MoneyOwl, a special “bionic” financial advisor backed by NTUC Enterprise Co-operative, is closing after a five-year run. This unique venture aimed to blend the efficiency of robo-advisors with the personal touch of human advice. As we bid farewell to MoneyOwl, let’s reflect on its story and consider how AutoWealth can step in to address the void left behind.
A Struggle for Viability:
In the past year, MoneyOwl grappled with significant challenges. The business model faced doubts due to high costs and low revenue, questioning its sustainability.
The Roadblocks to Partnership:
Despite trying to sell the business to others, MoneyOwl’s social enterprise model presented challenges. This highlights the complexities of achieving both social impact and economic sustainability.
A Commitment to Social Impact:
MoneyOwl and NTUC Enterprise both agreed that the current business model wouldn’t work well in making a profit. They made the tough choice to reallocate resources to areas where NTUC Enterprise could have a more significant social impact.
The CPF Investment Scheme:
MoneyOwl held a unique position as one of only two robo-advisors allowed to offer CPF Investment Scheme services, alongside Endowus. This allowed MoneyOwl to cater to a specific market segment.
AutoWealth: Filling the Gap
As MoneyOwl makes its exit, AutoWealth is ready to step in and create a positive impact. AutoWealth offers a wide range of financial services to assist you on your financial journey.
Customized Financial Planning: AutoWealth provides tailored financial planning by merging human expertise with robo-advisory technology.
Diversified Portfolios: Investors can access well-managed and diversified portfolios through AutoWealth.
Transparent and Cost-Effective: AutoWealth works to make financial planning available to everyone while maintaining transparency and cost-effectiveness.
A Promising Future:
MoneyOwl’s journey reminds us of the importance of balancing financial viability with social impact. Investors can trust AutoWealth as a partner that shares their values and helps them achieve their financial goals as AutoWealth is licensed by the Monetary Authority of Singapore and regulated under the Financial Advisers Act. In light of Covid-19, AutoWealth successfully thrived with pleasing returns by going positively against the MSCI All Country World Index in 2020. To acknowledge, AutoWealth provides a balanced portfolio to our investors as diversification across multiple uncorrelated assets helps to minimise market risk while bearing golden fruits. On that note, AutoWealth is a promising platform to rely on and trust for individuals seeking financial advice.
MoneyOwl’s exit prompts reflection on the challenge of balancing social goals with business success. It also highlights the complexities of merging social impact with financial viability in FinTech.
As AutoWealth grows, it highlights the importance of a mission-driven approach to financial advice. AutoWealth is prepared to lead, filling MoneyOwl’s void and serving various investor needs in a constantly changing financial environment.
Explore our personalized financial planning and investment services today for a brighter financial future!