Investment and Savings

Under DFA’s books, your assets are in IFAST’s name and they are held under IFAST’s Client Trust account, separate from IFAST’s own assets. Under IFAST’s records, however, the assets are all held in your individual name.

This is similar to purchasing unit trusts through a bank, all the funds are held under the bank’s name while the bank keeps a record of your holdings.

In the unlikely event that IFAST ceases to operate, all the assets will either be transferred to another distributor or fully redeemed and returned to investor.

All investors’ money are protected and held in a trust account under our custodian’s iFAST Financial Pte Ltd – Client Trust, which are subjected to MAS regulations. In the unlikely event that iFAST ceases operations, your investment holdings held will either be returned to the investors or transferred to another agent of your choice. iFAST has the responsibility to ensure that all liabilities and obligations to all clients have been fully discharged or provided for, and that proper arrangements have been put in place.

iFAST Financial Pte Ltd provides custodial and transfer agent services to MoneyOwl. Please refer to https://eservices.mas.gov.sg/fid for full details of their licence.

The Joint Investment Account will remain as it is. Should you wish for your child to take over the portfolio when he is above 18 years old, he would need to set up his own personal investment portfolio. You will have to redeem the joint investment portfolio. The proceeds will have to be invested into your child’s personal investment portfolio.

Upon death of either party, the surviving party will need to provide us with the death certificate. If the surviving party is a minor, the legal guardian of the minor is required to provide his NRIC, death certificate and power of attorney. If the surviving minor does not have a legal guardian, he will not have access to the investment holdings until he turns 18 years old.

To keep the investment, the surviving party will be required to open a new investment account. The assets are then transferred to the new investment account.

To sell off the investments, there is no need to open a new investment account. The joint investment account will be turned into the estate of the deceased and subsequently sold off under the instruction of the surviving party.

The surviving party or legal guardian of the surviving minor shall indemnify us and iFAST in respect of any claim which may be made against as a result of complying with the surviving person or legal guardian’s instructions.

You will not be able to change to another portfolio. You may decline the invitation, and inform the primary holder to re-submit the application and invitation.

You will not be able to change your portfolio. You will need to withdraw and re-submit the application again.

Both account holders will be notified and the application will be voided. The primary holder will need to re-submit the application.

Your Joint Investment Account application will expire after seven calendar days. You will need to re-submit the application.

1. If the secondary holder is a major (i.e. 18 years and above):
   • The Joint Investment Account will be opened immediately after the secondary holder accepts the application. Both holders must have used MyInfo to set-up their personal investment portfolio
   •  The Joint Investment Account will be opened within one or two business days after the secondary holder accepts the application if either holder manually input their information when setting up their personal investment portfolios.
2. If the secondary holder is a minor:
   • The Joint Investment Account will be opened within one or two business days.