Best Bank-Run Robo-Advisor
UOBAM Invest Review
Annual Management fee
Minimum Investment
Platform Fees
Expected Annual Return
Underlying Investment
Funding Options
UOBAM Invest is one of the best bank-run Robo advisors in the market run by UOB Asset Management. UOB has investment experience for over 30 years and has gained credibility among Singaporeans without having to invest through them. The UOBAM Invest online portal was introduced in 2018 for corporates but has since been opened for individual investors.
The platform offers you a customized investment portfolio based on their financial goals, risk tolerance, investment horizon, and investment objectives. However, the Robo advisor charges higher fees when compared to other advisors in Singapore, and it does not tell its investors upfront which EFTs it invests in.
All details
Key Features
- It offers a customized investment portfolio that suits your needs and provides a digital Advisor Portfolio Planner to help you attain your financial freedom.
- Allows for portfolio rebalancing and reviewing of portfolios automatically with no input from you
- Uses the glide-path model concept, where the platform allocates funds towards the safer assets to help you move closer to your target as your time horizon deplete.
- UOBAM allows regular contributions or lump sum contributions while starting up via PayNow, FAST, or any UOB account bill payment.
- No account opening or closing fees but has annual fees of between 0.6% and 0.80% with no underlying fund-related fees like valuation fees.
Promotions
- You will receive S$50 for referring a friend to sign up and top up a minimum investment sum of S$500 between 1 December and 31 December 2021.
Pros & Cons
The Pros
- Offer customized portfolios with the underlying asset classes such as ETFs, REITs, and fixed income asset classes based on your risk profile and investment amount.
- It does not require a minimum investment amount, and you can deposit it regularly or in a lump sum. This means you can always invest at your pace.
- Uses the glide-path model that gradually invests your funds in safer assets to help retail investors reach their goals in a specific time frame.
The Cons
- Have relatively high trading fees when compared to its peers.
- It does not offer complete transparency in which ETFs they invest in.
General Information
Other Fees and Charges
UOBAM charges an annual management flat fee of 0.8% on AUM of up to $25,000, which is pretty competitive compared to its peers. Here are the charges and fees involved.
Total investment | Annual fee | US Securities and Exchange Commission (SEC) fees |
$25,000 and below | 0.8% | 0.00221% of the value sold |
Above $25,000 | 0.6% | 0.00221% of the value sold |
How to Create an Account
Contrary to what you might think, you do not need a UOB account to sign up for UOBAM Invest
Here are the steps to follow to open a UOBAM account:
- Download the UOBAM Invest mobile app on your Apple or Android phone.
- Create an account user name followed by your passwords.
- Verify your email address and your mobile number.
- Then submit your details and supporting documents as required by the app
- You can open with MyInfo if you are a Singaporean, FIN (Foreign Identification Number) Holder, or a Permanent resident. If you are an applicant from other countries, you will need to provide: A valid passport or proof of address such as a utility bill or a bank statement that is dated six months from the date of submission
- You will be notified via email when your account is approved.
- After that, you can transfer your money to the account.
Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.
How Does UOBAM Compare with Other Robo-Advisors in Singapore?
Robo-advisor | Minimum Investment Amount | Annual Management fees | Funding options | Expected Annual return |
UOBAM invest | S$1 | 0.6-0.8% | Cash | Not available |
$1,000 | 0.75% | Cash | Not Available | |
US$100 | 0.88% | Cash | Not available |
UOBAM Invest – Our Verdict
UOBAM Invest is one of the leading bank-run Robo advisors. The platform utilizes the glide-path model that gradually allocates funds towards safer assets to help you move closer to your target goals. UOBAM invest’s across different ETFs across diversified asset classes, including high-yield bonds, government bonds, and money market instruments.
It is backed by UOB Asset Management, making it very credible to Singaporeans. It offers competitive trading fees competitive against other advisors in its league. However, the fee decreases as you increase your AUM.
Final Thoughts
UOBAM Invest works almost the same as other rob advisors at a glance. However, there are some differences, such as the fact that the platform does not offer you different portfolios to choose from and avoiding biased decision-making. The Robo advisor analyses your risk profile and amount and determines where to invest your money through the glide path approach.
Key Takeaways
- UOBAM Invest’s Digital Adviser in a bank-run Robo-advisor with competitive trading fees.
- It uses the glide-path approach to invest in assets to help you achieve your financial wealth within your desired time horizon.
- UOBAM Invest does not offer complete transparency in the ETFs it invests in.
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FAQs
How is UOBAM Different from Other Robo Advisors?
UOBAM utilizes goals setting and risk profiling algorithms to design customized investment solutions based on your investment horizon, objective, and risk appetite. The adviser is designed to help you reach your financial goals in your preferred time by allocating funds towards safer assets as you get closer to your target completion date.
Do I Need an Account with UOB to Invest in UOBAM?
No. You do not have to have a UOB customer to open an account with UOBAM Invest.
Can I Use My UOBAM Account for Individuals via Desktop?
No. UOBAM is only available on their mobile app. The app is available for both Apple and Android devices.
What Documents are Required to Open an Account with UOBAM Invest?
Once you install your UOBAM, Invest mobile ass. You can follow the steps we mentioned above.
If you do not have a MyInfo account, you will need to provide:
- A clear photo of your valid passport.
- Proof of address using a bank statement or a utility bill dated six months from the submission date.
Can I Set Up Payments Before My Account Application is Approved?
No.
Your account has to be first approved to contribute funds towards your investment. Once your account has been approved, you will receive notification via email, in-app mailbox, and app push notification. You can set up your payment when you receive the information and start funding your investment.
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