Robo War Experiment (RWE) Update – August 2023 & MoneyOwl Winding Down Their FA Business

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2023/09/08/robo-war-experiment-rwe-update-august-2023/

This is a performance update to my Robo War Experiment (RWE) posted here:
https://pwlcm.wordpress.com/2023/08/06/robo-war-experiment-rwe-update-july-2023/

Disclaimer: This post is just for educational sharing purposes. Please do your own due diligence on any products mentioned in this post.

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MoneyOwl is Winding Down Their FA Business

On 31 August, MoneyOwl announced that they are winding down their financial advisory business by 31 December 2023. They will transfer their fund management business and insurance advisory business to iFAST Financial, and will wind down their Comprehensive Financial Planning service and Will-Writing service by 15 December 2023.

More details are available in their notice and press pelease.

How will this change affect this Robo War Experiment? Suffice to say that since the transfer to iFAST is supposed to be seamless, I will continue to keep the MoneyOwl Equity 100 portfolio and provide monthly performance update as usual.

Performance Update

Here is the August 2023 Performance Update:

After consecutive 5 months of positive returns in the 3 benchmark indices, all 5 robo advisors and 3 indices turned red in August 2023. Syfe suffered the largest drop, SquirrelSave the smallest loss among the robo advisors, and S&P 500 clocked in with a slight drop.

YTD returns remained above 10% for all, with Endowus and Syfe maintained their positive XIRR since inception.

Key Observations

1. All 5 robo advisors and 3 benchmark indices turned red in August 2023.
2. Syfe and SquirrelSave suffered the largest and smallest loss respectively among the robo advisors.
3. S&P 500 was the best performing index in the monthly return, YTD return and XIRR since inception.

Referral Links

Endowus: https://endowus.com/invite?code=J6YV3
Syfe: https://www.syfe.com/invite/wealth/SRPTRJTFQ
StashAway: https://www.stashaway.sg/referrals/choonght43
MoneyOwl: https://moneyowl.com.sg/app/accounts/sign-up?referral_code=5FZY-58AG
SquirrelSave: https://app.squirrelsave.com.sg/Start/Referralcode?referralid=2996