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What is Comprehensive Financial Planning?
Comprehensive financial planning is a process of reviewing your current financial situation, analysing your financial goals and developing a plan to achieve them. It involves improving your cash flow, protecting your assets, growing your wealth for retirement and children’s education funding, and eventual passing of assets efficiently to your heirs.
Who is eligible for MoneyOwl’s Comprehensive Financial Planning service?
The Comprehensive Financial Planning service is currently available for people between 18 to 54 years old.
For those age 55 and above, you may drop us an enquiry at firstname.lastname@example.org and our client adviser will get in touch with you on how to proceed.
How is MoneyOwl’s Comprehensive Financial Planning different from others?
1. Resource-based planning vs Goal-based planning
Common approach to financial planning is goal-based. Goal-based planning for children education and retirement require one to know what you want and identify any gap based on your existing resources to result in a recommendation plan. From our experience, most people find it difficult to conceptualise what or how much they want for the future. Rather it is more meaningful to know how much they can have in the future with what is now available.
As an example:
In goal-based retirement planning, you are asked 2 key questions:
- when you would like to retire; and
- how much you want in your retirement.
Depending on your answers, an analysis and recommendation plan is created. Disadvantages of this approach is that many people don’t know when they can retire, let alone how much they can or should have. Hence any resultant solution may not be most appropriate.
At MoneyOwl, we use resource-based planning. You are asked one key question:
- when would you like to retire.
An analysis-cum-recommendation is developed based on the resources you have and the various retirement scenarios should you increase your savings or delay your retirement. In this way, you are likely to make better informed decisions and the resultant solution would be more in line with your current lifestyle and future needs.
2. Integration with national schemes
Our recommendations incorporate national schemes into your financial plan in a holistic and sophisticated way using our proprietary MoneyOwl CPF Analyser to project your CPF balances, considering your contributions, mortgage payments, as well as the complex rules and limits in the CPF system. This will provide you with an estimate of what your CPF LIFE payout will be with a high degree of accuracy.
Our recommendations are use cost-effective solutions, fit-for-purpose rather than expensive financial products. For insurance gaps, our recommendation typically uses low-cost term policy, and with up to 50% rebate of basic commission in cash, it brings down your cost of insurance even lower. Our investment solution is based on time-tested principles of asset-allocation focus and market-based returns, implementing using low-cost instrument and the discipline of staying invested.
4. Conflict-free financial advice
Our advisers are fully salaried, conflict-free and competent. Most of our advisers are accredited Associate Wealth Planners or Certified Financial Planner by the Financial Planning Association of Singapore. Your client adviser will understand your priorities, ascertain your objectives, then guide and encourage you towards taking positive action to achieve your financial goals.
What kind of financial advice can I seek from your client adviser?
Your client adviser will be able to provide advice on –
Review of financial health
Review of insurance needs and recommendation
Children education planning
Retirement adequacy planning
Investment recommendation suitable to your risk profile
Optimising your CPF savings
On investment service, our client advisers will advise you on in-house investment solutions that is suitable for you to achieve your goal in a comfortable, cost-effective and confident way. However, we do not advise on specific investment securities or funds you may have. Read more on our investment philosophy link https://www.moneyowl.com.sg/investment/.
In addition, the financial advice provided will be limited to your personal situation only. If you are enquiring on behalf of your family members or friends, it would be more effective and useful that they go through the Comprehensive Financial Planning themselves.
Can I do joint planning with my spouse?
Currently, our planning approach is on individual basis. For planning as a couple, each member can create his or her own Comprehensive Financial plans and the client adviser can advise them in the same meeting session.
What is the Comprehensive Financial Planning process like?
MoneyOwl Comprehensive Financial Planning benefits you with a holistic view of your financial situation and goals and a roadmap to achieve it, through the efficiency and convenience of technology and the competency and empathy of a trusted human adviser.
Step 1: Create a MoneyOwl account
Step 2: Guided factfinding journey (about 20mins)
Provide information on personal profile, finances, insurance needs, children education and retirement aspirations.
If you need more time to gather information, you can always save and come back again.
Step 3: Submit your inputs and make payment for Comprehensive Financial Planning fee
After submission and payment, a customised comprehensive financial report will be prepared and emailed to you within 3 business days by your assigned client adviser. Your client adviser may also contact you to clarify your inputs. The report includes:
Your Cashflow statement
Net Worth Statement
Financial Health Check
Analysis of insurance needs and gaps
Analysis of your provision for child’s education funding (if applicable)
Analysis of your retirement income at your desired retirement age and throughout retirement period
Scenarios of how your retirement can improve by increasing funding, moderating children’s education funding (if applicable) or delaying retirement
Analysis and recommendation from MoneyOwl’s proprietary CPF Analyser Tool for in-depth understanding on how you can optimise your CPF for your retirement funding.
Summary of Action Plan
Specific recommendation for insurance to close gap
Specific recommendation for investment to close gap
Step 4: Consultation session with our client adviser at our office (23 Keong Saik Road, S089130).
This should typically take about 2 hours. In this session, your client advisers will clarify any questions you may have on your Comprehensive Financial Planning report, highlight areas you should pay attention to, and recommend an action plan to kickstart your journey to achieve your goals.
Step 5: Implementation of action plan when you are ready to begin.
Can I revise my inputs after I have submitted them? How many versions of the report can I generate?
Your comprehensive financial planning account will be locked after you submit your inputs so that the system can generate your report for you. Should you wish to unlock it to revise your inputs, please contact your client adviser or drop an email to email@example.com. You can generate as many versions of the report as you want so long as it is based on your personal particulars.
Must I purchase any product with MoneyOwl after I go through the Comprehensive Financial Planning?
No, there is no requirement.
Typically, in a Comprehensive Financial Planning report, there will be a recommended action plan for you to meet your financial goals like retirement and children’s education funding or close any protection gap. It will be beneficial for you to discuss these recommendations and, if necessary, customise it further accordingly to your priority and budget.
Fees & Payment
Why is MoneyOwl charging for Comprehensive Financial Planning service?
We believe in providing you with independent, conflict-free financial advice that is founded on sound financial planning philosophy coupled with fit-for-purpose solutions. These services require your client adviser to spend sufficient time to understand your financial situation, go through the report with you face to face and help you to prioritise between your goals, amongst others.
A fee-based model, whilst uncommon in Singapore, is not unique to the rest of the world. In the US and Australia, financial planning services are offered mostly on fee-based model as it has been proven to provide best value to its clients since financial advisers are remunerated based on their professionalism and quality of work done for you, and not by the products you procure from them. This assures you that your client adviser is always on the lookout for your best interest.
Are there additional fees to implement insurance, investment and will writing?
It depends. Please refer to the respective FAQs for more information.
There is no additional fee for insurance implementation. On the contrary, for every eligible insurance policy you purchase with MoneyOwl, we will rebate you, up to 50% of the basic commission, except the following:
Integrated Shield Plans
Plans using CPF monies
It helps to lower your cost of insurance.
There is no upfront sales charge (typically 1% to 2%) for investing into MoneyOwl’s investment portfolio.
There are, however, fees and costs involve in investing. These are:
MoneyOwl’s advisory fees: 0.65% p.a. (or special promo rate)
Platform fees (payable to IFAST): 0.18% p.a.
These fees are deducted directly from the units in your portfolio on quarterly basis.
MoneyOwl’s will writing service is valued at $160.50 (including GST) per user. For a limited period of time, we are offering it for free.
What is fee rebate and how can I be eligible for it?
For a limited period only, clients who take up MoneyOwl’s Comprehensive Financial Planning service will be entitled to a fee rebate which will be credited into their investment account.
To be eligible for up to 100% fee rebate, clients will need to follow through on the complete planning process which includes the 2-hour meeting with the client adviser.
Can I get a full refund if I am dissatisfied with the service or do not agree with the recommendations?
No, as work has been carried out to provide the service. Nonetheless, your feedback is important to us. If you are dissatisfied with our service, we will certainly appreciate your time to let us know how we can improve our service.
In addition, for a limited time only, the full planning fee you paid will be rebated into your own investment account to encourage you to begin your investment journey with MoneyOwl.
What are the accepted modes of payment?
We accept Credit Cards - Mastercard, Visa or American Express.
Privacy & Security
How will MoneyOwl ensure that my personal particulars are securely stored?
Your privacy is our priority. We do not sell or refer your personal information to a third party. MoneyOwl’s platform is built by an experienced technology team led by our very own Chief Technology Officer, undergoes rigorous penetration testing and meets technology risk management guidelines set by MAS to ensure highest security and data protection, so that you can have peace of mind. Our risk management processes are also ISO27001 certified.
Can I close my MoneyOwl account and purge all the information on it?
If you wish to close your MoneyOwl account and remove all your data on it, you can do so by dropping a request through firstname.lastname@example.org. Our customer service will be in touch with you to facilitate the process.