None of us are formally taught how to manage and invest our personal wealth. It’s a shocking fact but true. Think about how you have learnt, all that you currently know about managing and investing your money. It’s mostly been through advice from parents, friends and family or newspapers and magazines AND through the neighbourhood LIC insurance agents or bank relationship managers or local Independent advisors.
FINQA is short for Financial Questions Answered, and our aim is to become a virtual financial advisor for you so that you can make informed investment decisions to meet your life goals. We don’t want you to just grow your money, but do it with a plan so that you enjoy it too.
Our first focus is our clients and providing unbiased advice. We also want to make sure that you fully understand each and every aspect of the advice that is being offered instead of just accepting it at face value. We want all our clients to ask us as many questions they have and be absolutely clear before a single rupee is invested.
To meet this objective and as part of our commitment towards transparency, we even created a free book called The Blueprint – It has 50 articles which everybody should be aware of before investing their money. The idea is to empower everyone with enough financial information so that no one gets duped.
- Here are two examples of how someone can lose their money:
Krishnamoorthi, actor and singer sued HSBC Bank for mis-selling unsuitable mutual funds and churning her portfolio to milk commissions.
- In the case of Virendra Pal Kapoor Allahabad high court directed the Insurance Regulatory and Development Authority (Irda) to scrutinize every policy sold by SBI Life Insurance Co. Ltd, and order the company to discontinue its policies and wind up its business if it detects any regulatory breaches. This list of mis-selling by banks and agents goes on.
Ok, all this is fine but how does Finqa earn money ?
We earn our bread via two avenues – Planning Fees and Commissions.
- Planning Fees: We provide a basic / advance level of guidance and validation based on the plan you select, before your money is invested so that your money is invested in the right assets to meet your needs.
- Product commissions: When you invest in stocks or mutual funds, the mutual company pays us a commission which averages around ~ 0.5% after expenses. So if you invest Rs 1 lakh with us, we earn Rs 500. This will be applicable no matter who you buy the product from including your bank or your ‘friendly neighborhood agent’.
What are the advantages of investing with us ?
- Unbiased Advice: You are free to just pay for our advice and invest from wherever you feel like. We don’t have any rules that you have to invest with us if you take our advice.
- Monitoring: If you do decide to invest with us, our team regularly monitors your portfolio and keeps you updated about its performance.
- One Time Paperwork: We have a completely online platform where the KYC paperwork is done just once. After that, your investments can be scheduled online and you can make the payments directly (or they are debited from your bank account via an ECS mandate)
- All year round Advisory: Anytime you need a question answered, our team is there to help. E.g. You may have just received your bonus. What should you do with it ? Since our team knows about your investment objectives and background, we can easily recommend the right avenues to invest the money.
Haven’t started investing yet ? Atleast talk to us once to know the difference we can make.