DRIPs & Ugly Customer Service

Today I went on a quest, spurred by an article I encountered a few days ago over at the StreetAuthority, titled Reinvest Stocks At Discounted Rates With This StrategyOK, I’m a sucker for a bargain.  And this is a technique I’ve previously used.  So what’s different?  One comment in the article caught my eye.  “there are a number of companies that offer DRIPs with a discount. They are just really hard to find”.  I thought “Oh really.  How hard could it be?  Well, let me tell you …

I started with Amstock.  They (and their sister company CST) are privately held  and owned by Pacific Equity Partners out of Australia.  I had to do some cutting, pasting and sorting but I came up with a list of 18 companies:

ACFN, AFG, BXMT, BRT, CECE, EFSI, ETP, HT, MEG, MNR, NNN, OLP, SBTB, SSW, SSS, SUBK, UMH, YORW

Can’t say I’d be buying many of these myself , but a good start to my  journey.

So I then went to the big one – Computershare.  Since I just bought some of their stock, I figured to get answers.  Wrong.  They do provide the information on their website, but it’s two additional clicks to get the answer.  With the thousands of plans they manage, there just had to be a file to download.  Nope.  Well I’m not that bored (at least today) to go to that effort.  So strike one.

Next up was Wells Fargo.  They managed Piedmont’s plan (which had a discount).  They manage about 160 plans and as a stockholder, maybe they’d cut me a little slack.  Strike two.  They’re even worse.  You go to the list on their site, click on the company, then click on the document so you can read each and every prospectus to see if a discount is offered.

While I still had a strike left I gave up without checking Broadridge or DST.   These are smaller – Broadridge has Disney as a client and I know no discount is offered there.  At least it provided a semi-productive way to spend a rainy day.

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s