Hi, I am 36yrs old and investing in mutual fund from 2017 onwards. I invest 4k sip in Franklin Templeton Prima fund, 2k in Canara robecco flexi cap fund, 3K in Axis long term Equity(ELSS) and had 90k of lumpsum in BOI AXA tax advantage fund. Let me know if my choice of funds are wise to create long term wealth.

Ans: Your choice of funds demonstrates a balanced approach with exposure to different categories like large-cap, flexi-cap, and ELSS. Here are some points to consider:

Diversification: You have a good mix of funds across different categories, which can help in reducing the overall risk.

Fund Performance: Regularly monitor the performance of each fund against its benchmark and peers. Ensure that they are meeting your return expectations.

Costs: Check the expense ratios of the funds. Lower expense ratios can have a positive impact on long-term returns.

Review and Rebalance: Periodically review your portfolio to ensure it aligns with your financial goals. Rebalance if necessary, especially if any fund is consistently underperforming or if there's significant overlap.

Lumpsum Investments: For the lumpsum investment in BOI AXA tax advantage fund, monitor its performance relative to the ELSS category and consider its tax-saving benefits.

Overall, your fund selection seems reasonable for long-term wealth creation. However, regular reviews and staying updated with the market and fund performance are key to ensuring you're on track to meet your goals. Consulting a financial advisor for a personalized review can also be beneficial.