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Phillip Capital Review: Is Phillip.com.sg Scam Or Well-Respected?

Phillip Capital Review: Is Phillip.com.sg Scam Or Well-Respected?

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Estimated reading time: 6 minutes

Is Phillip Capital a well-established company with a solid track record for managing client portfolio?

Well, to answer that question, we would need to look into what the company is offering and what their past and present clients have been saying about them.

Also, it’s important to note that Phillip Capital is not very popular among investors looking to utilize the services of an asset manager.

For one, Phillip.com.sg offers a wide range of investment services as opposed to just managed Forex accounts services only.

On the other hand, most retail Forex investors love to do business with companies that only specialize in one area of business as opposed to investment companies that use ”a jack of all trades” kind of approach to invest their clients’ funds.

They are not necessarily a scam. However, their approach confuses most would-be investors who would want to do business with them.

Furthermore, we can’t find any particular instances where a client gave their testimony of how they realized attractive returns from this company.

And please note that there is no one specific brand name by which this company is recognized with.

They operate under different brand names which include Phillip Capital, Phillip securities and Phillip Capital Network.

The company also appears to have a global presence although it has strong roots in Singapore — where it started in 1975.

They’ve since expanded their reach to countries like the USA, UK, and Australia.

It would be helpful to note that Phillip Capital targets investors in these countries with their smorgasbord of investments products — which only serve to bring confusion.

Overview of Phillip Capital

Phillip Capital offers managed accounts for those who want to invest in Forex, stocks & shares, unit trust, gold silver etc. They seem to have ”something” for everyone.

They also claim to offer managed accounts for investors with different needs as well as risk profiles.

To get started with this company, one needs to define their objective, risk tolerance, preferences as well as constraints.

The next step is to chose an investment strategy — of which we have no idea why investors are required to choose an investment strategy when they’ve already opted for a premium managed account service.

A managed account service is supposed to handle everything for the investor. It’s the reason why you’re paying a management fee.

Phillip Capital exorbitant fees and charges

This company has been accused of charging an arm and a leg for their managed account services.

Perhaps it’s for this reason that most investors have been avoiding them like the plague.

Why would you pay excessive fees when other companies offering the same services are charging reasonable fees?

Anyway, this is what to expect from Phillip Capital (and also the reason why you should shun them):

  • They charge a service fee of 3% for all capital injection. If you invest 10k for instance, this would rack up charges up to RM300.00. Please note that this company uses financial lingo that is difficult to understand.
  • The company charges an annual management fee of 1.5% on the market value of your portfolio.

Suppose an investor buys shares worth RM10,000.00 and decides to sell it 5 months later, they will incur a management fee of 1.5% X the market value X 5/12 months.

By the way, we are not so sure whether we are working with current market value or buying price here.

  • If you request an early withdrawal, Phillip Capital puts a charge of 2.5% of the value of capital injected.
  • There is also a custodian fee of 0.03% (on the market value of your portfolio) which is charged on a yearly basis. This is supposed to be calculated and deducted after every 30 days. Still, each transaction will attract a charge of 0.12%.
  • As if that is not enough, Phillip Capital puts an extra charge on incidental and transaction costs. This includes stump duty, brokerage, and so on.

You realize that these charges can quickly deplete your account. In fact, you’d be better off investing in a Public saving fund.

Also, investors have 2 options when dealing with this company.

You can either manage your portfolio on your own or involve a Phillip Capital asset manager to do it for you.

If you choose to invest on your own, the company will give you access to an online trading platform. However,you won’t be allowed to invest in some funds — for reasons best known to this company.

This scheme is very similar to mutual funds. The only difference here is that this company lets you manage your own account.

Phillip Capital has also included a number of employees who refer to themselves with all sorts of titles.This is to justify the exorbitant fees which this asset manager is charging to use their services.

For example, they have financial planners who keep calling investors who have signed up with them to explain matters related to their investments on Phillip Capital.

Reviews, ratings and complaints

With such a smorgasbord of financial services offered by this company, one can never say that this company doesn’t have its critics.

Surprisingly, as big as this company purports to be, there are no user reviews from people who have used their services before.

However, we were able to track a few user complaints against them. If these complaints are anything to go by, then this company would definitely receive poor ratings on a scale of 1-5.

Actually, we used these complaints to rate Phillip Capital.

The following screenshots highlight the number of complaints that have been directed towards this company since 2011.

phillip.com.sg

phillip capital number of complaints

Please note that these records were taken from a website called Chittorgarh.com. They only highlight the number of complaints as opposed to what users were complaining about.

Therefore, we were not able to establish the exact accusations brought against Phillip Capital (although numbers don’t lie).

Track record for performance

This company looks like it’s run by some ”serious” asset managers who know their jobs like the palm of their hands.

They also ride on the image which they’ve projected to the public over the years, which is why they are not bothered by ”small things” like proof of performance.

It’s a big shame that this company doesn’t have any section dedicated to publishing their back-tested results and past-performance.

On the other hand, investors who use caution before committing their investments to asset managers often demand proof of performance.

We are not sure how this company handles such clients. You see, it’s only expedient that you should ask for proof that their asset management service is worth the fees and charges which you’re paying.

Otherwise, if you’re not going to generate any profits in your managed account, you will definitely incur losses in the so-called management fees and other charges.

Our Best Advice for you

You realize that Phillip Capital treats its prospective clients to more information than they need.

This has led to information overload, and clients are even getting confused because most people who even consider this service don’t have a PHD in financial matters.

They really don’t have knowledge on matters related to stocks, shares, Unit Trust, CFDs, etc.

A layman would only need clarity in terms of past performance and how their money will be invested. Period!

Lastly, your investments into the financial markets doesn’t have to be complicated anyway. These Forex products and services are simple to use, plus they offer realistic profit projections without incurring the user any additional fees/charges. You can sign up straight away.

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