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Should you use INDWealth for your investments?
I signed up for a paid plan with INDWealth, and this is my experience with them…..
Synopsis:
- The INDWealth platform is a feature-rich robo-advisory service that makes extensive use of machine learning to deliver investments tailored to your needs.
- The platform is still new and may not be the best replacement for an existing EA.
Update: Since the publication of this post, INDWealth has significantly revamped its platform and client interactions. I have been a paying customer of INDWealth since February 2021 and I am still learning about their platform. I will update the article with new information as soon as possible. You can follow me on Twitter @denharsh for the latest updates.
A detailed overview and my experience with INDWealth below….
That’s how it all started…
Background:
When I accepted the mission long ago to help my countrymen become their own bosses, I had no idea where that road would lead me. I believe that without financial freedom it is impossible to be your own boss.
I became interested in personal finance long ago because I come from a family of entrepreneurs. However, the official push came with the book Rich Dad, Poor Dad, and it was in 2013 that I began investing my hard-earned money in the mutual fund market.
It was in the summer of 2019 that I realized that all my investments from the past few years were only yielding 1-3%. I wouldn’t have cared much, being a long-term player, but when I realized that even with such low returns, my advisors were earning 1% of my investment each year.
This was a wake-up call for me, because I don’t feel well. It wasn’t the 1% that bothered me the most, it was the fact that after 4-5 years of investing, my advisor was passively managing everything with the strategy, but without knowing the outcome.
Since then, I have spent countless hours talking to and learning from the best financial planners and wealth managers in the world.
My first discovery made me realize how uneducated and unorganized the wealth management industry is and why it needs a lot of transparency and quality products.
And I started finding better ways to do things.
My journey has led me to discover robo-advice platforms like Goalwise, INDWealth, Kuvera and many others.
I rejoiced in my new discovery and began to explore them one by one to find the perfect solution for me. Something that could be a better and cheaper solution than my existing one.
Of all the solutions, I found Goalwise ideal, but it only offered chat support. Having an advisor on call was an important feature for me, something that most platforms don’t offer.
That’s when a friend told me about HIS wealth. The site seemed different from any other investment management platform I had used before, and out of curiosity I created a free account. I imported my mutual fund portfolio linked to my Zerodha account, and within minutes my free account with INDWealth was created.
The amazing thing is that I found this:
The platform suggested:
- Asset Manager
- Research Analyst
- Tax advisor
- PMS investment opportunity
- Investments in hedge funds
I was surprised to see such a thing and contacted the manager to find out the conditions and make an appointment.
To me, it was a miss, and I was happy to discover such a thing. Secretly I dreamed that INDWealth would turn out to be the solution I was looking for.
Meanwhile, I also explored the platform and the people behind it. I realized that the platform had been founded by another well-known tech entrepreneur, Ashish Kashyap, in response to his experience with asset managers.
This video also gave a lot of weight to his vision:
I thought it was a promising plan, so I decided to make an appointment with a fund manager.
At the first meeting, I learned about INDWealth and my point was to see if it could replace the traditional way of investing or not.
The fund manager, Raghav Arora, was a 25-year-old who shared more details on INDWealth.
Here are a few things I learned from the first two meetings:
- No commission on any product:
- A look at the total net worth of your family members:
- Automatic retrieval : Own engines and engines of third parties. The risk package, the return package (Sharpe ratio), the fund manager package (performance in the current fund and in other funds, alpha generation, declines), all funds are evaluated.
- Use of artificial intelligence and ML
- Provision of fiscal services
- Estate planning services and drafting of wills (supplementary)
How does OWN earn money?
The method of monetizing R&D is to pay for consulting services. Since they recommend the product without commission, the advisory fee keeps their business going.
They have plans for all types of investors:
- 3999 per month for portfolio management – less than 10 crore (This is for the entire family including 4 PAN cards)
- 5999 – Per month for portfolio management – More than 10 crores (This is for the entire family including 4 PAN cards)
I also learned about the various investment vehicles offered by INDWealth.
Many features, such as tax tips and analysis, are free additions and seem too good to be true.
Still, I was happy to see a promising high-tech application from India. In addition to the initial planning and execution of the strategy, I needed a point of contact to respond to questions.
INDWealth seemed to offer everything and I signed up for their portfolio management service for 3999 per month.
My experience with INDWealth:
I sat with the asset manager and analysts in my Gurgaon office and during the one hour meeting I helped them understand my goals, my existing investments and how we will execute this plan in the future. The fund manager suggested a date when he would send me a new plan.
I was very excited and happy because after 7-8 months in the industry, I had found a company that really adds something valuable to the fintech sector. For someone who loves technology and believes in data, I was happy to be a part of something early.
Anyway, I think I celebrated too early. As promised, the asset manager or someone from the INDWealth team did not contact me in a timely manner. I called my fund manager, he said he would send it in a day or two.
But there again, nothing!
I tweeted about it, and you know what?
With whom in the next 3 hours, that was the plan in my email.
But when I looked at the plan, I realized it wasn’t worth it. It seemed like a low-level job just to tick off ongoing tasks.
I was disappointed to discover that, despite the appearance of the company, the quality of the investment plan was not what one would expect.
I realized that while the technology part of INDWealth may seem pretty advanced, it still has a lot to learn when it comes to relationship management. However, this experience also taught me that new is not always good, and I realized that it is better to wait a year or two before using a new platform like this.
It would be too risky for an investor like you or me to try something new, especially when the platform is just trying to find a product-market fit.
Another feedback loop:
INDWealth also analyzes our existing portfolio and suggests how changing market conditions will affect our portfolio. These details are very useful in many cases, and I found them very interesting at first.
However, as time goes on, I realize that the daily notification is not helpful and in some cases, even irritating. As a silent investor, we may not need to know so many details about your investments, and this note serves as a distraction.
Proposal for FREEDOM: Maybe a way to let the customer decide what type of notification they want to see would make a big difference.
How do I feel about MY property?
As a high-tech platform, INDWealth has a great advantage and they offer many investment options within one platform. Add-on modules such as fund managers, analysts and the input of tax data constitute the added value for the end user.
The platform is unlike any other robot service you’ve ever seen. Features like targeted investments and regular direct transfer plans also make it an excellent platform for those who want to manage their own funds.
On the other hand,
The price of 4000/month seems too high considering that the consulting services and professionalism are not the best. At this point, your best bet is to hire an independent financial planner and use a platform like INDWealth (free offer) or Goalwise (free) to manage your own affairs.
Conclusion R&D health check :
INDWealth’s mission is to be the social welfare agency for individuals and families. The technical part of the platform looks promising and the product is being improved from time to time.
However, as a paid product, INDWealth still has a long way to go, and I recommend staying away for at least a year before considering using INDWealth to manage your condition. The platform is still in the discovery phase and there are many spare parts. What is a good platform if one cannot come up with a better financial strategy even after payment.
Share your experiences and rate INDWealth in the comments section. If you like Twitter, you can join my Twitter feed on INDWealth magazine here.
frequently asked questions
What do you mean by professional?
1. An argument or consideration in favor of something: Weigh the pros and cons. 2. Someone who supports the proposal or takes a positive side in the debate.
What are the advantages and disadvantages?
Arguments or considerations for and against something, such as. B. We need to weigh the pros and cons before deciding to add a new wing to the library. This idiom is derived from the Latin for and against. Late 1500s]
Pro positive or negative?
Yes, both terms imply the same thing. Pro et contra comes from the Latin pro et contra, meaning for and against. It’s really about the positive and negative aspects of the argument. I would say they mean more or less the same thing and can be used interchangeably.
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