‘MFDs should use digital platform to grow business’

Tell us about your journey in the MF distribution business.

Prior to mutual fund distribution, I was into stock broking. Over the years, I realized that investors could not make money by trading in equity market. It was then I started focusing on mutual funds as investors can create enormous wealth through mutual funds by following asset allocation and financial planning. 

I am based out of Bongaigaon, a small city in Assam and hence, do not have access to offices of CAMS, KFinTech or AMCs. MF Utility (MFU) has helped grow mutual fund distribution business. In fact, ever since I started using MFU, my AUA and number of clients have gone up five times. Today, I have shifted my business completely to MFU. 

How did MFU help you transform your business especially during pandemic times?

I have been using MFU since 2015. In 2016, I started offering online transaction facility through MFU. Most of my clients are comfortable with the MFU platform. 

While many MFDs in our area were affected due to the pandemic, I ran my business smoothly due to MFU. In fact, I have acquired lot of clients through referrals during the pandemic. One of reasons for this was ease in transaction. 

What makes MFU a better platform?

Financial market is all about trust. As MFU is governed by AMFI and it is not for profit organisation, many investors are comfortable using MFU to invest their hard-earned money.

Also, there are two unique feature of the MFU:

1. Common Account Number (CAN) of an investor is directly mapped to MF folios. So, if you update any information on CAN, it happens across all folios automatically

1. Investors can purchase, redeem and switch even without creating CAN

What is one major achievement that you would like to highlight?

I cannot dream of creating a large SIP book without MFU.

Any important suggestion to MFDs who are yet to move their business online to platforms like MFU?

Today, you cannot breathe without technology and MF distribution industry is no different. MFDs who want to grow business should use platforms like MFU. Remember, MFU is by the industry and for the industry.