Wixifi is a financial platform that automates the entire stack of investment management services: research, advice and execution. Started out with building a robo-advisory service for the Indian markets and then quickly realized that they have access to one of the most detailed stock and mutual fund database which they turned into a screening product.
The robo advisor is a product with an eye to the future. So far traditional financial services providers have been covering their fat paychecks and lack of efficiency by charging the client high fees. This advisory service provides the advice and then executes the advice in the client's account for a fraction of the cost of alternatives by recommending direct plans.
The USP of the product includes tax optimization & reporting, research on all stocks and mutual funds available in India, simplicity of paperless execution online with a click of a button, automated form filling and automated KYC checks.
Commenting on the launch,
Ishaan Gupta, Co-founder, Wixifi, said, “Wixifi is the first and only platform in the world to offer all the these service. The idea is to democratize sophisticated investing. So far quantitative algorithms were only available to large family offices, sovereign wealth funds, pension funds and large players. They want to bring this high-tech quantitative investment to every Indian."
The mutual fund execution platform is very slick as well. Once it figures out what the client should be holding in his/her portfolio, the computer does the heavy lifting for them by filling out the several forms required to open an account by asking a few questions. It emails their clients the forms which they print, sign and mail to the given address or drop at one of over 300 centres of CAMS or Karvy. The account is opened within 1 working day of receipt – which is much shorter than the weeks it takes to open a DEMAT account with most. All the client needs to do is simply login and click buy, sell or rebalance. The rebalance button shows up every 90 days and it rebalances the client's portfolio in just 3 clicks. The client’s money is completely safe as the payment gateway directly transfers the money to the mutual funds. The execution is done through MF Utilities India Private Limited which is a joint venture between 25 AMCs including Axis Mutual, HDFC Mutual and ICICI Prudential Asset Management.
The system automatically generates a post-paid bill every quarter of 0.125% of the client's average quarterly balance invested through the platform, which they can pay with any credit card. If the client does not like the service, they can choose to not pay and redeem their account for free. It is really amazing how this company has built an investing platform that everyone can use so conveniently.
The company offers research tools & research data on over 3000 mutual funds and 12000 mutual fund share classes. They also provide gold prices, and comparative analysis for the gold market. This level of research data until now was only available at a very high cost from established services like Bloomberg or Reuters – these guys are giving all this FREE!
For those who are value investors or do stock picking themselves, the company offers a screener tool which allows several features such as shareholder screening and screening by historical time slices. If someone wants to know Rakesh Jhunjhunwala’s public portfolio over the last 10 quarters – the screener allows to do that with a single click. The system has over 60 thousand public investors as per company filings. Sources at the company say that there has been lots of interest in cloning Prof. Sanjay Bakshi’s Valuequest India moat fund’s portfolio and Dolly Khanna’s portfolio. No need to go out digging for their portfolios anymore – as this service does it via a highly sophisticated database.
