FAQ

Plan

Find the answers to common queries about our planning solutions.

CONTENTS:

General

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.

The Comprehensive Financial Planning service is currently available for people between 18 to 65 years old.

For those age 66 and above, you may drop us an enquiry at enquiries@moneyowl.com.sg and our client adviser will get in touch with you on how to proceed.

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.

3. Fit-for-purpose, low cost solution, bigger savings

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% first-year basic commission rebate, 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. All of our Client Advisers are on the internationally-recognised AWPCM/CFP® programme. Your client adviser will understand your priorities, ascertain your objectives, then guide and encourage you towards taking positive action to achieve your financial goals.

Your client adviser will be able to provide advice on –

  1. Budgeting
  2. Review of financial health
  3. Review of insurance needs and recommendation
  4. Children education planning
  5. Retirement adequacy planning
  6. Investment recommendation suitable to your risk profile
  7. Optimising your CPF savings
  8. Will writing

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.

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.

Getting Started

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 enquiries@moneyowl.com.sg. You can generate as many versions of the report as you want so long as it is based on your personal particulars.

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

1. Payment via PayNow (Scan QR code)

Pay by scanning or saving this QR Code to your bank’s PayNow option

IMPORTANT! You MUST indicate your Registered Mobile Number as Payment Description in the “Remarks / Descriptions / Comments” to ensure that you receive your report. Please email clientsupport@moneyowl.com.sg if you have not done so.

2. Payment via PayNow (Apply transfer details below)

Pay by entering transfer details to your bank’s PayNow option

IMPORTANT! You MUST indicate your Registered Mobile Number as Payment Description in the “Remarks / Descriptions / Comments” to ensure that you receive your report. Please email clientsupport@moneyowl.com.sg if you have not done so.

Unique Entity Number (UEN): 201820691C

Entity Name: MONEYOWL PRIVATE LIMITED

3. Payment via Bank Transfer

Pay by entering transfer details to your bank’s transfer option

IMPORTANT! You MUST indicate your Registered Mobile Number as Payment Description in the “Remarks / Descriptions / Comments” to ensure that you receive your report. Please email clientsupport@moneyowl.com.sg if you have not done so.

Recipient’s Name: MoneyOwl Pte Ltd

Bank Name: DBS Bank Limited

Bank Account No.: 072-001715-3

It depends. Please refer to the respective FAQs for more information.

Insurance

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 first-year basic commission, except the following:

  • Integrated Shield Plans
  • ElderShield Supplements
  • Plans using CPF monies

It helps to lower your cost of insurance.

Investment

We do not charge any upfront sales charge (typically 1% to 2% in the industry) for investing into MoneyOwl’s investment portfolio.

Refer to https://www.moneyowl.com.sg/pricing/ for more details.

Will Writing

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.

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.

Privacy & Security

If you wish to close your MoneyOwl account and remove all your data on it, you can do so by dropping a request through enquiries@moneyowl.com.sg. Our customer service will be in touch with you to facilitate the process.

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