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Party's over, who's leaving?
AimHigh38_SG 18-08-2010, 07:30:41 AM GMT


Joined Date : 04-01-2010
Nationality : NA
Posts : 95 times


nobita_SG:
sold most of my funds already. ready to move to ETF! :)

Hi nobita_SG
I've also sold all but one of my cash holdings with FSM. I'm losing about 35% (approx $7K) of my $20K capital. Am still wondering whether to cut loss OR let FSM start charging me their new quarterly platform fees on this loser. By the way, I still have until end of the end to consider.

Good luck to you.

last edited at 18-08-2010, 07:32:08 AM GMT
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nobita_SG 18-08-2010, 05:14:38 PM GMT


Joined Date : 05-09-2009
Nationality : N.A.
Posts : 27 times


well you could either
- switch it to a different distributor (you will be charged by the platform fee since it will take around two months to switch but at least after the switch you only have one fund to easily track in the other distributor and without the platform fee)
- sell it and buy a more attractive ETF or if you think the fund is still attractive then buy its equivalent ETF. this will be a win win situation for you since your new ETF will have smaller management fee without the platform fee. Of course youll just have to pay for the buy transaction.

holding on to FS definitely doesnt guarantee that your investment will rebound. Moving out of FS, however, guarantees that you are at least 0.5% percent richer per annum +gst of course :)

Dont hold on to the fund just because you have lost the money. Think hard why you are still holding on. Good luck as well!
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tanjh_SG 27-08-2010, 03:59:17 AM GMT


Joined Date : 13-10-2007
Nationality : N.A.
Posts : 9 times


$DEX passes $2bn, wonder how is FSM doing ?

"A key for online financial solutions providers such as $DEX.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.

I did not go through the trouble of transferring out my unit trust holding but choose to gradually selling down my holding and then buy in at $DEX. I would not mind paying some charges to $dex as long as they do not implement the "platform fee" thing.
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AimHigh38_SG 30-08-2010, 10:27:24 AM GMT


Joined Date : 04-01-2010
Nationality : NA
Posts : 95 times


Hi nobita_SG

I'd finally sold my last cash holdings with FSM today. Total loss is approx $7K (35%). No more worries about their platform fees as what is left are CPF funds.
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gen05_SG 31-08-2010, 01:48:19 PM GMT


Joined Date : 13-07-2009
Nationality : Malaysia
Posts : 79 times


So aside from platform fee, FSM Singapore is transferring the GST cost onto investors. Let's hear what the other fund distributor, DollarDex has to say.

"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."
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pinkpanda78_SG 01-09-2010, 01:42:38 AM GMT


Joined Date : 29-09-2006
Nationality : NA
Posts : 40 times


switch to dollarDex ... they now managing $2bn client funds .. and they are committed not to introduce platform fee ..
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50438_SG 08-09-2010, 08:15:45 AM GMT


Joined Date : 08-09-2010
Nationality : NA
Posts : 1 times


Hi,

I was helping my brother to transfer his UTs from FSM to DD. During the first week of July, I received acknowledgement from DD that they have rec'd our transfer-in application form. 6 weeks later on 20 Aug, I checked with them but was told they have yet to receive anything from FSM yet and told me to email them formally to enquire. On 24 Aug, they replied saying "transfers are in progress".

2 weeks later (yesterday), I called FSM and was told they have yet to receive anything from DD. Then at 5pm, FSM called me and informed me that they have just rec'd the transfer out form from DD. I emailed DD yesterday to enquire how come they took so long to send the forms to FSM. DD said my brother's application was rejected by Navigator on 14 July, so "back and forth" within DD till yesterday 7 Sept then sent out to FSM. I asked them WHY wasn't the customer informed on 14 July or even on 20 Aug when I called to check on the status.

DD's CS told me that the rejection was internal and no action by customer was required, and even highlighted to me that "he is the only one handling all these transfer-ins, such that even today he is on reservist, he still has to call me and other customers to follow up on outstanding cases." He reminded me that there are hundreds more applications that he alone has to handle.

Apparently DD's business is too good nowadays that customer service has suffered. FYI.
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Comet_SG 08-09-2010, 11:32:45 PM GMT


Joined Date : 10-04-2010
Nationality : NA
Posts : 20 times


DD's customer service had never been good as compared to FS in my opinion, however due to the implementation of platform fees in FS still make me decide to move to DD.
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Blessed_SG 10-09-2010, 02:08:29 AM GMT


Joined Date : 10-09-2010
Nationality : NA
Posts : 3 times



pinkpanda78_SG :
switch to dollarDex ... they now managing $2bn client funds .. and they are committed not to introduce platform fee ..


You sure? I thought I heard earlier is that they will not introduce for 2 years (now left 1.5 years). So I'm staying put.
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giggss_SG 28-09-2010, 04:24:09 PM GMT


Joined Date : 10-04-2007
Nationality : NA
Posts : 67 times


have you guys considered POEMS over DD?
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Vagabond_SG 10-10-2010, 08:51:49 AM GMT


Joined Date : 13-08-2006
Nationality : NA
Posts : 16 times



giggss_SG :
have you guys considered POEMS over DD?


POEMS quite good, I think they got both fee based and non-fee based accounts. I am using it mainly for stocks though. Thinking whether to liquidate my stuff here...no more unit trusts for me. It's etfs and good dividend paying stocks from now on...oh n i have not received fsm's magazine yet.
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vy6_HK 13-02-2012, 06:54:57 AM GMT


Joined Date : 29-03-2011
Nationality : NA
Posts : 9 times


Dear AimHigh38_SG

Do you have any proof that the return of ETF is better than fund / FSM? Please share if you have some of them.

I think investor is considering fee (whatever the title it is) as one of important factor but not the most. The more critical factor is the total return. Most fund managers always state they have better performance, in long term, compare to the "naked" market. Why it must be long term? Is it the way they keep their job?

Any opinion?

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