From 1 June 2021 to 31 December 2023, NTUC union members seeking financial planning advice can get 75 per cent off the current introductory fee of MoneyOwl’s Comprehensive Financial Planning Service (CFP).
The NTUC social enterprise made the announcement on 23 June 2021.
According to MoneyOwl, its fee-for-planning model is delivered through a digital platform and by fully salaried advisers, thus providing the mass market with affordable, comprehensive, competent and conflict-free advice.
MoneyOwl Chief Executive Chuin Ting Weber assured that with the company’s fully salaried advisers, clients can be confident that recommendations will be in their best interests, with no hard sell.
“Financial planning should never start with products, but with your financial health and your needs. The best solutions may not be commercial ones. Some of our CFP clients have concluded after planning with us, that CPF LIFE would suffice for their retirement and they do not need to buy anything,” said Ms Weber, who is also the Chief Investment Officer of MoneyOwl.
After the subsidy, a CFP service with a one-on-one consultation with MoneyOwl’s Client Adviser is only $24.75.
The 75 per cent subsidy is also available to companies and unions who wish to engage MoneyOwl to provide personalised financial plans with group advice and financial literacy workshops to their employees or members who are NTUC union members.
The latest Money Relationship Monitor report shows that 41 per cent of Singaporeans do not have a financial plan.
With CFP, MoneyOwl integrates CPF LIFE into retirement income planning using the projection capabilities of its proprietary MoneyOwl CPF Analyser.
Clients will better understand how to improve their cash flow, protect their assets and income, grow their wealth and optimise their CPF for retirement.
The service also guides parents on how they can fund their children’s education, and eventually pass assets efficiently to their heirs.
According to MoneyOwl’s survey, 4 out of 5 CFP users understand their financial position better and saw an improvement in how they make better money decisions.
With the subsidy, NTUC union members have guided planning for their futures at an inexpensive fee.
“MoneyOwl, being an NTUC social enterprise, was set up to help ordinary people make wise money decisions that will impact their lives and uplift their families’ futures. Our partnership with the NTUC makes it even more affordable now for more to access an unbiased and comprehensive financial plan and achieve their life goals in a way that is resilient to shocks,” said Ms Weber.
