Though the incessant rainfall in Chennai disrupted normal life, it was business as usual for Chennai IFAs. Most IFAs operating from Chennai whom Cafemutual spoke to are using online platforms like NSE MFSS, BSE Star MF, MF Utility, IFAXpress, I Pru Touch and Business Easy to execute MF transactions.
A Chennai based IFA Jagadeesan G said that he has executed many transactions through his cell phone. “It has become difficult to collect application forms and cheques from clients physically. This is the time when platforms come in handy. I have executed many transactions through platforms.”
Another Chennai based advisor Padmanaban B of Fortune Planners told Cafemutual that he used NSE platform. “All I need to do is generate an investor identification number of a KYC complaint client to execute transactions. The entire process takes 5 to 10 minute.”
Himashu Vyapak, Deputy CEO, Reliance MF, believes that the industry is moving towards technological driven process. “IFAs are increasingly using technology to grow their business. It saves time and cost. We have seen traction in our online platform Business Easy. This application is designed in a way that IFAs and their investors can execute transaction at a click of button. This can be used as an effective tool in tough times which Chennai is facing.”
However, a few advisors have a different view. D Muthukrishnan, Wise Wealth Advisors, believes that the mutual fund advisory business is not about timing the market. “Though I have a robust back office support in place, I don’t use any platforms for online transactions. A few days of delay in mutual fund investments does not make much difference. Mutual fund is a long term investment vehicle and I don’t believe in timing the market.”
Meanwhile, a few fund houses have reportedly shut down their offices due to heavy rainfall in Chennai.
