If you have ever been stuck with problems such as renewing your ARN or stuck in GST return filing, here is a social media group that claims to help you fix issues related to your business.
Chennai-based IFA Ramesh Bhat of Aniram has created MFD Universe, a social media group on Telegram app (a messenger app somewhat like WhatsApp) which encourages IFAs to share their experiences and empowers them with knowledge.
Sometime back, Ramesh had created a WhatsApp group for advisors with 276 members. The aim was to help IFAs learn from the experiences of other IFAs. Eventually, the group became so popular with IFAsthat Ramesh had to create a second group to accommodate the members.
However, as the demand kept increasing, Ramesh foundit difficult to manage multiple groups. This is then that he decided to shift to Telegram, which accommodates 20,000 members. Another advantage of Telegram is that the data gets stored on the cloud instead of mobile memory. Simply put, if someone sends you post on WhatsApp, it gets stored in your mobile memory; however, such data will not get stored on your phone memory in Telegram app. In addition, you can delete your post if you mistakenly send one.
Currently, the group has 3,373 advisors, both distributors and RIAs,mostly from south India.
Sharing the rationale for creating this group, Ramesh says, “IFAs face business issues such as non-issuance of account statement despite successful transaction or filing monthly GST returns. They do not know how to resolve these issues. IFAs particularly in B15 cities have nowhere to go. In such a situation, those who have faced similar hurdles canhelp others overcome such challenges.”
Another benefit of this group is knowledge sharing, says Ramesh. “We invite IFAs who have done well to share their success stories on our group chat feature. These IFAs could be the ones who have grown their business through SIP or the one who use technology to simplify their operations and backoffice work.”Every Tuesday, MFD Universe invites an advisor to share his success story.
Similarly, the group invites fund officials to talkabout their latest initiatives. So far, Nilesh Shah, CEO, Kotak MF, Sunil Subramaniam, CEO, Sundaram MF, G PradeepKumar, CEO, Union MF, AashishSomaiyaa, CEO, MotilalOswal MF and Kalpen Parekh, CEO, DSP BlackRock MF have participated in the group chat. The group has also invited experts such as V Ramesh, CEO, MF Utilities, Amit Trivedi, Karmayog Knowledge Academy and Kanak Jain, Trainer and Member Ask Circle to share business development tips with the group members.
Such chats last for 1.30 hours including 45 minutes for Q&A.
Monday is a silent day and group members are not allowed to post any query or message. “Many IFAs are busy on Monday due to meetings and weekly plans. Also, it is good to give a day’s rest to members and admin.”
Ramesh contributes two hours a day for the group and relies on a few volunteers to ensure smooth functioning of the MFD Universe.
Talking about code of ethics of the group, Ramesh says that the group does not allow anyone to promote schemes and discourages harmful practices. “We do not support no login day or such activities which can disrupt business. We only talk about how to grow business.”
IFAs can become a member of the group by sending a chat request @mfduadmin.
MFD Universe also runs a group in which all stakeholders such as AMCs, distributors and media can exchange thoughts. To join this group, you can send chat request @mfdunewschannel.