Dear Anonymous, Endowus currently has a minimum investment of $10,000. We started with a minimum of $100,000 and accredited investors only services, but we have broadened our service to retail clients as well with the lower minimum of $10,000. We understand that this is not a small sum, but we hope that investors will be investing through Endowus as a core part of their investment portfolio as we have built it as such. We feel that Endowus must focus on providing holistic financial and investment advice. This includes providing lifetime financial planning including retirement and goal based savings and investments, which is a core focus for us. We will be launching exciting new services in the coming months as we officially launch our services to the retail market. Currently, we are only receiving new clients through reverse enquiry. We are unlikely to lower our minimum for now, because of business and strategic reasons. But if there are any changes then we will let you know. In the meantim, please do check out our new landing page which will launch in the next week or so and learn more about what we are trying to do. Thank you! Sam

I looked through it very quickly and neither platform will be very good at helping you learn how to invest. Wealthpark.io seems like a stock investing tool and wealth-park is a real estate investment tool. Neither is comprehensive. Most important aspects of investing such as the asset allocation - especially strategic asset allocation, and things like diversification and modern portfolio theory and well established investment rules & guidelines should be where you start to help guide you in your investment journey. Lots of good financial blogs like Investment Moats or Financial Horse out there. Also, I think a good resource is investment books like The Little Book of Common Sense Investing by John Bogle(founder of Vanguard) & Unconventional Success by David Swenson(CIO of Yale Endowment). Please also take a look at this article I wrote to give you some context on who you should follow and why. https://endowus.com/insights/true-giants-of-the-investment-world-buffett-templeton-booth-bogle-swensen-5eaf2babf6/ I would ask you to try out Endowus, the most sophisticated wholly digital independent financial advisor in Singapore. Which means we are lowest cost at providing the most sophisticated advice that is available and we are independent so we are not paid off by any other financial product peddler or owned by any big financial institution. You can see here https://www.endowus.com We provide sophisticated institutional services that is similar to the way institutional investors would do it, like sovereign wealth fund (think GIC) or Yale/Harvard Endowments who have some of the best long term investment track records. We also have been contributing and doing our part to financial education and have a regular write up that is approachable and relatable yet focuses on the most important key facets of investing as an individual. Here - https://endowus.com/insights/ Check out the content there and reach out to us if you need any help. I was previously the CEO & Chief investment officer at Morgan Stanley Investment Mgt and have 25 years experience and I have together with my partners created Endowus to provide the kind of service that I would want myself and for my friends. So try it out and let me know your thoughts. We are rolling out our services in coming months but we have a simple core portfolio solution that is suitable for 95% of Singaporean individual investors. Tax-efficient, SGD-denominated(so no FX risk) and cost effective as well to a fraction of the industry average costs. Please do more research and enjoy the learning process. If you want to learn more about what Roboadvisors do as some suggest, (and also why Endowus is different!) then take a look at this article as well. I wrote it in The Edge a little while back and it will help you understand the whole landscape much better. https://cdn.endowus.com/press/TheEdge%202019-03-08%20-%20Are%20robo-advisors%20doing%20what%20they%20say.pdf Happy investing & All the Best, Sam

Dear Anonymous, Endowus currently has a minimum investment of $10,000. We started with a minimum of $100,000 and accredited investors only services, but we have broadened our service to retail clients as well with the lower minimum of $10,000. We understand that this is not a small sum, but we hope that investors will be investing through Endowus as a core part of their investment portfolio as we have built it as such. We feel that Endowus must focus on providing holistic financial and investment advice. This includes providing lifetime financial planning including retirement and goal based savings and investments, which is a core focus for us. We will be launching exciting new services in the coming months as we officially launch our services to the retail market. Currently, we are only receiving new clients through reverse enquiry. We are unlikely to lower our minimum for now, because of business and strategic reasons. But if there are any changes then we will let you know. In the meantim, please do check out our new landing page which will launch in the next week or so and learn more about what we are trying to do. Thank you! Sam

Dear Anonymous, Endowus currently is open to retail investors. There is however a minimum investment of $10,000. We started with a minimum of $100,000 and accredited investors only services, but we have broadened our service to retail clients as well with the lower minimum of $10,000. We understand that this is not a small sum, but we hope that investors will be investing through Endowus as a core part of their investment portfolio as we have built it as such. We feel that Endowus must focus on providing holistic financial and investment advice. This includes providing lifetime financial planning including retirement and goal based savings and investments, which is a core focus for us. We will be launching exciting new services in the coming months as we officially launch our services to the retail market. Currently, we are only receiving new clients through reverse enquiry. We are unlikely to lower our minimum for now, because of business and strategic reasons. But if there are any changes then we will let you know. In the meantim, please do check out our new landing page which will launch in the next week or so and learn more about what we are trying to do. Thank you! Sam

Dear Anonymous, This is a great question and Endowus has reviewed the pros and cons of accessing various products and we believe that the most efficient way to access certain asset classes or funds is through a third option - Irish UCITS Funds(Unit trusts). I have seen many comparisons but nobody has really delved into the key issues in detail. Because they normally compare the US ETFs vs Irish UCITS ETFs or UCITS ETFs vs UCITS funds. I will review the pros and cons of the respective fund vehicles below; 1. US ETFs on the surface look good as they have lower fees and have narrow bid-ask spreads but this is more than offset by the huge witholding tax that it is subject to (For example, if dividends are 3% then you will be charged 1% which dwarfs any benefits of lower fees/narrow bid ask spreads). Recouping taxes is notoriously difficult as the money is co-mingled (meaning the dollar invested is not in your name and the tax refund is not specific to you) - you only get partial refund and you have to wait a long time after the money has been deducted to get a refund and God forbid you take your money out from the platform before the refund comes through as you may never get it back. 2. Irish UCITS ETFs simply solves the tax issue but on the other hand you have less choice in terms of ETFs, the bid-ask spread is quite wide as liquidity is poor, and finally the fees are higher as they tend to be smaller in scale and scale vs cost is directly and inversely correlated. However, you can bypass the bid-ask spread issue by accessing them through market makers at a small fee at NAV (this is the actual price/value of the fund = and please remember ETFs are funds as well but they are just listed to provide intraday liquidity and readily tradeable. This is a key point I elaborate on later). 3. UCITS Funds. Apart from the fact that these funds are tax-efficient like the UCITS ETFs, they also have no bid-ask spread. NONE AT ALL. This is because you can buy/sell it at the actual NAV. Even US ETFs have bid-ask spreads and some US ETFs are very wide at times. The whole point of ETFs and the reason they have bid-ask spreads is because it is exchange traded. If we trade US or UCITS ETFs from Singapore then we normally trade only once a day so it defeats the whole purpose of using ETFs which is supposed to provide live intraday liquidity. They trade once a day and provide liquidity once a day. So there is no benefit to ETFs other than the other factors focused on cost, which on balance including tax and FX risk, they lose out on. We are not taking advantage of the most important aspect of why ETFs exist. Furthermore, for UCITS funds, because you are buying at NAV at daily liquidity there is no additional cost of transaction and no need to inefficiently fractionalize shares(llike ETFs) as you can invest to the cent at NAV price. Finally, these funds have a broader choice than UCITS ETFs and they tend to be at scale much cheaper in terms of total costs. There is also another important factor that many people don't discuss as much as taxes, and that is the impact of FX on risk and returns. We pursposefully build and access UCITS funds denominated in SGD or Singapore dollar hedged products in the case of fixed income products. Whereas you are taking FX risk with US or other ETFs, which involves additional costs. This is a big additional benefit to accessing the products through Irish UCITS fund structures. So if you combine all of that, UCITS Funds from the likes of PIMCO and Dimensional that Endowus uses, are in fact the most cost-efficient, tax-efficient vehicles and removes completely any FX risk. Thereby allowing you to invest your Singapore dollar savings as a Singapore based investors with peace of mind. Thank you! Yours Sincerely, Sam

Hi Anonymous & John Doe, Just to clarify a few things on top of Harry and Sin Ting's comments, the fund level fees are not determined by us but the fund manager such as Dimensional and PIMCO. Both Moneyowl and Endowus share the philosophies of investing through Dimensional products that have broad market exposures but are tilted towards the proven factors of returns. The only minor difference is that in building the portfolio, Moneyowl chose to use 2 Dimensional funds. 1 Developed Market and 1 Emerging Market funds. Whereas Endowus use the single World Equity Fund. There is a lot of overlap between the two equities portfolios and Moneyowl's equities portfolio has in absolute terms a slightly lower fee structure where as the World Equities Fund is slightly higher because it gives exposure to a more broader global market exposure. To clarify, the World Equities fund is the most cost efficient implementation of the diversified total global market exposure that Dimensional implements in a single fund. On fixed income we will agree to disagree on this as Moneyowl uses once again a Dimensional fund. The Short Fixed Income fund, which exposes itself to the factors in fixed income such as Term, Credit and Yield which are great. We agree with Moneyowl's views that diversification is an important and key determinant of allocating to a fixed income portfolio. However, we are also cognisant of the fact that some investors prefer to invest in a 100% bond portfolio or a heavily bond biased portfolio and in such a case, we feel that the PIMCO portfolios provide a better risk-adjusted return and yield enhancement compared to the other offerings in Singapore especially at the lowest cost we can access them. We completely respect Moneyowl's views on the diversification benefits which the Dimensional Short Fixed Income fund offers the portfolio. Finally, so the bottom line is that whereas the platform fees are slightly lower at Endowus, the fund-level fees are slightly higher for Endowus vs Moneyowl. Net net, we do not feel that there is a meaningful difference between us in terms of the actual total fees. 1.06-1.15% at Endowus (Harry - you used the old numbers!) vs 1.15%-1.21% for Moneyowl. Both are extremely low and cost-efficient especially compared to other channels of access. We just have slightly different portfolios and slightly different composition in the make up of the fees that's all. What is more important to know is that we both work with partners like Dimensional who will continue to bring down the fees as scale economies allows them the room to cut their fees which we will pass on to you immediately. For example the World Equities Fund was 50bps in fees last year but it has come down to 43bps this year as it improves scale and efficiency. And we hope it keeps coming down as it directly drops to your bottom line. Less cost just means higher returns for you. These are some of the benefits of working with great partners like Dimensional. Endowus and Moneyowl are both also working hard to increase and improve our product and service offerings so we would love for you to keep watching out for the value added services both firms are working hard to provide to the benefit of individual investors in Singapore. Hope this helps to clarify more. Thank you! Sam

Please visit http://www.endowus.com and see the difference we offer. We are more sophisticated than the simple roboadvisors because we have used our wealth of experience managing client assets to find the best solutions for you. We are wholly digital and completely independent in our advice and offering. We offer sophsticated investment advice, access to better institutional quality products/funds, and at the lowest cost possibel (a fraction of the industry average). We have brought to you the most suitable funds for Singapore based investors : SGD-denominated(do not need to take FX risk like with Robos), Tax-efficient(We use low cost Irish UCITS funds vs US ETFs for Robos who get taxed 30% on US witholding tax if you are Singapore resident that's almost 1% additional costs). ETFs listed in the US have tax and FX issues, Irish UCITS ETFs have lower tax and less FX issues, but cost more in fees as they have less scale and also have wide bid-ask spreads which also increases cost of going in and out. ETFs are basically funds that are listed in an exchange. The point is to have ETFs listed in your local market so its in your home currency but also because you have intra-day liquidity. But since Singapore does not have any global and diversified ETFs listed in SGX, there is no efficient way to invest in ETFs in Singapore. Therefore the most cost efficient passive product vehicles to invest in are the ones we have chosen at Endowus. Please visit and learn more and start investing like the large institutional investors in a more sophisticated manner. I was previously the CEO & Chief investment officer at Morgan Stanley Investment Mgt and have 25 years experience and I have together with my partners created Endowus to provide the kind of service that I would want myself and for my friends. So try it out and let me know your thoughts. We also have been contributing and doing our part to financial education and have a regular write up that is approachable and relatable yet focuses on the most important key facets of investing as an individual. Here - https://endowus.com/insights/ Check out the content there and reach out to us if you need any help. Among the articles there, for more about investing and about the values we share with some of the major fund management partners we work with like Dimensional, PIMCO, Vanguard, please also take a look at this article I wrote. https://endowus.com/insights/true-giants-of-the-investment-world-buffett-templeton-booth-bogle-swensen-5eaf2babf6/ Happy investing! All the Best, Sam

Dear Jiaqi, Well done and those precious savings need great advice, access to good products and you need to invest in a low cost manner - as cost and fees are one of the biggest reaons why people struggle with their investments. There are several options to go it alone and do DIY or try out various online and offline platforms. Some great books to get you going. Such as The Little Book of Common Sense Investing by John Bogle(founder of Vanguard) & Unconventional Success by David Swenson(CIO of Yale Endowment). Please also take a look at this article I wrote. https://endowus.com/insights/true-giants-of-the-investment-world-buffett-templeton-booth-bogle-swensen-5eaf2babf6/ I would ask you to try out Endowus, the most sophisticated wholly digital independent financial advisor in Singapore. Which means we are lowest cost at providing the most sophisticated advice that is available and we are independent so we are not paid off by any other financial product peddler or owned by any big financial institution. You can see here https://www.endowus.com We provide sophisticated institutional services that is similar to the way institutional investors would do it, like sovereign wealth fund (think GIC) or Yale/Harvard Endowments who have some of the best long term investment track records. We also have been contributing and doing our part to financial education and have a regular write up that is approachable and relatable yet focuses on the most important key facets of investing as an individual. Here - https://endowus.com/insights/ Check out the content there and reach out to us if you need any help. I was previously the CEO & Chief investment officer at Morgan Stanley Investment Mgt and have 25 years experience and I have together with my partners created Endowus to provide the kind of service that I would want myself and for my friends. So try it out and let me know your thoughts. We are rolling out our services in coming months but we have a simple core portfolio solution that is suitable for 95% of Singaporean individual investors. Tax-efficient, SGD-denominated(so no FX risk) and cost effective as well to a fraction of the industry average costs. Please do more research and enjoy the learning process. If you want to learn more about what Roboadvisors do as some have suggested to you here, (and also why Endowus is different!) then take a look at this article as well. I wrote it in The Edge a little while back and it will help you understand the whole landscape much better. https://cdn.endowus.com/press/TheEdge%202019-03-08%20-%20Are%20robo-advisors%20doing%20what%20they%20say.pdf Happy investing! All the Best, Sam

Dear Anonymous, There are no estate duties in Singapore and the US estate tax can be avoided altogether if, rather than simply buying US ETFs like the Robos do, you invest in more suitable products for Singaporean investors - Irish UCITS Funds registered and denominated in SGD, as the more sophisticated and thoughtful Independent Financial Advisors like Endowus and Providend do. Endowus uses UCITS funds for both its Dimensional and PIMCO products. Which are SGD denominated/hedged that removes FX risk, tax-efficient both in terms of withohlding tax and exempt from estate tax, and is low cost. The other simple Roboadvisors blindly use US ETFs as they originally just copied the US Roboadvisors business model in using those products, but we feel they are unsuitable for Singapore based and Singapore dollar investors from a total cost perspective including tax, FX and bid-ask spreads. Furthermore, it completely negates one of the key benefits of using ETFs(exchange traded funds) which is live intraday liquidity. Using US based ETFs means you trade and can therefore only provide daily liquidity which is the same as UCITS funds. Thank you! Sam