Action Direct - Royal Bank Brokerage Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Action Direct - Royal Bank Brokerage

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Flip who wrote (12)	5/1/1999 8:44:00 AM
From: The Osprey	of 175

I have been waiting for a message like this. Just a couple of statements of fact and then a response flip. 1)I was in the financial services sector for 7 years.(5 as a branch manager). 2)The last 15 years I have been in the financial planning and retirement planning field. 3)IA= Investment Advisor???? Discount brokerages don't give advice so why are they called Advisors.(Average experience of a trading rep=less than 2 years) 4)Know Your Client rule is the rule that requires every order to be checked before processing.(slows down orders via net action and PC Action. 5)I first started using PC Action in October 1997 and Netaction in November 1998. Enough said. To rise to the defence of a bank that is a relative rookie at discount brokerage is admirable.I will suggest that like the banks in the past, they understaff and invest as little money as is necessary to get up and running.Once up they monitor trends and staff accordingly(soon).No one,even the Royal anticipated the explosion of on-line brokerage.Even the veteran in Canada,Greenline, got caught and must go through an upgrade to meet demands.I am not defending them though.If they are going to remain in business they better sink some money into staff and equipment or they will be selling their business to the competition in the future as clientelle will leave to find an alternative. PCAction--If you like to trade in slow motion this is fine.Buy long term blue chips here that have little to no volatility and you may get filled at your price.Remember you are connecting to 56K modems and if it is busy both of them crash. Netaction--OK if you are buying one that isn't trading much but no good on a busy day as the system can't handle it, or with a stock that is moving. Phone orders--best to go this way for orders but on a busy day expect delays as netaction will probably be about 20 minutes behind if you can get in at all or it will be down in which case everyone else will be trying to call and all three trading agents will be too busy. There is another way via phone but only a few are given the number and I believe you have to live in Ontario to use it.Even this number has its' delays I am told....<gg> As to daytrading with Netaction.......forget it.It will cost you money.If you are position trading on a three to five day or longer PCACtion would be better. I have tried to daytrade with both systems and believe me they are no damn good for this type of activity.Better to find another system.But which one????They all are having tremendous problems.No excuse for poor service with the technology out there. What we need in Canada is three things. 1)A brokerage that is state of the art and has prepared for contingencies and is managing pro-actively and not reactionary as is the case with most of them to-day. 2)A brokerage who trains their order takers to understand that their future depends on the way they treat people on the phone.(even if it is just taking an order for 100 shares or 100,000 shares.All are customers) 3)While systems like Net Action are going through growing pains it would be best for net action and others to incur some expense to satisfy the customer by: a)Hiring extra staff(probably won't as not the banks way) b) Offer reduced rates for the phone orders where we talk to an order taker.This will encourage more people to use the phone system while they upgrade the servers still allowing the system to function. c)set up regional centers with licensed reps for these areas(phone reps) Once these steps are taken then we may see an improvement but don't think it will happen soon.The banks are concerned with the bottom line and the customer is becoming more distant regardless of what they say.They have done this for years and I don't expect old style thinking bankers are going to change. My advice is to make the adjustments and incur the expense now or pay the price later as customers leave not just with their brokerage business but other bank business as well.If they don't think this will happen they have their heads in the wrong place.If I lose 10K because I can't execute a trade efficiently then I won't soon forget and it will cost them also. The Osprey

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next