Endowus vs FSMOne 2026: Which Wins for CPF, SRS and Fund Investing?

Managed robo-advisor vs self-directed fund and brokerage platform — fees, CPF/SRS access, and who each one actually suits.

Endowus is a managed robo-advisor charging 0.15%-0.60% a year for expert-built portfolios across Cash, CPF OA/SA and SRS, while FSMOne (by iFAST) is a self-directed fund and brokerage platform with a permanent 0% sales charge, a small ongoing platform fee, and a far larger menu of 1,500+ funds plus direct stock and ETF trading. Both are CPFIS-approved, but FSMOne charges no platform fee at all on CPF-held unit trusts — the single biggest cost difference between the two.

Not financial advice. All figures are for educational reference only. Data as at November 2026 unless otherwise noted.

Table of Contents

Quick Answer

Endowus and FSMOne both let Singapore investors put Cash, CPF OA/SA and SRS money to work, but they solve the problem in opposite ways. Endowus is a managed service: you pick a goal, it builds and auto-rebalances a diversified portfolio from roughly 400+ curated institutional-class funds, and charges a single all-in access fee of 0.15% to 0.60% a year depending on account size and product. FSMOne is self-directed: there is no advice layer by default, but you get 0% sales charge on 1,500+ unit trusts, a much smaller ongoing platform fee (0.35% a year on equity/mixed unit trusts held in Cash or SRS, and — notably — zero platform fee on CPF-held unit trusts), plus the ability to trade stocks, ETFs and bonds directly through the same account. An investor who wants CPF and SRS professionally managed with no fund-picking of their own tends to prefer Endowus. An investor who wants the lowest possible running cost, a much wider fund shelf, and the option to also hold individual stocks and ETFs tends to prefer FSMOne.

Key Differences at a Glance

Source: endowus.com/pricing and FSM Global (FSMOne) pricing structure, verified November 2026.

Fee Structure Compared

Endowus charges a single “Endowus Fee” that covers advice, platform access, brokerage and automatic rebalancing — there is no separate sales charge, and the platform rebates 100% of any trailer fees from fund managers back to the client. As at November 2026, Cash invested in advised portfolios (Flagship, Income, ESG) or multi-fund Fund Smart picks is charged 0.60% a year below S$200,000, stepping down to 0.50% (S$200K-S$1M), 0.35% (S$1M-S$5M) and 0.25% (above S$5M). A single-fund Fund Smart pick is charged the lower of 0.30% or your applicable tier. Short-term cash parked in Cash Smart money market funds is a flat 0.15% a year. CPF OA/SA and SRS money is priced separately from Cash and does not combine for tiering — advised CPF/SRS portfolios are a flat 0.40% a year, single-fund CPF/SRS picks are 0.30%, and Cash Smart-style money market funds held in SRS are 0.15%.

FSMOne’s model is structurally different: there is no advisory fee at all, because by default there is no advice. On its 1,500+ unit trusts, the sales charge is a permanent 0% — one of the first platforms in Singapore to make this a standing policy rather than a promotion. On top of that, FSMOne levies a small ongoing platform fee, billed quarterly, of roughly 0.0875% a quarter (about 0.35% a year) on equity and mixed unit trusts held in a Cash or SRS account, and a lower 0.20% a year on fixed income unit trusts. Crucially, unit trusts held under CPF (CPFIS-OA or CPFIS-SA) carry no platform fee at all on FSMOne — the fee is waived entirely for CPF money, which is the single clearest cost advantage FSMOne has over Endowus for CPF investors. Stocks, ETFs and bonds traded directly through FSMOne’s brokerage arm are charged a separate 0.08% commission with a S$8.80 minimum per trade, consistent across SG, US and HK markets.

CPF, SRS and Fund Selection

Both platforms are CPFIS-approved, so either one can legitimately hold your CPF Ordinary Account and Special Account savings — this is where Endowus and FSMOne differ from a broker like IBKR, which cannot accept CPF money at all. But the mechanics and cost of CPF investing differ sharply between the two. On Endowus, CPF money goes into an advised, auto-rebalanced portfolio and is charged the flat 0.40% (multi-fund) or 0.30% (single-fund) CPF/SRS rate regardless of which specific funds are held. On FSMOne, you select individual CPFIS-approved unit trusts yourself from its much larger shelf, and — because FSMOne is the fund distributor rather than a portfolio manager — your CPF OA/SA holdings on FSMOne pay no platform fee whatsoever, only the embedded fund-level Total Expense Ratio (TER) that every unit trust charges regardless of which platform you buy it through.

The trade-off is choice versus guidance. Endowus’s roughly 400+ funds are pre-screened by its investment office into evidence-based, conflict-free portfolios, which suits an investor who doesn’t want to compare fund factsheets themselves. FSMOne’s 1,500+ products span unit trusts, ETFs, bonds and direct stocks across multiple markets, which suits an investor who already has views on which fund house, strategy or specific counter they want exposure to — including the ability to hold S-REITs or SGX-listed ETFs directly in the same account used for unit trusts, something Endowus’s funds-only structure doesn’t offer. For a reader weighing CPF investment strategy options, this usually comes down to whether you want a managed CPF portfolio (Endowus) or the lowest-cost CPF shelf with full control (FSMOne).

Worked Example: SGD 50,000 Portfolio

Take a Singapore investor with SGD 50,000 they intend to hold for the long term, invested once and left to run for a year with no further trading. On Endowus, sitting below the S$200,000 tier in an advised Flagship portfolio, the Endowus Fee at 0.60% a year works out to roughly S$300 for the year, covering fund selection, quarterly rebalancing and all platform services with no separate transaction cost. If the same S$50,000 instead sat in Endowus Cash Smart as short-term cash, the flat 0.15% fee comes to roughly S$75 a year. On FSMOne, buying an equity or mixed unit trust with that S$50,000 and holding it in a Cash or SRS account costs 0% in sales charge plus the ongoing 0.35% a year platform fee, or roughly S$175 for the year — still below Endowus’s advised-portfolio rate, but without any auto-rebalancing or advice included. If that same S$50,000 is instead used to buy SGX- or US-listed ETFs directly through FSMOne’s brokerage, the one-off commission at 0.08% comes to roughly S$40, with no further annual cost at all — the cheapest outcome of the four, provided the investor is comfortable managing that position themselves going forward.

Source: endowus.com/pricing and FSM Global pricing structure, illustrative example, November 2026. Excludes fund-level TER (0.05%-1%), which applies regardless of platform choice.

Who Should Pick Which?

Endowus tends to suit you if: you have CPF OA/SA or SRS money sitting idle and want it professionally invested without comparing funds yourself; you prefer automatic rebalancing over manually managing a portfolio; you’re investing cash for the long term (3+ years) and value having an advisory layer included in the fee; or you want one platform that unifies Cash, CPF and SRS investing under a single, simple fee structure.

FSMOne tends to suit you if: you want the lowest possible running cost on CPF money specifically, since FSMOne charges no platform fee at all on CPF-held unit trusts; you already have a view on which funds, ETFs or stocks you want and don’t need advice; you want access to a much larger shelf of 1,500+ products instead of ~400+; or you want to hold unit trusts and direct stock/ETF positions in the same account rather than running two separate platforms.

Many Singapore investors use both — Endowus for a managed core portfolio where they want the advisory layer, and FSMOne for CPF money they’re comfortable self-directing, or for direct SGX and US ETF positions FSMOne’s brokerage arm can reach that Endowus’s fund-only structure can’t. If retirement income planning is the end goal, our Singapore retirement calculator can help size how much of your CPF and SRS actually needs active management versus a lower-cost self-directed approach, and our passive income Singapore guide covers how either platform’s Cash sleeve can be put toward a dividend or income goal instead. Our existing Endowus fee breakdown and Endowus CPFIS guide go deeper into Endowus’s side of this comparison if you want the full picture before deciding.

If you decide Endowus is the better starting point, the easiest way in is our Endowus referral code and sign-up bonus page. If FSMOne’s lower-cost, wider-shelf structure appeals more — especially for CPF money — our FSMOne referral code page walks through account opening and current promotions.

Not financial advice. Fee structures and account terms can change — always verify current rates on each platform before investing. All figures in this article are for educational reference only, correct as at November 2026.

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