caseyanne2
New member
Hi All
I've been investing in MFs for years, starting with small amounts. Every time I had additional money to invest, I opened a new account with a different platform, and started a new SIP. I also opened SIPs in my wife's name.
Today, my wife and I have around 25 different mutual funds, with 15 ongoing SIPs. These are all small amounts, from 2K to 8K. We have accounts on 4-5 different platforms like ICICI, Kuvera, etc.
I recently sat down and made an excel, and found that many of my ongoing SIPs are below their category average.
Going forward, I plan to consolidate, pick 5-6 funds (mix of large/ mid/ flexi caps), and only invest in those. I've still got the following questions, so looking for some suggestions.
Any help or suggestions would be welcomed. Thanks in advance!
I've been investing in MFs for years, starting with small amounts. Every time I had additional money to invest, I opened a new account with a different platform, and started a new SIP. I also opened SIPs in my wife's name.
Today, my wife and I have around 25 different mutual funds, with 15 ongoing SIPs. These are all small amounts, from 2K to 8K. We have accounts on 4-5 different platforms like ICICI, Kuvera, etc.
I recently sat down and made an excel, and found that many of my ongoing SIPs are below their category average.
Going forward, I plan to consolidate, pick 5-6 funds (mix of large/ mid/ flexi caps), and only invest in those. I've still got the following questions, so looking for some suggestions.
- Existing Funds- should I KEEP or SELL existing holdings and move to the new 5-6 Funds I choose? I can wait till they are LTCG, and then sell. I don't mind a slight financial hit if it helps to simplify. Is there value in simplifying, or should I just hold the 25 and let them grow as dormant funds? I have a 8-10 year horizon, with no immediate large financial expenses planned.
- Should I only sell holdings that underperform/ match the index, and keep the existing holdings that comfortably beat the index? This will be around 8-9 of my 25 funds. Again, same philosophy of simplify vs diversify.
- I am thinking of 3 trading platforms- Coin, Kuvera and maybe Groww. The reason is that I want some investments in my wife's name, and some in mine. The plan is to picks funds A, B, C, D and E, and buy ABCDE in Groww in my wife's name, and buy ABCDE in Kuvera and Coin in my name. The logic is to spread out my investments, in case there is a short term problem with Kuvera or Groww, and I need to withdraw money. Is this a good idea, or should I only stick to two platforms, Groww (wife's name) and Kuvera (my name)?
- Is there any value in getting a fee-only financial advisor to help with the clean-up and to recommend funds? I can DIY, but I don't mind paying 20-25K if it will make a difference. My DIY plan is to look at top funds on Moneycontrol/ Groww/ Value Research Online, and pick 5-6.
- Any difference in platforms between Kuvera, Groww and Coin? I have a lot of holdings in ICICI Direct for legacy reasons, but will stick to direct funds from now.
Any help or suggestions would be welcomed. Thanks in advance!