What's new in Goalwise - August 2017 Edition


In the month of August we bring a few new features and a few improvements :)

First the new features!

Target amount and Target Tracking for your goals - In the Goal Planning Tool you can enter the target amount you want to reach for that goal! For eg. Let’s say you wish to have 10 crores when you retire. You just need to enter this amount in the top right of your Retirement goal’s Goal Planning Tool.

It gets better - based on the target amount you have entered and the projected amount (what you are likely to make based on your investments), the system will let you know if you are on-track to achieving your goal or not. And if you are off-track, it will also suggest a SIP amount that will help you get back on-track. So let’s say the target for your retirement is Rs 10 crores and you are planning to invest Rs 20,000 per month for 30 years to get there. Our Goal Sense algorithm will detect a mismatch between the target you have entered (Rs 10 crores) and the what you are likely to make (the projected amount which is Rs 7.9 crores) with Rs 20,000 per month investment for 30 years.

Based on this mismatch, it will do 2 things:

  1. It will show you that you are off track
  2. It will give you a suggested SIP amount to get back on track

And if you are on track, it will show you that you are on track to retiring in style! This feature is available for all goals.

Screenshots of the Goal Planning Tool

I have already used it for all my goals except Smarter Savings because I don’t really have a target for that. And I am happy to report that I am on track to achieving my goals! :)

Skip SIPs - In addition to stopping SIPs now you can skip your SIPs for upto 2 months. We understand the unpredictability of our lives and to pay due respect to this we introduced this feature. We would highly recommend using the Skip option and not the stop one (as far as possible) to ensure that you are still on track to achieving your goals.

NACH scans are now acceptable - Our Operations team has worked hard to coordinate with different external authorities to be able to bring this feature to you. Now you can simply download and upload the NACH mandate from your Goalwise account (from the My Account page) :)
For all those who are wondering what NACH is or why we need it, the TL;DR is It’s a kind of permission letter you register with your bank letting them know that we will be debiting your account for investments as and when you instruct us to (useful for automating SIPs). It also enables us to rebalance your portfolio annually. You can read more about it here.

Monthly Account Summary Reports

This feature was in high demand! Many investors had requested for a monthly summary of their investments in their inbox so I hope you are happy to know that it’s done.

Every month you will receive an email with a summary of all your active goals. If you have linked accounts, you will get their summary too in the same email. Now I must add that we are not really in favour of frequent portfolio updates as there have been studies that prove that frequent updates result in worse returns than with infrequent updates. Here is a link to one such study. If you agree with us, then just make a folder for all these reports so they don’t come to your primary inbox :D

Now the improvements!

New User Experience for adding goals

Our research and discussions with some of you suggested that we needed to make adding goals more guided and informative. That is what we have tried to do :)
Now we ask for the purpose of the investment and then based on the purpose, we show some recommended goals. And we also show the salient features of the goal to help you decide if that is what you’re really looking for.

We ask for the purpose to make the experience more guided.

You can see the goal's features and other important things. This is the Tax Save goal card (one of our more popular goals).

Stop SIP looks better and is more informative

Earlier it didn’t show you the SIP that you were stopping or the instalments left. Now it does :)