ICICIdirect today announced the launch of its online platform dedicated exclusively for the Independent Financial Advisors (IFAs). Launched under the ICICIdirect.com banner, the new platform is a cost-effective opportunity for IFAs to service their customers.

An AMFI certified IFA with a minimum of a year’s experience can avail of the online facility by paying the nominal application and security fees.

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One of the other important benefits that an IFA can provide to his customers is the ICICIdirect professional advisory on mutual funds. This advisory tracks various schemes, rates them as well as recommends a buy/sell/hold strategy.

“There are close to a lakh of AMFI certified distributors serving about 4 cr folios having an equity AUM of around  200000 cr. Of this, 35% of AUM is serviced by IFAs. Due to the recent regulatory changes like removal of exit loads and online trading of mutual funds, there is a need for IFAs to adopt cost-efficient processes as well as provide professional advice.

The ICICIdirect platform for IFAs will not only facilitate investments by drastically reducing the time and cost to process but also help them serve their customers better through value added free services like advisory, SMS alerts etc, ” said Mr Anup Bagchi, Executive Director, ICICI Securities Ltd at the launch.

ICICIdirect, with close to 2 million customers, is a market leader in online and offline financial product distribution. It is among top 5 Mutual Fund distributors in the country, offering more than 2000 Mutual Fund schemes and executing 0.15 million online transactions/month.

The company was also among the first distributors to revise its commissions on mutual funds, post SEBI’s directive on removal of entry load from August 1, 2009. 

ICICIdirect has witnessed a growth of almost 50% q-on-q in the mutual fund segment.

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