This article contains affiliate links to AutoWealth. DollarsAndSense receives a share of revenue from your sign-ups.
Robo-Advisors use algorithms to help you invest your money based on your risk tolerance, investment goal and investment horizon. The benefits of having your money invested using algorithm is that you eliminate human emotions that come into play when you invest the money yourself.
Popular robo-advisors in Singapore include AutoWealth, Stashaway and Smartly. Here’s a step-by-step guide to opening an AutoWealth Account.
Step 1: Getting Started
Like any savvy user looking for good online deals, check for ongoing promotions that are being run by AutoWealth to see if you are eligible for any special rewards for signing up at this time. You can also check to see if you have any referral codes from your friends and family members.
With a promo code in hand, “Get Started” on AutoWealth’s home page.
(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 2: Fill In Your Investment Goals, Personal Information and Investment Information
Fill in all the requirements in blue.
You can choose from 5 categories of investment goals: House, Car, Children Education, Retirement and General Investing.
AutoWealth also requires your personal information to get a better understanding of your investment profile.
Filling in the details under investment information allows you to determine how much you are looking to invest as well as how much you are looking to top up per month.
Step 3: Assessing Your Risk
Risk management is a key component of investing. Under risk assessment, you share with AutoWealth your current investment portfolio composition as well as your priorities and action that you would take during a period of market volatility. This helps AutoWealth to understand your risk appetite as well as your current investment holdings.
Step 4: Review The Recommendations (Part 1)
Based on your inputs in Step 2 and Step 3, 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.
Step 5: Review The Recommendations (Part 2)
At this stage, you can still adjust your financial objectives and inputs. If you are short of your projected goal, you can adjust both your lump sum investment or your monthly investment input to achieve your goal. Alternatively, you can also change your financial objective and the number of years you aim to reach that goal.
AutoWealth also shows you a projection of how this investment would look like over the course of a few decades.
Step 6: Opening An Account Online
When it comes to opening an account, AutoWealth offers 3 options. Here we are going to open an account online because that is the quickest way to create an account without having to set aside time to meet someone. This can also be done in the comfort of your home where you will have all the relevant documents required.
However, this should only be done when you are certain you want to open an account to invest with AutoWealth. If you are unsure, there is always the option of booking a financial consultation before you open an account.
Step 7: Filling In The Details (Page 1)
The most important part of this is the section on AutoWealth’s Recommended Portfolio as well as your selected portfolio (this was shown to you in under the Recommendations section in Step 4 and Step 5). Check to see that “Your Selected Portfolio” is the type of portfolio you wish to construct. Don’t forget to put in any referrer code you have to ensure that you(and your friend or family)get the incentive.
You will get this email upon successful creation of your AutoWealth account.
Step 8: Verify Your Identity (Email #1)
You will receive an email that contains your AutoWealth Account ID, password as well as next steps to complete.
Follow the steps in the email to verify your identity:
1) Transfer $0.01 to AutoWealth
2) Reply the email with photos of the front and back of your NRIC
Step 9: Complete Prefilled Saxo Application Document (Email #2)
Open the second email sent by AutoWealth Client Services. This email directs you to a Saxo Capital Markets Individual Client Application Form that has already been prefilled.
Scroll through the document, filling in all the boxes that require your signature (“Click to sign”) until it shows that you have completed all the required fields.
After completing this step, you will receive an email containing the signed document.
Step 10: Login To Your AutoWealth Account
Now that all the verification is done, you can now login to your AutoWealth Account using the account number and email provided in the first email.
You will also see your portfolio construction status. Once the custody account forms are approved, your custody account will be ready for funding.
Step 11: Fund Your Account
A day or two after Step 9 is executed, you will get an email (email #3) informing you that your account has been verified and activated. You will be required to fund your initial investment amount within 2 weeks from the time you receive this email (email #3).
There are a few ways you can fund your account. Click on the drop-down arrows and follow the steps listed. You should be sending your funds to SAXO CAPITAL MARKETS PTE. LTD (this is not the same recipient you sent the $0.01 to, which was just to verify your account).
Don’t forget to submit the transaction reference number for AutoWealth to verify the funds on their end. You can also set up a recurring investment plan to transfer a regular amount monthly or quarterly to your AutoWealth portfolio.
Step 12: Portfolio Goes Live
Now that your account is funded, your portfolio will be constructed within 1-2 US working days. Once constructed, your portfolio goes live and you can now track your portfolio performance.
This whole process from clicking the “Get Started” button to getting my portfolio go “live” took less than 4 working days in total. Everything was done online based on instructions from AutoWealth’s website and no additional help was required from AutoWealth’s client services. All in all, a clear and straightforward process to invest with AutoWealth.