The MF industry has grown about 2.5 times in the span of the last 5 years. During this period the industry AUM grew from Rs. 12.63 lakh crore to Rs. 31.64 lakh crore. However, the AUM to GDP ratio is only 12% as against the global average of 63%. Further, the Indian MF Industry currently has 1 active distributor for every 17,000 people. This indicates the massive opportunityfor the distribution community.
Keeping this mind, 8 fund houses, NSE, and CIEL have jointly launched ExpertMFD to bring in more than 50,000 new MFDs over the next three years.
Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund, L&T Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund and UTI Mutual Fund have collaborated with NSE and CIEL to mentor new distributors. These 8 AMCs manage over 2/3rd of the total industry AUM. While NSE will be the digital partner to support this initiative, CIEL will impart necessary training to aspiring distributors.
ExpertMFD aims to create new MFDs by offering end-to-end support i.e. from imparting training to providing technical support. The platform aims to cover those having entrepreneurial aspirations and includes BFSI employees, homemakers, retired professionals and insurance/other financial product distributors.
Here are some of the key features of the ExpertMFD:
- Any individual aged 18 years and above from any educational background can register on www.expertmfd.com
- The platform will offer end to end support from regulatory training (NISM VA) to continuous training support for business growth
- The cost is subsidized by the platform partners at Rs. 2,500 (including Rs. 1,500 towards NISM registration). Further, the entire amount will be refunded to distributors subject to certain conditions
- Distributors can start working with the 8 partnered AMCs through a one-click empanelment procedure
- The platform provides an open architecture allowing the distributors to be associated with any of the 44 AMCs in the industry
- ExpertMFD also aims at imparting training on other financial products in the second phase
