Sell My Shares

Sell My Shares: Selling shares without a brokerage account in Australia

Sell My Shares is an Australian firm specializing in selling shares without the client having to open a brokerage account. It has operated since 2013 and, according to its data, has managed the sale of over $700 million in shares for more than 60,000 clients. The company presents itself as a local team of licensed stockbrokers, with ASIC and AFSL 472387 licensing, serving individual investors who need to liquidate positions on a one-off basis.

A four-step sale process

The service is structured in four stages: the client completes an online form, verifies their identity online, the company executes the sale, and after ASX settlement, transfers the funds directly to the client's bank account. According to published information, shares are typically sold in the final hour of trading at the prevailing market price, and the money is deposited within up to three business days after the sale. The entire process is online, with no need for postal paperwork or physical signatures.

Fees and service levels

The firm offers three sale options with different fees. The postal service has a fee of 0.75% or a minimum of $75 plus GST, with settlement in five business days and identity verification by mail. The popular service, at 1% or a minimum of $110 plus GST, allows trading in one or two business days with fully online verification and management. The express service, at 1.5% or a minimum of $150 plus GST, executes the trade the same day if requested before 3 pm (AEST/AEDT), although it does not include same-day settlement. In cases of shares held by a company, trust, or estate, a surcharge applies.

Situations and types of holdings managed

The company handles sales of shares held by individuals, joint holders, estates, self-managed super funds (SMSF), family trusts, and companies. It also processes cases of shares acquired through demutualization, initial public offering (IPO), employee share schemes, inheritance, or gifts. Among the specific situations it deals with are sales with power of attorney, shares in a maiden name or different name, international holdings, and shares of any company listed on the ASX. The firm indicates it can sell shares of companies such as IAG, AMP, CBA, WOW, NIB, or Telstra, among others.

Corporate profile and team

Sell My Shares Pty Ltd is a subsidiary of DigitalX Limited (ASX:DCC). The company operates as an authorized representative of Sequoia Wealth Management Pty Ltd, the entity holding AFSL 472387. The team includes Teresa Day, with over 18 years of experience in financial services and administration, involved with the company since its founding in 2013, and Stephen Day, with over 18 years in financial services and specialization in education and mechanical trading systems, holding a master's in International Relations from the University of Western Australia and studies at Edith Cowan University and Flinders University.

Presence and customer service

The company presents itself as a local service with presence in Perth, Adelaide, Melbourne, Brisbane, and Sydney. It handles phone and email inquiries and offers a live chat service. As it advises, calls are recorded. On Trustpilot, it maintains a rating of 4.8.