Of course, what's not clear online is the 'early encashment charge' which is what they charge you if you withdraw before 10 years. During year 1, it's 50%, and it rapidly goes down (50%, 30%, 21%, 17%, 14%, 12%, 10%, 8%, 6%, and finally 0%), but it's definitely not flexible. Add on top the 2% fee/year you are paying for their platform, and you can quickly conclude that this is not a good plan.
The better plan (which they will steer you away from) is the Unit Trust Monthly Investment Plan. The reason they will use is that you will get charged 5% every time you buy a fund. Of course, they neglect to mention (and they tell me actually that you can't actually buy) their no fee funds with the UTMIP :
The UTMIP plan can be stopped at anytime (I set mine to stop after 1 year automatically), has a 1000 HK minimum per fund, and if you buy the no fee funds there's no 5% fee. You only pay for the funds management fee (which is the same with Wealthinvest) and if you stop before the year is up there's another 1% charge.
This is a much, much better deal than the Wealthinvest plan. The Wealthinvest plan is only worth it if you love the 44 funds in the plan they are offering, and don't plan on touching it for 10 years, and like the idea of paying for some capital preservation insurance if you die (basically, if the amount of investments goes below your principal and you die within the 10 years, there's a death benefit that covers the difference, up to 500k USD).
I emailed my wealth manager a screenshot of my confirmation screen buying my no fee fund of choice using UTMIP, just to make sure he knows for sure that what his colleague was telling him was not true.
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