BHUBANESWAR, OCT 7: The launch of ‘IFAXpress’ by DSP BlackRock has helped in garnering more business by it at least in certain schemes, a company official has said.
“Though it is hard to measure, we feel we have benefitted from this new innovation in systematic transfer plans from liquid to equity, SIP and short term liquid plans by financial advisors,” DSP BlackRock Assistant Vice President (Marketing), Sudip Kumar Mandal said here today.
IFAXpress, a business platform for financial advisors, is one of the key distribution channels for the mutual fund industry.
It is a first of its kind offering in the market facilitating paperless transactions for KYC verified individuals.
This online platform, which currently can be used only for DSP Blackrock products, can be accessed through desktop, tablets and smartphones.
The platform will help IFAs cut down time, reduce paperwork, minimize writing errors and physical form submissions to a large extent, Mandal said adding that the platform has been designed to provide users a good interface, seamless transaction, and loads of information in user-friendly manner.
The major benefits to advisors are faster execution, and nil manual labour in visiting clients which encourage them to take interest for low-commission products too, Mandal said.
Apart from transacting, the platform provides a host of value added features for IFAs. Distributors can track the status of transactions (processed, reversed, declined or failed) on real time basis. Also, they can view historic and current trends in their business around new, existing and active client base, monthly gross sales, redemptions, net sales and AUMs (Assets Under Management).
“DSP BlackRock is managing AUM of Rs 37,000 crore compared to the total AUM of Rs 12.5 lakh crore of the entire mutual fund industry. Since 2008, the MF industry has recorded CAGR (compounded annual growth rate) of 17 percent and we are growing at almost the pace of the industry, Mandal said.
“As of now, we are witnessing transactions of Rs three to four crore every day through IFAXpress, said Mandal hoping that the newly launched platform would enhance share of IFAs to the company’s total business.
DSP BlackRock gets about 35 per cent of its business from its 22,500 independent financial advisors and out these 4,000 have already signed for the new platform.
