This article was written in collaboration with MoneyOwl. All views expressed in this article are the independent opinion of DollarsAndSense.sg
Let’s face it: doing a comprehensive financial planning session is not unlike a full medical examination. It takes time and commitment on your part and requires you to expose parts of yourself to a stranger that even your close friends or family members might not see – plus you’re worried about what the results say.
As a result, even though most of us understand the importance of doing a comprehensive financial planning session, dread of the process tends to lead us to put it off.
But like a full medical examination, undergoing a comprehensive financial planning session can help you identify weaknesses in your current situation and allow you to begin fixing these issues before it is too late.
In order to help make the process less painful, MoneyOwl has introduced the first-ever Comprehensive Financial Planning service that leverages on technology to streamline the fact-finding process, while still giving you insights only financial planners with years of experience in the industry can provide.
If being able to save hours of time without compromising on the value you receive sounds good to you, read on to see if MoneyOwl’s Comprehensive Financial Planning service is right for you.
#1 How MoneyOwl’s Comprehensive Financial Planning Service Works
The Comprehensive Financial Planning service is MoneyOwl’s latest new offering, which provides everything you need to develop a personalised, cost-effective, and fit-for-purpose financial plan that takes into account national schemes.
After creating a free account on MoneyOwl’s website, you can start the Comprehensive Financial Planning process in 4 simple steps.
Step 1: Information Gathering
The first step would be to give MoneyOwl as much information as possible so they can provide you with insights and recommendations that are suitable for your financial situation and life goals.
The more accurate and complete you are, the better and more customised the quality of advice you’ll receive, so it is in your best interest to take your time with this process and to answer accurately.
Fortunately, you can do this at your own pace, since the information is saved on MoneyOwl’s end, and you can always go back to amend what you entered if you realised you made a mistake.
Information you’ll provide includes your income, number of dependents, living expenses, ownership of property, existing insurance coverage, current investment portfolio and outstanding liabilities.
You’ll then be asked about the desired level of protection you wish to have, as well as the life goals you are working towards, such as funding of your children’s education, and your desired retirement age.
Before MoneyOwl, generating the same depth of financial advice and insights would typically require multiple sessions with a financial adviser, before they are able to give you a clear report of your financial status and recommend suitable products for you.
Step 2: Receive Your Personalised, Comprehensive Financial Report
After you’re done, MoneyOwl’s financial advisory team (who are humans, not robots!) will create and send you a personalised Comprehensive Financial Plan report to your e-mail within 3 working days, which you can then review at your own time.
The report will comprise of 1) Your Financial Health Check; 2) Your Protection Needs Analysis; 3) Your Retirement and Children’s Education Plan.
Step 3: Face-To-Face Review With MoneyOwl Adviser And Implementation Discussion
When you’re ready, you can make an appointment for a 2-hour face-to-face advisory session with a MoneyOwl adviser to run through details of your report and clarify questions you might have.
If you wish, you can also make changes to your goals and receive advice on how you can make them happen. MoneyOwl’s salaried advisers can help you implement the plan through specific product recommendations, though this is non-obligatory.
With the ongoing COVID-19 situation, MoneyOwl has introduced an option for those who would prefer to ‘meet’ their advisers for discussions through teleconferencing. If you prefer, face-to-face appointments are still available.
Step 4: Periodic Review
Financial planning is an ongoing process and many things can change within a year. You may have a different (hopefully higher salary), taken on additional liabilities, or grew your investment portfolio substantially.
After completing the initial Comprehensive Financial Planning process and implementing the recommendations, it is a good practice to review your plan at least once a year, or when there is a significant change to your financial circumstances, whichever is earlier.
Users of MoneyOwl’s Comprehensive Financial Planning service will automatically be prompted to undertake an annual review. Of course, you can also do this review at any point in time throughout the year if you want to as well. These include scenarios such as if you have any questions about the products you bought or want a second opinion on new products you are considering purchasing.
#2 Hybrid Technology-Enabled Financial Planning With Human Insights
You might have seen MoneyOwl described as a “Bionic Financial Adviser”. What this means is that MoneyOwl combines the precision, speed and convenience of technology with the personalisation, insights and warmth that only humans can provide.
By harnessing technology to handle the data gathering and analytics, MoneyOwl’s human advisers can dedicate more time to listening to your needs and providing valuable inputs on what course of action would be most suitable in your unique situation – in a shorter amount of time.
After all, it does take a real person to understand and take into account subtle nuances when it comes to investment risk tolerance, life aspirations, and desired protection level, and truly listen to understand your needs.
With MoneyOwl, you enjoy the best of both worlds.
#3 MoneyOwl Integrates With National Schemes Like CPF
In Singapore, we have many important national schemes that provide a foundation for our retirement income, healthcare costs, and life insurance needs, via CPF LIFE, MediShield Life, and Dependants Protection Scheme, respectively.
Thus, a truly comprehensive financial plan should take into account these national schemes, and their many variations. You’ll be glad to know that MoneyOwl was built specifically with these national schemes in mind – and recommendations on actions would automatically consider these schemes.
#4 Enjoy 50% In Commission Rebates From MoneyOwl
MoneyOwl’s technology-enabled platform, conflict-free advice and fit-for-purpose approach to financial planning is a compelling value proposition on its own.
As an icing on the cake though, you would be happy to know that MoneyOwl gives customers a 50% rebate of the commissions that insurers pay from your purchase.
This means that by using MoneyOwl, you’ll potentially be getting the same insurance and/or investment products at lower cost.
#5 Comprehensive Financial Planning Service Can Be Used Alongside MoneyOwl’s Existing Tools
As mentioned earlier, MoneyOwl already has an insurance comparison tool, online will writing service, and investment service, which you can use independently of, or in conjunction with the new Comprehensive Financial Planning service.
All of these tools are an important manifestation of MoneyOwl’s philosophy of being a trusted and efficient bionic platform that has all of your financial planning needs covered.
For A Limited Time: Use MoneyOwl’s Comprehensive Financial Planning Service For Free $
If you’re as excited about MoneyOwl’s Comprehensive Financial Planning service as we are, you will be pleasantly surprised to know that MoneyOwl is currently launching their Comprehensive Financial Planning service by making it available at no cost to you. It would normally cost $500.
The service is currently available only for those aged 18 to 54 years old, so if you qualify, head over to MoneyOwl and begin a comprehensive plan for you and your loved ones today.
MoneyOwl is a financial adviser and fund management company licensed by the Monetary Authority of Singapore (MAS). MoneyOwl is also a social enterprise. You can find out more about MoneyOwl on their website.