Ronak Hindocha’s platform futureadvisor lets advisors create financial plans instantly.
Do you spend weeks in creating financial plans and are fed up with the kind of paperwork it involves? Now there’s a solution to this problem. Mumbai based entrepreneur Ronak Hindocha has launched a portal called ‘futureadvisor’ for advisers which creates financial plans instantly.
How does it work?
Once distributors subscribe to this portal, a login id is created and they or their clients have to feed the data in the system. After entering details like goals, risk appetite, current investments, etc. the portal generates a financial plan instantaneously. Distributors can either follow the recommendations or tweak and implement it as per their requirements.
Though the software makes product recommendations related to insurance and fixed deposits, there are no scheme specific recommendations on mutual funds. The portal also allows clients to log in and track their goals.
The software is constantly updated by Ronak’s team to capture the changes affecting returns of various products. The portal accepts data feeds of R&Ts like CAMS, Karvy, Franklin Templeton, Sundaram BNP Paribas as well as that of national distributors like NJ and Prudent.
“The B2B advisory platform is a largely untapped market. There is a scope for about 1 lakh advisors in India. 8 advisors have already enrolled for our services. Currently there are few distribution platforms but no advisory platform like ours,” says Ronak.
Advisors can generate 200 plans for an annual subscription fee of Rs 25000. They can also upgrade or customize the software as per their needs. The portal will also provide CRM, risk management and mutual fund account statements going ahead. Ronak is also working on a mobile application which will allow distributors and their clients check their portfolios on the go.
Ronak’s platform has already created buzz in the industry. His company was one of the finalists in Microsoft Bizspark's India Startup Challenge 2013.
