Saxo Markets has launched a new digital wealth management offering in Singapore, calls it «the most important innovation» in personal finance over the last 30 years.
Saxo Markets has launched a new digital wealth management offering in Singapore – ‘SaxoWealthCare’ – according to a statement.
The platform aims to provide low-cost, personalized portfolios that take into account not only essential parameters such as investor risk profiles - but also provide customization based on specific financial goals.
The underlying investments are primarily made up of equity and fixed income exchange-traded funds (ETFs).
5th Gen Digital Wealth
According to a robo-advisory report by Deloitte in 2016, the first generation of digital wealth managers only involved single-product proposals based on a questionnaire with manual portfolio adjustments being subsequently required.
Since then, the digital wealth management industry has progressed to a fourth-generation that has been upgraded with various new capabilities such as investment decision-making driven by algorithms or more sophisticated questionnaires.
According to Saxo, its latest offering belongs to the fifth generation because of its added ability to be able to dynamically create one-of-a-kind portfolios based on financial goals with a specific amount and timeline.
Limited Customization
Meanwhile, digital competitors elsewhere offer «largely simple digital solutions with a relatively low degree of customization».
«SaxoWealthCare is here to fill that gap – with its galaxy of starting points and active approach in investing, it builds an active, quality portfolio at a fair price based on your own goals and your life ambitions,» said Saxo Market’s APAC chief executive Adam Reynolds.
«[It is] possibly the most important innovation in the personal finance industry in the last 30 years, since the launch of ETFs.»
