August 17th, 2018
Mutual Fund Software Survey
Summary of Survey
Over 700 IFAs participated in the survey. There are over 20 different software which are being used by IFAs. It is difficult to recommend one single software. While it seems that Investwell and Redvision scores high on features and IFA ranking but the maximum installations belong to OFA mostly because of lower price point. Prudent’s Fundzbaazar and NJ’s Partner desk are also quite popular among IFAs who are working as partners of these national distributors.
April 25th, 2018
Which Online Platform IFAs are using?
Readings from the survey
IFAs are mostly dividend on the online platforms they are using. Among the respondents, BSE Star leads the way, though NSE and MFU are not far behind. Among other platforms, NJ and Prudent (National Distributors) are leading the way. Given below are some questions asked by IFAs while responding -:
Please suggest which online platform is the best
Difficult to say as of now. I have discussed this with many IFAs across the country, including some of the best minds in technology. IFAs are clearly divided and there is no single choice as of now.
Please suggest me which one I should go for
My suggestion is to take a demo of all three platforms and decide for yourself.
Is it a must to use an online platform?
No. But I would strongly recommend to start using some online platform. It will help you scale things up.
Should I use individual AMCs online portal?
Yes you can. But I don’t think that’s the right solution. Using different AMCs individual platform will become complicated for clients as well as you. It is better to use an integrated independent platform.
Which online platform we (Dalmia Advisory) are using?
We are using NSE platform. Please don’t treat this as my endorsement as of now. It will take a while before all these platforms will become seamless. Currently, there are challenges on all the platforms.
October 26th, 2017
After commission disclosure statements reaching your clients, how many of them wanted to discuss about it with you.
Readings from the survey
– The survey clearly indicates that while there was a lot of apprehension in the mind of IFAs about response of clients after commission disclosure statements reaching them; the results indicate that client’s response was muted. This suggests that the perception of risk was higher than anticipated.
– However, it may be early days to gauge to actual impact. This is because many clients may not have opened / seen the commission disclosure statements or may not have clearly understood the impact.
October 3rd, 2017
Which mutual fund software do you use? Are you happy with your software?
Total respondents – 142
35 out of 142 IFAs who responded use Red Vision software. Most of them are satisfied with the software. A lot of IFAs have rated this software as 7 or 8 out of 10. Some of the concerns were:-
26 out of 142 IFAs who responded use Investwell Software. Most of them are satisfied with the software. One of the main feature is multiple asset/product information can be fed in the software. Some of the concerns were:-
NJ Funds Platform Software
21 out of 142 IFAs who responded use NJ Funds Platform Software. Except a few, most of them are extremely satisfied with the software. The software is user friendly and helps an IFA to focus on sales. There were no major concerns given by any IFA.
19 out of 142 IFAs who responded use Finsys Software. The views are split. Some IFAs are satisfied with the software. Most IFAs expressed concerns about the software and not very happy about it. Some of the concerns were:-
7 out of 142 IFAs who responded use Shubhchintak Software. Mixed response on safistaction. Support provided is good.
Wealth Magic by Datacomp
7 out of 142 IFAs who responded use Wealth Magic Software. All IFAs who responded are satisfied with the software.
Prudent Partner Desk
6 out of 142 IFAs who responded use Prudent Partner Desk Software. All IFAs who responded are happy with the software.
Note & Disclaimers: The summary of the survey reflects the views of IFAs across the country and not the publisher of the survey results. This analysis and report doesn’t recommend any particular software. No liability is assumed for the survey results.
September 26th, 2017
Considering the gap between ‘Direct’ and ‘Regular’ plan and the expected direction that trail may come down over a period of time, what do you think is a good trail for long term which can help you sustain in this business.
As is evident from the response received from IFAs across the country, most of them feel that a trail of 0.50% – 1.00% is reasonable for them to sustain in Mutual Fund Distribution business for long term.