Photo Credits: DSP BlackRock makes investing paperless with IFAXpress
Panaji
DSP BlackRock Investment Managers has launched IFAXpress – a platform, which will help investors in making investments in a paperless fashion through their financial advisors. But, for this to happen, the investors have to be know-your-customer (KYC) certified. The financial advisors will also have to be empaneled with DSP BlackRock to use IFAXpress.
Independent financial advisors (IFAs) are one of the most important distributional channels through which mutual fund investments are sold to investors. Apart from IFAs, a section of investors make such investments through banks and sometimes directly with the asset management company (AMC), which controls the mutual fund.
When it comes to investing through IFAs, there is a lot of paper-work required, which makes the process cumbersome for both IFAs and investors. Sudip Mandal, Assistant Vice President – Marketing, DSP BlackRock, said, “Because of the paper-work, an IFA can’t approach more than 3-4 investors in a day. This limits their reach geographically too. Besides, the form, which the investors fill, has to be submitted at the AMC before 3 pm for that day’s net asset value (NAV) to be applicable, or else next day’s NAV will become applicable. All this badly affects an IFA’s business. This is why we are launching IFAXpress”.
IFAXpress is a software driven system with the help of which an IFA can initiate an investment by just entering the date-of-birth and permanent-account-number (PAN) of an investor. After an IFA fills in basic information about which DSP BlackRock’s mutual fund the investor would like to invest in, an e-mail is sent to the investor to approve and finish the transaction. Due to this, absolutely no paper-work is required.
Giving a perspective about what IFAXpress would mean from Goa’s perspective, Mandal said, “There are around 300 IFAs in Goa and of that DSP BlackRock does business with 250. They can make their job easier with IFAXpress”
IFAXpress will not only help an IFA in dealing with more investors on a daily basis but it will also help him in expanding his geographical presence since the work can be done simply on his computer.
Of 44 AMCs in India, DSP BlackRock is the tenth largest as it manages assets worth Rs 37,000 crore.
