Hi Folks, Apologies if I’m posting in the wrong place.
I’m looking to set up a ‘share club’ with a handful of friends. I’d be interested to hear any pros or cons from anyone that’s been involved in one before, especially around set up of a constitution and bank account.
Thanks in advance.
Interesting. Presumably you’ll need to find a broker that allows you to open a trading account under your clubs name?
Yes. I’m checking with FreeTrade and Trading 212 if they do it. Only because I use both personally. Interactive Investor have a set up specifically for clubs.
Unfortunately I don’t believe either company offer investment club accounts. It seems only a handful of brokers do.
It’s not something I’ve had experience with though it’s interesting, I imagine involves a reasonable amount of work to manage.
I didn’t know what an investment club was. I found some information on the gov website below and other websites.
For me personally, sounds like a horrible idea . I can’t barely agree with myself on what stocks to buy and sell and what allocations are reasonable, I can’t imagine myself having to agree with a group of people with different views and life experiences. But it is just my opinion.
In any case it might be a good feature for Freetrade to stand out from other brokers.
Read up on the rules about clubs and then read them some more… and then read them again… there are both hmrc and aml implications for whoever is the club orchestrator/secretary/treasurer etc etc… this is not to discourage you but rather to help you understand that you will probably need professional help even if it’s just a hobby with a few people small sums and so on