The most striking feature of IFAXpress is that it enables distributors to open a folio for a client (who has a verified KYC status) in DSP BlackRock AMC even if he/she doesn’t have an existing folio with DSPBR.
DSP BlackRock’s IFAXpress platform is turning heads in the industry. In a short span of time since it was launched, the platform has already become a hit among distributors.
Getting started
The most striking feature of IFAXpress is that it enables distributors to open a folio for a client (who has a verified KYC status) in DSP BlackRock AMC even if he/she doesn’t have an existing folio with DSPBR. Besides, there is no paperwork required even for the first transaction – even for opening a new folio or making a purchase! Distributors just have to key in details like client’s PAN, date of birth and bank details to create a folio. Distributors can initiate lumpsum, purchase, as well as SIP registration requests in the new folio simultaneously.
Pallav Agarwal, a Delhi based IFA who used this platform says “Each and every mutual fund distributor should subscribe to this platform and use it for their own transactions just to get a feel of its ease of use, simplicity & speed. I am sure that once my distributor friends familiarize themselves with IFAXpress, they would become very efficient, both in sales and service.”
Pallav has been using IFAXpress from the last 2-3 months and in the last 1 month he has initiated transactions (additional, switch, redemption) using it almost 10-12 times a week.
Sharing his experience on how the platform helped him when one of his client’s SIP installment was rejected due to insufficient funds, “When I tracked that the SIP has been rejected in IFAXpress’ transaction status’ report, I called the client and made good for the rejection by using IFAXpress for making a lumpsum purchase of Rs. 5,000 for him. It took me hardly 5-10 minutes to get that Rs. 5,000 invested which otherwise won’t have been possible with so much of ease. Because of the efficiency of the platform, I have put in focused efforts to drive SIP registrations. My record has been registration of 29 SIPs in one day using this platform!”
Besides, Pallav says that the platform will help distributors to service outstation clients faster. “This platform has enabled me to get investments from clients who are located out of Delhi NCR,” he adds.
No data entry
One of the major problems which distributors face while enrolling for a new platform or software is that they have to manually key in client data. DSP BlackRock’s IFAXpress does not require IFAs to input any data on this platform. The platform is linked to its R&T CAMS. Once a distributor is registered on the platform, all the client data and assets under advisory will be seen live on the platform. And the data is updated automatically as and when any financial or non-financial transaction happens.
Another Bengaluru based advisor Srikant Matrubai who has been using IFAXpress says, “IFAXpress is the most IFA friendly platform. It is very clear, simple and absolutely clutter free. The best thing is, whenever I do any transaction on behalf of my client, an email is sent to the client on my behalf. So, I don’t need to follow up with the client. The client needs to confirm the transaction by just visiting the link and the transaction is executed. I feel that with IFAXpress, there is no need for an RM.”
Gajendra Kothari of Etica Wealth Management liked the simplicity of the platform. “The best thing I liked about the platform is its simplicity. You can open a folio and start transacting in 5 minutes (if the client is KYC compliant). Another useful feature is that you don’t have to manually update the platform.”
Value added features
Apart from transacting, the platform provides a host of value added features for IFAs. They can track the status of transactions (processed, reversed, declined or failed) on a real-time basis, even for transaction applications submitted offline. Also, they can view historic & current trends in their business around new, existing and active client base, monthly gross sales, redemptions, net sales & AUM. Pallav found the analytics on the platform very useful. “The business reports and investor reports are very useful for the growth of my business. I can monitor my business growth (gross and net AUM, new clients, etc.) with the AMC on a regular basis.”
To sum up, here are some useful features of IFAXpress:
- Acquire new clients, open folios & transact – its all paperless
- View trends around new client acquisitions, number of active clients & growth in your client base
- Analyze your AUM composition by scheme-type & actual schemes
- Understand your AUM growth. Analyze the impact of your actual sales and MTM gains on AUM
- View detailed portfolio of each client - XIRR, booked profits, dividends paid or reinvested & more
- Get advance alerts for SIPs & STPs expiry. View upcoming SIP installments and dividend notifications
- See real time status of your offline and online transactions as they progress from submission to completion. Take proactive steps to make good for failed or reversed transactions.
- Dedicated scheme pages having comprehensive information on historic & latest performance charts, SIP returns, portfolio constituents and other important statistical
Click here for details on IFAXpress.
