Share Now
Goodbye, MoneyOwl Exploring Alternatives

Goodbye, MoneyOwl? Exploring Alternatives

In a world where financial advisory services are often synonymous with commissions and hidden agendas, MoneyOwl stood out as a beacon of transparency and integrity. Established in 2018 by NTUC Enterprise Cooperative, MoneyOwl was envisioned as a financial advisory firm that offered low-cost, unbiased financial planning. Their unique approach, centered on salaried financial advisers who were not driven by commissions, promised to revolutionize the industry.

NTUC-backed financial advisory MoneyOwl to close down by year end (December 31, 2023)

However, as the saying goes, not all good intentions pave the way to success. MoneyOwl recently announced its impending closure following a review with its shareholder, NTUC Enterprise Cooperative. In this blog post, we will delve into the story of MoneyOwl, its services, and explore the alternatives available for its clients as the company bids farewell.

The Rise and Fall of MoneyOwl

MoneyOwl’s inception was marked by noble intentions. It sought to provide Singaporeans with affordable and unbiased financial planning. The firm offered four primary services:

  1. Insurance: MoneyOwl provided access to insurance products without the pressures of commissions. This meant that clients received advice that was truly in their best interest.
  2. Digital Will-Writing: They offered a convenient and efficient platform for creating wills, a critical aspect of estate planning.
  3. Investment Module: MoneyOwl’s investment module included asset portfolios comprising low-cost funds, ensuring that clients could invest without the burden of high fees.
  4. Comprehensive Financial Planning: Perhaps their most holistic service, MoneyOwl integrated Central Provident Fund savings planning into their financial advice, providing a complete financial planning experience.

Despite these laudable offerings, MoneyOwl’s journey faced significant challenges. The business, unfortunately, failed to gain the traction it needed to thrive. In a statement, MoneyOwl shared the outcome of their review, stating, “The business would not be commercially viable, and a decision was made to redeploy resources to other areas where NTUC Enterprise can deliver greater social impact.”

MoneyOwl Alternatives on the Horizon

The big question now is, what happens to MoneyOwl’s clients? The good news is that clients need not be unduly concerned. An agreement has been reached with iFast Financial to take over MoneyOwl’s investment and insurance business. iFast, a reputable name in the financial industry, has been providing system support and custodial services for MoneyOwl. Clients can expect to continue enjoying the same level of fees and will gain access to iFast’s extensive team of more than 60 advisers for both investments and insurance.

For investment clients, the transition period is important to note. Until October 24, clients can continue to transact on MoneyOwl’s portal. From October 25 onwards, transactions will shift to iFast’s portal. Clients will be contacted by iFast’s team starting in September to facilitate this smooth transition.

On the other hand, clients who utilize MoneyOwl’s Comprehensive Financial Planning service and will-writing service will still have access online until December 15. It’s worth noting that after this date, all MoneyOwl online services and account logins will be disabled.

A Fond Farewell to MoneyOwl

As MoneyOwl prepares to bid farewell to its clients and the financial advisory scene, it’s important to acknowledge the impact it had during its tenure. The firm’s commitment to transparency and putting clients’ interests first was a breath of fresh air in an industry often marred by conflicts of interest.

While it’s always unfortunate to see a pioneering venture like MoneyOwl close its doors, the arrangements made with iFast Financial ensure that clients can continue to receive quality financial advice without disruption. This continuity of service is a testament to MoneyOwl’s dedication to its clients even in its final chapters.


In the world of finance, change is constant. MoneyOwl’s journey, while marked by noble intentions, is a reminder that even the best ideas may face challenges in a complex market. As MoneyOwl bids farewell, it leaves behind a legacy of integrity and transparency that will be remembered.

For MoneyOwl’s clients, this transition is an opportunity to explore new horizons with iFast Financial, a reputable firm committed to providing excellent financial services. As the saying goes, “When one door closes, another opens.” MoneyOwl’s exit may be the beginning of a new and exciting financial chapter for its clients, one that aligns with their goals and aspirations.

Seamless Transition: Our Financial Advisers Are Here for You

Are you concerned about the transition following MoneyOwl’s closure? Fret not, because we have dedicated financial advisers ready to seamlessly take over the servicing of your insurance policies and investments. Our team is committed to providing you with the same level of care and expertise that you’ve come to expect. Your financial well-being is our top priority, and we’re here to ensure a smooth and worry-free experience.

Why Choose MoneyLine.SG?

MoneyLine.SG, founded in 2010, is Singapore’s Pioneer web aggregator and financial comparison portal. Our portal is designed with a simple aim: to empower you with self-help resources for both lifestyle and financial aspects of your life through our original and meticulously crafted guides, product reviews, and comparisons.

Decorated History: With over a decade of experience, MoneyLine.SG has a rich history of providing trusted financial insights. Our longevity in the industry speaks volumes about our reliability.

Free to Use: Access to our invaluable resources comes at no cost to you. We believe that financial empowerment should be freely accessible to all.

Unbiased: At MoneyLine.SG, we take pride in our impartiality. Our commitment to unbiased information ensures that you receive advice and guidance free from hidden agendas.

No Obligation: We respect your choices. There are no strings attached when you engage with MoneyLine.SG. You are under no obligation to commit to any financial product or service.

“In every change, there’s an opportunity; let us guide you toward financial success.”

Our Commitment

We collaborate with Licensed FA Representatives and Bank Mortgage Specialists who are meticulously selected based on their years of industry experience. Their knowledge and prompt service are dedicated to assisting you in your financial journey.

Take action today and reach out to our experienced advisers to discuss your specific needs and make the transition as effortless as possible. Your financial future is in capable hands – let’s embark on this journey together.
  • MoneyLine.sg is an independent information provider. It is not a bank or financial services provider and cannot give direct financial advice.
  • All Sample Premium results if shown are based on the criteria indicated and MoneyLine.sg does not warrant or guarantee that anything written here is accurate, timely, or relevant to the solution of any problem you may have.
  • Contents are intended as general information only and do not consider financial situation or need of any user or reader, any specific person or group of persons. It does not constitute advice nor does any part of the content constitute an open offer capable of forming the basis of a contract.
  • Moneyline.sg works with Synergy Financial Advisers to present these contents. Synergy Financial Advisers makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose. All information provided is not intended to be and does not constitute financial advice, insurance advice or any other advice or recommendation of any sort offered or endorsed by Synergy Financial Advisers.
  • Promotions indicated on this page may not be accurate and may be subjected to changes by providers without warning. Moneyline.SG does not take responsibility for the accuracy of the information shown in this content.
  • You are recommended to seek financial advice from a qualified financial advisor for product suitability and its latest premium rates quotation before deciding to purchase the product. In the event you choose not to seek advice, you should consider if the product is suitable for you.
  • Without prejudice to the generality of this, MoneyLine.sg Pte Ltd specifically excludes liability for any loss or damage no matter how arising from the use of this Web Portal or of any information or services provided through this web portal.
  • Please read our full Disclaimer on the use of our website.