Consolidated thread for Priority/Privilege Banking

[arctician]

What are the requirements for Changi airport limo, and what lounges treasures entitled to in Changi? Is it PP, need any special card? Already have DBS altitude link to one PP.

DBS treasures private client can access asia treasures, $1.5M AUM, $2M to be accredited.

 

[cybercom8]

Well the secret is that bank staff have no visibility of your online trading assets because it is firewalled. I had to have cash to get PB status though I’m sure it can be done.
I doubt they have any process to withdraw PB after trading losses.

some banks like citi include stocks in their statements so the trading assets are visible to their staff like RMs etc

 

[iamalwaysin]

What kind of feedback are u expecting on Iwealth ?

The ease of use of it- say compared to typical brokerage trading platform like uobkayhian or poems.

Corporate action charges and follow-up

 

[foozgarden]

I did that last year, just get your RM or go to Treasures centre to fill a security transfer form (for bonds make sure you have the ISIN) with CDP account number, took about 3 to 6 weeks to complete and all charges were paid by DBS and there was no custody fees at the moment.

are there any fees for corporate action?

also, what if the hit below 200k AUM due to market crash?

Ocbc.......

i think theres crazy. u shuld change out asap

 

[alvint86]

Hi all, for those who have priority / privilage banking, may I check how they handle the money inside?

For SCB, I know stock investment is considered part of AUM.

How about Citibank or HSBC? Using it for unit trust is not good due to the high service charge right?

 

[invisible999]

Guys, I have one question to ask and it comes from the fact that I probably don't understand something in Singapore financial reality...

Why to you want to go to a bank for investment or a trading platform?

Back in States one of the first thing you learn when you start investing- do not take investment advice from a bank, period.

So what is different in Singapore? People trust bunks more? Lack of independent advisors and platforms? Something else?

 

[limpoop]

are there any fees for corporate action?

also, what if the hit below 200k AUM due to market crash?

No fees for corporate action. When your AUM is below 200K for sometimes (dont know how long) they will remind you to topup.

 

[lalaisgongon]

Guys, I have one question to ask and it comes from the fact that I probably don't understand something in Singapore financial reality...

Why to you want to go to a bank for investment or a trading platform?

Back in States one of the first thing you learn when you start investing- do not take investment advice from a bank, period.

So what is different in Singapore? People trust bunks more? Lack of independent advisors and platforms? Something else?

I believe they are a group of people who use the bank as a transactional house rather than taking advice from there?

DBS treasure gives you 0.18% comm with no min

SCB too.

Also have a unit trust is certain asset class might be good? for example EM?

Not to mention leverageable assets with the bank at really low rates.

Alot of these things independent advisors and platforms arent able to offer to you.

Not to mention other complementary stuff such as cheaper home loan, credit cards, international banking.

 

[limpoop]

I believe they are a group of people who use the bank as a transactional house rather than taking advice from there?

DBS treasure gives you 0.18% comm with no min

SCB too.

Also have a unit trust is certain asset class might be good? for example EM?

Not to mention leverageable assets with the bank at really low rates.

Alot of these things independent advisors and platforms arent able to offer to you.

Not to mention other complementary stuff such as cheaper home loan, credit cards, international banking.

https://www.dbs.com.sg/treasures/pr...investaa-promoblock-reduced-rate-btnlearnmore

DBS commission is 0.12% till 31 December 2017

 

[arctician]

I believe they are a group of people who use the bank as a transactional house rather than taking advice from there?

DBS treasure gives you 0.18% comm with no min

SCB too.

Also have a unit trust is certain asset class might be good? for example EM?

Not to mention leverageable assets with the bank at really low rates.

Alot of these things independent advisors and platforms arent able to offer to you.

Not to mention other complementary stuff such as cheaper home loan, credit cards, international banking.

very simply because stock portfolio is counted as AUM and you can ride on benefits of Priority banking without incurring opportunity costs from cash, like unlimited Priority pass etc or lower comm rates. Once you hit PB status doubt you need a financial advisor to manage your cash.

 

[invisible999]

Again, that 0.12% commision - on what does it apply?

I and my wife had 'introduction to portfolio investing' this week at Treasures from RM. When I asked certain questions it was revealed that fund investment, for example for PIMCO carries 3% fee of the invested amount? So if I want to buy 100K PIMCO, then I need to pay $3000.

Why I would in my clear mind would do this when I can get access to the same fund for much less price at other platform? I asked the same question to RM but did not get satisfactory answer.

 

[limpoop]

Again, that 0.12% commision - on what does it apply?

I and my wife had 'introduction to portfolio investing' this week at Treasures from RM. When I asked certain questions it was revealed that fund investment, for example for PIMCO carries 3% fee of the invested amount? So if I want to buy 100K PIMCO, then I need to pay $3000.

Why I would in my clear mind would do this when I can get access to the same fund for much less price at other platform? I asked the same question to RM but did not get satisfactory answer.

The 0.12% comms is for SGX stocks, see https://www.dbs.com.sg/treasures/pr...investaa-promoblock-reduced-rate-btnlearnmore

For funds see https://www.dbs.com.sg/treasures/pr...re-pweb-investaa-investments-ofi-btnlearnmore

 

[invisible999]

OK, any bank here offers non-managed ETFs with very low fees?

 

[lalaisgongon]

The 0.12% comms is for SGX stocks, see https://www.dbs.com.sg/treasures/pr...investaa-promoblock-reduced-rate-btnlearnmore

For funds see https://www.dbs.com.sg/treasures/pr...re-pweb-investaa-investments-ofi-btnlearnmore

Firstly the 3% upfront sales charge in negoitable. Try asking for lower 1.5%? or 2%

Also its a fee when you buy, but you dont incur when you sell.

Also there are people who are looking for high dividend funds as well as more niche investment areas.

As as per mentioned by others before, some are stocks kept with the bank rather than your CDP account.

 

[Optrex]

Again, that 0.12% commision - on what does it apply?

I and my wife had 'introduction to portfolio investing' this week at Treasures from RM. When I asked certain questions it was revealed that fund investment, for example for PIMCO carries 3% fee of the invested amount? So if I want to buy 100K PIMCO, then I need to pay $3000.

Why I would in my clear mind would do this when I can get access to the same fund for much less price at other platform? I asked the same question to RM but did not get satisfactory answer.

Just to share. If you die die want to buy fund, u should go and get it from UOB kayhian. They are offering 0% fee. No joke. They really charging 0%. I dont buy funds though.

Or SCB also can go very low. the normal up to 5% charges are actually makan by the bank and the RM. They dont need to really charge that one.

 

[chopra]

sharing the tncs of scb here

do take note only 50% of bs n esaver are considered for 200k.

 

[chopra]

 

[alvint86]

Interested with citigold & SCB, but trading wise SCB has lower fees & no min commission.

Any benefits for Citigold?

 

[cybercom8]

Interested with citigold & SCB, but trading wise SCB has lower fees & no min commission.

Any benefits for Citigold?

if you meet certain criteria the welcome gifts in $$$ may be better for citigold

got free birthday cake, free limo rides to and from airport

 

[chopra]

how to qualify for free citigold airport limo ? need certain spending?