You have already done the hard part: a globally diversified core, funded month after month. This proposal is not about replacing it — it is about adding a second, inheritable, tax-sheltered layer that diversifies what you hold and protects what you build.
Your main savings vehicle is VWCE — Vanguard's FTSE All-World ETF, roughly 3,700 companies across developed and emerging markets — held for five years and funded with €2,000 per month. At a 0.19% total expense ratio it is about as cheap and as broad as a single fund can be, and the regular monthly contribution means you are dollar-cost-averaging through every market mood instead of trying to time it.
That combination — broad diversification, low cost, consistent automatic investing, a 10-year-plus mindset — neutralises the most common and most expensive investor mistakes. So the question in front of us is not "is your strategy wrong?" It clearly isn't. The question is "what can sit alongside it to diversify, protect, and add advantages your current setup cannot offer?"
VWCE is genuinely global, but it is market-cap weighted — every company is held in proportion to its size. Because U.S. companies are by far the largest in the world today, the fund's weight follows them. The practical result is that a "global" all-world position is currently around 63% United States, with a heavy tilt toward a handful of mega-cap technology names.
Approximate FTSE All-World regional weights — illustrative, they drift with the market.
This is not a flaw — it is simply a concentration you should hold on purpose, not by accident. Over the last five years that U.S. tilt has paid off handsomely. But you told us clearly: security matters most, you accept roughly 40% risk and no more, and you want to diversify "as much as possible." Two reasonable observations follow:
So a good complement does one of two things: it tilts the geography or style away from where you are already heavy, or it adds advantages the brokerage account structurally cannot give you — inheritance, guarantee, and tax treatment. The proposal below does both.
We do not touch what works. Your existing €2,000/month is simply split into two complementary streams — the low-cost core you already trust stays exactly where it is, and an equal amount funds a vehicle that adds diversification and three structural advantages.
It is a unit-linked life-insurance contract with an investment component, denominated in euro, distributed in Romania by SIGNAL IDUNA. The investment menu is run by HANSAINVEST (part of the SIGNAL IDUNA group since 1969, ~€65bn in assets) and by SIGNAL IDUNA Fund Invest (the group's Hungarian manager). It is not meant to beat your ETF on raw cost — it is meant to give you things the brokerage account cannot:
As a life-insurance contract, the value passes directly to a named beneficiary — outside the usual probate process. You listed "can be inherited" as one of your top-three priorities; the brokerage account does not offer this cleanly.
Covered by Romania's policyholder guarantee fund (FGA). The current ceiling is 500,000 RON per contract — roughly €100,000, though it is set in lei and moves with the exchange rate. This sits on top of the regulated insurer framework.
Under the Romanian Fiscal Code, gains inside the insurance contract are not hit by the 16% capital-gains tax that applies to a DIY brokerage exit. Over a long horizon this cushions the product's higher running cost — more on this below.
Every fund below is available inside the euro 101 Invest contract. The right mix depends on the tilt you want — and crucially, you can move between any of them at any time, for free, with no limit.
| Fund | What it invests in | Style / region |
|---|---|---|
| SIFI USA Equity Fund of Funds | U.S. equity exposure built through underlying funds/ETFs — the menu's most American-focused option. | USA equity |
| NB Aktien Global R | Actively managed global equity — a worldwide stock selection, broad rather than country-specific. | Global equity |
| SI BestSelect Class A | Actively managed fund-of-funds; a diversified multi-manager global mix across asset classes. | Global mix |
| NB Aktien Europa R | Actively managed European equity — benchmark-independent, tilted to financials & industrials, lighter on tech. | Europe equity |
| HANSAsmart Select E (Class-A) | Actively managed, equity-heavy balanced fund with a large-cap value lean. | Equity-tilted |
| HANSAdynamic Class A | Dynamic mixed fund (equity + bonds), positioned for moderate-to-higher growth. | Dynamic mixed |
| HANSAcentro | Actively managed balanced fund (equity + bonds), moderate risk (SRRI 4/7). | Balanced |
| TBF Global Income EUR R | Global income-oriented fund — a more conservative, yield-focused euro profile. | Income / conservative |
You choose any single fund or blend, and switch freely between them. The cost of the contract is the same whichever funds you hold — it is set by the product structure, not the fund choice, and is laid out in full in section 6 below.
Because switching is free and unlimited, the starting choice is low-stakes. Here are three coherent directions, each defined by what it does relative to the VWCE you already hold.
If you believe U.S. mega-caps keep leading, this deliberately raises your American exposure on top of VWCE's ~63%.
Trade-off: highest concentration, highest dependence on one market. This amplifies rather than diversifies.
If you simply want "more of the same philosophy" — broad, worldwide, diversified — this keeps the global character you already like, now inside a tax-sheltered, inheritable wrapper.
Best fit for your stated preference: "if it's something global, that's perfect."
The genuine diversifier. VWCE holds only ~16–20% Europe; this adds a real European overweight, with more financials and industrials and less tech — a different return driver.
Strongest diversification benefit; accepts active-management cost for a true geographic tilt.
Switching is completely free and unlimited. You can start in one direction and rotate the entire balance into another whenever your view changes — no transaction fee, no tax event inside the contract, no limit on how often. The only transaction cost in the structure is a €5 fee on withdrawal.
You asked to see the fees precisely, not as a vague range. So instead of quoting an estimated charge per fund, here is the real cost of the 101 Invest itself, built from the product's own fee structure. The key thing to understand is where the costs are taken — because that is what makes them shrink over time.
A set of charges — a 0.80% premium fee, a 3.00% management charge, and a sliding 2.5–5% reference fee — are deducted from each €12,000 annual payment before it is invested, plus small fixed amounts (€6.40 once at the start, €3.70 per year).
A single 0.30% annual fee applies to the total account value at year-end. Everything else is tied to the fixed yearly contribution — so as the account grows, those charges become a smaller and smaller slice of what you hold.
That is the mechanism behind the phrase "the cost decreases over time." The fees themselves do not fall — but because they are mostly charged on a fixed €12,000/year while your balance compounds, their weight against the whole portfolio drops every single year. The reference fee even steps down as the account passes each threshold (€2k, €3.5k, €5k, €10k, €30k), settling at its lowest 2.5% band early on.
| Year | Account value | Annual cost (€) | Cost as % of account value |
|---|---|---|---|
| 1 | €11,991 | €1,102 | 18.38% |
| 2 | €25,412 | €896 | 4.79% |
| 3 | €40,131 | €940 | 2.87% |
| 5 | €74,114 | €983 | 1.51% |
| 10 | €192,348 | €1,338 | 0.75% |
| 15 | €379,926 | €1,903 | 0.53% |
| 20 | €677,517 | €2,798 | 0.44% |
The first year looks steep (18%) for one reason only: the fixed charges fall on a near-empty account. From year two onward the same charges land on a much larger balance, so the percentage drops sharply and keeps falling. By year 10 the contract costs under 0.75% of what you hold each year, and around 0.44% by year 20.
Averaged across the full 20-year horizon, all costs combined reduce the return by about 0.90% per year — turning a 10% gross return into roughly 9.1% net. That is the single, honest "all-in" figure for the contract, and for a guaranteed, inheritable, tax-sheltered euro product it is competitive.
This models the new €1,000/month (€12,000/year) stream going into the 101 Invest at a 10% gross annual return, net of the product's costs — exactly the basis used in the calculation prepared for you. Drag the slider to see any horizon up to 20 years.
Figures from the prepared calculation (€12,000/year, 10% gross). "Accessible value" reflects the contract's surrender value, which rises over time as front-loaded costs taper — by years 11–12 it effectively matches the account value. Projections are illustrative, not guaranteed; actual returns vary and can be negative.
Be clear-eyed: the 101 Invest does cost more to run than a 0.19% ETF — about 0.90% per year averaged over 20 years, as section 6 showed. The point of this section is not to pretend otherwise — it is to show that, on a long horizon, the 16% capital-gains tax you avoid inside the contract gradually offsets that higher cost, so the real net gap is far smaller than the raw fee difference suggests. The headline reasons to add this product remain inheritance, guarantee and diversification; the tax shelter is the cushion underneath.
The table compares the same €12,000/year at 10% on a gain-for-gain basis: the 101 Invest's gain (after its costs) versus a 0.19% DIY ETF's gain after the 16% capital-gains tax is taken on exit. Early on the cheap ETF is ahead — but the "Δ vs. product" column shows that advantage shrinking every year, then flipping in the product's favour.
| Year | Paid in | 101 Invest gain (after cost) |
DIY ETF gain after 16% tax |
Δ vs. product |
|---|
Source: the prepared "Cost vs. tax" calculation, €12,000/year at 10% gross. The DIY column applies 16% capital-gains tax to the gain; the CASS health contribution would widen the gap further in the product's favour. The crossover lands around year 11 — from there the tax-sheltered contract pulls ahead and stays ahead, and any future rise in capital-gains tax only brings that point forward.
You keep your low-cost global core untouched. Alongside it, the second €1,000/month buys real diversification, an inheritable structure, an FGA guarantee, and a tax shelter that — over your 15–30 year horizon — largely neutralises the extra cost. The result is a portfolio that does more than chase return: it spreads risk, protects your family, and locks in advantages your brokerage account cannot provide.