Online direct plan distributor WealthTrust will exit advisory business soon. A source close to the development requesting anonymity has confirmed that the platform will not accept fresh applications from January 14. This app had gained some traction as it enabled existing mutual fund investors to switch to direct plans in a few seconds without any paperwork.
Since the app used MF Utility to execute transaction across fund houses, all its existing clients will continue to execute transactions through MF Utility by using their common account number (CAN).
The business model of WealthTrust required investors to pay a monthly subscription fee of Rs.39 (premium plan) or yearly fee of Rs.999 + 0.25% of assets (smart plan) to use this app.
Sources say that the WealthTrust app was downloaded more than one lakh times on Google PlayStore.
It is pertinent to mention here that the app had received funding from venture capital firm India Quotient.