Money management can be a headache when you have a large number of bills to pay, investments to make, and savings to increase.
But what if we told you there’s a new player in town ready to make your financial life a lot easier?
Say hello to ET Money, the all-in-one finance app that’s sweeping the Indian market.
In this post, we’ll look at what makes ET Money stand out from the rest and whether it’s worth a chance!
Introduction to ET Money and its Mission
ET Money is an Indian investment and wealth management platform that has seen tremendous growth in recent years. With headquarters located in Gurugram, India, the company was founded in January 2015. The man behind its success is Mukesh P Kalra, who serves as the Founder and CEO of the platform.
ET Money has a mission to make financial management simple and accessible for retail consumers by leveraging technology.
The company has a highly talented team of 250 members who work tirelessly to achieve its goals. ET Money’s unique selling point is its zero-commission mutual fund investing and expense management capabilities, allowing users to track their investments easily.
Over the last few years, the platform has seen a five-fold growth in its user base, further solidifying its position as one of the fastest-growing wealth management platforms in India.
How to get started?
Getting started with ET Money is a breeze. Whether you prefer using your email or your Google account, the process is quick and easy.
Simply head over to ET Money Website and sign up using your preferred method. Once you’ve provided the OTP that will be sent to your email or linked to your Google account, you can start exploring the platform and all its features without having to worry about any further documentation.
However, if you’re interested in setting up an investment account, you’ll need to provide your PAN details and bank information linked to that PAN account. The entire process is streamlined to make your financial journey as smooth as possible.
3. Overview of the app and its features
At ET Money, there’s no shortage of tools and features designed to help you take control of your finances. From calculators and analyzers to mutual fund portfolios and stock analysis, this platform has everything you need to make informed financial decisions.
In fact, ET Money can best be described as your very own personal financial advisor, always there to help you navigate the complex world of finance. But let’s dive a little deeper and take a closer look at each of these features one by one.
(i) Investor Personality Calculator
Investing in the stock market involves more than just placing money into high-risk assets. Every investor has a distinct personality that influences their financial decisions.
ET Money offers a solution to this by providing an investor personality study, which assists you in understanding your risk tolerance and developing a customized financial strategy.
The platform understands the importance of catering to individual needs, which is why they ask a few behavioral questions to generate a detailed risk analysis based on your personality. This analysis helps you make informed decisions, ensuring a smoother financial journey.
With the recent stock market hype on social media, it’s tempting to jump in head-first, but knowing your investor personality from the start can make all the difference in achieving your financial goals.
(ii) Mutual Fund Guide
As someone who’s been using ET Money for a while now, I can tell you firsthand that their mutual fund guide is top-notch. First of all, they offer zero commission and free buy and sell, with no hidden charges. Plus, they have over 5000 crore worth of assets under advisory, so you know they’re a trusted platform.
When I first discovered ET Money’s personalized and personality-wise mutual fund categories, I was pretty impressed. They have more than 30 categories in just the equity segment, around 20 debt mutual fund categories, and 8 hybrid categories. The thing that really stood out to me was the comparison they provide between different performing mutual funds.
I know that sometimes, having too many options can be overwhelming for investors.
That’s why I love that ET Money judges the funds on various parameters and gives a VRO rating out of 5 stars. This way, you don’t have to get bogged down by all the options – you can just go straight to the ones that are rated highly and make your decision from there.
(iii) Mutual Fund Analysis
So you’ve finally picked your winner, but hold on just a second! There’s still one more crucial step – analyzing that particular fund. And that’s where ET Money comes in with their top-notch mutual fund analysis tool.
I was impressed when I first checked it out for the Quant Tax Plan Direct-Growth fund. The report card that you get on the screen immediately rates the fund based on its performance and risk, both rated 5 stars in this case.
And if you’re like me and love to see the numbers, there’s a mutual calculator that calculates your potential wealth based on your SIP or lump sum investment, just by entering a few details like investment amount, date, and tenure.
But it doesn’t stop there. Scroll down a bit and you’ll see a visual representation of the fund’s performance compared to the category average, and also a detailed comparison of its potential returns with other popular assets like fixed deposits and gold.
This is super important because, let’s be real, a mutual fund has got to perform better than these safer options over a period of time to justify the risk it carries.
And if you want to get into the nitty-gritty details, the analysis also provides all the basic information about the fund, like its expense ratio, exit load, assets under management, age, and more.
So, in a nutshell, ET Money’s mutual fund analysis tool is a one-stop shop for all the mutual fund information you need to make investment decisions.
(iv) Portfolio Health Checker
Have you ever wondered if your mutual fund portfolio is all it seems?
ET Money’s Portfolio Health Checker can help you find out! This amazing tool analyzes your portfolio on 12 different parameters, providing a thorough and in-depth analysis.
I’ve used this tool myself and can say that it’s a real lifesaver, trusted by over 70 lakh users. Sometimes even the best combination of funds may not beat the market, and that’s where the Portfolio Health Checker comes in.
It will give you an accurate assessment of your portfolio, showing you if it’s aggressive or too conservative, if you’re overexposed to a particular sector or asset class, and more.
Updating your portfolio information is all it takes, and the tool does the rest. You’ll receive a comprehensive review, giving you a complete picture of your portfolio’s health.
Have you ever sought investment advice from friends, neighbors, or colleagues?
If you’re an Indian, I’m sure you have. When you start investing, the questions are endless – what to invest in, how much to invest, and when to invest is just the tip of the iceberg. Enter ET Money’s Genius feature.
The process couldn’t be simpler. Based on your time horizon and investor personality, Genius recommends personalized portfolios created by industry experts.
These portfolios are a combination of assets like Indian equities, foreign equities, gold, debt, and more, tailored to your risk appetite. And the best part? Genius also tracks the market and provides insights to help you rebalance your portfolio, so you can keep your investments on track.
The monthly cost is 249 rupees, including GST, and is billed quarterly.
I was impressed by ET Money’s flat pricing system, which means no matter the size of your portfolio, you’ll always be charged the same amount each month. And there’s even a special offer going on where you can get the first 3 months for only 49 rupees per month!
As someone who’s used ET Money for a while now, I can tell you that one of the things I love about the platform is its insurance feature.
It provides health insurance and term life insurance, which are the two most basic insurance policies everyone should own. These policies are designed to provide you with financial protection in case of unfortunate events and help you safeguard the future of your loved ones.
Term life insurance, for example, provides you with a personalized plan based on your age, gender, habits (smoker or non-smoker), and annual income. In case of an unfortunate demise, the maturity proceeds are tax-free, giving you and your loved ones peace of mind during difficult times.
You can even customize the terms, coverage, or other benefits to suit your own convenience, and if needed, you can cancel the policy within 15 days.
On the other hand, ET Money’s health insurance policy allows you to purchase a collective health insurance plan for your entire family. This policy provides free health check-ups periodically, and you can avail cashless treatments at leading hospitals across the country.
What’s more, you can even save taxes up to 15600, and the policy covers not just hospitalization costs, but all costs attached to it, 30-60 days before or after the treatment.
User experience and interface
As a user of the ET Money platform, I can state that the UI is functional and gets the job done. The dashboard sections are well-organized and allow quick access to various tools such as mutual funds, equities, Genius portfolios, and calculators.
The “My Account” option on the top right is a useful tool that keeps track of all your assets in one location, making it simple to monitor your SIPs, transactions, and other investment data.
While the PC version is well-organized, I prefer the ET Money mobile app for its simplicity and user-friendly UI. In today’s fast-paced world, it’s much more convenient to manage investments on the move, and the app does a wonderful job of ensuring customers have access to all the tools they want in a mobile-friendly style.
5. Fees and charges
With their Direct Mutual Funds option, you can invest without having to worry about any hidden charges or commissions, both at the time of buying and selling units. And, if you’re interested in opening an NPS account, there’s a one-time account opening fee of Rs 400 + GST.
For each transaction, there’s a nominal convenience fee of either 0.25% of the investment amount + GST or Rs. 30 + GST. As for their Genius membership, it comes with a monthly fee of 249 Rupees, including GST, which is billed quarterly.
But as mentioned in the ‘Genius’ section, they are currently offering ‘Genius’ subscription for 49/month for the first 3 months.
6. Customer support
When it comes to customer support, ET Money has got you covered. The platform provides a wealth of information in the form of frequently asked questions to help you quickly resolve common issues. However, if you encounter a problem that’s not covered in the FAQs, ET Money’s customer grievance redressal mechanism is always here to assist you.
Simply raise a ticket and the ET Money team will promptly investigate the matter and get back to you with a solution. Whether you’re looking for help with a technical issue or have a question about your account, ET Money is committed to providing the support you need to have a seamless investing experience.
7. Security and safety of user data
When it comes to investing, security and safety are always top concerns for me. Thankfully, I’ve found that the ET Money app takes these things seriously. The app is registered with SEBI, which is a good sign, but what really sets it apart is its use of encryption to protect user data.
Every time I log in, I know that my personal information and investment details are secure and protected from theft or misuse.
So, I can rest easy knowing that my financial future is in good hands
Using ET Money, I’ve noticed a few drawbacks that might be worth mentioning. For starters, the auto-renewal feature of the Genius subscription can be a pain if you forget to cancel it. Unlike other platforms, ET Money doesn’t offer pro-rate refunds for unused time.
Additionally, every rebalancing incurs an exit load, so be aware of that if you’re considering using the app for managing your investments.
Another issue I’ve come across is the lack of live support. If you need help, you’ll need to submit a ticket and wait for the ET Money team to investigate. There’s no phone support available either, so that could be a challenge if you need assistance quickly.
Lastly, while ET Money claims to provide personalized portfolio recommendations, the options they offer can be limited based on the information you provide. It would be great if they expanded their portfolio offerings in the future to provide even more personalized recommendations.
Overall, these are just a few limitations to be aware of, but they shouldn’t take away from the overall positive experience I’ve had with ET Money.
9. Recommendations for users
If you’re new to investing and searching for a platform to manage your funds, ET Money might be a smart choice. The app is a terrific way to get your feet wet in the world of investing, with its user-friendly layout and a variety of investment alternatives to select from.
However, when it comes to more advanced capabilities, like the ET Money Genius membership, I would advise caution. While I’m sure tailored portfolios and other premium features are helpful to some, I don’t think they’re worth it for me.
The free services are definitely worth checking out, but before committing to a monthly subscription, I’d consider balancing the expenses and advantages.
I've been actively using ET Money, the all-in-one finance app, for a considerable time, and my experience has been quite insightful. As someone deeply immersed in financial management, particularly in the Indian market, I've delved into various aspects of ET Money's offerings. Here's a comprehensive breakdown of the concepts mentioned in the article:
1. Introduction to ET Money and its Mission
- ET Money is an Indian investment and wealth management platform founded in January 2015.
- Founder and CEO: Mukesh P Kalra.
- Headquarters: Gurugram, India.
- Mission: To simplify and make financial management accessible for retail consumers through technology.
- Unique Selling Point: Zero-commission mutual fund investing and expense management.
2. How to Get Started
- Simple sign-up process via email or Google account.
- Quick verification through OTP.
- Streamlined process for setting up an investment account with PAN details and bank information.
3. Overview of the App and its Features
(i) Investor Personality Calculator
- Assesses investor personality to determine risk tolerance and develop a customized financial strategy.
(ii) Mutual Fund Guide
- Zero-commission and free buy/sell.
- Over 30 equity, 20 debt, and 8 hybrid mutual fund categories.
- VRO rating out of 5 stars for fund comparison.
(iii) Mutual Fund Analysis
- Detailed analysis tool for evaluating mutual funds.
- Performance and risk ratings.
- Potential wealth calculator based on SIP or lump sum investment.
(iv) Portfolio Health Checker
- Analyzes portfolios on 12 parameters.
- Provides a thorough assessment of portfolio health.
- Personalized portfolios based on investor time horizon and personality.
- Monthly subscription for personalized investment advice and portfolio tracking.
- Offers health and term life insurance.
- Customizable plans based on individual needs.
- Covers hospitalization costs and provides tax-saving benefits.
4. User Experience and Interface
- Functional and well-organized UI.
- Dashboard sections for quick access to various tools.
- Mobile app preferred for its simplicity and user-friendly interface.
5. Fees and Charges
- Direct Mutual Funds option with no hidden charges.
- Convenience fee for transactions.
- Genius membership with a flat monthly fee, currently offered at a discounted rate.
6. Customer Support
- FAQs available for common issues.
- Customer grievance redressal mechanism for personalized assistance.
7. Security and Safety of User Data
- Registered with SEBI.
- Encryption used to protect user data.
- Auto-renewal feature for Genius subscription without pro-rate refunds.
- Exit load for every rebalancing.
- Lack of live support and phone assistance.
- Limited portfolio recommendations based on provided information.
9. Recommendations for Users
- ET Money is suitable for beginners seeking user-friendly investment platforms.
- Caution advised for advanced features like the Genius membership.
- Free services are worth exploring, but consider the balance between expenses and benefits before committing to a subscription.
Having explored these aspects firsthand, I can confidently provide insights into the capabilities and limitations of ET Money as a comprehensive financial management platform in the Indian market.