When I attend financial events held by corporate companies these days, part of my assessment is whether they are in it just for the money, or genuinely there to help make a positive impact on or return good to society.
Some hold a trial workshop or package it as a training session, yet with 90% of the time spent on the product and 10% on the lesson. The worst of the batch upsells the product and constantly remind you to be in it till the end, or lose out. Syfe does it a little different.
I have to say upfront once again that i am not sponsored to say this, and things that I do not believe in are neither written or discussed. I believe that it is for the greater good that more people hear about it.
So I went for a FinLit workshop organised by Syfe on 5 December, “Your Financial Freedom Roadmap” to
- Evaluate your financial health and set specific financial goals
- Create a budget and savings plan you can commit to
- Implement an investing strategy to achieve your goals
- Review your financial plan
In case you haven’t realised it, Syfe does have a product — it is one of the 11 Robo-Advisors up to date. Syfe spent only 4 and half mins somewhere mid-session talking about their Digital Wealth Management platform — if you had went to the washroom and back during this time, it would have been oblivious to you that this was a regular FinLit workshop.
SyfeConnect is akin to their education arm and they occasionally post new workshop details here.
The class size was small and cosy. We had good interaction with the speaker and CEO with some of our burning questions on personal finance management. Concepts discussed were not new; it is interesting to learn how different organisations try to impart savings and investment, and financial planning from a different perspective. I would not be sharing the slides as they were classified proprietary to Syfe.
Rather unassuming gentleman who seated beside me, was actually Founder and CEO Dhruv Arora.
What I really like about the product is the fees. While some robo-advisors charge asset management fees based on your daily average portfolio size for that time period, Syfe calculates the same fees on a daily basis and bill at the end of each month. Anytime you withdraw your balance, you only pay for the days your money was managed by Syfe.
Currently, only Cash is available as a mode of investment. But stay tuned, SRS funds is in the works as another investment mode — we are looking forward to 2020 for more good news.
Back to fees on portfolio size, the mid- and higher- tiered lower fees of 0.5% and 0.4% is easily reachable with $20,000 and $100,000 assets under management (AUM). This is in comparison with some other robo-advisors who will require you to have at least a few hundred thousands or even millions of dollars vested to enjoy the more competitive rates. Do note however, that there are still other fees to take note of:
- ETF Management Fees reflected in prices of ETFs average to about 0.15% (charged by ETF manager)
- Currency conversion charge at 0.10% on amount converted (charged by Broker SAXO)
As usual, I don’t get any referral benefits for posting a picture. If you assessed that you are interested in Syfe, there is a sign up bonus above. You could drop an email to firstname.lastname@example.org for more information.
If interested, you may wish to have a closer look at Syfe website.