SGFinDex review by a Financial Planner - Isaac Fang CFA, CFP
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SGFinDex review by a Financial Planner

SGFinDex Review by Isaac Fang CFA

This SGFinDex review is done using MyMoneySense platform from a perspective of a financial planner, myself. I will outline what the data extraction can do as well as share what I like about the capabilities. I shall also point out the suggested room for improvements which I am confident are on the way in development behind the scenes.

SGFinDex is the world’s first public digital infrastructure to use a national digital identity and centrally managed online consent system to enable you to retrieve your financial data such as your savings, insurance and investments—all in one consolidated view. As a Singapore citizen, I am proud of this achievement for the financial wellness for Singaporeans!

While you can connect to SGFinDex via a number of institutions’ platforms, I highly recommend MyMoneySense for neutrality. With SingPass, everything becomes so seamless.

How to connect SGFinDex

The consolidation might of SGFinDex is jaw dropping.

Review What SGFinDex Consolidates

SGFinDex insurance partners

SGFinDex extracts insurance policies details

This is a Cancer Specific Plan which I implemented for myself long ago and no longer on the shelves.

SGFinDex reviews AIA Colours of Life

Why Put MyMoneySense and SGFinDex together

I am not going to expound on the individual links there, but I can tell you the level of detail, organization of the information and summaries are neat and easy to navigate.

SGFinDex and MyMoneySense resources

Couples looking to tie the knot and settle down can refer to buying a house, and those looking into retirement planning can get guidance from there.

MyMoneySense is neutral in my eyes. This is important since everyone is so sensitive about bias from financial literacy campaigns by various profit driven financial institutions these days.

MyMoneySense dashboard

You can knock yourself off with further breakdowns through the buttons (More details), but I shall not overwhelm you with too much. Go try it out for yourself.

Totally free of charge and at your discretion, set your goals within MyMoneySense. I did not test the maximum number of goals you can set but it is definitely more than 2.

Goals setting in MyMoneySense

You can then play around with the levers and work within a budget for yourself.

What I like as a Financial Planner - SGFinDex Review

  1. A lot of heavy lifting in consolidating information will have been done as efficiently as possible already. (Not total but good enough)
  2. Old insurance policies still get captured if they are still inforce. This includes those no longer on the shelves, and serves as a reminder on the policies’ coverages. At least there is a policy number to speak to the insurer’s customer service representative.
  3. The Neutrality speaks for itself already.
  4. No Fees involved.
  5. Resource compilation and goals mapping are just the icing on top of the praises I have.

Room for Improvements I believe are on the cards

  1. Not all banks and insurers are onboard.
  2. While SGX-CDP is on board, assets in the custody of brokerage houses are not captured. When not all assets are captured, some analytics cannot be made.
  3. Other integrations missing – Lasting Power of Attorney (LPA), Advance Medical Directive (AMD) or Advance Care Plan (ACP), CPF Nomination and Legal will; I think are totally possible for holistic financial planning.
  4. Detailing in the insurance consolidation can be perfected if the policy booklet can be extracted from the insurer as well. Then policy holders do not have to get replacements for lost booklets and wordings can be scrutinized.

Final Words

SGFinDex with MyMoneySense is awesome. The capabilities are not to make Financial Planners obsolete, but to step up their game. Financial Planners should not fear the development but work with the client (Get client to use and share with you to get further insights) by consolidating data not captured for those further analytics (Certified Financial Planners will know).

Not everyone likes DIY (Do-it-yourself) financial planning. For those looking for more, please do not hesitate to book an appointment.

If you like this SGFinDex review, please do not hesitate to share on whatever social media platforms that you are on. Thank you!


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