DSP BlackRock’s new online platform for IFAs - IFAXpress offers an innovative solution which has significantly reduced the turnaround time to onboard a client as well to service her.
All you need to do is enter the client’s PAN and Date of Birth of your KYC complaint clients to create a folio. The client can be on boarded even if she doesn’t have an existing folio with DSPBR.
Advisors who have been using DSP BlackRock’s IFAXpress are able to execute many high value transactions seamlessly within a few minutes. IFAXpress helps IFAs to save time, reduce costs and scale their business.
You would agree that meeting a prospect and the final conversion can take a lot of time. But this Kochi based advisor was able to convert NRI prospects without even meeting them! “I have acquired a few NRI clients even without meeting them personally. Recently, I have closed an application with an initial investment of Rs.1.50 crore with the help of IFAXpress. NRI clients are generally tech savvy and comfortable using online platform to execute financial transactions, says A Vinod Kumar, an advisor from Kochi.
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.
Apart from onboarding and executing transactions swiftly, another key concern addressed by this platform is of signature mismatch. Redemption rejections due to signature mismatches are quite common in the industry. However, this could be a very frustrating experience for a client, especially if she needs the money urgently. Again, this is where IFAXpress helps the most.
Through this platform, all your client needs to do is visit a link and key in one time password (OTP) to execute a redemption request.
Typically, fund houses reject redemption requests if signature of an investor in the redemption form does not match with the one in the application form. Such investors need to submit the new signature with attestation from the bank manager in a specific format. The redemption request processes at the prevailing NAV after the verification of the new signature.
Sharing one such experience, Kochi based IFA Sanjiv Vaidyaraj said that IFAXpress has helped his client to meet a contingency. “My client was in an urgent need of Rs.1 lakh for his son’s operation in Mumbai. I advised him to liquidate a portion from his mutual fund investments to meet this contingency. However, his redemption request was declined due to signature mismatch. That time I was new to IFAXpress and had a little confidence about it. I decided to try and executed redemption request for this client. Surprisingly, within a few seconds, the request was executed successfully.”
Vaidyaraj says that he has been using IFAXpress since last five months and has already added over 500 new folios with the help of this platform.
In addition, this 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.
In a short span of time since it was launched, the platform has already become a hit among distributors.
