20 May 2020
Why did the Smartly Robo-advisor close down? Anyone knows what happened and will there be more to come?
I just saw an email from a Smartly Investor update email. It seems like they are currently closing down. Anyone know the reason why?
Just received an email from Smartly:
Thank you for investing with Smartly. We are writing to inform you that we have taken the difficult decision to cease Smartly’s operations in Singapore. As you may know, competition in the digital investment advisory space is intense and maintaining a high service standard on the platform has been challenging. Despite initially contemplating core platform improvements, strategic corporate considerations by our parent company, VinaCapital Group Ltd, ultimately guided our decision.
Smartly is a brand of VCG Partners Pte. Ltd. (“VCG”), which is regulated by the Monetary Authority of Singapore (“MAS”). Accordingly, VCG has notified MAS of its decision to cease Smartly’s operations.
Please note that no action is required on your part, although do note that you will no longer be able to log in to your Smartly account from 18th April 2020 onwards, which also coincides with the official date of your account closure.
Should you desire to receive digital advice from another service provider, we have reached an agreement with Asia Wealth Platform Pte Ltd (AWP); which has kindly agreed to offer Smartly customers a 50% management fee discount for the first 6 months, up to the first SGD50,000 invested for new customers on its StashAway platform. Please click on this link if you are interested in opening an account to be entitled to this offer, which is valid until the end of April 2020.
Please note in relation to the above special promotion with AWP, VCG is not permitted to give advice on the suitability of any related investment product or market any collective investment scheme as an introducer and AWP is the party giving advice on its Stashaway Platform. VCG may be remunerated by AWP for each referred customer that proceeds to invest on the StashAway Platform. VCG will disclose the amount of the referral remuneration it receives from AWP in respect of your referral if requested by you.
If you have questions about any of the above or another matter(s) relating to your account, please contact us at [email protected] or via telephone at +65 6332 9081 / +65 6332 9084.
Once again, we appreciate the trust you placed in Smartly and wish you continued success as you invest for your future.
Richard Martin, Head of Operations
VCG Partners Pte. Ltd.
View 4 replies
Singapore market pie too small, too many competitors, hard to made a decent profit in the long-term. kinda like how retail banking here in singapore is mainly dominated by the 3 local banks
tbh,i believe it is in the interest of Singapore retail invesots for robo-adviors number to be at most 5. this would give sufficient consolidation of fragmented retail assets, improvement in AUM also means lower fees can be passed down to clients
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Michele (Stashaway): Owners of Smartly decided that they were **not able to...
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