Hi Anonymous, thank you for asking this question. Let me share how MoneyOwl works, it’s pros and cons and you can decide if we are suitable for you.
Cons is you probably have to do more research yourself before choosing your policy.
They don't hard sell anything at all, they are not like other insurance sales people who will reach out to you and promote products. So, its all your own initiative.
Also, you need to go down to their office. Unlike agents, they are like regular salaried employees, so normal working hours too.
Anyone from moneyowl please correct me if wrong~
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.