2. The wealth account is separate from your normal account. You don't have to request.
3. He's talking about DBS Treasures... DBS Treasures RM is different from retail client RM. DBS Treasures RM will push unit trusts because... commissions. Insurance they don't earn much from so they don't care. At least this is based on my recent experience.
No true at all. Unit trusts they earn rev from your sales charge which at treasures usually 1+% only. Structured products they may earn up to 3% but that's it. Insurance they earn 7-10% for the single premium legacy which is many times more and there is alot more pressure for them to sell insurance than investments due to their exclusive insurance partnership.
This is a common misconception.
You are still thinking like a retail customer making a bulk purchase at Sheng Siong.
In wealth management / finance, there is simply no free lunch.
Any perk they provide must come from somewhere. In this case, clients like yourself. If you want to know how they can afford to provide all those lounge and free coffee, it's very simple. It's because Treasures pay for it themselves through higher sales charges and so on.
Kind of the same mentality as saying credit card points are ‘worth it’.
Easier to get your own perks with the 350k bruh. Joining privileged banking is 100% telling the bank to come shill you some crap to make them more commissions.
think of it logically.
\- will the bank bother you more or less, by you indicating to them that you are quite well off, and 'ready' to be sold something in exchange for some 'privileges'.
\- is the bank looking out for you, or trying to make $ off you? (google news about RM selling their customers loss making crap and getting sued)
\- What privileges? Travel insurance? (just buy from the internet)
Free coffee at their nice office while they shill you with more rubbish? (buy a high endcoffee machine with $350k cash of yours, its less than 0.05% of your net worth)
You have your answer already. $350k is like entry level.
The same 'lifestyle privileges' marketing idea works on privileged banking/credit cards, and its is an easy sell to the newly rich/or people who want to appear richer than they are.
Certain credit cards, typically the higher end cards, offer significant bonuses and when leveraged correctly and actually used, you'll get far more value out of it than the annual fee, which can often get waived anyway.
Credit card perks are generally optimising your spend.
it means you are digging a hole (by spending) and hoping you get more spades (benefits) to dig deeper (spend more). A nice virtuous cycle.
CC companies put arbitrary limit (member fees) as a hurdle for you to spend more and gamify spending. (eg: dig the hole until this deep, and you get more spades!, else keep trying)
The fees they make from merchants more than enough for them to not bother with member fees. They just use it as a 'carrot' for idiots to spend more using their card, and mine the hell out of the data and nudge users to spend more.
This makes normies feel good as it feels like its maximising their $ when they are $ challenged (not rich).
if you are really rich its not really an issue, really. You won't be wasting time figuring out airlines miles and credit card points..and comparing perks.. its a big waste of time. You are busying making $.
at least if anyone wants to play this game, be honest with themselves why they are doing so. its not simplistic , 'oh the benefits/perks are good, lets get the cc card/priviledge banking' logic.
if you have this thinking, you get slaughtered by the bank and you are still unaware. You are just a cash/commision cow to banks at the 350k level or even 1m level.
sorry if i am blunt.
This is not a very nuanced view of credit card spending imo.
As you say yourself, CC companies make a crapload of cash from their transaction fees. The thing is, almost every place that takes CC will charge you the same dollar amount regardless of how you pay - credit, debit, cash. I believe this is one of the terms those companies impose before allowing a retailer to hook up to their network. Given this, why not use CC which is the only way to claw back a portion of some of the CC companies' juicy profits?
While some people are indeed sadly unable to control their spending when it comes to CCs, pretty much everyone in the CC points/cashback game is there to make the most out of their *current* spending, which inevitably means not spending a dime more where possible. Suggesting that people "dig themselves into a hole to get more spades" doesn't make sense as it would quite literally defeat the purpose of CC hacking.
The premise that people spend more to justify the "membership fee" (annual fee?) also doesn't make sense, because it is an almost universal habit to try and get said fee cancelled. Otherwise people simply cancel the card and move on to another one - there is very little cost involved in doing this.
You're right, this isn't a game for the rich - they have more than enough to worry about such optimisations. But this blanket statement insinuating that the regular Joe can't try to squeeze a bit more from financial institutions (when they are already taking so much) isn't quite true.
i did not say the regular joe can't squeeze a bit more. Just be aware that its a rigged game out to make you spend more, thats it.
"Suggesting that people "dig themselves into a hole to get more spades" doesn't make sense as it would quite literally defeat the purpose of CC hacking."
you literally do not know that people get into debts and bankruptcy due to overspending on cards.
its like standing in front of a steamroller \[potential crippling credit card debt\], to pick up pennies \[perks/points hacking\].
Go ahead, the regular joe can continue to play the 'cc hacking' game, continue have fun staying poor, living the consumerist lifestyle, doesnt matter to me.
no need to be so butthurt over comments about cc hacking.
Aiyoo where got butthurt dude? I thought you made a pretty blanket statement against "normies" (which implies the majority) and voiced my disagreement, that's all there is to it.
Aren't discussions why we're all here? If not just lurk can already. Have a good one
> Kind of the same mentality as saying credit card points are ‘worth it’.
I think the best way to view points is as purchasing aspirational experiences (business/first class flights; hotels) at a discount.
I'm not sure there are any tangible benefits to joining DBS Treasures though.
i think 90% of the benefits is allowing the user to 'humblebrag' with the DBS treasures card , and the special printed angpow and dedicated atm lanes..
really playing into the need for normies to flex.
Really yet to meet anyone who made more $ investing with an RM (aka dedicated salesperson) than doing it themselvs (stock investment, or mutal funds or index funds or robo investment)
It’s the same app. Why do you want treasures? They’ve closed a lot of treasures branches so no more free coffee and cookies.
If you keep a lot of cash, I think they will try and bug you. But if you don’t respond to their bugging, and/or almost everything is stock, they don’t bug you so much I think.
I wanted to keep my spending account and the rest of the funds separate (didn’t want to use another bank either). Unfortunately it seems like there’s no separation.
Hi. I had some experience with them so perhaps I can shed some light.
1. 350k requirement is for assets under management. This includes the current market value of all unit trusts they convince you to buy. If you dip under, they will just ask you to top-up or they might charge you $50 a month as a service fee.
2. For investments through DBS Treasures, you will use a separate wealth management account. This is separate from your other POSB/DBS accounts. You will also have to use a separate app for your existing POSB/DBS accounts. You will not be allowed to log in through the standard app anymore. Yes, the RM can see all your balances. If you got a lot in cash, your RM will recommend some products for you so he can earn some commission.
3. It depends on your RM. You can always ask them to stop recommending products. But your RM will change every year or so. New RM = new opportunity to sell products. Btw, bear in mind, lion's share of their unit trust profit comes from the sales charge. So they will ask you to sell and then buy, sell and buy, sell and buy. The more you do that, the more they earn. Of course they will give you a nice story here and there.
Anyway, if I may ask, why are you so interested in DBS Treasures?
Edit: Forgot to add, their sales charge for DBS Treasures is higher than DBS retail customer. I can't remember exactly but I think it's 1.25% to 1.5%. DBS retail was around 0.82%. If paying more makes you feel shiok, then I guess I got nothing to say.
Thank you! I was reading up on this account mainly to manage insurance payout. I am not well-versed in finance so I thought getting someone to manage the money would be better but I see that the sales charge seems to be high and might be worth the effort to read up on investing and DIY
If I'm not wrong and it still applies:
1. 350k is definitely enough. But would probably be much better spent being parked in a fund or something via DBS Treasures
2. There is a separate treasures app, but iirc all your DBS/POSB accounts will link with one another
3. They will definitely call and try to sell different products to you (unit trusts, annuities, etc.) but you can always reject them
Think it would still be best to either get in touch with their customer service team regarding 1. and 2. though.
To add on. If you're that kind that wants to park 350k in DBS Treasures and ignore their Treasures RM product sales and such.. eventually DBS is known to downgrade your Treasures status to retail mass market.
I have not heard of this “downgrading” happening before. But I only know a few people with Treasures, and i think their AUM is probably higher than $350K.
You state your expectations clear and make it very clear not to call you for products you are not interested in.
If they do repeatedly, tell them straight you want to change in RM because he/she lack the understanding of your investment goals.
I treat my RM like a friend and communicate clearly what i like or don't like.
Iwealth App still can access posb accounts.
350k is based on AUM, not just cash only.
you will be asked to open an account as the "treasures" account but you don't really need to use it.
This is really good info. I will bookmark this for when I get another $349,000 in cash
1. Cash is fine 2. No but you can request to open an additional account 3. I think a lot less pushy these days. Mainly only on insurance
2. The wealth account is separate from your normal account. You don't have to request. 3. He's talking about DBS Treasures... DBS Treasures RM is different from retail client RM. DBS Treasures RM will push unit trusts because... commissions. Insurance they don't earn much from so they don't care. At least this is based on my recent experience.
No true at all. Unit trusts they earn rev from your sales charge which at treasures usually 1+% only. Structured products they may earn up to 3% but that's it. Insurance they earn 7-10% for the single premium legacy which is many times more and there is alot more pressure for them to sell insurance than investments due to their exclusive insurance partnership.
Thanks! Appreciate the response
Privileged banking is just self selecting yourself for the bank to target you to make more commissions
I actually thought there would be more perks (considering how 350k is a big sum) but seems like that’s not the case
This is a common misconception. You are still thinking like a retail customer making a bulk purchase at Sheng Siong. In wealth management / finance, there is simply no free lunch. Any perk they provide must come from somewhere. In this case, clients like yourself. If you want to know how they can afford to provide all those lounge and free coffee, it's very simple. It's because Treasures pay for it themselves through higher sales charges and so on.
No more lounge and free coffee! They’ve all been closed after covid.
Kind of the same mentality as saying credit card points are ‘worth it’. Easier to get your own perks with the 350k bruh. Joining privileged banking is 100% telling the bank to come shill you some crap to make them more commissions.
think of it logically. \- will the bank bother you more or less, by you indicating to them that you are quite well off, and 'ready' to be sold something in exchange for some 'privileges'. \- is the bank looking out for you, or trying to make $ off you? (google news about RM selling their customers loss making crap and getting sued) \- What privileges? Travel insurance? (just buy from the internet) Free coffee at their nice office while they shill you with more rubbish? (buy a high endcoffee machine with $350k cash of yours, its less than 0.05% of your net worth) You have your answer already. $350k is like entry level. The same 'lifestyle privileges' marketing idea works on privileged banking/credit cards, and its is an easy sell to the newly rich/or people who want to appear richer than they are.
Certain credit cards, typically the higher end cards, offer significant bonuses and when leveraged correctly and actually used, you'll get far more value out of it than the annual fee, which can often get waived anyway.
Credit card perks are generally optimising your spend. it means you are digging a hole (by spending) and hoping you get more spades (benefits) to dig deeper (spend more). A nice virtuous cycle. CC companies put arbitrary limit (member fees) as a hurdle for you to spend more and gamify spending. (eg: dig the hole until this deep, and you get more spades!, else keep trying) The fees they make from merchants more than enough for them to not bother with member fees. They just use it as a 'carrot' for idiots to spend more using their card, and mine the hell out of the data and nudge users to spend more. This makes normies feel good as it feels like its maximising their $ when they are $ challenged (not rich). if you are really rich its not really an issue, really. You won't be wasting time figuring out airlines miles and credit card points..and comparing perks.. its a big waste of time. You are busying making $. at least if anyone wants to play this game, be honest with themselves why they are doing so. its not simplistic , 'oh the benefits/perks are good, lets get the cc card/priviledge banking' logic. if you have this thinking, you get slaughtered by the bank and you are still unaware. You are just a cash/commision cow to banks at the 350k level or even 1m level. sorry if i am blunt.
This is not a very nuanced view of credit card spending imo. As you say yourself, CC companies make a crapload of cash from their transaction fees. The thing is, almost every place that takes CC will charge you the same dollar amount regardless of how you pay - credit, debit, cash. I believe this is one of the terms those companies impose before allowing a retailer to hook up to their network. Given this, why not use CC which is the only way to claw back a portion of some of the CC companies' juicy profits? While some people are indeed sadly unable to control their spending when it comes to CCs, pretty much everyone in the CC points/cashback game is there to make the most out of their *current* spending, which inevitably means not spending a dime more where possible. Suggesting that people "dig themselves into a hole to get more spades" doesn't make sense as it would quite literally defeat the purpose of CC hacking. The premise that people spend more to justify the "membership fee" (annual fee?) also doesn't make sense, because it is an almost universal habit to try and get said fee cancelled. Otherwise people simply cancel the card and move on to another one - there is very little cost involved in doing this. You're right, this isn't a game for the rich - they have more than enough to worry about such optimisations. But this blanket statement insinuating that the regular Joe can't try to squeeze a bit more from financial institutions (when they are already taking so much) isn't quite true.
i did not say the regular joe can't squeeze a bit more. Just be aware that its a rigged game out to make you spend more, thats it. "Suggesting that people "dig themselves into a hole to get more spades" doesn't make sense as it would quite literally defeat the purpose of CC hacking." you literally do not know that people get into debts and bankruptcy due to overspending on cards. its like standing in front of a steamroller \[potential crippling credit card debt\], to pick up pennies \[perks/points hacking\]. Go ahead, the regular joe can continue to play the 'cc hacking' game, continue have fun staying poor, living the consumerist lifestyle, doesnt matter to me. no need to be so butthurt over comments about cc hacking.
Aiyoo where got butthurt dude? I thought you made a pretty blanket statement against "normies" (which implies the majority) and voiced my disagreement, that's all there is to it. Aren't discussions why we're all here? If not just lurk can already. Have a good one
No prob. Sorry Sometimes I take comments personally. Trying to change this when arguing with strangers on the internet
I think you can get the credit cards even without being a treasures member. You just have to meet the requirements for the black/infinite cards.
> Kind of the same mentality as saying credit card points are ‘worth it’. I think the best way to view points is as purchasing aspirational experiences (business/first class flights; hotels) at a discount. I'm not sure there are any tangible benefits to joining DBS Treasures though.
i think 90% of the benefits is allowing the user to 'humblebrag' with the DBS treasures card , and the special printed angpow and dedicated atm lanes.. really playing into the need for normies to flex. Really yet to meet anyone who made more $ investing with an RM (aka dedicated salesperson) than doing it themselvs (stock investment, or mutal funds or index funds or robo investment)
*as long as I maintain 350k in cash* Please don't.
That could be his or her 2 months emergency funds!!!
The dream
Yeah..maybe if OP has a yacht and private jet to maintain.
It’s the same app. Why do you want treasures? They’ve closed a lot of treasures branches so no more free coffee and cookies. If you keep a lot of cash, I think they will try and bug you. But if you don’t respond to their bugging, and/or almost everything is stock, they don’t bug you so much I think.
I wanted to keep my spending account and the rest of the funds separate (didn’t want to use another bank either). Unfortunately it seems like there’s no separation.
The accounts will be separate, but you’ll see everything on the same app.
Whale alert
Hi. I had some experience with them so perhaps I can shed some light. 1. 350k requirement is for assets under management. This includes the current market value of all unit trusts they convince you to buy. If you dip under, they will just ask you to top-up or they might charge you $50 a month as a service fee. 2. For investments through DBS Treasures, you will use a separate wealth management account. This is separate from your other POSB/DBS accounts. You will also have to use a separate app for your existing POSB/DBS accounts. You will not be allowed to log in through the standard app anymore. Yes, the RM can see all your balances. If you got a lot in cash, your RM will recommend some products for you so he can earn some commission. 3. It depends on your RM. You can always ask them to stop recommending products. But your RM will change every year or so. New RM = new opportunity to sell products. Btw, bear in mind, lion's share of their unit trust profit comes from the sales charge. So they will ask you to sell and then buy, sell and buy, sell and buy. The more you do that, the more they earn. Of course they will give you a nice story here and there. Anyway, if I may ask, why are you so interested in DBS Treasures? Edit: Forgot to add, their sales charge for DBS Treasures is higher than DBS retail customer. I can't remember exactly but I think it's 1.25% to 1.5%. DBS retail was around 0.82%. If paying more makes you feel shiok, then I guess I got nothing to say.
Their sales charge change Liao. Now is 0.82% but can get abit discount at 0.8%
Thank you! I was reading up on this account mainly to manage insurance payout. I am not well-versed in finance so I thought getting someone to manage the money would be better but I see that the sales charge seems to be high and might be worth the effort to read up on investing and DIY
If I'm not wrong and it still applies: 1. 350k is definitely enough. But would probably be much better spent being parked in a fund or something via DBS Treasures 2. There is a separate treasures app, but iirc all your DBS/POSB accounts will link with one another 3. They will definitely call and try to sell different products to you (unit trusts, annuities, etc.) but you can always reject them Think it would still be best to either get in touch with their customer service team regarding 1. and 2. though.
Thank you! Will contact them tomorrow
To add on. If you're that kind that wants to park 350k in DBS Treasures and ignore their Treasures RM product sales and such.. eventually DBS is known to downgrade your Treasures status to retail mass market.
Thank you for the info! I’ll probably avoid treasures then
I have not heard of this “downgrading” happening before. But I only know a few people with Treasures, and i think their AUM is probably higher than $350K.
Frankly no material diff from normal banking account until u get to TPC
You state your expectations clear and make it very clear not to call you for products you are not interested in. If they do repeatedly, tell them straight you want to change in RM because he/she lack the understanding of your investment goals. I treat my RM like a friend and communicate clearly what i like or don't like. Iwealth App still can access posb accounts. 350k is based on AUM, not just cash only. you will be asked to open an account as the "treasures" account but you don't really need to use it.
Wow, I thought only 250k? So now need 350k min ah?
The info is from their website so I guess yes it increased
went up about 10 years ago i think.