In 2013, SEBI introduced a new concept of investing in Mutual funds. Aptly named as ‘Direct plans’ it offers an alternative to investment in mutual funds where investors can skip the middlemen and invest directly with the fund house. An investor friendly option, Direct plans enable the investor to earn up to 1.5% more returns on their investments, because the distributor commissions are not deducted from the invested values.
However, despite its benefits the awareness regarding Direct plans of mutual funds is really low. Few who are aware perceive it to be a time consuming and complicated task.
“One of the advantages of Direct Plans is that these come with a lower expense ratio.”
The Solution
MoneyFront is a key to the act of investing in MFs through direct plans. Being new in the market, it simplifies the entire concept into basic steps.
With MoneyFront, the entire process is online and 100% paperless. Besides that, MoneyFront also provides an ‘automated advisory service’ which adapts to the investors investment goals and risk preference and recommends schemes which are tailor-made for them. The mutual fund section is an encyclopaedia of information, consisting the latest news, views and updates that provide necessary insights into the world of investments. Everything an investor needs to earn more from his returns, is just a few clicks away on MoneyFront.
Who can avail the benefits through MoneyFront?
MoneyFront targets investors who are self-employed or salaried employees and have a brief idea of mutual funds. They who have either invested in mutual funds through the regular plan or planning to invest in mutual funds and are having a long-term outlook on investments with a blueprint of the future in mind. The Platform caters to people who have just realised the importance of money and are saving for a rainy day, child’s future or to buy something they truly desire.
Why MoneyFront?
Moneyfront offers schemes across 17 fund houses and is at advanced stages to offer schemes from 5 more fund houses. Within a month of its launch, platform is already counting 1000 signups! Besides all this, MoneyFront also offers few exclusive features to its customers:
Paper-free process
MoneyFront is a complete paperless platform. No need of taking print-out of the forms, or signing them physically. Everything is online and paper-less. For instance, it does not ask to courier any kind of KYC documents, cancelled cheque copies etc. Everything can be submitted online.
Yes for Non-Residents!
Geographical barriers no longer exist. For all Non-residents, MoneyFront is the ultimate hassle-free way to invest in Direct Plans. MoneyFront’s platform is available to one and all (except US and Canadian NRIs).
Minor Accounts
MoneyFront gives you the unique advantage of investing for the future of your child by giving you the option to open an account for children below the age of 18.
Easy switch from Regular Plans to Direct Plans
With a seamless experience and without any paperwork, investors can switch all their holdings across multiple fund houses to Direct Plans via MoneyFront. All the applicable exit & tax implications (if any) will be informed by MoneyFront and the choice to switch completely or partially will be of the investor!
Family View of Portfolios
MoneyFront saves the time and effort by providing an option of managing all your family’s portfolios through one login account.
Joint Accounts
MoneyFront enables you to hold your investments jointly and hence, the portal provides investors the facility of opening joint accounts with “Either or Survivor” signing rule.
Estimate your Income
MoneyFront has made an Income estimator tool, that provides an estimate of what investors can anticipate from their investments through the financial year!
Future with MoneyFront
MoneyFront believes in continuous upgradation in its technology and product platform to offer its clients a seamless and easy experience. Things will become simpler with its mobile-based application which will be launched by the month-end. It will soon launch simplified model portfolios and goal-based tracking for its clients.
Masterminds behind MoneyFront
The idea of MoneyFront germinated with three childhood friends, hailing from different companies, yet conjoined to make something worthy with their passion for Investments – Mohit Gang (ex-SVP, HSBC Bank), Anil Bang (Analyst, Marshall Wace) and Puneet Mehta (ex-Director, BOA-Merrill).
All stalwarts in their domain, they setup MoneyFront with a single-minded objective to enable investors to get more returns from their investments.
Mohit Gang: Mohit Gang is a 12 year experienced investment professional whose work timeline sparkles with soaring deliveries at HSBC and Citibank. Mohit led and managed a portfolio of about $2 Bn in assets across Mutual Funds, Bonds and other investment solutions while driving a network of over 240 Relationship Managers at HSBC. While at Citibank, he took ownership of an annual target of $ 9 million revenue for his region. His extensive experience in banking and investments coupled with sales experience in his Durables and FMCG stints, proved to be resourceful while setting up a one-of-a-kind platform to help individuals get more returns on their investments.
His brilliancy doesn’t limit itself to just the field of finance. Mohit was also empanelled with Start Sports as an official commentator of Hockey India League in 2014.
Anil Bang: With a drive to know and understand financial markets, Anil began his career with ICICI Bank in credit risk department and went on to work at renowned Global financial institutions like Morgan Stanley and Marshall Wace– a firm with$25bn assets under management, where he was associated with Global Financials strategy right from its inception in 2008.
With MoneyFront, Anil wishes to use his professional experience and family inherited genes of investment to help individuals get more on their investments. Here Anil would like to simplify the diversification principle for users via an easy to use asset allocation process which he believes distinguishes an average investor from an excellent investor.
Puneet Mehta: Clinching a 30th rank in All India CA finals exams in 2002 seemed a norm for Puneet.
With an eye for contingency and love for finances, Puneet started his career as a market risk manager for ICICI Bank where he was involved in the implementation of one of the first value at risk (VAR) models for an Indian bank and played a key role in the launch of new products like FX options in the Indian financial market. Puneet joined DSP Merrill Lynch, one of the top broking & primary dealers in India as Asst. Vice President in Market Risk.
Risk Management being his core strength, Puneet was instrumental in the launch of Equity linked Derivative products in India and it also helped him in successfully navigating the 2008 financial crisis and making significant profits for the bank during a turbulent period.
Since 2014 Puneet has also been involved with some unique start-ups globally as a financial and strategic partner.
Abhilasha Sancheti: Associated since the inception, Abhilasha Sancheti takes care of the legal and compliance requirement of MoneyFront.
A qualified Chartered Accountant and lawyer, Abhilasha has worked both as litigating counsel and an in-house counsel. As a litigating counsel, Sancheti has dealt with basic civil laws, arbitration, constitutional law, banking laws and property laws. As an in-house counsel, she had been instrumental in advising on project finance, structured finance, corporate lending and transaction advisory.
DISCLAIMER: MoneyFront is a brand owned by Moneymap Investment Advisors Private Limited is registered with the Securities and Exchange Board of India (“SEBI”) as an Investment Advisor under SEBI (Investment Advisers) Regulations, 2013 (“IA regulations”) vide registration no. INA000004500 dated April 05, 2016, pursuant to which it provides investment advisory services to its clients.