MyTheo is a new Roboadvisor in town after Stashaway that is currently live already. Users can sign up for this Roboadvisor since May 2019.
Just for more information, there is another Roboadvisior launch after MyTheo which is Wahed invest, an Islamic Roboadvisor, it invests only in ETFs and investment instruments that are permissible by Islam.
You can use my referral/invite code to sign up to Mytheo Roboadvisor - ONGCJEBG6Z
The management fees charged by myTheo is as follows :
The management fees is slightly higher than Stashaway's fees (0.8%) at the lower tier.
myTheo Roboadvisor is a collaborated company between Silverlake Digital INX and Money Design, a Japanese Fintech firm. Silverlake is a well known company supporting all the big banks in Malaysia. Most of the bank’s backend systems uses Silverlake services. Money Design on the other hand has got experience in Roboadvisor software in Japan. The combined company managing the myTheo Roboadvisor is called Gax MD.
The registration process is similar to most financial apps, you need to go through a series of steps, eKYC (electronic know your customer) to verify your identity. Once registration is done, there will be questionnaire to understand the kind of investor you are, depending on the answers given, myTheo roboadvisor will create a personalized portfolio based on the risk profile of you (based on the questionnaires). The personalized portfolio is grouped into Growth, Income and Inflation Hedge where in Growth there are a list of ETFs that the roboadvisor will recommend. What amount of investment to be put into the 3 groups (Growth, Income and Inflation Hedge) will depend on the risk profile selected.
For unknown reasons (security, I presume), the myTheo application does not allow screenshots to be taken so I had to use another phone to take pictures of the myTheo app. The other 2 roboadvisors like Stashaway and Wahed'ls mobile app can take screenshots.
Personally, I feel Stashaway Roboadvisor’s interface is much better but it is understandable considering MyTheo is considered a newcomer.
MyTheo management fees compared with Stashaway, Wahed Invest and normal unit trust funds
Wahed Invest :
0.8% p.a. fees for RM100 – RM499k
0.4% p.a. fees for RM500k and above
Stashway :
0.8% p.a fees for RM 50K
0.7% p.a fees for RM 50K to RM 100K
MyTheo :
1.% p.a fees for RM 30K
0.9% p.a fees for RM 30k to RM 100K
Mutual Funds/Unit Trusts :
Typically 1.8% for equity funds
On paper, Wahed Invest's management fees could be less than Stashaways. However, I think Stashaway has a slight advantage if you invest above 50K and your management fees reduces to 0.7%. Wahed invest's 0.4% management fees is a bit out of grasp for orginary Malaysians as the total amount invested needs to be 500K which is a very very big amount. MyTheo's fees is on the high side but personally I feel management fees might not be indicator of future performance also.
Links :
Google Playstore Link
Updates : I created 2 portfolio called 1st pot of gold and 2nd pot of gold. 1's portfolio suppose to be conservative while the other will be high risk. So far I've put in RM800 to test and there a very marginal gain of RM1+ but with small net loss due to forex/currency differences. I do expect it to be net gain once Mr Donald Trump pumps up the US equities in search for his 2nd term. A lot of the portfolio are US ETFs so it is natural it will rise based on US policy.
Personally, the interface is not as easy as Stashaway's interface, much harder to navigate around the ui.
Updates 20191128 :
There's some chutes of recovery on my portfolio, I think is because the Dow and Nasdaq are lifting the portfolio up a bit.
Updates 20191219 :
MyTheo CEO Ronnie Tan was on BFM (Business FM) today. Link here
Some key points from the interview :
- Prefers to be called digital investment management than a roboadvisor
- Not 100% a black box trading system as there are some inputs required by fund managers
- 0 currency exchange fees
Updates 20191225 :
Christmas update. I've since top up more money into the Roboadvisor. The fund has got some gains but there' still negative currency gains. Hopefully when the Ringgit strengthens my fortunes will reverse.
Updates 20191230 :
Almost year end and MyTheo robo-advisor is in the news already.
https://www.thestar.com.my/business/business-news/2019/12/30/fund-manager-stay-invested-no-matter-what-the-economic-situation-is
Updates 20200109 :
Updates 20200109 :
Portfolio having some losses mostly due to currency losses making the overall portfolio still in the RED.
Updates 20200121 :
I topped up some cash into the portfolio. Portfolio still negative with losses from currency exchange even though the overall portfolio has got minor asset gains.
Updates 20200121 :
I topped up some cash into the portfolio. Portfolio still negative with losses from currency exchange even though the overall portfolio has got minor asset gains.
Disclaimer : I just signed up only and put in less than 1k into the account. I will be writing a series of blog on this new financial service as time progresses. If you feel this article have given some insight into MyTheo and wish to sign up, do use my invitation link or invite code here
Due to time, I did a short video showcasing the interface of MyTheo mobile app.