It might be an unfortunate fact for Indians that people who need honest financial advice can’t afford the advisors. Most of the advisors for your personal or professional finance planning either come at a high cost which you can’t afford or of low quality which you do not want.
To overcome this hassle for themselves and for the masses, Manoj Chahar and Mushtaq Kazi founded their own way out with MoneyFrog in 2013. MoneyFrog is an online dynamic platform, where customers can access and monitor all their investments and life goals at ease and same is supported by a central call-center, managed by qualified professionals, who talk customer’s language.
According to the founders,
“Financial planning as a term is abused by everyone in this country, big or small, national or local; moreover all most all the players follow one product model, i.e. what they are best at. Other products are promoted only from the point of view of add-on or scheme specific and not based on customer’s life goal or financial planning. This is where we fill in the gap & see a huge market potential.”
It all started when the founders wanted a “Under One Roof” kind of financial planner, an expert who could manage their finances and give them a screen-shot of their financial status, at any given point of time. They also wished for a financial statement that is clutter free, easy to understand, and suited their requirements.
Just to get their financial statement, they had to go through a laborious routine – compiling various statements, speaking to multiple RM’s, feeding data into excel, all that after a long hard day at work. What’s more, they had to go through the same routine again if they need the statement the next time. They wanted to change this process.
They spent months in the market searching for such financial tools or packages. They even tried to seek out a CA or IFA, who can give them what they wanted. They soon realized that there wasn’t any such solution available. Though there are financial plans and professionals, but they did not match their requirements. The Financial plans were either restricted to one or two instruments or they are too cumbersome to follow and understand.
They undertook to do a dry run to see the scope of having “Your Own Financial Planner”. The results were amazing, the need for such a planner was immense. They are probably addressing every one’s financial distress. Hence the idea of MoneyFrog became a reality.
The start-up have used technology and internet to build a proprietary model, which covers 360 degree financial planning and is strictly based on customers need, profile, risk and life goals. Customer is presented a financial plan, through an online dynamic dashboard, which is simple to use, easy to understand, user-friendly and clutter free.
Dashboard gives customer insight into his/her Net-worth, Future projection, Goal tracking with inflation and asset wise assumptions, Cash flow and Protection analysis. This analysis comes out through our inbuilt algorithms in the dashboard. Recommendations, if any are strictly need based and taking all parameters into account, like customers profile, risk and life goals. Other than operating this dashboard online, on his own, customer has an option to also speak to financial advisors, where we have a central team to cater to this job.
MoneyFrog have a two tier revenue model, where first customer pays money to subscribe to this model annually and second later through product selling (third party distribution), which is recommended based on customers need and planning.
From 2nd year onwards, the subscription and trail income from existing customers will become a major segment on total income, which will only require maintenance & service professionals.
This Mumbai based start-up have gathered a huge customer base within the short span of one and half years . Their initial set of customers had came from two major corporate activities, at Cognizant & JLT group, where currently they have 2000+ registered customers.