Review of Portfolio management softwares in India – MProfit, Perfios, Intuit

Which Portfolio Management Softwares do you use ? Some of the Portfolio Management Softwares in India are MProfit, Perfios, Intuit and Investplus and we will see a detailed review of these portfolio trackers in detail. Portfolio Management & monitoring is an important part of managing a good financial life and if your financial life has different components like Real Estate, Loans, Life Insurance Policies, Mutual funds, stocks and ULIP’s. You can also track your portfolio using Excel and there are lot of templates also, but it can be a tedious task to monitor which part of your financial life is doing well and how much worth do you have at each level using an excel template for Portfolio management. Hence, you can use portfolio management software which suits your needs. There are tons of Free portfolio management softwares which you can start with

Best Portfolio Management Softwares in India

There are many paid as well as free portfolio trackers available in the market which you can use to track and manage your financial data. I really recommend using one of these so that you have all the data at one place and you don’t need to struggle every time to find out your own information. Once we put all the information at one place, we get a clearer and a complete picture, which we don’t get otherwise… We are amazed to see our clients find out that they are worth so much or worth so less once we start discussing with them their financial life data.

Some important features of Portfolio management softwares

Now we will discuss some of the most important aspects of portfolio management softwares in India . These points are top level concerns of customers.

Data Security of Portfolio Management Softwares

A very big concern which most of the people have is where will their financial data be (example) ? Will it be on their local computer or will it is at third-party server and this becomes a big blocking point for them to go for those products which stores their data at their end itself. Here I am not talking about the login & password, but the actual numbers of their financial details. A lot of people don’t want their info to reside on other servers. I personally don’t buy that argument, but that’s a big concern for a lot of people. In a survey done by JagoInvestor last month, the number one concern which people had was data security, ahead of pricing and features.

Regarding the security of login credentials, with the advancement in technology and strong security advancements, it has become virtually 99.999% secure if not 100%. A lot of solutions also give an option for users to link their bank accounts, credit card and other online accounts by providing the passwords. A lot of people do not know how it works internally…

An online money manager will work well only if you provide online access to banking accounts for a one-time setup. This raises security concerns, but here is how it works. The login username and password for individual online banking accounts is used to retrieve read-only data. The ‘transaction password’ for online banking should be different from the ‘login password’ for greater security. You don’t have to reveal your ‘transaction password’. Customers do not have to give any personally identifiable information, making the process safer. Moreover, the account is completely anonymous and requires only a username and password. All the banking accounts are linked to provide consolidated data. In the consolidation process, vendors will have access to your financial records on a read-only basis, but privacy policies of these entities should prevent abuse of information. – source : moneylife

Features provided

I was surprised to see that in our survey, most of the people voted for high features and less on simple features. I personally thought that most of the people will love to have something which provides them less, but rich data. But actually people look for lot of features giving them number of reports and graphs. It’s very important for someone using the software getting more analysis and suggestions on what one should do in their financial life rather than just getting some plain info which they would have done on their own. Most of the software providers give good analysis along with different type of reports and charts which you can download in excel formats.

Easy to use

It’s extremely important that the softwares are easy to use because no one would put a lot of time to feed the data at the start and on ongoing basis. A lot of players provide statement upload facility where you can just upload your Bank Statement, Credit card statement or other demat statements and the software will put out the information and feed it automatically, thus reducing your work. Some softwares like Perfios allow you to link your accounts with them so that they can pull your information and feed it themselves (read only).

Below is a comparison of 4 major Portfolio management software’s in India market and used by thousands of people (you can read their reviews on their website). They are Perfios, mProfit, Investplus and Intuit MoneyManager

Portfolio management softwares in India

Look at the above video done by me and Manish Jain from Mprofit .

Free and Trial versions

I would say you should take advantage of Free and Trial versions of softwares, Like Mprofit gives away a full functional 30 days trial, where as Perfios and Investplus have free versions which are good enough. If you don’t want to use any software, you can manage your finances at very basic level in an excel sheet, but you will have keep updating the values etc from time to time as the situation changes, which is not the case with softwares, as they auto-update the values.

Free tools for Portfolio management

A lot of people don’t go for advanced tools and use free tools available in market which does a good enough job. Tools like money-control tracker and Valueresearchonline tracker are used by lacs of people to track their mutual funds and stock holdings. But they do not give you all the functionalities which fully fledged software’s give to you. Below is the chart explaining Arthamoney, Moneycontrol , Valueresearch and Moneysights portfolio trackers. I hope liked this review of Portfolio management softwares !

Free portfolio management softwares

I would say you should definitely try out some softwares which provide a free version and also explore the free options, there is lot they provide free of cost and all you need is to put your data there. Some other tools which you can use are rediff money (only for stocks and mutual funds, but I like the UI), myirisplus, yodlee and rupeex.com. Please share what more do you look from these softwares and what do you think about the value you get out of these management softwares?

6 Free Portfolio Management Software Licence from Perfios

Update 12 Aug : The 6 winners are selected and this giveaway is not valid now

Perfios is willing to give away 6 free Platinum licences to Jagoinvestor readers for the first year (worth 1499). The first 10 commentators who share this article on their Facebook profile will get those licences (just cc manish at jagoinvestor dot com) (to share it on Facebook, just “like” this article below and put your comment in the box which opens). 

183 CommentsAdd Comment

  1. Pranav

    Hi Manish,

    I have tried MProfit free version for stocks, MFs, FDs and bullion. But I found that it only gives an accounting average price of your stocks. Say I buy 100 shares of X at 100 and process goes to 200, so I free up my investment by selling 50. Now my actual average is 0 but MProfit still shows it to be 100 since that’s accounting average. Any software which can give me both?

  2. Dilip Kulkarni

    How would you rate the new breed of softwares/ facilities given by Economic times, or Google finance or Yahoo. agreed that they all have your data at their mercy and some people may not be comfortable doing it.

  3. Madhu Yadav

    Queries asked to hdfc customer care around Aditya Birla Money myuniverse integration with HDFC, as it has only a single password, though some transactions are OTP protected.

    1. Do they have a formal tie-up with you?
    2. Is the integration with them reviewed by HDFC security teams?
    3. Is it safe to use my login credentials on their site?
    4. Will they have only read-only access to my account?

    Response:
    We request you to use our Net Banking website for the safer transaction

    Myuniverse customer care mentions they do store the login credentials encrypted on their US servers.

    Any thoughts?

    Any thoughts

  4. Gautham k s

    If i do not want to track the value of my portfolio,but just want to do accounts of my family by uploading contract notes of angel broking …. Which will be the right software for me.
    I am a portfolio advisor and handle HNI clients .

  5. JOHNSON P SUNNY

    Excellent review,
    I have decided to purchase Mprofit Software. I searched on their site for pricing details, but it was not available there. If you are aware about the price list of their 3 version of softwares please give me one reply and help. Enthusiastically waiting for your reply. thank you.

  6. Thiru

    Thanks for the review. Working in a large financial institution I am paranoid about how the financial data can be misused.

    Case 1: Online upload by providing credentials
    By providing credentials to a third party software the users may be potentially exposing themselves to a great risk with no legal options, when the terms of use of banks and other institutions clearly state that passwords and PIN’s should not be disclosed to anyone.

    Example,
    http://www.icicibank.com/online-safe-banking/internet-password.html
    “ICICI Bank is NOT liable for any loss arising from your sharing of your user IDs, passwords, cards, card numbers or PINs with anyone, nor from their consequent unauthorized use.”

    Does the software instutions have any agreement with the financial institution regarding exchange of data in a secure way and who assumes the fallout case in case of data loss?.

    Case 2 – Offline upload of statements
    Even the statement uploads the following “personally identifiable” data like name, address, telephone, PAN, Folio numbers, bank account numbers, credit card numbers. .etc can be extracted and stored in remote database. Even if they give all the claims about using all industry certifications we as ousiders do now know or cannot verify what level of internal data protection processes or mechanisms are used within the company. Even large companies experience data theft and loss. In other countries there are rules like HIPPA, DPA, PCI DSS, but here there is none and in case of data loss nothing can be done.

    Any person armed with this information can target the users or their family with spear phishing, and get all the remaining information to swindle your hard earned money. Heck a lot of the information is even available online – you just look at electoral roll which is publicly available to get your name, address, family and date of birth. You may be divulging a lot of information in your facebook or twitter accounts. Just think in a telephonic call with the bank what information they require to authenticate you and how much of that is freely available online. In case of PMS software you may be exposing your entire financial information in one shot.

    Solution: I recommend masking (replace characters with a logic of your own) all the personally identifiable information in statements before uploading to these software. I have verifired this works in perfios.

    For Protected PDF statements, you need to decrypt it, edit it and then use the same. Excel statements are more easy to mask.

  7. Pramod

    I have tested Perfios, it still needs enhancements. They have not built the logic correctly for the bonds program.

  8. ashish sethi

    Very useful article, Manish.

    I started using mprofit and it had helped me a lot in managing my finances.Thanks again

    ashish

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