SINGAPORE, 23 JUNE 2021 — NTUC social enterprise MoneyOwl, the award-winning trusted financial adviser and fund management company, today announced a partnership with the NTUC for a 75 per cent discount on MoneyOwl’s Comprehensive Financial Planning service fee for NTUC Union members from 1 June 2021 to 31 December 2023.
There is a need among Singaporeans for better financial planning. The latest Money Relationship Monitor report shows that 41 per cent of Singaporeans do not have a financial plan. Many also struggle with the basics of saving, citing as top reasons the high costs of living (38 per cent), lack of discipline when spending money (37 per cent) and inability to balance between expenses and income (28 per cent).
Unbiased and Comprehensive Financial Planning incorporating CPF LIFE
MoneyOwl’s Comprehensive Financial Planning service sets out a holistic and unbiased plan that is separate from product sales, and which integrates CPF LIFE into retirement income planning using the projection capabilities of its proprietary MoneyOwl CPF Analyser. Users start with a simple fact-finding journey accessed at their convenience through a digital comprehensive financial planning platform, which was the first to be launched in Singapore in 2020. Consultation sessions are conducted face-to-face (or via video conference) by MoneyOwl’s fully salaried Client Advisers, all of whom are on the internationally recognised AWPcm /CFP® programme.
According to MoneyOwl’s survey, 4 out of 5 Comprehensive Financial Planning users understand their financial position better and saw an improvement in how they make better money decisions. Through the service, MoneyOwl clients learn about their current financial health and how they can improve their cash flow, protect their assets and income, grow their wealth and optimise their CPF for retirement. For those with children, the plan also addresses how they can fund their children’s education, and eventually pass assets efficiently to their heirs.
“Many of our clients tell us that they avoid “free” financial planning offered by other advisers because they feel that it is just a sweet wrapper for commission-incentivised sales. There is also a misconception that fee-based advice is unaffordable and only for affluent people who have a lot to invest, or that it was very difficult to do.” said Ms Chuin Ting Weber, Chief Executive and Chief Investment Officer of MoneyOwl
MoneyOwl’s fee-for-planning model, delivered through a combination of a digital platform and fully salaried advisers, thus meets this underserved need in the mass market for comprehensive, competent, and conflict-free advice, at an affordable fee.
“Actually, financial planning need not be an uncomfortable process at all. With our fully salaried advisers, you can be sure that what they recommend will be in your best interests and that there will be no hard sell. Financial planning should never start with products, but with your financial health and your needs. The best solutions may not be commercial ones. Some of our Comprehensive Financial Planning clients have concluded after planning with us, that CPF LIFE would suffice for their retirement and they do not need to buy anything,” said Ms Weber.
75% off MoneyOwl’s Comprehensive Financial Planning service for NTUC Union Members
The partnership with the NTUC allows NTUC Union members to access MoneyOwl’s Comprehensive Financial Planning service at 75% off the current introductory rate. After the subsidy, the cost to an individual NTUC Union member for a Comprehensive Financial Planning service with a one-on-one consultation with MoneyOwl’s Client Adviser is only $24.75.
“Retirement adequacy is one of the concerns of many Singaporeans. This 75 per cent discount on MoneyOwl’s holistic Comprehensive Financial Planning programme makes financial planning more affordable for NTUC Union members. No matter which stage of life one is at, it is always prudent to plan ahead,” says Mr Steve Tan, Membership Director of NTUC.
“MoneyOwl, being an NTUC social enterprise, was set up to help ordinary people make wise money decisions that will impact their lives and uplift their families’ futures. Our partnership with the NTUC makes it even more affordable now for more to access an unbiased and comprehensive financial plan and achieve their life goals in a way that is resilient to shocks,” said Ms Weber.
The 75% subsidy is also available to companies, unions and associations who wish to engage MoneyOwl to provide personalised financial plans coupled with group advice and financial literacy workshops to their employees or members who are NTUC Union members.
Meanwhile, non-NTUC Union members can also sign up for the Comprehensive Financial Planning service at an introductory price of $99 (valued at $535) on MoneyOwl’s website. Individuals just need to create an account, go through a guided factfinding journey, and submit their inputs. MoneyOwl will then arrange for a 1-to-1 session with a client adviser to clarify any questions on their Comprehensive Financial Planning report, highlight areas they should pay attention to, and recommend an action plan to kickstart their journey to achieve their goals.
