Financial planning, Online financial planning

Online financial planning: Because time is money!

Gone are those days when you have to search for a good financial advisor, personally visit him or ask him or her to visit you. Thanks to the advent of advanced technology, you can now search for an advisor that perfectly suits your needs and choose the best of its kind. You can also have a look at your investment plans online and ask your advisor for your needs- be it managing your current portfolio, managing your wealth, financial planning or just the investment!

Online Financial Planning: The way ahead!

Apart from you as a client registering online and submitting your documents through the same medium, there is something more- an icing on the cake! Nowadays, people are also investing and voting for robo advisors. It’s like investing without the human touch.

online financial planning

Though the virtual interface is not a new term for this generation, but when it comes to financial planning, most of you will opt for a face to face discussion with your financial planner.

Online financial planner or robo advisors not only save your time and effort but also your money. This method of investing is perhaps more popular than you think!

Why Financial Planning?

Most people, especially youth, don’t know how to manage their money well, forget planning for the same. (Read: Plan and grow wealth: systematic investment tips for youngsters). Most of them argue that they don’t have time and money. Hence, online financial planning is the best option available to them. Further, since they have this presage that they “don’t have enough money for themselves” or “they don’t earn enough” or “financial advisor charge a lot’’, online financial planning is a breath of fresh air for them.

Manage your money the easier way – get your plan NOW!!!

An online financial advisory is cost-effective, and you don’t have to pay a visit to the advisor’s office or expect him to do so. You can get this job done through any of the online financial planning platforms. One such platform is that of Wealthcare Securities Pvt. Ltd. Wealthcare is a specialist Private Wealth Management Firm set up by entrepreneurs with a Private Banking background to provide a professional platform of Private Wealth Management services. Other platforms offering such services are Fin Edge, ArthaYantra and Money Frog.

What are the services you can avail online?

You can avail following services if you opt for online financial planner:

Goal Based Investment Plan: You can go for this plan if you have your goals straightened out.  You just have to put in a few details like the timeline of the goals, the approximate value required for the goals to happen and also the priority. For example, if, according to you, you’ll be needing funds for your retirement, your child’s higher education or his or her marriage, you need to put in details such as how much approximate fund you require in order to complete these goals and in how many years these events are going to occur. Further, you need to put in the details of your assets and liabilities and also the priorities.

Risk profiling and asset allocation: After you put in all the required data, your online financial planner will let you know your risk profile- i.e., whether you fall in the aggressive category, balanced, or conservative. And hence, the asset allocation- how much to put in debt or in equity, will be decided.

Tax related advice: Most of us invest in Public Provident Fund or any other ‘tax Bachao schemes’. However, despite of the Mutual Fund Awareness campaigns organized by Government of India and other private companies- banks, fund houses and those involved in investment advisory- we are still scared to save tax via Equity Linked Savings Scheme. ELSS not only gives you exemption up to Rs. 1.5 lakhs under 80C, but also offer a decent interest rate, which when compounded annually give you huge returns.

Fund selections and investment accordingly: Your online investment advisor will analyze your data, your profile and then he or she will suggest you where to invest and how much to invest. You should trust your advisor with the data you provide.

Investment dashboard: You can have access to your investment dashboard if you opt for an online financial planner. You can check anytime the performance of the funds in which you have invested, in your dashboard. Further, you can also view the value of your investment (fund wise) and the NAV.

How it works?

Online financial planners work almost on the same pattern as any other regular financial advisor.

  1. Your current financial profile is analyzed and so are your financial goals.
  2. You can have a detailed report of your liabilities.
  3. You can have access to your finances anytime and from anywhere. There is no need to personally pay a visit to your financial planner for the same.
  4. You can be sure of the fact that all your personal information remains private. Further, an online financial planner tool generates user-friendly reports, which is easy to go through and understand.

Final Word

The financial advisory is important – be it online or offline. Evaluate the merits and demerits of both of these and then decide which one you want to go for. If you are still confused, there are companies that provide both online and offline investment advisory services. One such company is Wealthcare Securities. You can avail either of the two modes of investment advisory services.

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