Making your money work is not an easy task. Wealth creation requires consistent effort and expertise. On the other hand, If you don’t pay proper attention the money starts decreasing.All of us have to achieve some important goals. We want to give good education to our children. We wish a lavish wedding, good house and comfortable retirement. But, you would agree that our current saving and investment pattern doesn’t give a guarantee to achieve these goals. Why? Because we don’t have the skill and time to manage our investments.
I know people find it quite tiring to constantly research and change investment allocation. Indeed, it is a full time job. That is why the wealthy people hire a wealth manager or financial planner. But what about them who can’t afford high fees of these services? Who would guide to those people who don’t have such resources?Relax! I have found a solution.It is true that financial planning is costly because of the calculation and research. But, what if the calculation and research job of the financial planner gets automated. It would be very cheap!
I have found Exactly this arrangement by the company Goalwise. It is an automated mutual fund investment platform. The algorithms of Goalwise do all the calculations and allocations for you based on your goals. It does the same job what financial planners have been doing through the years – only now it is accessible to everyone.
Features of Goalwise
The software of the Goalwise is very advanced. I found the following features quite good
- It is completely online. You don’t need to submit any physical document. The KYC is also done online.
- Goalwise automatically chooses the best mutual funds for you depending on your goals.
- It does asset allocation for your desired goal. Goalwise itself suggests how much of your money should be invested in debt fund or equity fund. The basis of its allocation is your age, investment duration, risk profile and type of goal.
- It also suggests an investment plan considering your age, your savings, risk profile, target amount and time horizon.
- The investment plan keeps changing according to the situation. Suppose a particular Mutual Fund is not performing well – in this case, Goalwise would automatically suggest re-allocating to another better performing Mutual Fund.
Saving taxes is easy with Goalwise
I found Goalwise to be particularly useful for investment in tax saving mutual funds as it can automatically redeem the investment after 3 year lock in period. For me it was suggesting Axis Long term equity, Reliance tax saver and Dsp Blackrock taxsaver. These funds have given outstanding return in the last 3 year. You can also easily download the receipt of investment for submitting as the 80C proof.
I also thought the clean interface was an added bonus. It is the best platform to those investors who are new and are afraid of a lot of data. The platform uses minimal data and almost nil financial jargon. It is designed to keep investment very simple. Goalwise does these tasks according to its formula.
Negatives of Goalwise
However there are some issues with the Goalwise.
- I did not like the color scheme of the dashboard. It is too light. Even data is also in light grey.
- Goalwise doesn’t have a mobile app.
How Much does Goalwise Charge
It has tried to keep the charges as low as it can. That is why, it has automated the investment planning. Goalwise doesn’t charge you anything directly. Like other mutual fund distributors, it earns commission from the mutual fund companies. This commission ranges from 0.5% to 1% per year.
(Note: It is a sponsored post. Take your financial decision after due consideration)