So i was a fan of the OCBC blue chip investment plan but i bid goodbye to it a few months ago when June 2014 came to an end. Why? The promotional period was over and the cost price was to increase to a minimum fee of $5 per transaction instead of the 0.3%. The fundamental of a DCA ETF is to keep cost low. I understand later that the promotion was continued which made me really annoyed because I had already sold my shares in the blue chip investment plan.
But moving on. I have moved to the Share Builders Plan and hopefully, there will be no change in the long run. So yes, $6 so i can buy a piece of mind for no more unwanted increase in costs! This is going to be used for a fund for my kid's education as well as my hubby's and I's semi-retirement fund.
I am not one of those parents who believe in planning my kid's future right down to the property they are going to buy. I shudder when I think of my financial adviser's kinda crazy advice to me - he told me to purchase a life insurance for my kid, and think about putting lots of money into some investment plan on a monthly basis so that when my kid grows up, i can help him buy a PROPERTY! WTF?! I am not sure if he was trying desperately to make a sale but he started talking about how it is very common among his clients. But i do believe in helping my kid get a leg up so if there is something that he is passionate about later, whether starting a business or furthering his education, then at least i have funds for him. But it is not going to be handed to him on a platter.
Anyway, that is my round up on my moving to Share Builders Plan.
Update: I am still going to use OCBC though for my SRS account. I know it doesn't really make sense but SBP is not linked to SRS. And OCBC has not enough sense to allow one person to pay for their blue chip plan via SRS and ordinary account.