Giving a new hope to the families of two deceased IFAs, a Kolkata based IFA Association, Independent Consultant Advisor Association (ICAA) has come to the rescue of the families of two deceased IFAs.
The recently formed association ICAA has been actively helping IFAs, especially in smaller towns, during difficult times. Recalling one such incident, Sanjeev Chakravorty, President of ICAA says, “One of our IFA friends passed away and we helped his son clear AMFI test and today he is supporting his family. Such instances forced us to think about the need to educate advisors about succession planning.”
In a similar effort, the association offered another deceased IFA’s wife a job in Dhanbad. “Recently, one of the IFAs lost his life in an accident and his family was left devastated. Our association extended financial support and even offered a job to his wife.”
Though the association was registered in March 2016, it has been active for the last two years.
Speaking on the rationale behind forming this group, Sanjeev Chakravorty, President of ICAA says, “Advisors in the B-15 cities are completely neglected and fall short of resources. Our group primarily caters to smaller IFAs and empowers them with professional knowledge and expertise to make them self-sufficient. ICAA aims to work proactively for the welfare and development of budding IFAs.”
The association has been training youngsters to take up advisory profession. It is also motivating IFAs who are discouraged by the regulatory headwinds to look at their business from a fresh perspective. “With the constant regulatory changes, many young IFAs in our area are not keen to continue in this profession. To equip them to face the challenges, we have been organising training sessions on a number of topics including time management, client interaction, practice management, etc. in the last few months. Around 45 advisors participate in this weekly training program,” says Sanjeev.
ICAA has different teams designated for training in technology, personal development & grooming, branding & promotion and membership drive. The association is also collaborating with a Mumbai based NGO which will train IFAs in acquiring clients by conducting investor awareness programs.
Sanjeev claims that ICAA has trained around 30 people who have cleared NISM Series V-A: Mutual Fund Distributors Certification Examination and have become IFAs. Of these, seven have cleared CFP certification.
Currently, the association has around 145 members and is expecting to attract 1,000 members by the end of this year. Sanjeev has urged more IFAs to join ICAA as it will help smaller advisors to learn and grow their business.
The association charges Rs. 1,234 as annual membership fees and Rs. 5,678 for lifetime membership. Currently, this group is catering to advisors in Kolkata and surrounding cities like Siliguri, Dhanbad, Patna, Durgapur, Guwahati and Bhubaneshwar.
