Mutual fund DSP BlackRock Investment Managers sees a good jump in empanelment of investment advisors due to its new online platform which saves time and increases sale conversion rate, a senior official said on Tuesday.
“There is a sizeable increase in the number of investment advisors getting empanelled with us. After the launch of our new online platform IFAXpress, around 400 advisors per month are getting empanelled with us now as against around 150 two months back,” Sudip Kumar Mandal, assistant vice president-marketing told reporters here.
He said advisors are also seeing their clients taking their investment decisions faster and sale conversions happening at a higher rate.
Mandal said DSP BlackRock has around 23,000 advisors now and assets under management of around Rs.37,000 crore.
Speaking of the newly launched online platform, Mandal said all that an advisor now has to do is to key in the PAN number and the date of birth of a know-your-customer (KYV)-verified investor and the remaining data will be obtained automatically.
“Once the data are filled in, an email is sent to the investor for his authorisation. On authorisation a one-time password (OTP) is sent to his registered mobile phone number. When the OTP is keyed in, payment can be made online from his bank account,” Mandal said.
He said the advisor can also help his client redeem, switch schemes and make additional investments remotely. The DSP BlackRock advisory can also monitor the portfolios of all his clients.
Around two percent of the redemption applications are rejected by the mutual fund industry owing to differences in the investor’s signature, which can be avoided through our platform, Mandal added.