MAS-licenced MoneyOwl to wind down financial advisory business
The company found that its advisory business is not financially viable.
Financial adviser, MoneyOwl, declared that it will “wind down” its financial advisory business and its commercial activities will cease by year-end.
The decision to wind down follows a joint review by the company and its shareholder, NTUC Enterprise Cooperative Limited.
The review revealed that the business would not be commercially viable, and a “decision was made to redeploy resources to other areas where NTUC Enterprise can deliver a greater social impact.”
During the process, MoneyOwl will transfer its investment and insurance businesses to iFAST Financial Pte Ltd, which will reach out to MoneyOwl clients from September 2023.
Investment clients may transact on MoneyOwl’s portal until October 24, 2023, and can do so on iFAST’s portal from October 25, 2023. The firm will cease to accept new insurance applications after September 8, 2023.
iFAST is the existing custodian of MoneyOwl clients’ investment accounts. As part of the business transfer to iFAST, all MoneyOwl clients can continue to enjoy digital access to their portfolios via the iFAST platform at the same level of fees, as well as access to iFAST’s team of more than 60 advisers for both investments and insurance.