18/2/2019 – Personal finance media platform DollarsandSense.sg has recently made an acquisition of fundMyLife, a local financial planning startup that connects consumers to financial advisors.
Financial details of the acquisition were not revealed, but with this acquisition, DollarsAndSense will add insurtech to its media business.
DollarsAndSense co-founder and managing director Timothy Ho said the deal gives the startup a chance to provide better financial planning insights for Singaporeans, as well as identifying gaps among their financial planning knowledge.
Prior to this, DollarsandSense has been working closely with fundMyLife on multiple areas, including affiliate partnerships, content marketing, and improving engagement with the financial adviser community.
Founded in early 2017, fundMyLife operates a platform that allows users to receive answers from a curated pool of trusted financial advisors via a private Q&A platform.
The approach gave users a reliable source of knowledge, privacy, and a platform to find a financial advisor best suited to their needs, while financial advisers who utilise the platform can access leads of potential customers and make a portfolio alongside client testimonials.
It also allows these advisers to provide additional value for prospects who have already shown an intent to make a financial planning decision, rather than offering those who are still in the stage of deciding the need for insurance.
“For financial advisors, they can focus on what they do best – provide good financial advice and to service their clients – rather than spending unnecessary time trying to get leads inefficiently. I believe this will lead to better outcomes for both consumers and financial advisors,” said Timothy Ho.
DollarsAndSense.sg was founded in 2012 as a publication focused on addressing the personal finance space in Singapore. It supports Singaporean to make better financial decisions through bite-sized articles, infographics, videos, and tools.
“I believe the acquisition of fundMyLife will lead to better outcomes for both consumers and financial advisors. We are committed to make this platform a success for everyone involved,” added Timothy Ho.
Jackie Tan, the co-founder of fundMyLife commented on the deal, saying that “DollarsAndSense brings their expertise in creating original content in the personal finance space, joined with strong branding and reach. I believe fundMyLife will achieve its growth potential in the coming months as a result of this partnership.”
For now, fundMyLife co-founders Jackie Tan and Wesley Goi will remain on board to ensure continuity.
This news is published on Reuters.