Frequently Asked Questions
Welcome to Propel’s Money help center! We’re here to answer your questions. If you can’t find what you’re looking for, write to us at firstname.lastname@example.org
How does Propel Money determine my Financial Plan?
Propel Money asks several questions to understand your circumstances and risk profile to suggest ideal amounts or percentages across financial products.
How does Propel Money determine my risk profile?
Propel Money asks several questions from which we can judge your ability to take risk – based on your circumstances, and your willingness to take risk – based on your comfort. We then combine these scores to give an overall risk profile.
What if I disagree with Propel’s Money risk profile?
It may appear that the Propel Money determined risk profile is different than what you perceive or believe. But our risk profile calculation is based on several factors including your ability & willingness to take risk and your circumstances. The plan built using the Propel Money determined risk profile ensures you can stick to your investment for the long term.
But if you must change your risk profile, we suggest you retake the risk assessment test and rebuild your plan using the “Rebuild Plan” option.
How does Propel Money select and suggest mutual funds for me?
First, we determine how much should be invested in debt mutual funds (where the fund gives loans to government and companies) and equity mutual funds (where the fund buys shares of companies from the stock market). Since there are many types/categories of debt and equity mutual funds, we then decide on the type of fund. We determine the debt and equity proportion and the types of funds based on your risk profile.
We then do detailed research based on several parameters to determine the right fund for you. For more details on the parameters we use, see here.
What do I do with the Financial Plan that Propel Money suggests?
Currently, Propel Money does not provide the ability to buy the suggested financial products. We’re working on that now. In the meantime, you can use other service providers to buy these financial products.
What do I do with the mutual fund portfolio Propel Money suggests?
Currently, Propel Money does not provide the ability to buy these mutual funds. We’re working on that now. In the meantime, you can use other service providers to buy these mutual funds.
What if I don’t like your mutual fund picks?
Currently, we do not support customising and picking alternate funds. We’re working on making this possible.
I have existing investments, does Propel Money take that into consideration?
Propel’s Money current free plan uses the information you provide to determine the ideal plan for you. You can compare your existing insurance and investments to determine what you should do. We are working on features that will take into account your existing investments and other financial products you may have bought.
About Propel Money
Why should I trust Propel Money?
As co-founders, our starting point to come together was the belief that each one is trustworthy and has the highest level of integrity.
One of our founders is a Chartered Accountant and a Certified Financial Planner (CFP) and we have been investors for long. In fact, one of the reasons we started Propel Money was to help people build wealth.
We are registered as a distributor with AMFI (Association of Mutual Funds in India). AMFI only registers distributors once they’ve cleared professional exams.
We are confident of our research and suggestions, so we put our own money where our mouth is. Our owners themselves buy the funds we suggest.
How does Propel Money earn money if the service is free?
Currently, we don’t earn any money. Eventually, as we launch more services, we shall be charging for some of them. However, we continue to believe that everyone needs and should be able to afford financial advice without compromising on quality. We will make our service both great and affordable.
How secure is my data with Propel Money?