Robo advisory is the new buzzword in the financial advisory profession. One more e-commerce startup Innovage Fintech has launched a robo advisory platform called ‘5nance.com’.
5nance.com will provide financial advisory service without charging any fees. The portal will distribute investment products like mutual funds, insurance, FDs, gold, bonds, equities, loans, credit cards etc.
Sharing the company’s roadmap, Dinesh Rohira, Founder and CEO, said that the company is planning to acquire new clients through digital marketing initiatives and investor awareness programs. “We aim to reach out to the middle income group through investor awareness programs. We are planning to conduct such programs in corporate houses, colleges and institutes.”
Rohira said that his company aims to build a client base of 3 lakh by 2016 and cross 70 lakh in the next 5 years.
Innovage Fintech has raised over $3 million through angel investors and is planning to raise another $15 million in the coming months.
Robo advisors use algorithms and model portfolio to construct client portfolio. Investors have to fill up their details and goals based on which these advisors recommend a plan or a list of schemes to invest in. In India, Fundsindia, Fundsupermart, MyUniverse, Scripbox and Arthyantra claim to follow Robo advisory model.
