What is the buzzword these days? FinTech – otherwise known as financial technology.
Disrupt Or Be Disrupted
The good old ways of doing business may no longer carry you as far as you think they would. This is especially so in the area of finance where epic changes are happening.
I’m particularly interested in Robo-advisors. The arrival of automated, intelligent and diversified portfolio with low fees is basically a dream-come-true for index investors, and definitely a game-changer. Let’s look at the world as we know it. Robo-advisors have already begun making splashes in other countries.
C’mon, as a financial hub, shouldn’t Singapore be in the list too?!
Not too long ago, I briefly mentioned the emergence of Doctor Wealth and what would have been Singapore’s first Robo-Advisor. I wrote a short post here but it seems like it has died a quiet death.
Today, I shall introduce a new contender – SMARTLY.
I have been keeping an eye on SMARTLY since I read about it in FinTech news in February 2016. Details are still sketchy but things are looking rather promising based on the information available on the official website of SMARTLY.
For example, we can look forward to an amazingly low monthly amount of $50 to start investing with fees that are just as enticing.
In the website example, it gave a sample account size of $14,000 which charges only 0.7%
0.5% – that’s nice.
Average management fees in the industry have been ranging from 2%-3% annually. Smartly’s smarter technology allows us to lower the fees significantly and save you more.
At the moment, it is targeting a July 2016 launch, which is not too far away. I’m keeping my fingers (and toes) crossed this time that something will materialize.