ICICIDirect, an online platform for investment, security and loan products, has announced the launch of Life – Lifestage Investments for You, a new tool to help its customers meet their life stage milestones Such as owning a new car, buying a house, saving for wedding expenses, higher education for children or accumulating wealth for retirement.
In general, life-stage investing involves investing according to a financial plan that changes with the changing life stages of an individual/family. For example, to begin with, a young earner with no dependents can take on some amount of risk while investing. You may want to save up for a professional course at this stage. Later in life, you can start saving to buy a home and later for retirement. As you get older, your goal may be to preserve your capital and have some regular income flow, rather than aggressively investing your money to grow your wealth. Life-stage investing takes all such factors into consideration while designing an investment plan for one.
“LIFEY will assist clients in smart asset allocation and creation of a carefully curated portfolio, comprising mutual funds primarily based on fund selection by ICICIdirect’s research. The recommendations are data-driven, based on the risk appetite of the client, and are intended to guide them in their financial journey,” said Anupam Guha, Head-Private Wealth, ICICI Securities. Fund Baskets and create customized milestones as per their individual needs.
As per the press release, LIFEY will take into account the risk profile of an individual while suggesting investment options. Customers will have the facility to go for lump sum or SIP (Systematic Investment Plan). The tool will come with a dashboard that will help the customers to track the progress of completing the milestones. They will also receive timely alerts to help them stay on course.