Poor service from Fundsindia – Sharing my experience

POSTED BY waris ON May 25, 2014 1:20 pm COMMENTS (8)

Dear friends,

I am writing this post to share my experience of using fundsindia.

I got interested in them as i wanted to invest from a single platform. I was willing to let go of the money i could save by investing directly with AMC.

I was also interested in getting financial advice which they promised they will provide . After opening the account i was allotted an advisor. She sent me an introduction email promising to provide any help required in financial planning. I sent her detailed information of my present investments(MF,FD,PPF,NPS etc) along with a list of goals. I requested her to review the portfolio and suggest investments as per my goals. She was very reluctant on even looking at my present MF investments which i had done via Direct.

She kept on insisting that i switch. I explained to her that i don’t want to switch but i will make new investments via Fundsindia. Later after many days when i did not get any reply i emailed Fundsindia with a complaint.  They then sent me a plan which did not at all consider my present investments.

I again approached them and they allotted a new advisor to me. After having a detailed conversation with him i expected him to provide a better plan considering the present investments. Even after many reminders i am yet to receive any reply from them.

Phew… I wasted my time going after them . I am totally disappointed.

8 replies on this article “Poor service from Fundsindia – Sharing my experience”

  1. waris says:

    Dear Friends,
    Can anyone confirm the claims made by Mr. Srikanth.
    To Mr Srikanth: I forwarded all the email trail to you regarding the financial plan . Its been 1 month and you have also not taken any steps.

  2. Hello Mr. Waris,

    Easy Transfer moves existing folios to FundsIndia (by changing the broker code). However, by SEBI/AMFI regulations, such transfers do not result in any revenue (trail) to the new broker.

    thanks,

    Srikanth

  3. waris says:

    Dear Srikanth,
    I have seen the forms of easy transfers i have to write the new broker code there.

  4. Divya,

    At FundsIndia, we have a specific process called ‘Easy Transfer’ to transfer existing MF folios to one’s FundsIndia account. It involves no switches, and keeps the investment intact. Thousands of folios have been transfered to FundsIndia in this manner thus far. We do not make any money as a result of this, and we do it for free so that investors can have all their MF folios in one place.

    Thanks,

    Srikanth

    1. Shashidhara BA says:

      Hi Srikanth,

      I have submitted a support request for creating HUF Account in Fundsindia. It has been 10 days and I haven’t got any response. Will you be able to help ?

  5. waris says:

    Hi,
    But i told them that i will make new investments via them. And i have actually started a SIP in a fund(based on my own research) via fundsindia. I highlighted this aspect to the second advisor. but it seems they are either too greedy or something else. I dont know.

  6. divya.advisor says:

    Not going into specifics of your case(as I already see a reply from that organization), here is a thing about advisors that you should know.

    Unless you switch plans your current advisor will not get trail commission. Perhaps this was the reason for you to get that that kind of advice. I suspect you would have got a switch advice even if the plan was not direct.
    I know many advisors who will suggest even switch from a growth or a dividend plan for a short time so that they can get their own code registered. this helps them take away commission from your current advisor and gives it to them.

    As long as you show them you know the tricks of trade you will be safe.

    PS: I am an advisor myself.

  7. Hello sir,

    Srikanth from FundsIndia here. Please mail me at srikanth@fundsindia.com with your login id and I’ll follow-up on the issue.

    Regret the inconvenience caused, and thanks for giving us another chance.

    Regards,

    Srikanth
    FundsIndia.com

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