Open an Account
Requirements for a Trust to open a trading account
- A proxy resolution stating which trustee is nominated and authorised to give instruction on the trading account and must be signed by all trustees
- The mandate initialled and signed by the authorised trustee
- Certified copy of ID of all trustee / beneficiary
- Certified proof of residence of all trustees / beneficiary's
- Certified proof of the trusts registered address
- A copy of the trust deed
- Certified copy of the trusts authorization by the master of the High Court
- A copy of the trusts will and all named beneficiary's
- Certified copy of the trusts bank statement or letter from the bank confirming banking details
- A copy of an issued SARS document confirming the trust tax number
NB: If a Person doesn't have a proof of residence in his/her name then a declaration to confirm residential address needs be signed by the property owner and accompanied by a certified copy of his/her ID and a certified proof of residence.
BP Bernstein will charge a basic fee on all agency deals. BP Bernstein will notify the Client of this fee in writing.
VAT is payable on all brokerage fees and the Client shall indemnify BP Bernstein for all taxes, fees or other charges levied on BP Bernstein from time to time by virtue of the Services BP Bernstein is providing the Client.
The Client will be given 30 days written notice of any fee increases.
Current Brokerage Scale
- 1% for transactions up to R25,000
- 0.7% for transactions from R25,001 to R100,000
- 0.6% for transactions from R100,001 to R500,000
- 0.4% for transactions from R500,001 to R1,000,000
- 0.3% for transaction over R1,000,000
Additional charges on brokerage
- STT (Securities Transfer Tax) - .25% of the value of the transaction
- INS (Insider Trading Levy) – 0.0003% of the value of the transaction
- SET – R9.72 minimum up to R158, 400; thereafter 0.005787% of the contract note amount between R158, 400 and R1, 397, 000, and R80.84 for amounts above R1, 397, 000
A minimum non-refundable fee of R350 per annum, including VAT, will be charged to the Client. This cost will cover all administrative expenses incurred by BP Bernstein including the holding of assets in safe custody, collection of dividends, execution of Client instructions, administration of share splits and consolidations and other corporate actions.
With respect to interest earned on Client funds deposited with JSET, BP Bernstein will deduct an administration charge of 1% on this interest earned on a pro rata basis.
Discretionary Services Fee
All Discretionary Services to be provided to a Client will be charged for monthly in arrears and calculated at 1% per annum, excluding VAT, of the total value of the Client's portfolio.
Account Name: BP Bernstein (Pty) Limited
First National Bank: Trust Account Services
Account Number: 50970032039
Branch Number: 255005
Referrence: The Client name or account number with ourselves
The discretionary mandate is ideal if you cannot devote enough time to actively managing your assets, or if you only take a certain amount of interest in financial markets. With this type of mandate, you delegate all investment decisions to Bpbernstein. Together, we help you create an optimally-diversified asset allocation which is suited to your needs.
Defining an investment profile
At the beginning of the investment process, you and your relationship manager analyse your financial situation in depth, before going on to assess your investment profile.
The investment advisory mandate is dynamic and interactive. It is ideal if you are very familiar with financial markets, or if you wish to make the most of tailored investment recommendations across all asset classes, whilst continuing to make investment choices and decisions for yourself.
Another option is to manage your account independently (execution only). This type of active and independent asset management will suit you if you are familiar with complex investments and global financial markets, and wish to keep control over the final investment decisions.