Asked on 16 Jul 2019
Also, does anyone also know the difference between their investment approach compared to say, Roboadvisors?Looking to start investing in MoneyOwl but want to understand them better first
Hi Shannon, thanks for your question. My name is Eddy Cheong, Chief Advisory Officer of MoneyOwl, and I would like to share what we believe in and how we deliver our investment services for clients.
MoneyOwl believes that good advice helps to bring about a successful investing experience and that such advice must involve a human element. Advice includes asset allocation, risk profiling, fund selection, monitoring, rebalancing and very importantly risk coaching to help investors stay invested through turbulent market times. There are many reports that show that investors lose out on market return because they panic and sell too early. Thus an adviser adds value when he or she can help investors understand how markets work and stay invested over the long term in order to capture market return, rather than time the market.
Our investment philosophy and the expression of it through the way we construct and manage portfolios - when coupled with advice - give clients a very good chance of a successful investing experience. Because we are at our core advisors, more than fund managers, (even though we have a full-fledged fund management licence), we do not define successful investing as being about maximising return or even maximising risk-adjusted return. Rather, we want to advise and structure investments for clients in such a way as to give you the best odds of meeting your goals. From a combination of evidence we have examined and experience including across the GFC, we know that the keys to successful investing lie in 4 areas:
being globally diversified
aiming for market-based return, rather than trying to beat the market through "active management" (either by adjusting asset allocations tactically in response to reading of economic conditions, forecasts or events);
keeping costs low; and
staying invested over the long term.
You can find more information here: https://advice.moneyowl.com.sg/the-right-way-to-invest/
19 Jul 2019
Dear anonymous, thank you for asking this. I am Chris, Executive Director of MoneyOwl as well as CEO of Providend. Guo Hao is right to say that the team at MoneyOwl is the same team as DIYInsurance in the past. We went into a JV with NTUC Enterprise to form MoneyOwl to provide more services beyond insurance planning. Over the next few months, we will be rolling out other services. Do keep a look out for them.
Eddy Cheong, who is the Chief Advisory Officer of MoneyOwl looking after the advisory team has almost 20 years of experience in financial advsiory. So you can be assured that the advice that leaves MoneyOwl is good. You can also read our customers' review here. https://www.moneyowl.com.sg/#/about-us/customer-reviews
If there are any reasons why we are not meeting your needs, let us know and we will make sure that we put it right.
Thank you once again for your interest in MoneyOwl
Thank you for asking. Currently, MoneyOwl is the only financial advisory firm that provides a online comprehensive financial planning service. This is the 4th service that MoneyOwl offers. (The earlier being insurance advisory, will-writing and investments.) The comprehensive financial planning brings all these together and more: clients get a financial health check; an analysis of protection needs; children's education and retirement or financial independence goals and a detailed analysis of their CPF. A centrepiece of the comprehensive planning service is the MoneyOwl CPF analyser that projects client's CPF balances into future years considering inflows, outflows and multiple CPF rules and limits. The full fee is $500 but MoneyOwl is currently waiving this fee. So please do give it a try!
Yes, and what would you like to know?
I am very satisfied with their services and platform
03 Jan 2020
03 Jan 2020
There are many IFA out there include MoneyOwl. If your net worth is more than $1M, then I think it make sense to get fee based advisory. Otherwise, there are many resources out there that you can read and learn to start with.
If i not mistaken, they have preliminary assessment which is FOC that you can try out before decide to engage them.
Hah. I gotta try this.
But I could still be wrong, so feel free to correct me.
If I had to suggest - being a Financial Advisor who's commissioned based and deals with conflict every day - it's the lack of incentive.
I don't know how good MoneyOwl Advisors are. I can only assume they either wanted less conflict (if they even thought that far ahead) or if they didn't cut it in a commission-based system.
So you either have advisors who can't handle being ethical under pressure, or who might not have had particularly strong skills in a system where the attrition rate of this profession is one of the highest amongst professions.
They could improve, but would they, outside of office hours? There's certainly no incentive to do that.
A sales-based planner has plenty more incentive to improve, in contrast - because failure to improve means death in this line while improvement means much more money. I wouldn't assume a salaried based advisor could do the same.
Anyone who's been part of this line knows that a CFP or even CHFC means nothing without the ability to execute.
And there's no greater indication than surviving in a highly saturated, competitive environment.
...so that could be one con, certainly.
Maybe also whether the entire thing service could hold up structurally if it doesn't scale enough - AXA tried to provide much lower hospital insurance fees than everyone else in 2017, and that didn't end too well. Robos in the US have started to increase their prices because it's not sustainable.
24 Jan 2019
24 Jan 2019
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