The business analytics tool can be availed free of cost by IFAs.
ICICIdirect.com, the retail broking division of ICICI Securities, has launched a business analytics tool in its online investment platform built exclusively for IFAs. The business analytics tool can be availed free of cost by IFAs.
Any AMFI/NISM certified IFA with a minimum of a year’s experience can enroll with ICICIdirect. The online investment platform is available for IFAs with no annual recurring charges.
IFAs can provide their customers services like portfolio tracker, SMS alerts, and various non-equity financial products through this business analytics. The platform also provides capital gains statements for customers across financial years.
Max Menezes, Head - Business Partners, ICICI Securities said “ICICIdirect has always endeavored to effectively use technology to offer the best of the services at the click of the button. Customer & Product level Analytics will give the edge to the IFAs to cross-sell and up-sell the products. The ICICIdirect IFA platform will provide all the required data analysis and MIS for the clients of the IFAs, which would help them leverage their existing customer base across multiple products like MFs and IPOs.”
The investment platform allows IFAs to transact in mutual funds and IPOs on behalf of their clients as well as allows their clients to invest directly. The commissions get credited to IFAs when clients transact on their own.
IFAs need to have a bank account with ICICI Bank so that they can do transactions on behalf of their clients. Clients need to provide a power of attorney to their IFAs to do so. If clients wish to transact on their own and they don’t bank with ICICI then they can invest through payment gateway.
ICICI offers a three-in-one account to investors – bank, demat and ICICIdirect account so that the transactions are seamless.
Max said that the company is mainly aiming to empanel advisors having assets under advisory of Rs 50 lakh to Rs 1 crore who have been hit by the regulatory changes, especially entry load ban.
Apart from mutual funds, the sub-brokers on this platform can deal in IPOs, NCDs and corporate fixed deposits. IFAs need to pay an application fee of Rs 2000 and a refundable fee of Rs 5000 to empanel with ICICIdirect. There is no annual recurring charge thereafter.
ICICI Securities, which runs ICICIdirect platform, is the 10th largest distributor of mutual funds, having earned a commission of Rs 58 crore in FY 12-13.
ICICIdirect has 2.7 million customers. More than 2000 mutual fund schemes and other products are available on this platform. The platform also provides research on best mutual funds.
