Like a gold-plated fork?
I saw MYDC in one of THEO's newsletters recently. They are either a spin off or a collaborator.
The premise is similar to THEO's. They take something complicated that people don't want to think about (in this case, their iDeCo account) and make it easy to sign up for and administer.
This is good because most people 1) haven't heard of iDeCo, 2) don't understand it, and 3) don't care to learn enough to do it themselves.
MYDC looks pretty good. The sign-up process seems easy (and if it's half as good as THEO's it will be far superior to the competition -I'm looking at you, Rakuten, with your months of waiting).
Once you have the account, they use THEO to manage the portfolio.
It's a simple and easy solution you can point people to.
Here's the catch, of course. The 2,777 is standard across all providers, but that monthly fee is quite high (you can see the comparison here, the lowest is currently 167 yen a month).
Fund costs of 0.432% is not terrible, but it's quite a bit more than the cheapest passive funds offered by some providers.
Now, I think THEO makes a lot of sense. They charge 1% of assets a year as a fee, but this includes all transaction fees and they do tax-loss harvesting, which means that even though I made 19% last year, none of the gains are taxable. They also handle everything for you, from asset allocation to rebalancing.
I'm not sure MYDC provides as much value. After all, the lowest-cost iDeCo accounts also include transaction fees, and automatically buy your desired allocation. They provide the same tax benefits, and it is relatively simple to choose your asset allocation and decide on funds.
The extra cost of MYDC compared to SBI, Suruga, or Rakuten is probably not worth it in my opinion.
However, if the choice is to open a MYDC account or not bother with iDeCo at all, then it's a no-brainer. The tax benefits are big enough for most people to make this both free money and enforced saving for retirement. Win-win.
How is everyone doing with iDeCo? My application with Rakuten is proceeding at a snail's pace... hopefully my account will be open at some point this year ;)