FAQ

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What exactly is 7Prosper?

7Prosper is your Personal Financial Adviser. We tell you exactly where to invest, how much to invest and when to invest to achieve your financial goals. We also advise on your insurance and loan requirements. 7Prosper is registered with SEBI as Investment Adviser.

Is 7Prosper registered with any regulatory body?

Yes, 7Prosper is registered with Securities and Exchange Board of India as an ‘Investment Adviser’ firm as 'Seven Prosper Financial Planners' with registration number as INA000005622. 7Prosper acts in best interest of the clients recommending what is best for them as per their goals and risk taking capacity. We don't push products which makes us commissions as we don't make any commissions :) We charge you upfront fees for our services and help you save on huge amount of hidden commisions you end up paying for the so called 'free' services.

Is 7Prosper a stock broker?

No, 7Prosper is not a stock broker or a stock sub broker.

Is 7Prosper a mutual fund distributor?

No, 7Prosper is not a Mutual Fund Distributor with AMFI. 7Prosper only recommends and transacts only in direct plans of mutual funds thereby saving our clients distributor commisions which they incur on regular plans of mutual funds.

Is 7Prosper an insurance agent?

No. 7Prosper is a SEBI Registered Investment Adviser. We do not make any money on recommending you insurance schemes. Therefore, the insurance recommendations are truly unbiased and are in your best interest.

How is 7Prosper different from other online personal finance companies?

7Prosper is doctor for your financial health, while most of the other companies are chemist shops selling your different financial products. Legally, unlike most of the companies, 7Prosper is not a mutual fund distributor, neither a stock broker nor an insurance agent. Interest of all these types of companies lies in selling you the schemes which earns them more commission. 7Prosper is a registered Investment Adviser, where its our duty to act in your best interest and give you the right advice. We do not sell any products, hence there is no conflict of interest.

How do you make money?

We charge you flat fees for our financial planning service.

Are there any hidden charges?

No. Absolutely no other charges. We earn only what we get directly from you. 7Propser doesn't get any commisions from Mutual Fund houses or Insurance companies. Neither we sell your sensitive data to make money. Your data is truly secured with us.

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Why do you charge money for advisory when most of the other companies advise for free?

As they say, "there is no free lunch". No service is truly free. Most companies out there are Mutual Fund Distributors registered with AMFI. These companies sell you regular plans of mutual funds which earns them distributor commission. The commission to them is paid by the mutual fund company from the investments you make with the company. These commisions can be as high as 2.5% of your investments per year. To avoid distributor's commission, you must invest through direct plans of mutual funds. Naturally, distribution companies are more inclined towards selling the schemes which makes them more commissions. 7Prosper is not a Mutual Fund Distributor. We are SEBI Registered Investment Advisers. We only recommend direct plans of Mutual Funds thereby saving you the hefty commissions you end up paying through regular plans. Hence, to act in your best interest we charge you an upfront fees which keeps our engine running to help you with your personal financial matters.

What are the different plans available?

Please refer to pricing section for different subscription plans available: https://www.7prosper.com/#pricing.

I got my financial planning done once. When should I renew?

We strongly recommend renewal on a yearly basis to make sure you achieve your financial goals. As part of renewal, we'll make sure your investments are up-to-date with the current market situation, your asset allocation is revised based on current goal timelines, and your emergency fund, insurance cover, and tax planning are up to date as per the current scenario. We'll also adjust your cash flows based on updated income and expenses.

What are renewal charges?

Please refer to our pricing section for our current renewal charges: https://www.7prosper.com/#pricing

Why do I need to pay for renewal or rebalancing?

Rebalancing your portfolio requires similar efforts as that in creating a new financial plan. And just like you, we are qualified working professionals who need to be compensated fairly for the efforts we put in while helping you in achieving your financial goals :)

Do you offer any discount on renewal charges?

We do! Please get in touch with your point of contact who will inform you about the best discount for you.

What if I don't renew or rebalance my portfolio?

Not rebalancing your portfolio on a perodic basis can have serious consequences. We create your financial plan with a set of assumptions that need to be fine tuned periodically and course correction needs to be done on a periodic basis. Even if you don't rebalance your portfolio with us, we urge you to learn and do it yourself. Also, we strongly believe that our fee is a miniscule amount as compared to the impact it creates on your ability to achieve your financial goals :)

What is the difference between Lump sum purchase and SIP?

Lump sum investments are one time investments where you invest as and when you want like fixed deposits. SIPs or Systematic Investment Plan is like recurring deposits wherein you invest a fixed amount every month in a Mutual Fund scheme.

What exactly is STP - Systematic Transfer Plan?

Systematic transfer plan (STP) is taking out money from one scheme and investing in another scheme of the same asset management company on a regular basis. STP involves redemption from one scheme so taxes are applicable.

What exactly is SWP - Systematic Withdrawal Plan?

Systematic withdrawal plan is taking out money from a scheme that you invested in on a regular basis. SWP is useful when you want a certain amount on a monthly basis.