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Choosing the best online mutual fund investment platform: A 11-point checklist


September 10, 2020

Choosing an online mutual fund investment platform – is it an important decision to make when you are starting to invest?

Yes it is. 

And the reason is simple – mutual fund investing is a long-term activity. It’s not just about starting a SIP and forgetting about it. You need to manage your portfolio, likely make additional investments, change schemes, monitor performance, and maintain proper meta data (like your personal details recorded in folios). All this would mean that you need an investment platform that you feel secure, familiar and comfortable with. 

And given the state of art today in terms of digital interfaces, there is no need for any of this to be a painful experience. And you should not settle for something that is hard to use.

online mutual fund investment

A few years ago, I was talking to a friend on this topic. And I was astonished to find that he was using his absolutely, abysmally poor banking platform for his investments. He proudly declared that he had mastered the art of using their clunky user interface and he knows exactly how to use it. He had just gotten used to the pain of that platform, and was loath to move out.

You don’t need to be like that. While it is true that moving from one platform to another is not that difficult, people seldom do it due to inertia and fear. So, choose right when you get started and stay invested – that would be the prudent thing to do.

But, how does one go about choosing the right platform to use? Let us find out how to go about evaluating mutual fund investing platforms and choosing the one that’s right for you.

Readers who are investing in mutual funds online, and like your platform – please share your experiences for the benefit of others. Please leave a comment below about the platform you use, what you like about it, and what you don’t.

This is not a review of platforms

Our customers have asked us to review some of the online mutual fund investment platforms out there, rate them, and give recommendations. There are a few reasons why we don’t want to do that:

  1. Much of this choice comes down to personal preferences – in terms of needs, usage profile,  and choice of user experience. None of these ‘personal’ metrics can be evaluated scientifically.
  2. More importantly, this is a fast changing landscape. New online mutual fund investment platforms come out constantly, and existing platforms are rolling out new features regularly. Whatever we write now will get outdated quickly. For us to keep track of these changes and updating this review would be very hard, if not impossible.
  3. Equally importantly, doing such a review in the most unbiased way would require us to open an account in our own names and transact through all these different platforms. That would be a bridge too far to cross 🙂

So, rather than do this high cost, low benefits exercise, we decided to rather write about how to do an evaluation yourself and choose the platform that is best suited for you.

Direct vs Regular

No, we’re not going to compare investing in direct plans and regular plans in this article. We have already done that. Rather we are going to talk about platforms that offer direct plans vs those that offer regular plans.

Our recommendation would be to go with a direct fund platform, and use PrimeInvestor as your guide to building and maintaining portfolios.

However, if you like a regular fund platform and you are ok with the higher expense ratio, there is nothing wrong with staying with that as well. But the evaluation criteria for regular fund platforms will be stronger than for direct fund platforms – for the simple reason that they cost you more. Below, we have covered additional factors to consider in this regard. So, do read on.

Platforms to avoid

This one is easy. Avoid online mutual fund investment platforms that:

  1. Are part of a larger financial services entity.
  2. And offer only regular plans

In all such cases, the MF platform is an afterthought purely built as a revenue-grab, cross-sell opportunity from existing customers of the main platform.

Managing mutual fund investment is not similar to managing a bank account and when the same treatment is given to both, you will end up getting a system that is uniformly bad.

All the banking platforms will fall into this category. So, regardless of how many times your RM tries to sell you a tax-saving MF or some SIP package, avoid. There are much better options out there that would give you more value and, hopefully, better returns. Also, from a platform UX perspective, bank portals leave much to be desired when they try to double up as investment platforms. Managing mutual fund investment is not similar to managing a bank account and when the same treatment is given to both, you will end up getting a system that is uniformly bad.

But, banks are not alone in doing this. Also falling in this category, surprisingly, is the recent offering from a new-age Fintech firm PhonePe – we recommended you to avoid their ‘Super Funds’ offering recently.

Also, avoid investing using platforms of mutual fund companies directly. There was a time once when the only way to invest in direct funds was through AMC portals. That is no longer the case.

The reason to avoid this is it becomes hard to manage over time. You will not get an aggregated view of your portfolio (except through consolidated statements mailed to you once a quarter). And, worse, you will tend to restrict your investments to a handful of fund houses, increasing the AMC concentration risk in your portfolio.

Same goes, to a lesser extent, to MF Utility – the industry-sponsored aggregation platform. There are several better options available commercially outside of MF utility today that you don’t need to rely on the barebones services offered by this platform.

Have your own criteria for evaluating MF platforms? Want to add to the list below? Do share with us in the comments section.

What not to look for while evaluating MF platforms

When it comes to evaluating MF platforms, there are criteria to consider, and there are criteria to ignore. Let’s first look at what NOT to look for while evaluating MF platforms. 

  • Free : Don’t choose a platform just because they are free. Cost should be a factor to consider, but choosing a platform for that sole reason would lead you astray. Such platforms are businesses that need to have a revenue model – if they don’t charge you explicitly for mutual fund investments, you can rest assured that they will try and generate (likely higher) revenue from you through other means (like cross-selling higher margin products). The exception to this would be services that offer regular plans – which are required by regulations to not charge you extra and are anyway earning revenue from you indirectly through the commission they receive.
  • Speed of onboarding/account opening: When I read reviews of platforms, one thing that is often mentioned is how fast and smooth the account opening was. Don’t use that as a metric or an indicator of how an organization works or provides support. In most cases, there are different teams that work on on-boarding and support. And on-boarding is typically a highly optimized business function in such a company. Plus, this is a one-time activity. So what if account opening takes a couple of days – won’t make much difference for your 10-20 year portfolio.
  • Cut-off times: Mutual fund investing is a long-term activity. Whether your platform’s cutoff for investing on same-day is 1 PM or 2 PM won’t make much difference in the long run. Don’t worry about it. Remember, you are not trading in mutual funds.
  • Fancy UI: Your mileage may vary on this – but to me, fancy app-opening graphics and animation only tells me what the tech team of a platform is focusing on. A smooth UX is important, but fancy animation and effects are best ignored.

A couple of other things to note here. One, is whether a platform offers MFs in demat form or regular ‘online’ mode. Please note that all mutual fund transactions can be done digitally whether it is held in demat or not. So, to me, this is not a big evaluation criteria. Some investors balk at paying demat maintenance fee for mutual funds. But if you already have a demat account and you are a single holder, having MFs in the same demat account should not be an issue. Some of the limitations to having MFs in demat account (like non availability of direct plans) no longer exist.

Also, don’t pay too much attention to the ‘robo-advisory’ services offered by platforms. In my experience, they are weak offerings that are mostly not backed by serious research. And do remember, platforms that offer direct for free or for a small fee are hardly going to invest seriously in research and advisory, unless it is a revenue-generating activity. 

You are better off taking recommendations from services such as ours.

Choosing the best online mutual fund investment platform

So, what should you be looking for when evaluating online mutual fund investment platforms. Here’s a list. Please feel free to let us know if you have more, in the comments section below.

  • Feature complete: A mutual fund platform should offer a full range of MF services. They may not offer bells and whistles on top of them, but here is a simple, must-have list of services: investments (lump-sum and SIP), redemptions, switches, STP, SWP. Don’t take this for granted. Do enquire and make sure all these are there in the platform.
  • Fully digital: All these options should be available digitally without any paperwork. SIP should be available with a one-time mandate that can be reused for future SIPs.
  • Full list of fund houses: A platform should offer access to all the fund houses in the country. There is no reason for a platform to pick and choose which fund houses it will make available to you. There are many small fund houses competing out there on the merits of their performance and deserve your investments. Check any of the large bank platforms and you will find some of the small, meritorious fund houses missing sometimes. 
  • Access to direct equity: If a platform provides access to stock trading, in an integrated manner, it’s a definite plus. Especially with the emergence of ETFs as good investment options, it would be important to be able to manage all your investments in one place.
  • Organization of investments: A good investor organizes their investments – by goals, by asset type, by time-frame, or whatever. That is a good practice, and one that advisors recommend strongly. A good investment platform will facilitate such organization by offering some sort of grouping or portfolio feature. In other words, you will be able to maintain separate portfolios based on your goals or needs. Not a lot of platforms offer this, but this can make a significant difference to your investment and portfolio management experience over the years.
  • Capital gains reports: Managing capital gains can be a laborious process, and your MF platform should assist you with this. The platform should be able to generate capital gains reports for all your investments made through them at the click of a button. CG reports that you can either use yourself or hand over to your auditor without a second thought.
  • Other reports: You will often need access to other ad-hoc reports as well. A good online mutual fund investment platform will need to provide, at a minimum, snapshot report of your investments,transaction reports between two dates and the status of your SIP, STP or SWP instalments.. Annual transaction reports and insightful research reports would be nice, but optional.
  • Clean UI: Needless to say, user interface of the platform should be clean, uncluttered, and easy to navigate. Investment process should take no more than 3-4 pages/screens, and the portfolio dashboard should provide a consummate current snapshot of your investments. 
  • App and Website access: Again, your preference may vary on this. But for me, a service should provide access both via an app as well as a website (laptop/desktop). To me, there are some activities that are more considered than others, and I am more comfortable doing it on a bigger screen. App access is a must for quick verification of status and simpler actions. It would be ideal for a platform to provide both means of interactions.
  • Limits on investment: This may not be a big deal for you when you are starting out investing, but in a few years, you may be in a position to invest larger sums of money than a few thousands of rupees. While most mutual funds do not have any upper limit on investing, the payment mechanisms of some platforms may have. For example, if a platform uses only UPI and netbanking for payments, and your netbanking limit for a day is Rs 5 lakh, you cannot invest more than that amount in a day. Do enquire with the platform if they have alternate ways of investing higher sums of money if the need arises.
  • Support quality: MF platform are intermediaries. They should be able to execute that function in a wholesome manner. Over the course of your investing career, there will be many times that you will need servicing – change of address, change of banking accounts, marital status, residency status etc. A good MF platform service should be able to take care of all this servicing without redirecting you to a mutual fund house or KYC institution.

Edit: Additions via comments – @pkvarshney has suggested 2FA and security in general should also be used to evaluate. Karthik and Ramesh have said that the ability to consolidate past investments (via upload or transfer) should also be an important criteria. Agree with both. Also, please read detailed, useful comment from Padmanabh Shenoy. Will keep updating as I see such suggestions. Thanks!

This might seem like a long list, but trust me, every one of these aspects will come into play at some point of time in your investment journey. You don’t want to be struggling or left without options when the need arises.

Additional criteria for MF platforms offering regular plans

If a platform offers only regular plans to you, then you should expect more from them. Why? Regular plans, over the long term, end up costing you more. And for what you are paying, you should get more from these services. So, what more should you expect?

  • Advisory services: Although there are regulatory strictures on what level of advisory services such entities can provide, you should expect some personal counseling from such platforms. A review of your existing MF portfolio, risk profiling you and creating portfolios for your needs, periodic maintenance reviews, and assigned advisor are some of the services that you should ask for and be provided with.
  • More than just feature complete: You should expect such platforms to be luxury versions of your regular MF platforms. Flexibility of SIP investing, ability to manage family investments, research services, alert mechanisms on market movements, automated insights into portfolios – any and all combination of these features should be present in the platform to give you powerful options.

In Summary

Choosing an online mutual fund investment platform is different from choosing a platform for, say, loans or insurance. The latter activities are very infrequent activities, but investments are something that require regular monitoring and upkeep. So it’s important to choose right. Hope this list of evaluation criteria will help you make a wiser choice. Much of this article was driven, naturally, from my own experiences creating and managing a mutual fund platform at FundsIndia.

Disagree with my list? Have your own criteria to add? Let us know in the comments.

Also Read : Which mutual fund categories are the best for your portfolio?

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We may change the Subscription Fees and charges then in effect, or add new fees or charges which will take effect at the end of the client’s subscription period, by giving notice in advance and an opportunity to cancel renewal of the subscription.

Subscription Access & Renewal: Subscription to the Website commences immediately on the realisation of payment of the Subscription Fees. Subscriptions are set to be renewed automatically at the end of the subscription period.

Unless the client notifies us before the end of his/her subscription period, or the client cancels the auto-renewal mandate within the period specified by law, that the client does not wish to renew his/her subscription, the client’s subscription will renew for the period defined by the client’s subscription plan. We will charge the subscription using the same payment method that you previously used.

Although the client may notify to us his/her intention to his/her subscription, such notice will only take effect at the end of his/her then current subscription period, and he/she will not receive a refund other than as set out under Clause 8 in these Terms.

The client may notify us of his/her wish to cancel his/her subscription by sending an email to [email protected]. The client must provide at least 5 business days advance notice for this to be implemented.

Refunds: There can be no cancellation and refund of subscription fee paid once the subscription is active, other than as stated in Clause 8 of these Terms. If the client is entitled to a refund as specified under Clause 8 of these Terms, the RA will credit that refund to the card or other payment method used by the client to submit payment, unless it has expired - in which case the RA will contact the client to proceed with the refund. If we do issue a refund or credit due to circumstances outside the obligations specified under Clause 8, we are under no obligation to issue the same or a similar refund in the future.

General disclaimers: The recommendations made herein in the Research Services are expression of views and/or opinions and should not be deemed or construed to be advice for the purpose of purchase or sale of any security, nor a solicitation or offering on any investment/ trading opportunity on behalf of the company, AMC, insurance company, or issuer of security referred to herein.

The content and research reports generated by the RA does not constitute or is not intended to constitute an offer to buy or sell, or a solicitation to an offer to buy or sell financial products, units or securities.

The information/ opinion/ views mentioned in research reports or by the RA are not meant to serve as a professional guide to the client or recipients of this Report. The research report, recommendation, or any other content published by the RA do not assure or guarantee any minimum or fixed returns to the client or recipients of the reports/ recommendations/ content.

Use of this information is at the client’s own risk. The client must make his/ her own investment decisions based on his/her specific investment objective and financial position and using such independent advisors as he/she believes necessary. The services rendered by the RA are on a best-effort basis. All information in the content or research report of the RA is provided on an as is basis. Information is believed to be reliable but the RA does not warrant its completeness or accuracy and expressly disclaim all warranties and conditions of any kind, whether express or implied.

While due care has been taken to ensure that the disclosures, information, and opinions given are fair and reasonable, PrimeInvestor Financial Research Pvt Ltd and/or none of its officers, directors, partners, employees, agents, subsidiaries, affiliates or business associates shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information/ opinions/ views contained in the research report and recommendations that form part of the Research Service, and/or mails, social media or notifications issued by PrimeInvestor Financial Research Pvt Ltd or any other agency appointed/authorised by PrimeInvestor Financial Research Pvt Ltd. Returns and performance figures mentioned in the research report represent past performance and should not be constituted to be future returns or guaranteed returns.

Any agreements, transactions or other arrangements made between the client and any third party named on (or linked to from) the Website are at your own responsibility and entered into at your own risk. Any information that you receive via the Website, whether or not it is classified as “real time”, may have stopped being current by the time it reaches you. Market price information may be rounded up/down and therefore may not be entirely accurate.

The purpose of these disclosures is to provide essential information about the Research Services in a manner to assist and enable the prospective client/client in making an informed decision for engaging in Research Services before onboarding.

History, present business and background: PrimeInvestor Financial Research Private Limited is registered with SEBI as Research Analyst with registration no. INH200008653. The Research Analyst got its registration on August 19, 2021 and is engaged in offering research and recommendation services.

Disciplinary history: There are no pending material litigations or legal proceedings against the Research Analyst. As on date, no penalties / directions have been issued by SEBI under the SEBI Act or Regulations made thereunder against the Research Analyst relating to Research Analyst services.

Details of the RA's associates: No associates.

Usage of Website Content: This Website is controlled and operated by the RA. All material, including research reports, recommendations, portfolios, ratings, lists of financial products, illustrations, statements, opinions, views, photographs, products, images, artwork, designs, text, graphics, logos, button icons, images, audio and video clips and software (collectively, “Content”) are protected by copyrights, trademarks and other intellectual property rights that are owned and controlled by the RA or by other parties that have licensed their material to us.

Except where otherwise agreed in writing with the RA, material on the Website is solely for the client’s personal, non-commercial use. Except as provided below, the client must not copy, reproduce, republish, upload, post, transmit or distribute such material in any way, including by e-mail or other electronic means and whether directly or indirectly and the client must not assist any other person to do so.

Without the prior written consent of the RA, modification of the materials, use of the materials on any other web site or networked computer environment or use of the materials for any purpose other than personal, non-commercial use is a violation of the copyrights, trademarks and other proprietary rights, and is prohibited. Any use for which the client receives any remuneration, whether in money or otherwise, is a commercial use for the purposes of these Terms.

The client may occasionally distribute a copy of a research report, or a portion of the same, from the Website in non-electronic form to a few individuals without charge, provided the client includes all copyright and other proprietary rights notices in the same form in which the notices appear, original source attribution, and the phrase “Used with permission from PrimeInvestor Financial Research Pvt. Ltd.”

While the client may occasionally download and store research reports or information from the Website for his/her personal use, he/she may not otherwise provide others with access to the same. The foregoing does not apply to any sharing functionality we provide through the Website that expressly allows the client to share Content or links to Content with others. In addition, the client may not use Content he/she has downloaded for personal use to develop or operate an automated trading system or for data or text mining.

The client agrees not to rearrange or modify the Content available through the Website. The client agrees not to display, post, frame, or scrape the Content for use on another website, app, blog, product or service, except as otherwise expressly permitted by these Terms. You agree not to create any derivative work based on or containing the research products and Content. The framing or scraping of or in-line linking to the Services or any Content contained thereon and/or the use of webcrawler, spidering or other automated means to access, copy, index, process and/or store any Content made available on or through the Services other than as expressly authorized by us is prohibited.

The client further agrees to abide by exclusionary protocols (e.g., Robots.txt, Automated Content Access Protocol (ACAP), etc.) that may be used in connection with the Research Services. The client may not access parts of the Research Services to which he/she is not authorized, or attempt to circumvent any restrictions imposed on your use or access of the Services.

As a general rule, the client may not use the Content, including without limitation, any Content made available through one of our RSS Feeds, in any commercial product or service, without our express written consent.

The client may not create apps, extensions, or other products and services that use our Content without our permission. The client may not aggregate or otherwise use our Content in a manner that could reasonably serve as a substitute for a subscription to the Website.

The client may not access or view the Services with the use of any scripts, extensions, or programs that alter the way the Services are displayed, rendered, or transmitted to you without our written consent.

The client agrees not to use the Services for any unlawful purpose. We reserve the right to terminate or restrict the client's access to the Website if, in our opinion, the client's use of the Services may violate any laws, regulations or rulings, infringe upon another person's rights or violate these Terms.

Prohibited content: The Website includes comments sections, blogs and other interactive features that allow interaction among clients and between clients and the RA. We call the information posted by or contributed by users “Contributed Content.” In the course of availing of the Research Services or uploading any post or comment on the Website, the client shall not post any Contributed Content that (i) contains nude, semi-nude, sexually suggestive photos, (ii) tends or is likely to abuse, harass, threaten, impersonate or intimidate other users of the Website and/or Research Services, (iii) is lascivious or appeals to the prurient interest or if its effect is such as to tend to deprave and corrupt persons who are likely to use or have access to the Website and/or Services, or (iv) otherwise violates, is prohibited or restricted by applicable law, rule or regulation, is offensive or illegal or violates the rights of, harms or threatens the safety of other users of the Website and/or Services (collectively “Prohibited Content”).

We reserve the right to cease to provide the client with the Research Services or access to the Website, or terminate your subscription, with immediate effect and without notice and liability, for violating these Terms, applicable law, rules or regulations and reserves the right to remove Prohibited Content which is in violation of these Terms, or is otherwise abusive, illegal or disruptive. The determination of whether any content constitutes Prohibited Content, violates these Terms, or is otherwise abusive illegal or disruptive, is subject to the sole determination of the Firm.

Changes to Research Services: We are constantly endeavouring to improve the quality of Research Services provided to our clients. Due to this, the form and nature of the Research Services provided may change from time to time without any prior notice to the client. We reserve the right to introduce and initiate new features, functionalities, components to the Website and/or Research Services and/or change, alter, modify, or discontinue existing ones without any prior notice to the client.

Warranty and liability disclaimer: The Website, Research Services, and all the materials and services, included on or otherwise made available to the client through this Website is provided by the RA on an “as is” and “as available” basis without any representation or warranties, express or implied except otherwise specified in writing. Without prejudice to the foregoing paragraph, the RA does not warrant that:

  • This Website and/or Research Services will be constantly available, or available at all;
  • The information on this Website or provided through the Research Services is complete, true, accurate or not misleading; or
  • The quality of any products, services, information, or other material that you obtain through the Website or Services will meet your expectations.

The RA, to the fullest extent permitted by law, disclaims all warranties, whether express or implied, including the warranty of merchantability, fitness for particular purpose and non-infringement. The RA makes no warranties about the accuracy, reliability, completeness, or timeliness of the Website, Research Services, Content, Contributed Content, Services, software, text, graphics and links.

The RA does not warrant that this Website, Research Services, information, content, materials, or any other material included on or otherwise made available to you through this Website, their servers, or electronic communication sent by the RA are free of viruses or other harmful components.

Nothing on this Website constitutes, or is meant to constitute, advice of any kind.

Indemnification: The client:

  1. Represents, warrants and covenants that no materials of any kind provided by him/her will:
    1. Violate, plagiarise, or infringe upon the rights of any third party, including copyright, trademark, privacy or other personal or proprietary rights; or
    2. Contain libellous, Prohibited Content or other unlawful material;
  2. Hereby agree to indemnify, defend and hold harmless the RA and all of the RA’s officers, directors, owners, agents, customers/clients, information providers, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) from and against any and all liability and costs, including, without limitation, reasonable advocate’s fees, incurred by the Indemnified Parties in connection with any claim arising out of any breach by the client of these Terms or the foregoing representations, warranties and covenants. The client shall cooperate as fully as reasonably required in the defence of any such claim. The RA reserves the right, at its own expense, to assume the exclusive defence and control of any matter subject to indemnification by the client.

Applicable law: This Website, including the Content and Contributed Content and information contained herein, and the provision of Research Services shall be governed by the Securities and Exchange Board of India, laws of the Republic of India and the courts of Chennai, India which shall retain exclusive jurisdiction to entertain any proceedings in relation to any disputes arising out of the same. As such, the laws of India shall govern any transaction completed using this Website.

Information gathered and tracked: Information submitted or collected on the Website or pursuant to the use of the Services is stored in a database. Specifically, we store the username, name, e-mail address, contact number, as submitted or collected on our Website or through the provision of the Research Services. We may use such information to send out occasional promotional materials, including alerts on new Services available, or other promotional and marketing material relating to our clients and customers.

In accordance with the Information Technology Act 2000, the name and the details of the Grievance Officer at PrimeInvestor is provided below:

Mr. Srikanth Meenakshi
PrimeInvestor Financial Research Pvt. Ltd., Registered office: 659, 4th Avenue, D-Sector, Anna Nagar Western Extension, Chennai 600 101.
Email: [email protected]

11. Mandatory notice:

Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

12. Optional Centralised Fee Collection Mechanism:

SEBI has operationalized a centralized fee collection mechanism for IA and RA. Under this mechanism, clients shall pay fees to IAs/RAs through a designated platform/portal administered by a recognized Administration and Supervision body. This is an optional mechanism for the registered entities. At this time, PrimeInvestor has opted out of this fee collection mechanism. Therefore, all subscription payments for the Research Services will be through the modes as specified in Clause 5 of these Terms.

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