Need advice on which bank to park my assets

focus1974

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Good on you.
DBS got too much money flowing to them .. that's why service might not be a strong part of them unless you are a businessman or someone the RM personally like to know or work with :)

If you are retiree like me, there is no incentive for them to build a relationship with you.

But the strong part of DBS treasures pte client would be the integrated wealth mgmt platform. It is as strong as the UBS or Credit suisse with added bonus of online trading, minus all the fees.
 

PIayDope

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Good on you.
DBS got too much money flowing to them .. that's why service might not be a strong part of them unless you are a businessman or someone the RM personally like to know or work with :)

If you are retiree like me, there is no incentive for them to build a relationship with you.

But the strong part of DBS treasures pte client would be the integrated wealth mgmt platform. It is as strong as the UBS or Credit suisse with added bonus of online trading, minus all the fees.

Do you have the DBS Treasures Private Client Visa Debit Card and the DBS Treasures Asia membership? Did you have to apply for it proactively or did your RM handle everything for you automatically? My RM seems to be quite lacking and messed up a few things already. She didn't even mention about the above 2 items. Were you offered the Insignia card?

You mentioned 5 years ago you weren't happy with your RM. If I want to change my RM, would you know how to go about doing it? I remember there was a business development manager I met at the TPC centre months ago and she said she was responsible for allocating RMs to the respective clients. I lost her namecard.

If I want to consolidate my stuff and move up to DBS private banking, the AUM fee you mentioned earlier is the "Asset and Account Administration Fee" of "0.05% p.a. on month end assets"? It is not like the "DBS Private Bank Service Fee" of $4K where it can be "Waived at the sole discretion of DBS Private Bank if the average Assets under Management (AUM) for the preceding six months, aggregated from all account relationship(s) with DBS Private Bank, is more than SGD 5,000,000"?
 
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PIayDope

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I am considering buying Tencent from the HK exchange. I am not comfortable parking money with Interactive Brokers. DBS charges a custody fee of 0.20% per annum. Is that reasonable? It seems that SCB doesn't charge any custodian fees.
 

Shiny Things

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I am considering buying Tencent from the HK exchange. I am not comfortable parking money with Interactive Brokers. DBS charges a custody fee of 0.20% per annum. Is that reasonable? It seems that SCB doesn't charge any custodian fees.

God no, 0.2% p.a. for "custody" fees is extortion. Anything above zero is extortion.

Why aren't you comfortable using Interactive? Is it something we can help with?
 

PIayDope

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I won't pay for that. Might as well go SCB.
DBS Treasures offered to waive custody fee for me too!

I am going to ask for the waiver tomorrow. So far the experience with them has not been good. So many things not auto, need me to chase. OCBC PPC so much better.
 

PIayDope

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God no, 0.2% p.a. for "custody" fees is extortion. Anything above zero is extortion.

Why aren't you comfortable using Interactive? Is it something we can help with?

I feel insecure putting money with these online brokers. I feel the same way for FSM, Oanda, etc. $100-200K is ok but not $1-2M. Maybe I am old fashioned but I am always afraid they may swallow my money and one day my account with them will show zero balance and there is nothing I can do. At least with a bank they will not "anyhow" (I think).
 

FuNKySoULyBrO

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See my rant on DBS Treasures.

I guess being on the economy-class tier of their PB ( despite needing one of the higher amts of AUM comparatively amongst other retail banks ), their RM pretty much bo chap and even messed up stuffs. Even when I complained to the Treasures BD manager when they missed out 1 counter during the CDP transfer, also no updates or apologies from them.

I've now decided to move out some assets to join SCB priority liaoz. The RM contacted me on the very 1st day. Imagined back when I join DBST, the RM only contacted me 1 week later, and after I myself contacted her 1st to arrange for the onboarding meeting.....
 

PIayDope

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See my rant on DBS Treasures.

I guess being on the economy-class tier of their PB ( despite needing one of the higher amts of AUM comparatively amongst other retail banks ), their RM pretty much bo chap and even messed up stuffs. Even when I complained to the Treasures BD manager when they missed out 1 counter during the CDP transfer, also no updates or apologies from them.

I've now decided to move out some assets to join SCB priority liaoz. The RM contacted me on the very 1st day. Imagined back when I join DBST, the RM only contacted me 1 week later, and after I myself contacted her 1st to arrange for the onboarding meeting.....

I read your post just after I applied for the TPC. I was hoping my experience would be more pleasant but it ended up being similar. I am now looking for the TPC BD manager contact but I feel bad because the current RM did work to get my KYC approved by their compliance. Like you, I am also facing the lack of updates/apologies and I find it unacceptable.

I thought of transferring out to SCB but I believe their online platform cannot match that of DBS iWealth..
 

FuNKySoULyBrO

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Do you have the DBS Treasures Private Client Visa Debit Card and the DBS Treasures Asia membership? Did you have to apply for it proactively or did your RM handle everything for you automatically? My RM seems to be quite lacking and messed up a few things already. She didn't even mention about the above 2 items. Were you offered the Insignia card?

If even DBS TPC tier is such bo chap attitude from their RM, no wonder my economical-class tier is as such.... I have long ago asked my RM to sign up for me the DBS Travel Privileges ( to be honest, perks not exactly attractive for the requirements needed ), but up til now, no news and not done yet I think....

I've already given up on DBS for their PB, and decided to split up my assets to other banks liaoz. Honestly, I think they got fed with so much $$$ that they think they can bo chap liaoz.....

PS, ur debit card might need to self-service at any of their DBS Treasures lounge.

I think the Insignia card is by invitation only, and not only aum, will require at least 500k per year income too.
 

NewInvestor

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Good on you.
DBS got too much money flowing to them .. that's why service might not be a strong part of them unless you are a businessman or someone the RM personally like to know or work with :)

If you are retiree like me, there is no incentive for them to build a relationship with you.

But the strong part of DBS treasures pte client would be the integrated wealth mgmt platform. It is as strong as the UBS or Credit suisse with added bonus of online trading, minus all the fees.


Sounds like you are in a similar position as I am. Wondering whether to, and if so, when, to plough all the present cash (as well as anticipated incoming en bloc cash) into the equity markets. I think that parking the cash into short term (1 or 2 years) SGS (and having a credit facility against that) is a good stop gap measure. If there is a very significant correction, then use the credit facility. When the SGS is mature, use those funds to pay down the credit facility.

The alternative is to DCA monthly into equities over a 12 month period. I would usually think this is a good idea but I have a feeling we are much closer to the end of the bull market than most people think.
 

PIayDope

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Sounds like you are in a similar position as I am. Wondering whether to, and if so, when, to plough all the present cash (as well as anticipated incoming en bloc cash) into the equity markets. I think that parking the cash into short term (1 or 2 years) SGS (and having a credit facility against that) is a good stop gap measure. If there is a very significant correction, then use the credit facility. When the SGS is mature, use those funds to pay down the credit facility.

The alternative is to DCA monthly into equities over a 12 month period. I would usually think this is a good idea but I have a feeling we are much closer to the end of the bull market than most people think.

My plan is to buy 3M of t-bills in 2 weeks. They are only 12-month. If the stock market hits my buy trigger, I will use these t-bills as collateral to buy shares. Excited about this play.
 

PIayDope

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Can start to buy stocks this week. Watch for STI to break 3K. Hit the banks, all 3 of them. Small bites, all the way down and then up. Make your 3M last. Forget the t-bills. Good dividend stocks are going to get better.

I bought a little today, DBS and OCBC. Hope tomorrow drops more so I can collect UOB as well. Yes, I will most likely pass on the t-bills, looks like Christmas is coming early for me. Going to collect more REITS, especially the Mapletree family. I don't like the Keppel family anymore although they form a good part of my portfolio. I am thinking of switching them out for something else.. hmmm..
 

WC32890

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I bought a little today, DBS and OCBC. Hope tomorrow drops more so I can collect UOB as well. Yes, I will most likely pass on the t-bills, looks like Christmas is coming early for me. Going to collect more REITS, especially the Mapletree family. I don't like the Keppel family anymore although they form a good part of my portfolio. I am thinking of switching them out for something else.. hmmm..

But why UOB or OCBC? DBS at current rate gives 5% div yields, double or nearly triple what the other 2 banks are paying.
 

PIayDope

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How much of your war chest have been deployed?

I have dumped 450K into the banks so far, so 15%. I am worried the market will not drop enough for me to use up all my cash. Every time I see the DJI/futures green I get nervous I will miss the boat. The reits haven't gone down much or I would have bought them as well. I like Sheng Siong but it is too stable and there will not be much capital appreciation in a market reversal.

I just hope this bear market will be as prolonged as possible so that it hits all counters across the board and fearful doomsayers start selling everything, making STI to sub 2K predictions, and holding cash. In time, we will need these same people to rush in for the fear of missing out, to initiate and sustain a forceful market recovery.

My entire portfolio now has a 6-figure unrealised loss :s22::s13:
 

Purplestars

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Boy oh boy, $3 million SGD in cash?

I mean, I strongly disagree with the idea of parking all that in cash and waiting for a crash that may not come, mostly because piling into the market after a huge crash is hard! Ask anyone who said in 2015-2016 "oh I'll wait for the dip"; the dip came in early 2016 but buying the market when it's plunging goes counter to every instinct that humans have.

Somehow the opposite always seem to come true, no matter how sound his logic seems to be!

Time the market and time the dip!
 

PIayDope

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Steady. React to the market action, don't anticipate. If you anticipate, expectations and emotions come in. That's why we buy on the way down and not wait for our predicted "bottom". There are many ways to explain the market action. Leave that to the typical over-analyzing emotional retailer. Focus on the Q3 results and identify your sectors. Market volatility is still high. Wait to enter and this time with greater confidence.

I am taking the opportunity to switch out the "chapalang" counters and streamline my portfolio. Now down from 31 to 25 counters.. :s22::s13:

Is there any chat group which shares opportunities for specific counters? I am unable to monitor the price action closely due to work. A serious chat group without chitchat =:p:o
 

focus1974

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I am taking the opportunity to switch out the "chapalang" counters and streamline my portfolio. Now down from 31 to 25 counters.. :s22::s13:

Is there any chat group which shares opportunities for specific counters? I am unable to monitor the price action closely due to work. A serious chat group without chitchat =:p:o

You should not be holding so many stocks.

A good size would be 10 stocks per Market you trade/invest.
 
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