Everyone who earns wants to save money. There are various ways to do this but parking funds in a savings account is not the best idea. This is because you get low interest rates and don't save taxes either. There are several ways to invest money in such a way that you earn higher returns, or save taxes, or sometimes both.
The problem is that most people don't understand how to do these things, and approaching a broker or a CA to help with this comes with its own headaches. If you're the sort of person who'd rather manage savings on your own, but don't know how to start, there are several startups that offer services to help. Some of these specialise in making things easy to understand so even those who don't have a background in finance can manage their investments.
These come with a certain risk. Remember that it's your hard-earned money you're investing here and there is a chance that you may lose it. Some of these investments could fail owing to market risks, which you need to understand these before proceeding. We looked at a number of different services and have selected the ones that seem most reliable, and easy to use, but we also have to admit that we're not financial experts, and so our recommendation is based on the user experience, and feedback we read online. It's up to you to decide if you want to use these services yourself. We've listed the services we found in alphabetical order below.
ClearTax helps you file your income tax returns online, so what is it doing in this list? The Series A funded company recently launched a new feature to let you save taxes. It recommends tax saving funds based on their market performance and it could be convenient if you already use ClearTax to file your IT returns.
2. Funds India
Funds India, which has been in business since 2009, has a robot advisor that it claims helps you choose the best mutual funds. The company claims that it lets you speak to its experts as well if you need assistance. It was initially created just for mutual funds but later introduced other investment products like stocks, corporate fixed deposits, bonds, and more.
Goalwise, as the name suggests, claims to take a goal-based approach to investments. The company has raised raised $1 million (around Rs 6.8 crore) from angel investors this year. It asks you to choose your goal - tax savings, children's education, and so on - and claims that it recommends the best investment strategy accordingly.
4. Oro Wealth
Oro Wealth claims that it charges zero commissions and helps you find the best mutual funds for good returns. It has a pay as you go tier, along with two subscription-based tiers. There is a robot-advisor, for a fee, and the feedback online suggests that this is a suitable option for new investors.
5. Tauro Wealth
Tauro Wealth, which raised undisclosed seed funding from TraxnLabs, lets you invest in the stock market or go for SIPs (systematic investment plans). It has a bunch of primers to help you get started with investments. Depending on your requirements you can choose a primer and get started. Some features are available only in premium subscriptions.
This startup, which raised Rs. 1.6 crores in angel funding earlier this year, focuses on ease of use. Wealthy claims that its platform lets you start investing with minimum fuss. You can choose whether you want a low-, medium-, or high-risk strategy and invest accordingly.
These were the financial advisory startups we found with good feedback online. Which ones do you use? How has your experience been? Let us know via the comments.