Mas Fondos online brokerage account review. Discount stock broker fees, minimum requirements, commissions, rating, and promotions.

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Mas Fondos Overview

Mas Fondos is an ‘integral distributor of investment funds’, founded in 2002 in Mexico, a branch of Italian investment firm Azimut Group. It claims to have the broadest range of investment options in Mexico, offering over 600 choices that vary between debt, variable income or ‘funds of funds’. Individuals can open an account and begin investing.

Signing-Up

After expressing interest to the group, an advisor is assigned who will guide clients through the first steps. An initial meeting is booked to discuss financial aspirations and to determine which investment plan is best suited to the client’s needs: whether to opt for a traditionally low-risk bond/debt based plan, or whether to venture more money into stocks and cash. A 13 question form must be filled in to help determine one’s appetite for risk.

Clients must specify how quickly they would like to be able to access their money, as this impacts the financial instruments the advisor is able to work with. It also enables them to establish whether the client is looking for a managed approach, with a financial advisor making decisions on where to move money with a minimal amount of input from clients, or if the client is financially savvy and is looking for a high degree of control. Once these aspects have been decided and both parties feel comfortable, the creation of the account can take place.

The customer is given a four-page form to take home and fill out, requiring personal tax and employment details, and the details of one or maximum two beneficiaries in case of death. After handing or emailing these forms back to the advisor alongside requested documents such as proof of address, the account is created and the customer is given an account number and a customer reference number, which are used to pay the initial deposit into the Mas Fondos bank account, with the customer reference number listed on transaction so that the company knows which customer has added funds to their account. Although many would prefer to add funds to their account and see them directly reflected, this is not possible and clients have to wait for funds to clear and advisors to manually check and confirm.

There is no minimum amount required to open an account, making investing attainable for many. However, there are fees to consider. If the total amount of funds invested is less than 100,000MXN, then a monthly fee of 150MXN + VAT is taken, generally canceling out any gains made or potentially being even greater. Clients with over 100,000MXN in their Mas Fondos account are exempt from the monthly fee and pay only the annual fee of 450+VAT MXN, making the fund a better option for those clients. The annual fee is, in some cases, waived in the first year, giving clients time to build up some capital.


Mas Fondos Review

Adding Funds to an Account

To add funds to a pot, clients must proceed as with the initial deposit, making a transfer to one of the Mas Fondos bank accounts, with their customer account number as a reference, and email their advisor with the confirmation number of the transaction and amount. Once confirmed, the advisor will send suggestions of where to place the additional money for clients to review. Once a decision has been taken, the advisor moves them accordingly.

Contact with advisors is as frequent or sparse as a client wishes, combining in-person meetings, email and phone calls. They are also available to discuss client worries and appease fears that may arise due to current events, such as the recent drop in value of Facebook stock after revealed security flaws.

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Watching your Money Grow

Clients are given login details so they can keep track of their account online. There is a substantial amount of online security with a PIN number given to the client in a sealed envelope from Mas Fondos upon sign-up, a username that cannot be an email, and a password that must meet a certain length and complexity level and that must be changed every so often for security reasons. One downside for those that like to track things on their phone, is that there is no app, although the website can be accessed from a phone’s web browser.

Once logged in, clients can view their current position, how the value has risen or fallen since purchase, and the number of shares held. Additionally, clients can track past movements, so an enthusiast could keep a close eye on an advisor’s actions or inactions on their portfolio.

Despite the overview the online account offers over what is happening, few concrete actions can actually be taken. Only small details can be changed online, such as addresses and emails, though any changes to financial positions cannot be made. If a client wishes to make a change to their holdings, they must contact their advisor and request the change be made on their behalf.

Withdrawing Money and Closing the Account

Withdrawing funds does not incur any charges, however clients must be prepared to wait a certain number of days or weeks based on the type of instrument they invested in. Stocks and cash holdings typically have the quickest availability rates, however they also have the highest gains so clients leaving money in debt only will see lower returns. To make a withdrawal, clients must notify their advisor who will act accordingly.

If a client wishes to close their account, there are no end of contract fees to pay, although advisors will try and convince them to stay. Clients will have to wait to receive all of their investments, based on the type of instrument.

Mas Fondos Review Conclusion

Overall, Mas Fondos is a good option for those looking to start investing and/or saving in Mexico as the minimum-required initial deposit is low and advisors are flexible, adapting plans to their clients’ needs. However, for those saving less than 100,000MXN, the monthly fee means they are unlikely to see huge returns, if any, and the amount of control clients can exercise on their investment is very low as all decisions go through an advisor for managed accounts.

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Mas Fondos Reviewed by TopRatedFirms.com. Rating: 4