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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)~Source: The Straits Times
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.
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:
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.”
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.
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.
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.
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