MoneyOwl rolls out resources for unbiased, actionable financial advice
Its suite of tools includes investment and protection solutions, as well as access to low-cost products
FINANCIAL advisory firm MoneyOwl, part of Temasek Trust, is rolling out financial-planning resources targeted at lower to middle-income working adults, shift and gig workers as well as youth.
The tools are designed to give individuals a systematic framework for financial planning, including solutions for investment and protection, as well as access to sensible, low-cost products.
MoneyOwl chief executive and chief investment officer Chuin Ting Weber said: “There is an urgent need for trusted financial advice to be made widely available, to help people navigate the overwhelming amount of information and make informed decisions for their financial security.”
“Everyone deserves access to affordable, high-quality solutions without concerns about hidden agendas,” she added, noting that the firm is committed to serve as a trusted financial guide “for as many people in Singapore as possible, especially those who are underserved”.
Temasek Trust acquired MoneyOwl in 2023, not long after the financial advisory had announced that it would cease to operate.
MoneyOwl’s new online advisory suite sets out to provide unbiased financial guidance, to help people understand financial-planning principles and translate them into action.
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The recommendations prioritise national schemes such as the Central Provident Fund (CPF) and tap affordable commercial products.
The CPF, for instance, is viewed as the bedrock for financial planning. On the insurance front, Weber cited the Ministry of Defence and Ministry of Home Affairs group term life – available to all national servicemen – and direct-purchase insurance.
Weber said MoneyOwl seeks to partner employers, unions and grassroots organisations to reach its target audience.
For investments, it has tied up with Phillip Securities to offer Amundi passive index funds through the Poems trading platform, which has no advisory or platform fees. The Amundi funds’ total expense ratio starts from 0.05 per cent.
The full suite of resources, available on MoneyOwl’s website, includes checklists for financial actions at different life stages; money-management rubrics, including budgeting, debt management and retirement planning; curated investment and insurance solutions; and an insurance product rating system.
The rating system, called “OwlStar”, is described as the first of its kind. It appraises products based on two criteria: “fit for purpose” – that is, the product provides comprehensive coverage for core life risks “without unnecessary exclusions or limitations”; and value for money.
Weber said MoneyOwl will accelerate its work with corporates and community organisations, to provide employees and members with financial literacy programmes.
Planned corporate initiatives include group insurance structuring and workplace savings plans to support employees’ long-term financial goals.
The advisory tailors its approach to different organisations to ensure its programmes are relevant.
It has partnered Young NTUC – the youth wing of the National Trades Union Congress – to reach youth, and is also working with the National University Hospital to equip healthcare workers and the public with financial planning skills.
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