 "Why global fund bosses start out on their own")
The IFA platform has been designed to ease the transaction process for them and offer a seamless and superior client servicing experience. IFAXpress will enable advisors to grow, monitor and manage their business more efficiently by leveraging the power of the internet and technology, from the comfort of their desktop.
"Presently, 35% of the business of the mutual fund industry comes from IFAs. Our product has been designed predominantly for the IFAs. The platform helps advisors to digitize their business and also simplified operations. Out of our 22,500 IFAs 4500 advisors have already registered for this platform", said Sudip Kumar Mandal, assistant vice president, DSP BlackRock Investment Managers.
The platform has been built to solve all the critical problems that the IFAs face across their sales cycle -while recommending a scheme, at the time of facilitating transactions due to cumbersome paperwork and those related to post sales service like account statements, portfolio monitoring and reviews, among others.
IFAXpress simplifies the overall transaction process and eliminates rejections which are traditionally witnessed in paper related transactions. The new online platform facilitates financial advisors to seamlessly initiate transactions on behalf their clients and also efficiently manage their portfolios online.
"As of now, we are witnessing transactions of Rs three to four crore every day through IFAXpress. We believe that the launch of IFAXpress platform would enhance share of IFAs to our total business", said Mandal.
DSP BlackRock is managing assets under management (AUMs) of Rs 37,000 crore compared to the total AUM of Rs 12.5 lakh crore of the entire mutual fund industry. Since 2008, the mutual fund industry has recorded CAGR (compounded annual growth rate) of 17% and we are growing at almost the pace of the industry, he said.
