Is there any way to waive this fee?
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Elijah Lee
26 Apr 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi slowisfast,
Unfortunately no, as those charges are a given.
However, what you can do is to take steps to minimize the fees, by investing through a CPFIS IA (Investment Administrator) (See: https://www.cpf.gov.sg/Assets/members/Documents... under 'Investment Administrator).
By investing through an administrator, your holdings will be consolidated and you'll be charged in a different manner. For example, if one buys through a bank, they'll be charged $2.50 per 1,000 shares/loan stocks/units or part thereof subject to a maximum of $25 per transaction. If you buy the same stock/ETF/UT through an investment administrator, you'll be charged only $2.50 which is the transactional cost for the investment, regardless of the number of units or shares bought.
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Pang Zhe Liang
26 Apr 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
The only way to do this directly is to close the CPF investment account.
Alternatively, ensure that...
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Short answer, no
Think of it as a service fee that you pay for their service.
Although, what service you receive is debatableβββ