Chennai based IFA Galaxy started as a small online group of IFAs in 2009. In a matter of two years, the group has attracted more than 10,000 advisors from all over India. Ramesh Bhat, the key force behind this group shares details about the group’s activities and its future plans
When was the group formed? What prompted you to start this group?
IFA Galaxy was started in August 2009 in Chennai with the goal of sharing information and knowledge with IFAs across India. We felt that we could learn from each other and contribute to raising standards.
How many members does your group have?
From a membership of about 150-200 IFAs from Chennai, it has now grown to a group of over 10,154 IFAs as its members across India as on 27th June 2011.
Is there any membership fee to join your group?
IFA Galaxy has its own website www.ifagalaxy.com which is very popular among the IFA community across the country. The membership is through the website and as of now it is free for IFAs.
What activities does your group undertake?
IFA Galaxy conducts knowledge seminars on a quarterly basis in Chennai and an annual knowledge summit. We have been encouraging IFAs to create IFA association across all major cities in India. Recently Trichy, Salem & Kochi have created Chapters in their own cities. They also held knowledge seminars. We keep updating our members with useful information through our group mails with regard to the various events and information.
What kind of activities has the group undertaken so far? Highlight any events or activities that you are very proud of.
IFA Galaxy conducted a pan South Zone meet of IFAs in last October. The aim here was to gear up IFAs to face new challenges facing the industry. The seminar attracted prominent IFAs from the south. This will be an annual event and will be open to IFAs across India.
IFA Galaxy has also started conducting knowledge seminars across south zone. We have held such meetings in Chennai in Trichy this year. The Trichy meeting too was very well attended by IFAs mostly from the Tier II and III cities. We will be conducting such events in Salem and Kochi too.
We are now gearing up for the full day annual knowledge seminar which we are planning to conduct in October 2011.
Do you interact with AMFI/SEBI regarding the issues in the mutual fund industry? Pl share examples of the success
Yes, we do keep taking up the cause of the IFAs with the SEBI and AMFI. Recently, Mr. H N Sinor had mentioned in his speech at CII Mutual Fund Summit at Mumbai that IFA Galaxy has been doing a good work as a group and he will be too happy to have interaction with us for a feedback on the issues being faced by IFAs. We will soon be meeting AMFI officials for the same.
Are there any plans to form a national level of IFA Association?
IFA Galaxy encourages IFAs to create associations across all major cities in India and later unite them all under one banner to represent before the regulator.
What kind of support do you get from fund houses?
IFA Galaxy has been getting very good response from the fund houses. When we get queries from our members with regard to unresolved problems, we take it up with the concerned AMCs and they are kind enough to hear us patiently and solve the issues at the earliest possible time.
What are your future plans for the group?
Impart knowledge to the fellow IFA community and increase their selling skills and make the IFA channel as the top channel both in business and quality parameters in India. Also, the group aims to unite all the IFAs across India.
Now that AMFI has asked you to head regional IFA groups, what will be your next step?
It is too early stage to comment about it. We will update you once we reach some concrete decisions after meeting AMFI.
