Robo-advisors use algorithms to help you invest your money based on your risk tolerance, investment goals and investment horizon. The benefits of investing your money using algorithms include eliminating human emotions that often influence self-managed investments. Additionally, the technology simplifies the investment process and allows beginner investors with no prior investing knowledge to get started easily.
One of the pioneers in Singapore’s Robo-advisor space, AutoWealth was launched in 2017 to investors in Singapore. Since then, the company has continued in expanding its product offerings and investor base.
As explained on their website, one little-known fact about AutoWealth is that it’s an institutional-grade robo-advisor used by many institutions, including Fortune 500 companies. These organisations use AutoWealth to support their employees with their finances, such as their pension plans.
Opening An Account With AutoWealth
As retail investors, we can invest our money in the financial markets using AutoWealth. You can read our review on why we like investing with AutoWealth.
If you are keen to invest through AutoWealth, here’s a step-by-step guide on how you can get started today.
(Here’s a promo code for you to receive a $20 top-up into your account once you fund it with the $3,000 minimum – Promo Code: DOLLARSANDSENSE)
Step 1: Getting started
On the AutoWealth home page, select “Get Started” on the top right hand of the screen.
You will be asked to select the portfolio type you want. Currently, there are a few options to choose from.
Investment Option
Description
Starter
Globally diversified portfolios containing over 8,000 stocks and 600 government bonds. This would be a good portfolio to kickstart your investment journey.
AutoWealth Plus+
Invest in market-specific themes, e.g., New Economics, Digital Economies, and more. Relevant for more experienced investors who want greater exposure to a particular sector.
SRS
For investors who wish to use the SRS funds to invest.
Flexi Cash
Invests in money market funds or treasury bills.
We selected Starter to build a globally diversified portfolio for the long term.
Step 1A: Choose your risk preference level
You will be prompted to choose your risk level. This isn’t a crucial step because you will be asked again on this later when you fund your portfolio account during the risk profile step. However, it’s useful to know that there will be 5 risk levels we can choose from:
Portfolio Type
Risk Level
Asset Allocation
Preservation
Risk 1 – low risk
80% bonds / 20% equities
Conservative
Risk 2 – low risk
60% bonds / 40% equities
Balanced
Risk 3 – moderate risk
40% bonds / 60% equities
Long Term Growth
Risk 4 – moderate risk
20% bonds / 80% equities
Aggressive Growth
Risk 5 – moderately high risk
0% bonds / 100% equities
Step 2: Choose the account type you want
At this step, fill in your referral/promo code. You can use our promo code, DOLLARSANDSENSE. Once you fund your account with a minimum of $3,000, you will receive a $20 top-up.
Step 3: Use Singpass to prefill your details
The quickest way to sign up will be to use your Singpass account. You can retrieve Myinfo with Singpass. Otherwise, you will need to fill out the application form manually.
We chose the Singpass option. This option prefilled most of the details. Fill in the rest of the required information.
There will also be a financial background form to complete. Once you are done, submit the form.
Step 4: Upload the necessary documents
As with opening most investment accounts online, you would need to submit a front and back of your NRIC.
Your registration is completed. You will receive your Account ID and Password via email for your login. You can also choose to log in via Singpass.
Do note that a custodian account will also be created for you. All investments made through Autowealth will be held in the custodian account under your name.
Start Investing With AutoWealth
Once you open your account, you can log in either via Singpass or Account ID to it.
When you have log in, you can choose to create your first portfolio. We opted for the “Starter” portfolio.
Choose your investment goals
Fill in all the requirements in blue.
You can choose from five categories of investment goals: house, Car, Children’s Education, Retirement, and General Investing.
AutoWealth also requires your personal information to understand your investment profile better.
Filling in the details under investment information allows you to determine how much you want to invest and how much you want to top up per month.
Profile your risk
Risk management is a key component of investing. Under risk assessment, you share with AutoWealth your current investment portfolio composition and your priorities and actions that you would take during a period of market volatility. This helps AutoWealth understand your risk appetite and your current investment holdings.
Review the investment recommendations
Based on your inputs, AutoWealth generates an investment portfolio for you based on your investment goals, risk level and investment horizon. You also get to see the detailed portfolio breakdown and an overview of your risk profile type.
You can proceed to accept the recommendations and start funding your AutoWealth Account.
If you have used the promo code ‘DollarsAndSense‘, you will receive a $20 top-up into your account once you fund it with the $3,000 minimum.
Read Also: Robo Advisors In Singapore (2024): What You Need To Know Before Investing
This article was first written in 2019 and has been updated
The post Step-By-Step Guide To Opening An AutoWealth Account For New Singapore Investors appeared first on DollarsAndSense.sg.
