Fundsupermart New Pricing Structure: Platform Fee??

[momo]

Hi,

I suppose most people have transferred to DollarDex. I would like to know if your investment amount is also the transfer-in amount as is the case for AvivaDirect. I would think so because the transfer form is identical to AvivaDirect's. If so, have you managed to get DollarDex to manually change the investment amount to your actual historical investment amount?

Thanks.

[momo]

Gosh suddenly a spike of posts and this thread is going down...

Would like to request some feedback from forumers who have transferred their funds from fundsupermart to dollardex or avivadirect. Are you able to change the net investment amount to the actual historical investment amount after the transfer? If so, how did you do it?

Asking because my funds have been transferred to avivadirect but the net investment amount is based on the transfer-in value!

[makoshark]

momo,
What is this obsession on what is the recorded investment amount?
Whatever the platform you use, they have to apply a generic rule and won't be able to customise according to every investor's requirements.
If you need it to be a specific amount,record it yourself.

[momo]

momo,
What is this obsession on what is the recorded investment amount?
Whatever the platform you use, they have to apply a generic rule and won't be able to customise according to every investor's requirements.
If you need it to be a specific amount,record it yourself.

Perhaps the expectations were too high... Fundsupermart and POEMS do allow the account holder to indicate the historical investment amount when transferring in her funds...

And yes it seems like the only way is to record it myself...

I just find it strange that no one has complained about this (because it seems to me that many would have transferred to DollarDex, and they should be suffering the same problem)

[autumn]

Finally all of my funds are transferred out from the FSM to POEMS and dollarDEX.

I noticed there are some downside of POEMS though.

The tier sales charge of 1% for >200K holding discontinued at POEMS. I found out this when looking at my ASAP (RSP) transactions, 2.5% sales charge is imposed even tough I have more than 200K holdings there.

Another thing is that you could not stop the ASAP as easily as in FSM. The POEMS told me that I would have to wait for 10 rounds of ASAP before I could terminate them

Fortunately I could still change the amount of ASAP, so I reduced them to the minimum (SGD100).

I have thought of terminate the GIRO, but POEMS told me there will be ~SDG5 penalty for failed GIRO deduction.

In short, it seems to me the dollarDEX is a better choice than POEMS

[penumbra]

I just find it strange that no one has complained about this (because it seems to me that many would have transferred to DollarDex, and they should be suffering the same problem)

I thought the service is available. All you need to do is inform dollardex. To speed things up, i would call-in and look for the dollardex employee who is designated to serve me. Visiting their office should speed up the process.

Anyway, this has never been a concern to me. I will just mark it as a sell & buy transaction with the profit/loss realised.

[penumbra]

Finally all of my funds are transferred out from the FSM to POEMS and dollarDEX.

I noticed there are some downside of POEMS though.

The tier sales charge of 1% for >200K holding discontinued at POEMS. I found out this when looking at my ASAP (RSP) transactions, 2.5% sales charge is imposed even tough I have more than 200K holdings there.

Another thing is that you could not stop the ASAP as easily as in FSM. The POEMS told me that I would have to wait for 10 rounds of ASAP before I could terminate them

Fortunately I could still change the amount of ASAP, so I reduced them to the minimum (SGD100).

I have thought of terminate the GIRO, but POEMS told me there will be ~SDG5 penalty for failed GIRO deduction.

In short, it seems to me the dollarDEX is a better choice than POEMS

Thanks for the update. Haven't been using the POEMS platform for quite a while now. Just visited their website and I am lost. Looks like there have been a revamp. Sadly, their trading platform gui remains nevertheless.

[junior]

I still find POEMS gui better (though can be complicated for first timers) than DollarDex, too much info overload. Also POEMS allows me to do ad hoc reinvestment on funds with minimum $100 whereas DollarDex is $500 typically.

Yesterday saw email from FSM on their "lowering of permanent sales charges". All the info went from one ear and out the other. Good luck to FSM.

[Private Investor]

I also received their email. Saw a statement

From 1 September 2010, Goods and Services Tax (GST) will be charged with the GST amount displayed in the trade confirmation notes and invoices.

I am wondering if 7% (GST) will be charged on top of the 1.5% Sale Charge for future purchase

[TBFF]

I don't mind FSM increasing whatever fees they like, but I'd wish they stop using phrases like:

"we took the bold step towards changing our pricing structure...", and

"We now lead this trend by... "

What trend? Did they see something that the other Mutual Fund Houses didn't?

[penumbra]

Yesterday saw email from FSM on their "lowering of permanent sales charges". All the info went from one ear and out the other. Good luck to FSM.

The 0.75% to 0.85% sales charge promotion till the end of the year is good but thrown in the 7% gst on sales charge + 7% gst on platform fee per annum + platform fee per annum would reduce the saving to >>way negative<<. Am I missing out on something that FSM is trying to tell us? I just don't see the attractiveness of FSM offer. Lolx.

[penumbra]

I don't mind FSM increasing whatever fees they like, but I'd wish they stop using phrases like:

"we took the bold step towards changing our pricing structure...", and

"We now lead this trend by... "

What trend? Did they see something that the other Mutual Fund Houses didn't?

They now have the most confusing charges for the sale of unit trust. Read the fine print carefully!!! Lolx.

[sanye]

Actually I have to thank FSM for introducing this "platform charge" thingy. It gave me a wake up call to relook at my unit trust portfolio. I have paid much more attention to it and found that there were really bad funds in my port.

Instead of transferring these funds out, I now decide to sell them and re-invest the money in other funds - of course no longer with FSM.

[Private Investor]

GST is a tax levied on all goods and services in general here in Singapore. And we have no control over it.

Interesting. I thought even DD or POEMS also have to pay GST and is already absorbed into the cost. Why FSM is so special?

[autumn]

Maybe they have no control over their operational cost...

[ttiatlen]

Maybe they have no control over their operational cost...

Maybe FSM figure after election, GST is going to go up!? *wonder*

[Private Investor]

http://www.dollardex.com/SG/index.cfm?c ... entID=4414

dollarDEX passes $2bn
dollarDEX Investments recently moved past the $2bn mark for unit trust transactions done through its wealth management portal, dollarDEX.com. The figure includes invest, switch and sell trades completed since the firm started offering online investments in the early 2000s.
"It's fair to say we have become an established part of the Sinagpore financial services scene," said Chris Firth, CEO of dollarDEX. "Transparency and low costs are the buzzwords at the moment, and we have been delivering these for a decade. It is no surprise to me that one of our biggest client segments is bankers - who prefer our services rather than those of their own employer".

"A key for online financial solutions providers such as dollarDEX.com is to provide accessible and transparent information to guide retail investors. Moreover, we must manage our own costs well, so that we can keep fees low for end users, rather than just passing on increases in our overheads to clients" said Mr. Firth.

The firm has recently seen an uptick in clients transferring unit trusts from other financial institutions to dollarDEX. The value of transfers in, not included in the $2bn count, has now topped $100m.

So looks like FSM has lost quite a fair sum of investment money?

Interesting advertisement from DD

[Private Investor]

Another interesting advertisement/announcement from DD. Very obvious it is directed at FSM

http://www.dollardex.com/SG/index.cfm?c ... entID=4421

FAQ: Do we add GST?
Currently we absorb GST by taking the advertised charge and dividing by 1.07, before passing this onto our custodian, which then adds back the GST.
For example, if you buy a fund with a 0.5% sales charge you do not pay 0.5% + GST, rather you pay 0.5% (accurate to two decimal places). In this example you would pay a sales charge of 0.47% + GST.

DD worded "Currently". So they might charge GST in future?!?

[Hulumas]

Another interesting advertisement/announcement from DD. Very obvious it is directed at FSM

http://www.dollardex.com/SG/index.cfm?c ... entID=4421

FAQ: Do we add GST?
Currently we absorb GST by taking the advertised charge and dividing by 1.07, before passing this onto our custodian, which then adds back the GST.
For example, if you buy a fund with a 0.5% sales charge you do not pay 0.5% + GST, rather you pay 0.5% (accurate to two decimal places). In this example you would pay a sales charge of 0.47% + GST.

DD worded "Currently". So they might charge GST in future?!?

Dear Readers,

I am a loyal customer. After all, right or wrong, it is my FUNDSUPERMART !