I just happened to chance upon this news.
Is this good news for the financial landscape of Singapore? I personally think it’s definitely a big step forward!
Why are robo-advisors good? I wrote a long post about it, but it is safe to say that I strongly support robos. Much better than trusting John, your secondary school friend who is now an insurance agent, to pick out unit trusts for the ILP that he recommends. Much much much better.
I can easily see myself committing a small sum every month ($50 or $100) into one of their portfolios geared for the long term. Perhaps I’ll seed it with $10,000 so I get into the next tier with lower management fees (0.7% instead of 1%).
Word is that they go live in June, but let’s just wait to get more information.
I’m quite excited about it!