of everything for you but our service doesn’t come with all the expense and hassle of appointing and dealing with a stockbroking firm or the need to set up a trading account.
So yes, you do need a broker to sell shares in Australia, but not in the traditional way you expect.
Sell My Shares acts as your broker, but from your point of view the process is very simple.
Via our online form, you will be prompted to provide details about the shares you hold using the information listed on your holding statement or dividend statement. You will also be prompted to provide proof of identity.
There are some special situations where additional paperwork or forms may need to be completed, but we will guide you through this if it’s the case.
We will execute your sale after this, with the ownership of the sales formally transferred around two business days after that. We can send the proceeds of the sale usually on the third day, depending on the service you chose.
If you are still asking yourself, how do I sell my shares without a broker, contact us on 1300 722 852. We are more than happy to answer any questions you may have.