MoneyOwl has partnered Phillip Securities to offer four Amundi index funds at no fees.

MoneyOwl has shifted away from direct sale of commercial products and will instead focus on providing online financial advice and recommending insurance and investment products by third parties. 

The latter refers to four passive Amundi index funds offered via Phillip Securities’ Poems platform. Users can start with a $1 investment with cash, or funds from their Central Provident Fund (CPF) Ordinary Account or Supplementary Retirement Scheme. Phillip Securities charges no advisory or platform fees, only fund-level expenses from 0.05% p.a. 

The four funds, which track the performance of global equities, US equities, emerging market equities and global bonds, are available to the public via a Poems account. No MoneyOwl account is required.

Formerly an NTUC-backed financial advisory firm, MoneyOwl announced in August 2023 that it will wind down and transfer its investment and insurance services to Mainboard-listed iFast. In November 2023, MoneyOwl announced that Temasek Trust will be acquiring its business for an undisclosed sum, and the firm is now owned by the philanthropic arm of Temasek Holdings.

MoneyOwl CEO and CIO Chuin Ting Weber unveiled on Feb 12 a suite of financial advisory resources to meet what she calls “an urgent need for trusted financial advice” here. 

MoneyOwl is prioritising young people, “lower-middle to middle-income working adults”, and shift and freelance workers. “These groups stand to benefit the most from fit-for-purpose financial solutions but are traditionally overlooked by commercial entities,” says the firm.  

Speaking to the media, Weber says the “dominant model” of financial advice in Singapore is still commission-based. “Now, don't get me wrong, I’m not saying that commission-based advice is no good, but the nature of the compensation can create doubt.” 

Insurance plans and rating system

MoneyOwl’s recommendations on its online platform are aimed at leveraging cost-effective government schemes and affordable commercial products. This includes encouraging Singaporeans to use their CPF as a base for retirement planning and recommending “DIY“ products, which do not involve advisers.  

“The CPF is a great system, as we know, but there is probably room for people to do more in terms of saving towards retirement,” says Weber.

MoneyOwl offers two insurance recommendations for each of six age groups — an “affordable” option and a “comprehensive” option. 

These products do not require an adviser, such as the “portable” Ministry of Defence (Mindef) and Ministry of Home Affairs (MHA) Group Term Life plans available to all national servicemen and employees.

Weber, who started her career in Mindef in 1997, says she is still a policyholder. She estimates that the current penetration rate of this scheme among Singaporeans is “significant”. 

Users who prefer not to purchase insurance directly from online providers can connect with representatives from iFast via MoneyOwl’s website to arrange for a meeting with an insurance adviser. 

MoneyOwl’s other insurance-related service is its “first-of-its-kind” OwlStar rating system. Insurance products in six categories, ranging from critical illness plans to retirement plans, are evaluated on whether they are fit for purpose and value for money. 

OwlStar then assigns them a score out of five, and users can find out more about MoneyOwl’s “insurance philosophy” on its website. 

Healthcare workers in focus

Aside, MoneyOwl’s website also offers a series of checklists of financial actions for users at different life stages (OwlChecklists) along with money management rubrics (OwlRubrics), which offers financial management tips. 

Now under Temasek Trust and without direct selling operations, MoneyOwl has shifted to a social mission of financial education. Weber says the firm’s success is measured by its impact on people. “Of course, the quality of impact comes in terms of changing things in the system; are we able to prototype and catalyse things? I think this is very much how we do things, and also how [people] trust us as well.”

While MoneyOwl has “internal” targets on user numbers, Weber declined to reveal these figures.

Aside, MoneyOwl has also partnered the National University Hospital (NUH) to equip healthcare workers and members of the public with essential financial planning skills.

Weber explains: “I think healthcare workers are one of those groups who do a lot for us and for Singapore, but they don’t have the time, and perhaps may not be able to access resources for their own financial well-being.”

MoneyOwl has worked with NUH to organise Healthier SG talks, she adds. 

To date, MoneyOwl has partnered over 70 employers, unions and grassroots, including SingHealth, SMRT Corporation, Public Utilities Board, NTUC social enterprises and various statutory boards.