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MoneyOwl to Wind Down Financial Advisory Business

MoneyOwl is winding down its financial advisory business and all commercial activities will cease by December 31, 2023. More details are available in our press release.

As part of the winding down process, MoneyOwl will transfer its fund management business and insurance advisory business to iFAST Financial Pte Ltd (“iFAST”). MoneyOwl’s Comprehensive Financial Planning service and Will-Writing service will remain accessible online until December 15, 2023.

We fully understand that this transition period may cause inconvenience to you and have prepared a set of frequently asked questions to address your queries.

We, including our Client Advisers, also remain available to address your queries through these channels:

Email: enquiries@moneyowl.com.sg

Client Service hotline: +65 6329 9188

 

Operating hours:

  • Thursday, August 31, 2023: 9:00 am to 9:00 pm
  • Friday, September 1, 2023 to Sunday, September 10, 2023: 9:00 am to 6:00 pm, including public holidays, Saturdays and Sundays
  • Monday, September 11, 2023 and onwards: 9:00 am to 6:00 pm, Mondays to Fridays

KEY DATES TO NOTE

Day/date Description
Monday, September 4, 2023 to Friday, September 15, 2023 iFAST to contact MoneyOwl investment clients and insurance clients and issue new login credentials to MoneyOwl investment clients
Friday, September 8, 2023 Last day for clients to submit new insurance applications through MoneyOwl’s Client Advisers
Monday, October 2, 2023 New sign-ups for investment accounts through MoneyOwl’s platform must be completed by 6:00 pm Referral Codes/links must be utilised and conditions for “Refer and Earn” rewards fulfilled by 6:00 pm.
Tuesday, October 24, 2023 All investment clients to complete transactions on MoneyOwl’s platform by 6:00 pm
Wednesday, October 25, 2023 All MoneyOwl clients can log in to iFAST’s platform from 12:00 am onwards for transactions
Friday, December 15, 2023 All MoneyOwl accounts and online services (including digital Comprehensive Financial Plan and Will-Writing services) will be disabled after 6:00 pm
Sunday, December 31, 2023 Cessation of all commercial activities

FREQUENTLY ASKED QUESTIONS

General

  • A joint review by MoneyOwl and its shareholder, NTUC Enterprise, concluded that 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.
  • MoneyOwl and NTUC Enterprise studied all feasible options. After careful consideration, we concluded that our clients’ interests would be best taken care of through a transfer of our investment and insurance business to a stable and experienced partner like iFAST, while we wind down the company as a corporate entity and mitigate the impact on staff.
  • iFAST Financial Pte Ltd is a licensed Capital Markets Service holder by the Monetary Authority of Singapore. It has over 60 licensed advisory representatives at its wealth advisory division, iFAST Global Markets. More information about iFAST can be found on MAS’ website: https://eservices.mas.gov.sg/fid/institution/detail/1082-IFAST-FINANCIAL-PTE-LTD
  • Full details of iFAST’s licence can be found here.
  • iFAST Financial Pte Ltd is part of iFAST Corporation. iFAST Corporation was incorporated in 2000 and has been an SGX mainboard-listed company since December 2014. As of June 30, 2023, it had Assets Under Advice of S$18.81b, a market capitalisation of S$1.358b and shareholder’s equity of S$230.05m.

You may contact iFAST at:

For investment enquiries

  • Email: enquiries@ifastgm.com
  • Investment Client Service hotline: +65 6439 8001

 

Operating hours for investment enquiries:

  • 8:30 am to 10:30 pm, Mondays to Fridays, excluding public holidays

 

For insurance enquiries

  • Email: insurance@ifastgm.com
  • Insurance Client service hotline: +65 6417 9274

 

Operating hours for insurance enquiries:

  • 8:30 am to 5:30 pm, Mondays to Fridays, excluding public holidays
  • Our topmost concern is to ensure that our clients have a seamless transition, enjoy similar fees and access to multi-faceted advice with a hybrid of digital platform and human advice, and are well taken care of by an experienced and financially stable company.
  • iFAST has been the provider of custodial and platform services to MoneyOwl’s investment clients since 2019. With iFAST, therefore, clients will have a near-seamless transition for investments as their investment accounts are already held with iFAST. Besides maintaining the current level of advisory fees and managing the portfolios in line with MoneyOwl’s philosophy of low-cost and globally diversified investments, iFAST will also be able to continue to deliver investment advice in a bionic way as it provides both digital access and access to its team of over 60 licensed advisory representatives.
  • iFAST will be able to address clients’ financial planning needs comprehensively as it has both insurance and investment advisory capabilities. Like MoneyOwl, iFAST focuses on protection and the use of low-cost term insurance in its insurance planning, and has a transparent policy of providing commission rebates at rates stated upfront.
  • We have transferred the personal data of our investment and insurance clients to iFAST as part of the transfer of business, in line with the provisions of the Personal Data Protection Act 2012, as well as MoneyOwl’s Privacy Notice. We may retain your personal data after the transfer is completed, where this is necessary to complete the services to be provided to you and to the extent permitted by law.
  • MoneyOwl staff are not part of the business transfer to iFAST. iFAST has made an offer of employment to members of our advisory team, but these offers are not necessarily in advisory roles and MoneyOwl staff are not obliged to take up the employment.
  • Promotion codes for investments may be utilised until October 24, 2023, 6.00 pm or the last day of their stated validity period, whichever is earlier. Promotional codes for the Will-Writing and Comprehensive Financial Planning services may be utilised until December 15, 2023, 6.00 pm or the last day of their stated validity period, whichever is earlier.
  • Investment-related promotions will end according to the terms and conditions stated or by December 31, 2023, whichever is earlier.
  • To be eligible to receive the Grab voucher rewards, referral codes/links must be utilised and conditions for “Refer and Earn” rewards fulfilled by October 2, 2023, 6:00 pm. For example, a client who creates a MoneyOwl account on October 2, 2023 must, besides correctly applying the referral code, also fund his investment account or pay for his Comprehensive Financial Plan consultation before 6.00pm that day to be eligible to receive the rewards.
  • There may be a deadline for redemption of rewards set by Grab, the voucher merchant. Please refer to the relevant notification emails. You would need to redeem the rewards before that deadline. MoneyOwl will not be responsible for replacing the vouchers if they cannot be successfully redeemed for any reason.

Savings & Investments

  • As part of the winding down process, MoneyOwl will transfer its fund management business (“Investment Business”) and insurance advisory business (“Insurance Business”) to iFAST Financial Pte Ltd (“iFAST”). All your investment holdings (cash, SRS and CPF investments) will continue to be safely held in your investment account with iFAST. iFAST is the existing custodian of your investment accounts with MoneyOwl.
  • You may continue to log in to your MoneyOwl investment account and continue to perform all online transactions as usual until October 24, 2023, 6:00 pm.
  • iFAST will reach out to you by September 15, 2023, to provide you with your new login details and instructions on how to access your investment account via the iFAST platform.
  • Prior to October 25, 2023, 12:00 am, there will be view-only access on the iFAST platform, in addition to your MoneyOwl account. All investment transactions should still be performed on the MoneyOwl investment portal in the meantime.
  • From October 25, 2023, 12:00 am onwards, you will be able to perform your investment transactions on iFAST’s platform. The MoneyOwl investment portal will be disabled at this point and you will no longer be able to view or transact your investments there.
  • For existing iFAST Global Markets and iFAST Prestige clients, iFAST will send you an email to inform you to log in using your existing credentials to access your MoneyOwl portfolios. You would not need a second set of login credentials.
  • However, iFAST Central and FSMOne clients would need to have a different set of login credentials to access your MoneyOwl portfolios on iFAST’s platform. iFAST will reach out by September 15, 2023, to provide you with your new login credentials.
  • You will need to download the iFAST Global Markets (iGM) mobile app from the App Store, Play Store or Huawei AppGallery. Please ensure that the app developer is iFAST Corporation Ltd. iFAST will provide further instructions when they reach out to you between September 4, 2023, and September 15, 2023.
  • There are no changes to the portfolios and iFAST will maintain MoneyOwl’s low public investment advisory fee rates for these portfolios. These portfolios and rates will remain available only to MoneyOwl clients transferred to iFAST. They are not available to other iFAST clients.
  • However, should you purchase other funds through iFAST, these will be subject to the regular fees charged by iFAST.
  • You will continue to enjoy any promotional fee rate with iFAST until the date of the original expiry of the promotion or December 31, 2023, whichever is later.
  • There are no changes to the portfolio account numbers (starting with “G” followed by 7 digits, e.g., G1234567) or portfolio names, except for portfolios names that utilise symbols or emoticons that are not supported on the iFAST platform. Clients would have to rename these portfolios on the iFAST portal.
  • There is no change to the bank accounts used for buying and redeeming/withdrawing cash investments.
  • For buy orders, clients will continue to transfer cash into the same iFAST Client Trust Account. The details for the transfer payment remain unchanged and clients should continue to indicate their portfolio account number (starting with “G”) in the reference field. To avoid any delay, you MUST indicate your portfolio account number (starting with “G”) in the “Remarks/Descriptions/Comments/Bill Reference Number” field, even if the bank portal says it is optional. The transfer details are as follows:

 

For FAST Payment:
Recipient’s Name: IFASTFINANCIALPteLtd
Bank Name: Standard Chartered Bank (Singapore)
Bank Account No.: 0102046042
Reference Code: “G” reference

For PayNow:
Unique Entity Number (UEN): 200000231RAIY
Entity Name: IFAST FINANCIAL PL-CT SUB
Reference Code: “G” reference

 

  • For withdrawals for cash-funded portfolios, on iFAST’s platform (from 25 October 2023 onwards), redemption proceeds from sale of investments are first deposited into the cash account, and you need to perform a separate withdrawal from cash account into bank account. iFAST will be able to provide assistance if you need help on their platform.. Proceeds of withdrawals from cash account will continue to be deposited into the designated bank account as indicated in your MoneyOwl account.
  • No, you do not have to re-register your SRS or CPF Investment Account numbers if you have already done so with MoneyOwl.
  • For September 2023 and October 2023, monthly buy requests will still be executed through MoneyOwl’s platform, on Friday, September 15, 2023, and Monday, October 16, 2023, respectively. This follows MoneyOwl’s normal schedule to execute Monthly Buy Requests on the 15th of the month or the next working day if the 15th falls on a weekend or a public holiday.
  • After the cut-over to the iFAST platform in late October 2023, your Monthly Buy Requests will be executed on the 8th of each month, starting from November 2023 onwards, or the next business day if the 8th falls on a weekend or public holiday. The first Monthly Buy Request through iFAST will be executed on November 8, 2023.
  • While the Standing Instruction will still be to transfer funds to the same iFAST Client Trust Account, you may wish to change your Standing Instruction to transfer monies by the 4th of the month for your Monthly Buy Request, with complete information, including the Reference Code (“G” reference number), to ensure that your cash account has sufficient funds before the 8th of each month. iFAST will send you more detailed instructions by the last week of September 2023.
  • For CPF and SRS investments, you should ensure that there are sufficient monies in your SRS Agent bank or CPF Ordinary Account on the 8th of each month.
  • Yes, you can buy into other MoneyOwl portfolios through iFAST, at the same rates, and use other sources of funds. Only MoneyOwl clients transferred to iFAST have access to MoneyOwl portfolios at the current low level of fees.
  • iFAST will offer Dimensional funds for CPF investing when available, but only to transferred MoneyOwl clients, at the current fees charged by MoneyOwl.
  • Yes, iFAST will perform the fund management services currently undertaken by MoneyOwl, including the rebalancing of portfolios back to strategic asset allocation. iFAST has committed to maintaining the low-cost, globally diversified philosophy of MoneyOwl’s investment portfolios.
  • All trades will be processed according to the usual turnaround time throughout the transition period and after the cut-over to iFAST.
  • Buy trades will be completed within T+4 business days, provided that the buy instructions are received by 3.00 pm on T day (T day being a business day) and that there are sufficient monies in the cash account.
  • The transaction times for withdrawals/redemptions are as follows:

 

Withdrawal for Cash Investments:

Portfolio

Portfolio to Bank Account

(only for withdrawals performed through MoneyOwl platform before 6:00pm, October 24 2023)*

Portfolio to Cash AccountCash Account to Bank Account
Within:
DimensionalT + 8 business daysT + 7 business daysT + 2 business days
WiseIncome
WiseSaverT + 2 business daysT + 1 business days

*For cash investment redemptions on iFAST’s platforms (from 12:00 am on October 25 2023 onwards), redemption proceeds from sale of investments are first deposited into the cash account, and you need to perform a separate withdrawal from cash account into bank account. Please contact iFAST if you need assistance on their platform.

 

Withdrawal for SRS Investments:

Portfolio Portfolio to SRS Agent Bank
Within:
Dimensional T + 7 business days
WiseIncome
WiseSaver T + 3 business days

 

Withdrawal for CPF Investments:

Portfolio Portfolio to CPF Investment Account
Within:
CPF T + 7 business days
  • We strongly recommend that you stay invested in a suitable portfolio so as to remain on track to achieving your financial goals.
  • If you have decided to redeem your investments fully, you may do so online through your account on MoneyOwl’s platform anytime from now till October 24, 2023, 6.00 pm.

 

[After logging in, select the portfolio you wish to redeem, look for the “More” menu, and select “Withdrawal” in the drop-down. For cash investments, under “Withdrawal Type”, select “Portfolio to Bank Account”. You do not need to specify a withdrawal type for SRS and CPF Investment Account redemptions.]

  • Up to October 24, 2023, you may email us at enquiries@moneyowl.com.sg or call us at +65 6329 9188 and we will assist you accordingly. For closure requests on or after October 25, 2023, you may contact iFAST at enquiries@ifastgm.com or call iFAST at +65 6439 8001.
  • Please note that you will not be able to buy into the MoneyOwl portfolios or enjoy the same low level of fees in the future if you close your MoneyOwl account/ new iFAST account.
  • You will still be able to sign up for an investment account with MoneyOwl till October 2, 2023, 6:00 pm. Thereafter, the option to sign up for new investment accounts will be terminated. All investment clients, including clients who sign up during this interim period, will be transferred to iFAST and be eligible to access all MoneyOwl portfolios (and future Dimensional CPF portfolio, if any) at the current low level of fees.
  • Please note that the personal data of all investment clients, including new clients, will also be transferred to iFAST as part of the transfer of business, in line with the provisions of the Personal Data Protection Act 2012, as well as MoneyOwl’s Privacy Notice. We may retain your personal data after the transfer is completed, where this is necessary to complete the services to be provided to you and to the extent permitted by law.

Insurance

  • There are no changes to the terms and benefits of your insurance policies.
  • There is no disruption to the servicing of your insurance policy. iFAST will be in touch with you to give you more information. You may also contact your MoneyOwl Client Adviser or our Client Service team at enquiries@moneyowl.com.sg or +65 6329 9188.
  • The processing of your insurance for policy inception will continue unless you decide to withdraw your application. If you wish to withdraw your application, please contact your MoneyOwl Client Adviser or our Client Service team at enquiries@moneyowl.com.sg or +65 6329 9188.
  • Like MoneyOwl, iFAST focuses on protection and the use of low-cost term insurance in its insurance planning, and has a transparent policy of providing commission rebates at rates stated upfront.
  • iFAST and MoneyOwl are both committed to promoting greater transparency in insurance pricing and accelerating the digitalisation of the insurance advisory business. MoneyOwl will be transferring two of our industry-first, propriety technology assets to iFAST – the insurance robo-comparator and the insurance needs-analysis tool. iFAST will make the tools available to clients after integrating them into their platforms.
  • MoneyOwl will provide rebates of any commissions received for policies that we are servicing prior to the transfer of servicing and commission rights or December 15, 2023, whichever is earlier.
  • If your policy is successfully transferred to iFAST, iFAST will pay the commission rebates, provided that iFAST receives the commission from insurers. Please note that transfers to iFAST may be subject to the agreement of the insurers and their processes, including but not limited to each insurer’s agreement with iFAST to pay iFAST the commissions on your policy, and proof of consent from you for the transfer of servicing rights on designated forms. The timing of the commissions being paid to iFAST may also vary from one insurance policy to another.
  • If policies are not transferred to iFAST by the end of 2023 for any reason, or if clients opt to be serviced by the insurer, the insurance company will take over the servicing of your policy, and no commissions will be paid out. Consequently, no rebates will be payable on those policies returned to the insurer.
  • Since January 1, 2022, MoneyOwl has given rebates on eligible policies for up to 50% of first year basic commission. Since June 1, 2023, MoneyOwl has paid a rebate of 30% of first year basic commission. We also charge an administrative fee of $27 for processing the rebate. Basic commission is a portion of the total commission. Where the insurer does not specify the proportion of basic commission, we deem 45% of the total commission to be basic commission.
  • iFAST pays a rebate of 25% of Total Commission received for eligible policies for up to a maximum of 6 years or when commissions end, whichever period is shorter. 
  • In line with our Terms & Conditions, for eligible policies, MoneyOwl will pay rebates on commissions received by us. If the policy is successfully transferred to iFAST before the cessation of MoneyOwl’s insurance business in December 2023, and the insurer agrees to pay iFAST the commission, iFAST will pay the rebates to the client after receiving the commission, according to the higher of MoneyOwl’s rate and iFAST’s rate. Transfers to iFAST may be subject to the agreement of the insurer and their processes, including but not limited to each insurer’s agreement with iFAST to pay iFAST the commissions on your policy, and proof of consent from you for the transfer of servicing rights on designated forms. The timing of the commissions being paid to iFAST may also vary from one insurance policy to another.
  • Private Integrated Shield plans, local hospitalisation plans, CareShield Life/ ElderShield Supplements, plans paid for with CPF monies, and personal accident plans are ineligible for commission rebates. Commission rebates are also subject to the insurer’s specific terms and conditions.
  • iFAST will be contacting you with further information. You can expect to receive the first update from them by September 15, 2023.
  • Please reach out to iFAST at insurance@ifastgm.com for assistance.
  • Please note that no commission rebates will be payable once MoneyOwl ceases to receive commissions on a policy and the policy is not transferred to iFAST.
  • The last day to submit new insurance applications through MoneyOwl’s Client Advisers is September 8, 2023.

Comprehensive financial planning

  • You can access, edit and download your digital Comprehensive Financial Plan until December 15, 6.00 pm. Thereafter, all online services and all MoneyOwl accounts will be disabled. We encourage you to update and download the PDF copy of your Comprehensive Financial Plan as soon as possible.
  • The last session for the Comprehensive Financial Planning consultation is scheduled for December 15, 2023. However, this is subject to change – we may bring forward the date for the last consultation session depending on our manpower situation. We encourage you to book an earlier appointment date, if possible, preferably before mid-November 2023.

Wills

  • You can access, edit and download your Will until 6.00pm on December 15, 2023. Thereafter, all online services and all MoneyOwl accounts will be disabled. We encourage you to update and download the PDF copy of your Will as soon as possible.
  • Please note that by utilising our Will-Writing service, you acknowledge that the information, materials and content provided are for information purposes only and should not be construed nor relied upon as legal advice, and that the information provided is not guaranteed to be correct, complete or up-to-date and may change from time to time. Our Will-Writing service is meant as a publishing service, and all documents provided and produced through this service are meant to provide a guideline for common and standard situations and are provided on an “as is” basis. Each person’s situation is unique and the Will(s) produced for your use may not necessarily fit your particular circumstances. If you have any legal questions or if you are unsure whether our Will-Writing service will be suitable to meet your needs, you are advised to seek specific legal or professional advice.

Corporate financial wellness

  • MoneyOwl is committed to delivering on our Corporate Financial Wellness programmes from September to December 2023. We will be working closely with the management and HR or wellness departments of our corporate partners on the scheduling of the webinars, where these are not yet completed.
  • Participants in our Corporate Financial Wellness programmes may also continue to access, edit and download their digital Comprehensive Financial Plan until 6.00 pm on December 15, 2023. Thereafter, all online services and all MoneyOwl accounts will be disabled. We encourage you to update and download the PDF copy of your Comprehensive Financial Plan as soon as possible.
  • The last consultation session is scheduled for December 15, 2023. However, this is subject to change – we may bring forward the date for the last consultation session depending on our manpower situation. We encourage you to book an earlier appointment date, if possible, preferably before mid-November 2023.

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MoneyOwl to Wind Down Financial Advisory Business by End-2023

MoneyOwl announced on August 31, 2023, that it is winding down its financial advisory business and that all commercial activities will cease by December 31, 2023.

For more information, please visit our microsite here.