Minister of State for Finance Jayant Sinha has urged IFAs to come together under one platform and have a common voice representing the community.
Yogesh Sharma, Director, FIFA says that IFAs should join a local IFA Association or become a member of FIFA. “We urge IFAs either join FIFA or any local IFA association which can then come together with FIFA in making a united recommendation to the Finance Ministry as one voice. This is our chance to be finally heard. He (Jayant Sinha) was very clear that he will not entertain any views from an individual IFA, company or an association but is ready to hear us at an industry level. A United Forum has already been formed by FIFA with a few other associations. We now need all other associations on board at the earliest so that we do not miss out on this opportunity. This is our chance for all of us to come together as one voice.”
Currently, there are more than 20 association of IFAs and financial planners across India.
“We have requested IFAs to become a member of an IFA association of their choice and spread the message to their IFA friends across the country with a view to strengthen associations,” Ashish Goel of Delhi Financial Distributors Association (DFDA) had earlier told Cafemutual.
“We have been told by the Sumit Bose committee member that the work done by IFAs is not properly represented at the Finance Ministry. For this, we need a common voice and a single association,” said a Chennai based advisor.
Apart from FIFA, one more umbrella body of IFA Association called Voice of MFD has also been formed under which seven IFA Associations are registered. All Kerala IFA Association, Association of Professional Individual Financial Advisor (Andhra Pradesh), Ask Circle (Kolkata), IFA Galaxy (Chennai), Independent Financial Professional Association (IFPA) – Tamil Nadu, Karnataka Association of Mutual Fund Advisors (KAMFA) and Pondicherry IFA Association (Pondicherry) are the members of Voice of MFD.
Sathish Kumar C, Joint Secretary, IFPA says “We are already in the process of forming a common forum of IFA Associations. Our association has 220 members are we are trying to enroll more IFAs. Similarly, all IFA Associations are trying to reach out to more IFAs in their locations.”
