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General - Comprehensive

Comprehensive

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.

Comprehensive

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.

Comprehensive

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.

Comprehensive

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.

Comprehensive

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.

Comprehensive

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