Hi anon,
I can't speak for iFast, unfortunately. But I will elaborate on FAME.
FAME is Phillip's Wealth Management Platform. It's a platform for you to view your consolidated holdings with Phillip. This include holdings in your POEMS account (which is for people to invest on their own), as well as holdings in advisory (WRAP) and discretionary (managed accounts).
People may confuse POEMS with FAME. POEMS is a multi asset trading platform. Investors decide on their own what to buy and sell there. You can see what you have in POEMS via FAME, but you can't do anything. It's just view only. Fees on POEMS would be brokerage (depending on market, and type of account), as well as other fees such as foreign share custody fees, etc. For unit trusts bought on POEMS, there are no sales charges, platform or switching fees.
Regarding advisory, WRAP accounts have an advisory fee that depends on the fund source (CPF/Cash/SRS), account type (dividend or growth) and the AUM (a larger AUM may reduce the advisory fee, depending on the account). The advisory fee isn't set by the advisor. It's standard. What the advispr may decide on is a sales charge of up to 4% on both the upfront or the RSP amounts. This is dependent on the individual adviser. WRAP advisory fees deduct monthly. You have to work in tandem with the advisor on your portfolio, as you retain control since only you can approve any changes.
Regarding managed accounts, only cash or SRS is allowed, and while there is an advisory fee depending on portfolio size, there is also a performance fee based on high watermark. These two fees are fixed by the company. An upfront fee, if any, depends on the advisor. You have no say in what is executed for your portfolio since it is discretionary.
Hope this clarifies (at least for FAME).
Hi anon,
I can't speak for iFast, unfortunately. But I will elaborate on FAME.
FAME is Phillip's Wealth Management Platform. It's a platform for you to view your consolidated holdings with Phillip. This include holdings in your POEMS account (which is for people to invest on their own), as well as holdings in advisory (WRAP) and discretionary (managed accounts).
People may confuse POEMS with FAME. POEMS is a multi asset trading platform. Investors decide on their own what to buy and sell there. You can see what you have in POEMS via FAME, but you can't do anything. It's just view only. Fees on POEMS would be brokerage (depending on market, and type of account), as well as other fees such as foreign share custody fees, etc. For unit trusts bought on POEMS, there are no sales charges, platform or switching fees.
Regarding advisory, WRAP accounts have an advisory fee that depends on the fund source (CPF/Cash/SRS), account type (dividend or growth) and the AUM (a larger AUM may reduce the advisory fee, depending on the account). The advisory fee isn't set by the advisor. It's standard. What the advispr may decide on is a sales charge of up to 4% on both the upfront or the RSP amounts. This is dependent on the individual adviser. WRAP advisory fees deduct monthly. You have to work in tandem with the advisor on your portfolio, as you retain control since only you can approve any changes.
Regarding managed accounts, only cash or SRS is allowed, and while there is an advisory fee depending on portfolio size, there is also a performance fee based on high watermark. These two fees are fixed by the company. An upfront fee, if any, depends on the advisor. You have no say in what is executed for your portfolio since it is discretionary.
Hope this clarifies (at least for FAME).