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New Contributor
Posts: 2
Registered: ‎19-04-2017

Dividend Reinvestment Plan

I note that the platform does not offer DRIP. As a small investor I highly value the ability to automatically reinvest my dividends without incurring additional charges.

This is something other major platforms do offer and I believe IG should offer a Dividend Reinvestment Plan.
Moderator
Posts: 293
Registered: ‎08-04-2016

Re: Dividend Reinvestment Plan

Hi @Thebodypolitic, thanks for the post.

 

This is something that other clients have requested, and we are working on being able to offer it as an option in the not too distant future.  The aim is to introduce the DRIP on IG accounts within 12 months or so, however this project is still in its early stages and I'm afraid I can't commit to a more certain ETA at the moment!

 

Please keep your suggestions coming!

 

Thanks,

Hannah

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Frequent Visitor
Posts: 1
Registered: ‎24-04-2017

Re: Dividend Reinvestment Plan

it's costing us more to be with IG, other less advanced platforms have it. up to 12 months is a long time.
Moderator
Posts: 293
Registered: ‎08-04-2016

Re: Dividend Reinvestment Plan

Hi @angerani, thanks for the post, and sorry I couldn't provide a better response for you.  Offering a DRIP is definitely on our list of developments to add to the platform, but will need to wait until the new web trading platform is fully rolled out for example.

 

Appreciate your patience and hope you continue to use our platform in the meantime!

 

Thanks,

Hannah

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Occasional Contributor
Posts: 6
Registered: ‎12-05-2017

Re: Dividend Reinvestment Plan

Hello,

 

I see a new web platform online. Was the DRIP finally implemented?

 

Thanks

New Member
Posts: 1
Registered: ‎24-05-2017

Re: Dividend Reinvestment Plan

Thanks for asking the question @giutor, looking forward to the DRIP being implemented.
Moderator
Posts: 293
Registered: ‎08-04-2016

Re: Dividend Reinvestment Plan

Hi @giutor, thanks for the post.

 

The new web trading platform is indeed up and running for our spread betting clients, but is yet to be fully rolled out to our CFD and share dealing clients.  Once this has been done, our developers will be able to consider other changes, such as the introduction of a DRIP functionality.

 

Thanks for your patience while this is reviewed!  Do keep the suggestions and feedback coming.

 

Hannah

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Occasional Contributor
Posts: 9
Registered: ‎10-11-2017

Re: Dividend Reinvestment Plan

Hi Hannah, 

 

Has there been update to this feature request? We too are keen on the feature and would gladly port over more trading & long term holdings if it were implemented for US stocks.


Regards, bosanac

 

Community Manager
Posts: 1,052
Registered: ‎20-09-2016

Re: Dividend Reinvestment Plan

Hi @bosanac - I'm just checking with our business development team who is in charge of share dealing. I may not be able to get an answer until Monday but I wanted to let you know I was dealing with your query. I'll keep you posted. Cheers 

Occasional Contributor
Posts: 9
Registered: ‎10-11-2017

Re: Dividend Reinvestment Plan

Hi @JamesIG ,

 

Just following up on this question.

 

We are keen to invest into several US based shares long term and frequently, having the ability to re-invest dividends and avoid frequent trading fees would be a major draw card for us.

 

The trading fees for US markets are high as they are on your platform, the functionality to reinvest would lower ongoing costs, directly guiding us and others I am sure, to bring across more trading business to your platform.

 

Regards, bosanac.

 

 

Community Manager
Posts: 1,052
Registered: ‎20-09-2016

Re: Dividend Reinvestment Plan


bosanac wrote:

Hi @JamesIG ,

 

Just following up on this question.

 

We are keen to invest into several US based shares long term and frequently, having the ability to re-invest dividends and avoid frequent trading fees would be a major draw card for us.

 

The trading fees for US markets are high as they are on your platform, the functionality to reinvest would lower ongoing costs, directly guiding us and others I am sure, to bring across more trading business to your platform.

 

Regards, bosanac.

 

 


Hey @bosanac

 

Sorry about the delay in getting back to you. The request to add dividend reinvestment as an option on the IG platform was resubmitted to our dev priority team meeting last week. We know that there are a number of clients who would like this functionality (myself included!) so I am making sure we feed back client sentiment to the right decision makers.

 

As of yet the road map and priorities hasn't been confirmed for this next stint, but I shall get back to you as soon as possible. In fact I'll go chase them right now. 

Occasional Contributor
Posts: 9
Registered: ‎10-11-2017

Re: Dividend Reinvestment Plan

Thanks @JamesIG ! Appreciate it..

Occasional Contributor
Posts: 9
Registered: ‎10-11-2017

Re: Dividend Reinvestment Plan

hi @JamesIG,

 

How did you go with the dev team re the Re-investment capability?

 

For feedback and leverage sake, I have three analysts that work with me (of eight) who have IG accounts and all agree that such functionality would make the platform a whole lot more attractive to investing long term.

 

Again, I am sure this is directly impacting trading volumes for a lot of people including my self.

 

Let me know how you go..  @bosanac

 

Community Manager
Posts: 1,052
Registered: ‎20-09-2016

Re: Dividend Reinvestment Plan

Hi @bosanac - unfortunately the meeting has been pushed to December. We have a whole host of dev work being taken up with the Mifid II stuff (which is a huge European initiative and a regulatory requirement) so unfortunately these other projects have been pushed. As far as I am aware, just to manage expectations, it would at best be a end of Q1 or Q2 at the very earliest. As soon as I have any info I'll be able to update you. Apologies that this is dragging out a wee bit. 

Occasional Contributor
Posts: 9
Registered: ‎10-11-2017

Re: Dividend Reinvestment Plan

hi @JamesIG

 

Regret the late reply, I had issues login into the community.

 

Thanks for following up, again its worth bringing in this feature and would make the IG platform more competitive. Even if it does come in Q1 or Q2 2018...  though I would hope for IG's sake its sooner rather than later as services like https://www.robinhood.com seem attractive, the early access queue seem to back our sentiment.

 

Lastly, we notice that there is a sizeable list of US shares not available for trading on the IG platform... who can we talk to about these stocks, getting them listed and available for trading? Alternatively contact me directly for details.

 

Regards, bosanac

 

 

 

 

Regular Visitor
Posts: 1
Registered: ‎15-12-2017

Re: Dividend Reinvestment Plan

Hi,

Is there any update as to when DRIP will be added?

 

For a small investor this is an important part of share buying.

 

Thanks

Occasional Contributor
Posts: 9
Registered: ‎10-11-2017

Re: Dividend Reinvestment Plan

Hi @LP2001 , 

 

I have not heard back from anyone since my last post, likewise being very interested in the DRIP functionality.

 

I would message at @JamesIG and let him know you are keen, he seems to have access to dev's and engineers which would action this feature.

 

Regards, Bosanac

 

Community Manager
Posts: 1,052
Registered: ‎20-09-2016

Re: Dividend Reinvestment Plan

Hi @bosanac and @LP2001 - unfortunately there is no confirmed update on this yet. We will still be aiming for Q2, however because this is still so far away it doesn't have a confirmed delivery date and therefore could be bumped if other priorities come up between now and then. Unfortunately this is all the information I have at this time. 

New Contributor
Posts: 2
Registered: ‎17-12-2017

Re: Dividend Reinvestment Plan

Yes +1 for DRIP. This really is essential for the small investor so please prioritise the development work. Is there a date other than Q2 yet? Thanks.
New Contributor
Posts: 2
Registered: ‎17-12-2017

Re: Dividend Reinvestment Plan

Sorry should have included @JamesIG in the above comment,
Community Manager
Posts: 1,052
Registered: ‎20-09-2016

Re: Dividend Reinvestment Plan


stoploss wrote:
Sorry should have included @JamesIG in the above comment,

hi - unfortunately not. It's also important to stress that this still hasn't been confirmed, and isn't on the project road map with a deliverable date so Q2 is subject to change. I will update accordingly. 

New Contributor
Posts: 3
Registered: ‎02-01-2018

Re: Dividend Reinvestment Plan

Has there been any changes here?

I will need to look at other providers asap if this is not implemented. 

New Contributor
Posts: 3
Registered: ‎02-01-2018

Re: Dividend Reinvestment Plan

Disappointed this information was not readily available before signing up, something we may need to flag with the major product comparison sites. 

Occasional Contributor
Posts: 9
Registered: ‎10-11-2017

Re: Dividend Reinvestment Plan

I agree, to be honest DRP was something assumed as many other brokers offer it... the commissions are high enough with IG.

 

I am personally giving them until May, maybe June - then moving my stock and business else where. This should fit @JamesIG 's timeline. 

 

Hopefully this interest and feature request gets flagged for urgency. 

 

New Contributor
Posts: 3
Registered: ‎02-01-2018

Re: Dividend Reinvestment Plan

Yep, not good enough.

Similar timeline here.

Community Manager
Posts: 1,052
Registered: ‎20-09-2016

Re: Dividend Reinvestment Plan

[ Edited ]

elcapitanwilkin wrote:

Yep, not good enough.

Similar timeline here.


 

Hi all. Unfortunately there isn't an update on this. As soon as there is a deliverable date I can let you know. 

Community Manager
Posts: 1,052
Registered: ‎20-09-2016

Re: Dividend Reinvestment Plan


bosanac wrote:

I agree, to be honest DRP was something assumed as many other brokers offer it... the commissions are high enough with IG.

 

I am personally giving them until May, maybe June - then moving my stock and business else where. This should fit @JamesIG 's timeline. 

 

Hopefully this interest and feature request gets flagged for urgency. 


 

Hi - as soon as we offer a DRP we will update our website and marketing material to reflect that. In regards to commissions I believe we are in fact extremely competitive. You can see a comparison here, and it's important to look at less obvious factors as well (such as FX conversion charges), the platform (currently looking to be updated to the new web trading platform), help and support, and multi asset trading via any linked leverage account which can be collateralised against stock. 

 

As I said we are still continuing to improve our share dealing offering, however I don't have a firm time frame. 

Visitor
Posts: 1
Registered: ‎23-02-2018

Re: Dividend Reinvestment Plan

Well that will teach me to carry out my research, I've moved all my investments from ii to IG assuming that they had a DRIP facility, I'm astounded that they don't, if they cant provide it soon I'll have to move everything again. I've got 8 stocks and a total of 19 dividends all in the year, the cost will be prohibitive ...

Occasional Contributor
Posts: 9
Registered: ‎10-11-2017

Re: Dividend Reinvestment Plan

hi @hewhodares2,

 

There are many of us in the same boat.. I hold 5 , increasing regularly with aim to re-invest and I know the regular purchase fees are going to add up directly impacting my bottom line long term.

 

I am personally going to give them another month or two then begin looking for alternatives and move off the platform (I read more and more platforms are offering $0 buy fees and DRIP automation). The lack of a firm commitment and timeline is just not acceptable, its been a while since this was raised.

 

Cheers..

New Contributor
Posts: 2
Registered: ‎16-11-2017

Re: Dividend Reinvestment Plan

Its now 30th march 2018 and this post is getting very old and still NO DRIP facility.

Occasional Contributor
Posts: 9
Registered: ‎10-11-2017

Re: Dividend Reinvestment Plan

I agree, there has to be some movement on this feature, a ETA at least.

 

@JamesIG what's that status with DRP facilities? There is quiet the following on this thread now, interest is considerable... not a week passes when I don't get a private message asking for news.

 

Also, can you tell us when we can expect access to corporate bonds via IG's platform, corporate bonds markets were mentioned some time back on the website, and yet when I recently asked I was told they were not offered.

 

Regards, 

Regular Contributor
Posts: 167
Registered: ‎22-02-2018

Re: Dividend Reinvestment Plan

Tbf as much as div reinvestment is important, the fact it’s the only blocker to people opening/moving must mean that other brokers are aweful in a significant number of other ways? IG are pretty cost effective.

But what other brokers are people looking at? And what are the negatives that have stopped you moving already?

Not being rude just curious of the community opinion
Community Manager
Posts: 1,052
Registered: ‎20-09-2016

Re: Dividend Reinvestment Plan

Hi all. So the dividend reinvestment work is an approved project in what we call our 'global top 50' (50 most important projects) but there is no development team who has capacity to do the work right now. The new ESMA regulations, Mifid II, GDPR and other essential regulatory and legal requirements are currently top priority as I'm sure you can appreciate, as well as the opening of an office in America. I appreciate that this isn't what you were looking for, but as soon as I have more information I'll keep you updated. 

tjb
New Contributor
Posts: 2
Registered: ‎19-03-2018

Re: Dividend Reinvestment Plan

Unfortunately whilst you'll keep my CFD and spreadbet business I don't think I can treat here as my principal ISA account without DRIPS so reluctantly (as I think your platform is excellent) I will have to transfer out until such time as you introduce them, in that case.

Highlighted
New Contributor
Posts: 2
Registered: ‎16-11-2017

Re: Dividend Reinvestment Plan

Hi yes its a curios question and worth asking. I can only answer for my own situation. As regards stock i own quite a few and regularly buying more. Once you realise your borker is not supplying a service not as high as others brokers then it does make you consider looking around at other brokers. I do (well now its a case of i did)  also have spread bet account, but with the threat of increased margin costs coming in July; has made me close my account and reopen outside of Europe. In doing so i have found another broker offering better spreads and lower costs (ENC account). So coming back to my dividend stock account. While im sticking with IG i'm not adverse to keeping my eyes open  if another broker comes along, offering a better platform with DRIP facility. IG should not take its customers for granted, as they will walk if they don't keep up with their competitors.