Introducing Mutual Funds v2.0
Over the past 5 years, the mutual fund industry has traversed many milestones to become a vital cog in the investor’s portfolio mix. There have been game changers introduced that have completely revolutionised the mutual fund realm. Gone are the days when investors needed to repeatedly meet fund distributors or agents just to find the right scheme to invest in. Thanks to the advent of technology all information and analytics is readily available at the disposal of investors. Investors no longer have to wade through tonnes of paperwork to invest in mutual funds. And most importantly, they now have a choice to invest directly with the fund house, instead of taking the help of middlemen. The above being just a few drops in the ocean of changes, in the rapidly evolving mutual fund industry. Ushering in the next era; Mutual Fund 2.0.
Leading this change from the forefront is a personification of this revolution; MoneyFront. A recently launched, SEBI registered fintech start-up, goes the extra mile to ensure that investors get more bang from their buck, via direct plans of mutual funds, in the easiest way possible. It is an automated mutual fund investment portal that takes the unpredictable human element out of the equation. A direct consequence of this is that the commissions earned by the distributors or agents are eliminated, translating into up to 1.5% more returns annually for the investors. A seemingly small number can be the difference between a good and a great life.
Paperless Hassle-free investment
MoneyFront transcends the entire investment process to the digital domain. The portal offers a 100% paperless registration process, where all the investor has to do is scan the documents and upload it on the platform. If there are any documents missing, the investor can pause the process and restart it whenever he is ready.
Many investors get discouraged to invest in mutual funds because of the paperwork and requirement to submit documents for every investment. For investors like these, all they need to do is scan their documents only once and send it via email or WhatsApp and MoneyFront will take care of the rest. Traditionally, this would have taken days and unnecessary physical labour. Investing in mutual funds has never been easier.
Tailor-made scheme recommendations
One of the main inspirations to kick-start MoneyFront was to provide investors with an alternative to vague recommendations provided by distributors or agents in order to earn higher commissions. The solution for this was to provide an advisory service which identifies investment goals & risk tolerance and provide customised scheme recommendations based on these preferences. This move eliminates vested interests and ensures that investors capitalise on schemes which will help them realise their dreams earlier and faster.
Only advisory charges
Traditionally Mutual Fund distribution business thrives on the commissions received by Fund House popularly known as trail fee. In Mutual Fund 2.0, MoneyFront works as an advisor and not as a distributor, not making any inbuilt commission or trail fee for their recommendations. Scheme recommendation is based on risk preferences and financial goals of the investor. The best way to ensure that the advisory engine along with various reports and analytics works to the optimum level is to charge the investors a bare minimum annual advisory fee. This fee is easily superseded by benefits provided by direct plans and the services provided by the portal.
Fingertip information on Mutual Funds
Traditionally, the lack of awareness regarding mutual funds would coax the investors to depend on third party advice. MoneyFront provides investors access to a vast library of news, views, updates and statistics related to mutual fund schemes and everything else that impacts them. MoneyFront also provides intelligent calculators to empower the investor with expected savings, past performance of schemes, wealth calculators and retirement planning. With this encyclopaedic level knowledge at their disposal, investors can make a well-informed decision on the right schemes to invest.
MoneyFront also provides a host of other features like a unique feature to switch your existing regular investments to Direct plans, investment opportunities for NRI’s, opening accounts for Minors, family view of portfolios and maintaining joint accounts.
The idea of MoneyFront came from three childhood friends all hailing from different companies, yet conjoined with their passion for Investments -Mohit Gang (ex-SVP, HSBC Bank), Anil Bang (Analyst, Marshall Wace) and Puneet Mehta (ex-Director, BOA-Merrill). All experts in their domains, they set up MoneyFront with a single-minded objective to enable investors to get more returns from their investments. Within merely a month of inception MoneyFront.in has already achieved critical acclaim and is counting to 1000+ signups.
MoneyFront well and truly brings in the next era of Mutual Funds with ease of investment and investor focussed services. Mutual Funds are unequivocally one of the best long-term investment vehicle for investors. Platforms like MoneyFront are incentivizing investors to achieve their dreams, earlier and faster.
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