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iFast unit’s wealth advisory arm unveils mobile app for advisers, clients
IFAST Global Markets (iGM), the wealth advisory arm of mainboard-listed iFast Corp’s Singapore unit iFast Financial, has launched a mobile app targeted at wealth advisers and clients.
The new app is iGM’s latest initiative which aims to bridge the gap between the adviser-assisted and the do-it-yourself (DIY) segments in the wealth advisory market.
The app gives wealth advisers a touchpoint with their clients for advice and assistance even if clients decide to invest on a DIY basis.
The mobile app has access to Bond Express – which provides clients with real-time trading experience for a curated list of bonds showing bid and ask prices which are firm and executable. This is also the first time Bond Express is on a mobile app.
iGM’s mobile app also allows users to place orders for new bond issuances on the go.
When it comes to pricing for services in the iGM mobile app, there is a 0.5 per cent annual fee on stock holdings, but with that, the commission fee is a flat S$8 for all Singapore Exchange stocks and ETFs (exchange-traded funds) transactions.
Lim Chung Chun, iFast Corp chairman and CEO said that presently, wealth advisers are still quite specialised in their client services due to legacy reasons because lines were drawn according to products.
iFast envisions the adviser of the future to be able to work on a comprehensive full-service model in order to scale their businesses across different types of products.
"We are a fintech company that builds all our solutions in-house, and we provide our solutions to companies across the five markets we operate in. We are happy to offer the solutions that we have built for iGM to all financial advisers and wealth management firms, with the appropriate customisations," Mr Lim added.
Other than Singapore, iFast Corp is also present in Hong Kong, Malaysia, China and India.