Free and Low-Cost Financial Services Offered by MoneyOwl

In the current economic climate, it is heartening to learn that MoneyOwl has decided to lower the fees for its investment services. This is definitely staying true to its social mission of enabling everyone, including ordinary Singapore working families, to manage their money well to reach their life goals no matter what happens. This article highlights some of the free and low-cost financial services offered by MoneyOwl, some of which Heartland Boy has personally taken advantage of.

No Advisory Fees For First $10,000 and Absorbed Platform Fees

In a major move, MoneyOwl has taken the bold step of not charging any advisory and platform fees on the first $10,000* of a client’s Asset Under Management (‘AUM’). This means that every return made from the portfolio, after paying off the Fund Total Expense Ratio (which is charged by the underlying funds), goes directly into the pocket of the client.

In addition to making the first $10,000 absolutely free of advisory and platform fees, MoneyOwl has also revised the fees downwards for AUM beyond the first $10,000 as shown in Diagram 1.

To further explain the latest price revision, let’s illustrate with an example for a MoneyOwl client who has an investment portfolio of S$200,000. As shown in Diagram 2, fees payable to MoneyOwl would have decreased from 0.83% to 0.475% after the latest price revision. As demonstrated, the savings is really significant and encourages clients to continue to stay invested regardless of the market volatility and economic conditions as long as their financial circumstances still permit.

*Promotional rate applicable only to cash investments from now till 31 December 2021. The 0% fee may be effected through a rebate. 

^# Applicable to both cash and SRS investments, based on total AUM across all portfolios excluding WiseSaver.

For more details and terms and conditions please see FAQs.

Free Will Writing Service

Besides taking advantage of the fees being waived for the first $10,000 of your investment portfolio, why not consider doing up an online will with MoneyOwl for free as well? Writing a will is a financially responsible act to do and even more critical if you have a family with dependents. Not only do you get to decide how your estate will be distributed, you can also appoint an executor whom you trust to distribute your estate according to the instructions on your will.

Shortly after Heartland Boy became a father for the first time, he had his will written online at MoneyOwl for free by keying in a promo code. Besides the reasons outlined above, doing up his will also presents him the opportunity to name an alternate guardian for his daughter. He is pleased to learn that this essential service, usually priced at $160.50, continues to be provided for free by MoneyOwl.

Free Financial Resilience Workshop

In a new initiative, MoneyOwl is launching a free monthly financial resilience workshop for the general public. The workshop will focus on cashflow and debt management- highly relevant topics in today’s economic downturn when some of us are facing reduced income, job losses and other stressful financial issues. During this workshop, participants can look forward to useful tools and resources as well as the generous knowledge sharing from MoneyOwl’s experienced financial literacy trainers. Heartland Boy understands that this is hot off the oven and details are still being ironed out at this moment. For those who want to get on the waitlist, kindly email to fincoach@moneyowl.com.sg.

Comprehensive Financial Planning Service

Earlier this year, Heartland Boy did a review of MoneyOwl’s comprehensive financial planning service. He likens undergoing the comprehensive financial planning exercise to a thorough medical examination of one’s health by a professional. Except that in this instance, we are talking about financial health instead of physical health. Overall, he was pleased to find that he was in a relatively healthy financial state and on track to achieve his retirement goals. The financial advisor assigned was able to highlight minor upgrades to his insurance coverage for Heartland Boy’s consideration.

Today, the comprehensive financial planning service is available at a very reasonable price of $99. Heartland Boy’s opinion is that the amount of personal time spent by the client advisor, as well as MoneyOwl’s proprietary CPF analyzer tool, are already well worth the fee. The human qualities of the financial advisor, so often missing in robo-advisory service offerings, who is ably assisted by technology, could very well turn out to a solid investment you can make in your personal finance journey.

Conclusion

Heartland Boy finds the downward revision of MoneyOwl’s fees and charges to be very timely. During this stressful Covid-19 situation, most of us in Singapore are worried about our jobs and financial security. Lowering its fees definitely help to lower the overall investment cost and provide assistance to folks who really need financial planning to persevere with their investment journeys.

To find out more about MoneyOwl’s financial services such as insurance, retirement planning, wealth solutions etc, click here using my referral link.