Reviewing the ET Money Genius Platform for Investment
I am pleased to offer my thoughts on the ET Money (ETMONEY) app's investment platform, specifically the ET Money Genius feature. Since my first use of the app in 2017, it has expanded its service offerings significantly, making it a robust tool for financial management.
Understanding ET Money's Value Proposition
One of the most significant advantages of investing through the ETMONEY app is the ability to invest directly in fund plans. When you invest through intermediaries such as banks, you typically invest in regular plans of mutual funds. As a result, you can potentially earn an extra 1% return annually on your investments. For a more detailed understanding, you can explore the comprehensive information ET MONEy provides about mutual funds for free.
Introducing ET Money Genius
ET Money Genius is a unique feature that offers a way to invest through intelligent automation. For many people, tracking investments and maintaining a proper asset allocation, especially between debt and equity, can be challenging. ET Money Genius promises to streamline this process by taking care of your investments based on your profile and risk tolerance. If you have a low-risk tolerance, you can expect more of your investments to be allocated to debt categories, with a smaller portion in equities.
The platform aims to diversify funds according to your unique needs, such as tax-saving requirements, risk profile, age, and goals. However, it charges a monthly fee of 249 for this automated service.
Should You Subscribe to ET Money Genius?
Deciding whether to subscribe to ET Money Genius depends on your individual needs and financial literacy. If you are financially savvy and understand the intricacies of investments and financial planning, managing your investments on your own might be a more cost-effective option. You can save 3000 annually by taking the DIY approach.
However, if you require guidance and assistance with your financial decision-making, 249 per month is a reasonable amount, as it compares favorably to the costs charged by a financial advisor. Bear in mind, though, that the software follows predefined commands while a financial advisor can better understand your unique financial situation and provide timely and tailored advice.
Based on my personal experience, I have consistently outperformed the ET Money benchmark model with my own independent investments, carefully diversified over both debt and equity segments.
Conclusion
I recommend giving ET Money Genius a try if you need help with selecting the right mutual funds tailored to your personal circumstances. I suggest testing it for at least a year to see if the returns from the Genius selection are reasonable and exceed the benchmark.
If you find that the returns are satisfactory, you can continue to use it, but remember that the software has its limitations and you may still prefer the personalized advice of a human financial advisor.
Disclaimer: This review is based on my personal experience with the platform and should not be considered a promotional statement. Readers are free to form their own opinions and make their own decisions regarding the best approach for their individual financial situations.