IFAs are increasingly using digital platforms and mobile apps to take care of their back office work.
In the latest example, Axis Mutual Fund’s digital initiative for IFAs ‘Shubhchintak’ has added 2,559 IFAs and over 55,000 clients have downloaded their mobile app.
Shubhchintak is a digital infrastructure, which provides email enterprise, tools, data analysis, risk profiling and goal planning for IFAs.
Over the last one year, the company has added some key features such as financial planning, engagement tools and business reporting. In addition, the platform provides open architecture to IFAs through which IFAs can execute transactions across all fund houses. The fund house is perhaps the first AMC to allow its empanelled IFAs to invest in rival fund houses.
Shri Harsha K, Head- Digital Platforms, Axis Mutual Fund said that IFAs spend over 60% of their productive time in dealing with back office work. This can be reduced if they start using digital platform for such mundane jobs, he said.
Sharing some key features of the platform, he said, “Through our new initiative ‘Shubhchintak Omni Financial Advisor developed by FIINFRA, we provide PERT (Planning, Engagement, Report and Transaction) to our distribution partners. Simply put, IFAs can use financial planning tools to draft a financial plan, engage with clients through by sharing digital content available on the platform with their clients through mass mailer or SMS, generate business report like AUM in various schemes, top ten recommended schemes and so on and transact seamlessly across fund houses. In addition, IFAs can generate client wise report.”
He further told Cafemutual that the platform provides two mobile apps – one for IFAs and other for their clients and one web-based platform for IFAs. While the first app carries all the business tools that IFAs need such as client portfolio tracker, transaction across fund houses, goal tracking, business analytics and client engagement system, the app for clients comprise portfolio tracking, SIP reminders and investment reports. Similarly, IFAs can initiate transaction on behalf of their investors through web-based platform and mobile app. IFAs will have to use both web-based platform and mobile app to use all features.
Currently, the platform charges an annual fee of Rs.8000 excluding GST.
The fund house is holding a webinar for IFAs on Shubhchintak today (Friday) at 4pm.
