MoneyOwl rolls out low-cost investment portfolio service
It will not carry sales charge or receive trailer fees; portfolios will be invested in Dimensional Fund Advisors' funds.
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MONEYOWL, NTUC Enterprise's financial advisory subsidiary, is rolling out its investment portfolio service for retail investors, which will neither carry a sales charge nor receive any trailer fees.
Trailer fees are the portion of funds' annual management fees that are typically paid to a distributor or adviser. For advisers, this forms part of recurring revenues. Trailer fees of a retail fund could comprise as much as half of the fund's annual management fee.
MoneyOwl is a joint venture between NTUC Enterprise Cooperative and Providend Holding. It is positioned as a "bionic'' adviser which means that clients can transact purely digitally, or through a dedicated team of advisers.
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