| Party's over, who's leaving? |
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travelfotografer_SG
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01-04-2010, 07:14:57 AM GMT
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Joined Since: 01-04-2010
Nationality: NA
Posts: 33 times
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I am.
Actually took me a while to overcome the shock of realizing that I have to start paying thousands of dollars of Platform Fees starting in a month's time.
Now that I have overcomed the shock... it is time to move on.
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jrg_SG
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01-04-2010, 07:24:21 AM GMT
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Joined Since: 11-06-2008
Nationality: N.A.
Posts: 43 times
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I am planning to.
Dollardex Transfer Authorisation Form is so complicated!
Do you know if Dollardex's RSP is same as FSM? i.e. can start from 100/month without lock in period? If so, I might just liquidate everything and start over. Cyclical bull coming to an end anyway (I feel).
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gen05_SG
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01-04-2010, 11:09:40 AM GMT
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Joined Since: 13-07-2009
Nationality: Malaysia
Posts: 79 times
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I think it is good for FSM investors elsewhere to know that FSM Singapore has decided to charge a quarterly management fee just for keeping records of your funds.
It may or may not happen in your country, but just to be alert. Read more as FSM Singapore's website.
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ttiatlen_SG
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01-04-2010, 12:49:03 PM GMT
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Joined Since: 29-08-2007
Nationality: Singapore
Posts: 976 times
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This is so thoroughly disappointing. I've had so much respect for FSM's online and customer services in the past. Shame on FSM.
This is forcing me to switch from FSM UT to ETF. As a buy and hold investor, losing 0.5% a year to platform fee works out to a lot over 10 years. It's even worse than paying 5% upfront load (which is just as bad).
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teacher_SG
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01-04-2010, 02:11:53 PM GMT
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Joined Since: 19-10-2008
Nationality: NA
Posts: 27 times
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>Dollardex Transfer Authorisation Form is so complicated!
fill up 1 copy and photostat the rest.
>Do you know if Dollardex's RSP is same as FSM? i.e. can start from 100/month without lock in period?
Similiar but DD dun have FSM special RSP list. ie you need to start with initial $1K and subsequently you can RSP with $100 or the min the fund impose. I think no lock-in period
Should consider DD Value Average Plan (VAP).
At DD, the more you invest, the lower the sales charge. >$50K, 1.5% >$250K, 1%
At DD, the more you invest, the more free/unlimited switches.
At FSM, the more you invest, the more you pay.. punishing your hi-value customers ? weird logic.
people talk about DD and POEMS. Did anyone mention Finatiq ?
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sotongtrader_SG
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01-04-2010, 05:08:17 PM GMT
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Joined Since: 10-07-2008
Nationality: NA
Posts: 15 times
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teacher_SG :
>
people talk about DD and POEMS. Did anyone mention Finatiq ? |
DD & P are the major alternative online distributors.
Finatiq was a pioneer, but now is a has-been. It still has 2.5% sales charges, and seems to have its budget majorly cut by its parent, OCBC Group. E.g. many fund houses have been removed from its platform over the last few years, its online system has not been updated in like 5 years, and you cannot do inter-fund-house switches. So you need to do a Sell, wait T+6 for money to appear in the cash account, and then do a Buy.
Sad ... in the early years it even offered quite attractive online SGD Fixed Deposits, which I bought for my mom and rolled over for couple of years.
Damn, I thought the funds world was moving in the right direction with decreasing sales charges, and to a smaller extent here in Singapore, with lower expense ratios too. And then now with all these shenanigans happening with funds distributor.
Looks like we all need to familiarise ourselves with ETFs, just in case DD and/or P also pull this stunt on us later on.
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travelfotografer_SG
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01-04-2010, 05:14:19 PM GMT
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Joined Since: 01-04-2010
Nationality: NA
Posts: 33 times
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I transferred out from finatiq to FSM because:
1. Finatiq has no sales charge discount that was being offered by FSM, DD and POEMS
2. Finatiq's online user interface and software features sucks compared to FSM's (these were the only 2 accounts I hold so cannot comment on DD and POEMS)
teacher_SG :
>
people talk about DD and POEMS. Did anyone mention Finatiq ? |
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travelfotografer_SG
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01-04-2010, 05:16:37 PM GMT
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Joined Since: 01-04-2010
Nationality: NA
Posts: 33 times
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Indeed indeed!
sotongtrader_SG :<br
Looks like we all need to familiarise ourselves with ETFs, just in case DD and/or P also pull this stunt on us later on. |
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nobita_SG
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01-04-2010, 07:35:00 PM GMT
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Joined Since: 05-09-2009
Nationality: N.A.
Posts: 26 times
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I am definitely leaving. All these made me realise how badly managed FSM is.
If you go to "Getting Started" menu -> Fair dealing, youll see this:
iFAST is committed to sustainable business practices that are supported by a range of initiatives. For iFAST, fair dealing is about conducting our business in a transparent and ethical way that enhances value for all of our stakeholders and delivers fair dealing outcomes to our customers. Fair dealing is central to iFAST and the senior management and the board of iFAST are committed to aligning the direction of iFAST with fair dealing outcomes to all stakeholders. We recognise that this is a journey and best practice is continuously evolving.
Transparent? Ethical? Enhance value? Fair Dealing? Committed? Best practice? All lies!
PS FSM's message board is so bad, I can't even see the other posts when replying! where does my platform fee go??
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jacotherm_SG
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02-04-2010, 07:27:55 AM GMT
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Joined Since: 19-07-2006
Nationality: NA
Posts: 1 times
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Hi guys, anybody knows what whether other fund distributors will accept my transfer in, if the amount that I have in that fund is less than their miminum holding requirement?
E.g. I am holding $200 in Aberdeen global opportunities but the minimum holding in poem is $1000, have no idea what the minimum is for DD.
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Kelvin_SG
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07-04-2010, 02:50:47 AM GMT
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Joined Since: 07-04-2010
Nationality: NA
Posts: 2 times
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Hi guys, anyone knows what are the names of FSM's nominees? Trying to fill up DD's transfer authorization form...
Appreciate it
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nghongjoon_SG
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11-04-2010, 02:29:50 AM GMT
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Joined Since: 10-02-2001
Nationality: NA
Posts: 17 times
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Kelvin,
Not 100% certain but I believed it's iFAST Financial Pte Ltd.
last edited at 11-04-2010, 02:30:16 AM GMT
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badday_SG
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11-04-2010, 04:37:46 AM GMT
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Joined Since: 21-04-2008
Nationality: NA
Posts: 19 times
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| I'm leaving too if they choose to carry on with the platform fee..
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pinkpanda78_SG
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12-04-2010, 10:17:38 AM GMT
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Joined Since: 29-09-2006
Nationality: NA
Posts: 40 times
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Count me in! 
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riskbuster_IN
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12-04-2010, 12:35:12 PM GMT
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Joined Since: NA
Nationality: NA
Posts: NA
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Hi All
Before we shout from the roof that FSM is bad, ugly, whatever, let us also remind ourselves a few things here....
http://www.fundsupermart.com/main/research/viewHTML.tpl?articleNo=2203
Read the above link - Anybody noticed they warned us of US recession on May 17, 2007?
When prices rise, it is natural that we feel bad. But, did you notice that many other things that you have been used to have also equally become expensive?
How bout COE for cars! Whoa!
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