Anonymous
What would be a good way to automate regular buying of shares? I understand POEMS has a Recurring Plan where we can automate regular buying of stocks. Is this available to other brokers or is POEMS the only way to do it?
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Elijah Lee
14 Nov 2019
Senior Financial Services Manager at Phillip Securities (Jurong East)
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Hi anon,
Based on your monthly budget, you can check out OCBC and POSB even, to see what the charges would be like. I believe POEMS has the widest range of shares for you to choose from though, but I am not a fan of RSS as I prefer to wait for the right pricing for my shares before buying instead of committing an amount every month for the long term.
You can automate the buying through any RSS scheme should you decide to proceed, but compare the scheme first to ensure your ransactional costs are minimized. If it's still high (say, 0.5% or more), you might not want to do RSS and should consider UT RSP instead.