MFD associations play a crucial role in keeping the distributor community motivated. Given the challenges MFDs face today because of the lockdown and meltdown in equity markets, many MFD associations have started preparing their members for the unique situation.
In Kerala, Association of Independent Financial Advisors (AIFA) is conducting training sessions on digital transactions. Philip Cherian, President of AIFA and Jagadeesh R Pai, Secretary of AIFA told Cafemutual that they are holding training sessions through video conferencing app Zoom on digital transactions through BSE, NSE and edge360 platform of CAMS .
AIFA and a few other associations are also arranging interactive sessions with MF CEOs and fund managers.
Ever since the lockdown was declared, Bhavesh Shah, President of Kolkata based Ask Circle has been conducting knowledge sessions for members daily. “This keeps MFDs charged up especially at a time when they are not following their usual routine,” he said. Bhavesh has been arranging concalls and video conferences with AMC CEOs and fund managers to help distributors understand the market dynamics better.
Further, associations have been inviting senior individual MFDs to share their experience on riding out volatility. Neelesh Shah, President of Karnataka Association of Mutual Fund Advisors (KAMFA) said that they have been arranging interactions with senior MFDs. “Having seen such situations in the past, senior MFDs share actionable tips on asset allocation and client interaction to tackle this crisis,” he said.
Ahmedabad MFD Milind Shah, who has created a host of MFD groups on Telegram and WhatsApp, has also been conducting video conferences where senior MFDs address concerns of their fellow distributors. Milind has also been conducting sessions that provide tips to engage with clients on social media during this tough time.
Goutam karmakar, General Secretary, Independent Consultants & Advisor Association (ICAA) said that they have been conducting similar training sessions regularly ever since the start of the lockdown. Senior distributors, fund managers, CEOs of AMCs and independent trainers are among the speakers in these sessions. To help distributors across the country, these sessions have been kept open to all distributors.
Babu Krishnamurthy, President, IFA Galaxy said many fund houses have been imparting product training to their members. In addition, his association will conduct online sessions on business development topics like conducting review meetings and dealing with emotions and moods of clients next week.
Sudhanshu Sekhar Mohapatra, Founder of Odisha Mutual Fund Association of Advisers (OMFAA) and Rajesh Kulwal, President of Indore's Insurance & Investment Advisors Association (IIIAA) said that they have been updating their association members about training programs organized by AMCs and independent trainers across the country.
