Wise Wealth Advisors

D.Muthukrishnan (Muthu), Certified Financial Planner- Personal Financial Advisor

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PERFIOS

Posted by Muthu on May 12, 2011

My contribution to Q&A has appeared in the current issue of ‘Nanayam Vikatan’ as well.Thank you NV! 

Couple of weeks ago, while I was having a discussion with a client, we touched upon the need for a  comprehensive one stop portal for managing one’s entire personal finance like income, expenses, bank statements, credit cards, insurance, investments- shares, mutual funds, insurance, PF, Post Office etc., loans, EMIs….the whole gamut of our personal financial life.

He mentioned about Perfios. I’ve seen Google ads about this but never checked beyond that. What I heard from him about the portal was good and so I mentioned about it to few others as well.

As I always tell you, interacting with our clients is one of the sources of continuous learning for us.

I wrote to Perfios and requested them to share what they offer.

Mr.Aditya Prasad of Perfios was kind enough to provide a write-up for us.

I’ve given below the write up received from him (with some highlighting / editing).

For most of us, the free services itself would be very helpful and sufficient. For additional requirements, Rs.499/- a year is nominal. Platinum may be chosen, if you have a need for it.

I would suggest that you first experiment with the free services before considering upgrading it.  You may write to me your experiences which would be of use to others.

Let us listen to Mr.Aditya:

“ Perfios (PERsonal FInance One Stop) is a one-stop portal that provides a complete view of an individual’s financial status at any point in time, from anywhere – www.perfios.com

People having one or more investment and expense categories, today, have to monitor their cash flow and investment returns through mechanisms such as spreadsheets.

There is a need to provide an automated mechanism with very little manual intervention that will help monitor, manage, analyze and report all personal financial transactions for an individual. Once the individual configures all his investment and cash flow accounts, the solution should manage all these accounts on an ongoing basis with very little manual intervention.

This is where the Perfios solution fills the need.

One of the most important features of the solution is the automatic aggregation and reconciliation of all transactions for an individual across all Bank, Credit Card and investment (Mutual Funds, Shares, ULIPs, Bonds etc.) accounts.

Even for account types that do not provide any online access, a manual facility is provided so that a 360° view of the financial health of the individual can be presented any time.

The solution has the following key features:

1) You need only an email ID to create an account with Perfios for FREE.

2) Perfios does not ask for any personal information like name, phone number, address, PAN etc. None of these questions are ever asked. 

3) Perfios consolidates ALL account types (banks/ credit cards/ Mutual Funds/ Equity/ Insurance/ Loan/ PPF/ Bonds /Post Office Instruments/ Real Estate/ Gold etc.) to give a 360 degree view of one’s portfolio. 

4) Statement Upload – One can upload all types of statements which he receives from the financial institutions on a regular basis, Perfios would automatically update the user’s account with just a click of a button. 

5) Email ForwardOne can even simply forward such statement emails to his/her Perfios account and the system would automatically populate the user’s account with the data! 

6)  All of this done with very little manual intervention. 

7) It not only aggregates information automatically, but also auto-categorize the transactions so that one can perform variety of analytics on the aggregated data. 

8) Perfios works with some of the best names in the Data Security business to ensure highest level of security – VeriSign, TrustGuard andPaladion. 

9) Perfios does not store any of your credentials (ID/ Password) at its server. It his encrypted and stored in the user machine only. 

10) One website (single point) for you to access all financial data, across all institutions. 

11) In addition to accessing all the information from your PC, you can also use your mobile phone (Perfios Mobile) to perform all actions with the application. 

12) Sophisticated Analytics provides deep insights into your finances providing opportunities for more savings and less spending. 

13) Automated Reminders and Alerts notify individuals of the important payment, maturity dates etc – you never miss a payment! 

14) A comprehensive Reporting Framework enables you to generate various reports that can provide insights into your finances so that you can take quick corrective actions. 

15) As a single stop portal, the solution also provides a Secure Document Storage so that you can store all relevant financial documents such as past years IT returns, copies of PAN card, Form 16, interest/dividend statements etc. 

16) It is possible to manage the finances of one’s entire family using the solution and yet preserve the privacy of an individual’s accounts using the Shared Accounts feature. Using this feature, one can share on a selective basis the required accounts with other family members, one’s tax consultant, financial planner etc.  

Perfios is available in 3 Plans – FREE, Gold and Platinum Plans. 

The Free plan in itself is good for anyone to manage his money better. This plan includes unlimited number of account creations and links across all categories –

Banks, Credit Cards, Mutual Funds, Equity, and Insurance etc. Sharing of accounts, Creation of reports – slicing and dicing of data, email alerts and reminders, e-statement Upload, statement forwarding, account sharing – all in all a complete view of your entire portfolio.

 The Gold Plan, in addition to all the features in the free plan, has much higher limits for statement uploads, account sharing, Income Tax computation, SMS alerts and reminders, Income Tax reports generation, generation of all types of Income Expense/ Mutual Fund / Equity reports like Profit and Loss reports, Capital Gains reports, transactions and Holding reports etc [in any formats (pdf/ excel/ html)]

The platinum Plan has all these features with no restriction – UNLIMITED. Also have few intangible benefits like – Sneak preview of upcoming features, priority given to New feature request / support etc.

The details of the Plans from Perfios is mentioned here –

https://www.perfios.com/plans.html

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