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MoneyOwl, the financial advisory firm established by NTUC Enterprise Co-operative Limited in 2018, has declared its intention to wind down its financial advisory business by the end of this year.

This decision comes after a comprehensive review jointly conducted by MoneyOwl and its shareholder, NTUC Enterprise, which concluded that the business was not commercially viable.

Unlike many traditional financial advisory firms, MoneyOwl’s unique approach featured salaried financial advisers who were not motivated by commissions. Additionally, the service was initially offered for free on a promotional basis and was heavily subsidised for union members and unionised companies in partnership with NTUC.

MoneyOwl was launched with the mission to provide comprehensive financial planning services, offering four key services, including financial planning, investment services, wills, and insurance.

One of its notable distinctions was its authorisation to offer investment services for the CPF Investment Scheme, making it one of only two robo-advisors allowed to do so besides Endowus.

What does this mean for existing clients?

NTUC Enterprise Cooperative Limited has expressed its commitment to redirecting resources towards endeavours that can deliver a greater social impact.

As part of the transition process, MoneyOwl’s investment and insurance segments will be transferred to iFast Financial Pte Ltd, a prominent wealth management platform. iFast Financial is already the appointed custodian for investment accounts held by MoneyOwl’s clients, ensuring a smooth transition for existing customers.

Starting from October 25, MoneyOwl’s existing clients will have the convenience of managing their investment portfolios digitally using the iFast Global Markets platform. There will be no changes to the current fee structure, and clients will have access to the expertise of over 60 advisers listed on the platform.

MoneyOwl has also outlined a timeline for its clients. Investment clients will be able to conduct transactions on MoneyOwl’s portal until October 24, after which they can seamlessly transition to iFast’s portal. New insurance applications will not be accepted after September 8.

MoneyOwl clients will continue to access services such as Comprehensive Financial Planning and will-writing online until December 15, after which all MoneyOwl online services and account logins will be disabled.

Featured Image Credit: Beansprout / MoneyOwl

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Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)