Dear MoneyOwl clients, Endowus is here for you.

Dear MoneyOwl clients,

We are saddened by MoneyOwl’s recent announcement – while some may have considered MoneyOwl and Endowus as competitors, we believed that we were aligned to the same mission of helping Singaporeans invest better, and proliferating the conflict-free, fee-only advisory model. 

At Endowus, we sincerely appreciate MoneyOwl for the work they have done over the last few years, to help expand the reach of financial literacy, financial advice, and to uplift the financial well-being of many.  We believe that the importance of this mission is beyond one company. It is societal in nature, and must proliferate. We were encouraged by partners who shared this burden with us like MoneyOwl and NTUC. 

Since our founding, Endowus has remained unwavering in the pursuit to empower all of us to invest better to live better, combining the best of the asset management industry and cutting-edge technology, to deliver conflict-free advice and institutional-quality access at low fair fees. We wanted to let you know that in this time of uncertainty, Endowus is here for you. We would love for you to consider us as a new partner for you to continue your financial journey. Here are some points to consider:

• Keep your investments and move them over: Endowus is one of Dimensional’s largest partners in Asia, and the MoneyOwl Dimensional portfolios can be replicated on Endowus Fund Smart, and transferred over with zero transfer fees. Alternatively, you may choose to buy the Endowus Factors by Dimensional Portfolio, which is an upgraded and more diversified portfolio made up of only Dimensional funds. The same goes for WiseSaver made of the Fullerton SGD Cash Fund. WiseIncome investors have more choice and can select from one of the three Endowus Income portfolios with varying target yield payouts. Read more: How to unit trust transfer MoneyOwl portfolios to Endowus in a few steps.
• Greater access to investment options: Across Cash, CPF & SRS, Endowus has a number of Advised Portfolios expertly optimised by our 12-person Investment Office to target returns across the risk spectrum, and generating passive income if needed. Through Endowus Fund Smart, clients can also buy funds or create their own custom portfolios, selecting from a curated list of 300+ funds managed by 70+ global & local managers including Dimensional, Blackrock, Fullerton, Lion Global, Amundi, PIMCO, among many others. Explore our fund list.
• Automated & human advice: Endowus is an award-winning, and top-rated wealth & fund platform, and this is in large part due to the combination of our on-platform automated advice, and in-house human advisory team to help clients along the way. Get in touch with our licensed advisors.
• Low and fair fees: Similar to MoneyOwl, Endowus has no subscription fees, 100% Cashback on trailer commissions, and charges only an all-in Endowus Fee, ranging from 0.05% to 0.60% p.a. based on your funding source and invested assets with us. Find out more about our fees.
• Safety, security: Endowus clients are given an account in their own name at UOB Kay Hian, Singapore's largest broker and a CPF Investment Administrator. This double ledger system ensures that the security and continuity of our client's positions is a priority. 
• Business growth & shareholders: While the exit of MoneyOwl may raise concerns about other digital players, please be rest assured that Endowus is secure and sound. We have uniquely scaled the business to over S$6B of assets and are multiple times the size of our closest competitors. Today, Endowus is well capitalised, recently raising US$35M (S$47M) which takes the total funds raised to over S$128M to date. We are backed by leading global financial institutions such as UBS, Citi, and MUFG (largest bank in Japan and largest shareholder of Morgan Stanley), as well as local and global champions like Singapore’s EDBI, Singtel Innov8, Z Holdings, Samsung, Lightspeed, Softbank, Prosus (Naspers), some of the wealthiest Asian families. See our recent S$47M fundraising announcement here.

Endowus is here for you. We feel confident that you will be able to find a new home for your investments at Endowus that will allow you to build your wealth for many decades to come. We are committed to serving our clients the same way you have been served by our friends at MoneyOwl in the past, with the same level of integrity, independence and fiduciary care.  

During this time, we would like to offer MoneyOwl clients an opportunity to try Endowus for free for 6 months when you sign up from this link*. 

Yours sincerely,

The Endowus Team

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Read more:

• How do I transfer my MoneyOwl unit trust investments to my Endowus account?
• How to replicate or optimise your MoneyOwl portfolios through Endowus

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FAQs

1. Is Endowus at risk of closing too?

• We have a strong growth trajectory, strong backing from some of the biggest investors behind us and a clear path towards scale and profitability. Furthermore, we were the first to introduce major safeguards for custody of client assets, where assets are custodised in a client’s own name at UOB Kay Hian, Singapore’s largest broker.
• Since the inception of the company, our revenue has had no negative growth quarters, with 2Q 2023 being a record quarter and 3Q poised to supersede that as a new record quarter.
• We now have group assets of more than S$6 billion. We are at multiples of the size of the next closest player in digital wealth and continue to grow strongly in 2023 in both assets and revenue.
• Endowus recently secured another large, oversubscribed fund raise of US$35 million (over S$47 million) from new investors, including some of the largest global banks and leading wealth managers — UBS (the largest private bank in the world), MUFG (the largest bank and financial group in Japan and the biggest single shareholder of Morgan Stanley, the largest wealth management company in the world), and Citi (a global leader in wealth through its private and retail banking franchise globally, and affluent banking through Citigold and a leader in technology in the wealth space).
• We also secured investments from another four Asian billionaire families and their family offices. This is in addition to several existing investments made by some of the wealthiest Asian families from prior rounds. Many of our largest existing investors also participated again in this round, a testament to their belief and support in the growth of the business. They include the Singapore government’s own EDBI, global venture capital firm Lightspeed Ventures and Prosus Ventures (owned by Naspers, the largest shareholder of companies such as Tencent and Delivery Hero), as well as Innov8, the venture arm of Singapore’s largest telco Singtel. Their continued investment and strong support is testament to their belief in the strategy and execution of the team at Endowus, and they will continue to support us with the strategic value they create for us. Most of these are long-term strategic investments via permanent capital from these investors’ balance sheets, rather than via fund structures which could face pressures to exit to achieve short-term outcomes. These investors are aligned to the long-term growth of the Endowus business and to the long-term successful investment outcomes of our clients.
• Our focus on personalised advice, access to institutional-quality investment solutions at the lowest cost possible, exceptional user experience, as well as the unique ability to invest across your Cash, CPF and SRS savings, has differentiated us from other wealth management players.
• We were the first digital advisor to be approved to advise on CPF investments, a testament to our business model and cutting-edge technology.

2. How are you different from MoneyOwl? Both of you support CPF investing and have exclusive access to Dimensional funds for example, don't you?

• We are the first digital advisor for CPF monies, providing a seamless experience in investing your CPF with best-in-class solutions. We have also announced that we have crossed  over S$1 billion of pension assets advised on our platform.
• We have also worked with fund managers to onboard new low-cost index funds that are often exclusive to us. However, we offer much broader and holistic wealth management for all Singaporeans and residents. This means that clients do not just have the option of investing their CPF savings with us, but also their cash and SRS savings.
• We have a wide range of investment solutions to suit our clients needs - Flagship Portfolios across the risk spectrum, Income-focused Portfolios, ESG-focused Portfolios, Thematic Portfolios etc. We also have Alternative Funds such as PE/HF/Private Credit Funds for accredited investors (AIs).
• As a digital-first platform, we have also built a differentiated investing experience via a market-leading UX/UI and innovative technology and infrastructure. However, we are not digital-only, which means that you can also get the advice from a dedicated and experienced team of licensed client advisors.
• Most importantly, our focus on advisory, access to institutional quality investment solutions at the lowest cost possible has differentiated us among other wealth management players.

3. I have investments with MoneyOwl. Can I move these monies over and if so, how?

• Yes, you may be able to transfer your unit trust investments across to the Endowus platform depending on what portfolios you hold. Alternatively, for the unit trusts that cannot be transferred, you can potentially choose to liquidate and invest into our Endowus portfolio.
• If you share your latest portfolio positions or statement with us, we can better advise you on what unit trusts can be transferred over or suggestions for portfolios to switch into.
• Read more: How to replicate or optimise your MoneyOwl portfolios through Endowus‍
• You may also refer to our FAQ on unit trust transfers into Endowus Fund Smart.

4. What would happen to my investments if Endowus closes down?

• We have designed our business model with the safety and security of our clients assets in mind. Endowus clients are given an account in their own name at UOB Kay Hian, Singapore's largest broker and a CPF Investment Administrator.
• Clients send money to UOB Kay Hian directly, and UOB Kay Hian processes transactions on the instructions of Endowus, so we never touch your money. This double-ledger system ensures that the security and continuity of our client's positions is a priority.
• In the unlikely scenario where Endowus ceases to operate, for whatever reason, you would still retain the UOB Kay Hian account in your own name with your investment assets, and will have full access to your UOB Kay Hian account. Because the money is not commingled or custodised by us, you can maintain your UOB Kay Hian account for as long as you want, and redeem your investment holdings at any time with no additional cost.

‍Read more: Robo advisory firm MoneyOwl to wind up, in shock announcement

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