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Author: Ronak Hindocha

PDF output available for all sections in Multi Asset View

PDF output available for all sections in Multi Asset View

We are excited to release an updated version of IFANOW with an important feature that was missing.

We have now enabled PDF output for all the sections of Multi Asset View. For instance, you can get PDF output for Stocks, Insurance, FD, RD etc. The PDF carries your branding on the top and also carries your contact info.
Improving MF data accuracy is as easy as 1-2-3 with IFANOW

Improving MF data accuracy is as easy as 1-2-3 with IFANOW

If you’ve been using IFANOW in the past or for that matter any mutual fund reporting software, then you know how important correct data reporting is.
But, unfortunately mutual fund transaction reporting is a very complex system. Sometime RTA data is missing in daily uploads, sometimes feeds are duplicate. The issue could be at RTA end or at our end too.
This outcome of this is unmatched folios.
Now, with the launch of our new section, Data Operations, you have the control of doing the reconciliation on your own….. whenever you want, how much ever you want.
It does this in 3 easy steps:
  1. Finds all unmatched folios for you
  2. Allows you to delete the unmatched folios and re-order the folio wise files automatically
  3. Automatically uploads the folio files next day
We’ve created a video that explains this in detail. Watch it or share it with your back office team.
Useful enhancements done to the mutual fund reporting tool

Useful enhancements done to the mutual fund reporting tool

We’re pleased to do some more enhancements to the mutual fund reporting tool. Here’s what’s new:

  • Folio details: We’ve given you a quick option to view more details about a folio. All details like nominee, joint holder, bank details etc. can be quickly viewed from the reports section itself
  • SIP details: We’ve added another widget to quickly view the SIP details, e.g. which bank it is linked to, start date, end date, trigger date etc.
Where to find these widgets?
Go to Multi Asset View > Mutual Funds > Summary > (here click on folio number or SIP amount)

 

We hope this saves you some time. Let us know if you have any questions.

Big update – Revamp of MIS section

Big update – Revamp of MIS section

We’re pleased to release our long awaited feature of revamping the MIS section. We’ve made a lots of improvements.
Here’s a quick roundup of the same:
  • High level analytics
    • Total AUM
    • Total Folios, average folio size
    • Folios not linked to goals
  • Drill down reports
    • AMC wise
      • E.g. this drill down will show you your total AUM across the top AMC. When you click on those, it will show the top categories under the selected AMC. When you click further, you will see the top sub category under the category. You can drill this down to the folio level detail.
    • Category wise
    • Client wise
    • Applicant wise
  • Top clients by value, top AMC by value, top categories by value and top sub categories by value
  • Last six months data of gross sales, redemptions and net sales in graphical format
We’re also working on the following improvements within the MIS section
  • Asset allocation reports
    • You can view asset allocation across for all your top clients and top AMC
  • Advanced MF search
    • You will be able to apply all kinds of logical filters to mine your MF data. This gives you complete control of what data you wish to have access to quickly.

We’ve got a strong pipeline of new features lined up over the coming 2-3 months. Here’s a quick round up for the same:

  • Complete revamp of mobile app
    • Goal tracking facility
    • Online transaction facility
    • Advisor login facility
    • Revamped portfolio tracker
  • Self AUM Reconciliation tool
    • View all unmatched folios at once
    • Automatic updation of unmatched folios with a click of a button
  • Email notifications
    • Client Reminders is coming back
    • Team/Advisor notifications for tasks, sales pipeline, action plan etc.
    • Client notifications – birthdays, new client creation etc.
  • Cash flow projection statement
    • For advanced financial planners
    • Complete life cash flow planning with what if analysis at multiple level
    • Gives you a great understanding of whether the client’s goals are achievable or not. Builds your conviction when advising your clients on critical matters.
  • BSE integration
  • Apart from this there are lots of refinements and bug fixes happening to existing modules on the fly
Q4 2018 roundup – Important updates in IFANOW

Q4 2018 roundup – Important updates in IFANOW

2018 was a landmark year for us at IFANOW. A bulk of our efforts went into stabilising and finetuning what we had already built. This ensures we have a fundamentally robust offering in the years to come.

Here’s a quick roundup of what we added in the last quarter of 2018.

  • Sundaram Auto Upload Enabled – We are excited to launch Sundaram Auto Upload facility.
  • Important Refinements to the Mutual Funds Reports Section
    • Mutual Fund Summary report
      • We now give you an option to save the default setting under Select Report Type option. You can now make it Investor wise or Category wise by default.
    • Mutual Fund Transactions report
      • We now give you an option to save the default setting under Select Report Type option. You can now make it Scheme wise, Investor wise or Category wise by default
    • Under Select Transaction View, you have options to further save these two settings
      • Unrealized report – Show Summary – yes or no
      • All transactions report – Show zero folios – yes or no
  • Save templates while generating financial plans – 
    • Some of the common sections in a financial plan like Index page, welcome note, disclaimer etc are always needed. We now allow you to save these as templates and reuse them whenever you want. This will save you time and increase efficiency.
    • Go to Client Section > Financial Plan > Generate Financial Plan > Manage Sequence Template.
  • Interlinking of Sales Pipeline and Tasks enabled
    • You add a sales pipeline to track a sales opportunity. Now, when the client agrees to it, you may want to initiate some activities around it. E.g. if investments need to be made in new MF folio then you may want to initiate the account opening process, do scheme selection etc. Our Task module is meant for such work only.
    • We now allow you to link a Task from within the Sales Pipeline tab itself. All the important info from the sales pipeline will be automatically added to the task. You can then assign due date to the task, assign it to your team and so on.
  • PDF output in Action Plans added
    • A new option available in Action Plans. You can download the Action Plans in PDF format.
  • Added “Select Transaction Type” filter in MF Transactions Report
    • We’ve added a filter that allows you to view only selected transaction types that you want to view.
    • Go to Client Section > Multi Asset View > Mutual Funds >  Transactions > Select Transaction View > All Transactions > Select Transaction Type
  • Miscellaneous Improvements
    • My Clients – Searching for Clients in ‘My Clients’ is now easier as you can search it with Name, Mobile no., or PAN card no.
    • Bills & Invoices – We now show scheme wise breakup while calculating Average AUM.
    • MF Reports – Added statutory disclaimer in the footer.
  • Safari Compatibility
    • We are excited to announce the compatibility of our portal on Safari
  • Grandfathering effect added to capital gains report
    • Under capital gains, we have added an option to view capital gains with grand fathering effect.
Save time with Interlinking of Sales Pipeline and Tasks

Save time with Interlinking of Sales Pipeline and Tasks

Your advisory practice is much more than just mutual fund transactions and reporting.

There are many more processes equally important. For instance, you may want to be on top of your critical Tasks assigned to your team, or ensure that your Action Plans outlined with your clients are on track, or for that matter your Sales Pipeline or Minutes of Meetings are under your control.

We understand that IFANOW’s Activity section is built to give you control over just that. Having built out these sections in isolation, we’re now taking it to the next level. Starting with allowing you to interlink Sales Pipeline and Task. Here’s how it works:

When you add a sales pipeline (e.g. Start SIP of 50,000 for client A), it is typically to track a sales opportunity. Now, once the client agrees to it, you may want to initiate some activities around it. E.g. if some investments need to be made in new MF folio then you may want to initiate the account opening process, do scheme selection etc. Our Task module is meant for such work only.

We now allow you to link a Task from within the Sales Pipeline tab itself. All the important info from the sales pipeline will be automatically added to the task. You can then assign due date to the task, assign it to your team and so on…

A similar task linkage is possible from the Maturities & Renewals section under  Activity section.

We’ve got a strong pipeline of new features lined up over the coming 2-3 months. Here’s a quick round up for the same:

  • Complete revamp of mobile app
    • Goal tracking facility
    • Online transaction facility
    • Advisor login facility
    • Revamped portfolio tracker
  • Self AUM Reconciliation tool
    • View all unmatched folios at once
    • Automatic updation of unmatched folios with a click of a button
  • Complete revamp of MF MIS section
    • Drill down option at category, sub category, client, applicant wise (like SIP)
    • Asset allocation report at client and AMC level
    • Open ended search capabilities (to give you the exact report you want)
  • Email notifications
    • Client Reminders is coming back
    • Team/Advisor notifications for tasks, sales pipeline, action plan etc.
    • Client notifications – birthdays, new client creation etc.
  • Cash flow projection statement
    • For advanced financial planners
    • Complete life cash flow planning with what if analysis at multiple level.
    • Gives you a great understanding of whether the client’s goals are achievable or not. Builds your conviction when advising your clients on critical matters.
  • BSE integration
  • Apart from this there are lots of refinements and bug fixes happening to existing modules on the fly.
Goal Based Planning goes mainstream. Are you in it?

Goal Based Planning goes mainstream. Are you in it?

For more than a year now, the goal-based planning approach to investing has been steadily gaining traction. Numerous apps have this as a core feature in their offering. E.g. Kuvera, Wealthy, Fisdom, Fundsindia, Goalwise etc. all have goal based planning. The latest entrant in this space Paytm money too has goal planning as an integral part of the application. Print and digital media too has been very vocal about this concept.

It’s clear – Goal based planning has gone mainstream. Expect your clients to tell you or nudge you to offer similar services!

Now, what is it that makes goal based planning tick with the investor community at large? Let’s dig in:

  • Whether you ask them or not, investors are inherently investing with some goals in mind. So, a goal based planning approach is something they can actually relate to.
  • Secondly, goal tracking tools (technology) didn’t exist until 2-3 years back. It is only in the last few years that things have started to fall in place.
  • Goal calculators are different from goal trackers. Lots of websites have goal calculators. You’ve probably relied on an Excel sheet too, to show how much your clients need to save for specific goals. But then the story ends there. It never gets recorded for future reference. While a goal tracker is something that the client can refer to in future too. It tells them whether they are on track or not, whether they need to save more. This nudges them to save more. It’s always a healthy way to upsell. A quick excel calculation or a one off calculator will never be as effective.

But what’s missing in the current apps?

Most of these tools currently are basic in nature when it comes to goal based planning. Main reason is that these are for the DIY (do it yourself audience). So, to be fair, it may not make sense to make it too complex.

But then, it loses its impact. Let me explain – Most of these apps are only about investing in mutual funds. So it allows the investors to link only their mutual fund portfolios. The apps are essentially neglecting a very important portfolio which currently (typically) takes over 90% of the pie. E.g. what about their insurance policies, FDs, stocks, post office schemes, PPF, EPF etc.

For instance, we at IFANOW, allow you to link all assets to goals. This gives a more realistic picture.

 

Should you offer goal based planning too?

  • Similar service, if offered, 2-3 year back might have had an average response. But with the traction goal based planning is now gaining, it makes perfect sense to have it in your portfolio of service offering
  • Your customers can relate to it. Any individual who has a shortfall and is investing towards reaching a certain corpus (for some specific needs) will be able to relate to the service offering.
  • You no longer need to rely only on excel sheets to offer such service. For instance, at IFANOW, we have built goal planning, tracking and review tools with what if analysis. This helps you quickly do comprehensive planning and also ensure you can use it for ongoing tracking and review.
  • With reducing TER and, as a result, reduction in commissions, it is better to diversify your offerings and start building a parallel offering which can generate revenues. You won’t be successful from day one. But if you persist, probably a year down the line, you will have built a cushion for yourself.
  • It is an essential first step towards building out a fee based practice. At IFANOW, we have seen lots of distributors venture into this service offering. I see, IFAs from tier 2 and tier 3 towns too offering such services. You do not need to do deep cash flow analysis, financial planning etc. Just start with basic goal calculation and linking assets to goal. That in itself can be a great value add to your clients.
  • When your clients understand the concept, it will lead to more sticky assets. You will see lesser redemptions and lesser churn.
  • It helps you shift the focus away from generating highest returns to saving more.

If you are keen to know how you too can provide goal based planning services to your clients via IFANOW, check out this video.

Summary

These are early days but the trend seems like it is here to stay. After all, it is fundamentally a robust concept and needs time to become even more nuanced. At IFANOW, we will continue our focus on making goal based planning an even more compelling experience.

(For RIA) Introducing – Direct Plan – Online transaction availability on IFANOW

(For RIA) Introducing – Direct Plan – Online transaction availability on IFANOW

We’re excited to launch the latest version of IFANOW with Direct Plan transaction capability. With this, if you are an RIA, you can now offer white labeled Direct Plan transaction capability to your clients.

In addition, we’ve added a lot of functionality to the existing Regular Plan modules as well. Here’s a round up of the core features

  • Added sub broker module to execute transactions at sub broker level too
  • You can now add more than one ARN within the same account (E.g. if you have two ARN then you can transact in both using single login functionality)
  • You can execute transactions under ARN and RIA code within the same account too
  • Various fixes on the overall flow to make it even more easier to do transactions faster

Things to note:

  • You need to be pre-registered with NSE to avail this facility. If you are not, then now is a good time to do it as NSE is offering free membership
  • We are also working on BSE & MFU integration currently
Introducing Goal Based Reminders

Introducing Goal Based Reminders

Mutual Fund SIP is a great way to create long term wealth. In recent times, there has been a lot of interest all around due to various factors (mutual fund sahi hai 🙂 ). On top of it, a lot of IFA and RIA are doing a great job in promoting the same. Most of them educate the clients about using SIP as a route towards goal fulfillment.

To further this cause,  we are excited to bring an innovation in the personal finance industry. Up until now, a typical CRM software would send your clients reminders that a premium is due or an MF SIP is due etc. But we are taking it to the next level.

Your clients would now start receiving beautiful, goal-linked reminders. E.g. say you have suggested a client to start an SIP of Rs.15,000 in a scheme linked to a goal. Your clients will now receive emails which shows details of the goals too. This will create a great impact and they will be less likely to stop SIP in case markets start seeing a downwards trend.

See an example email below. This is an SIP reminder. Other reminders like (Life Insurance Premium due, FD maturity etc. will work similarly)

mutual_fund_sip_goal_based_email_reminders

FAQ

  1. What kind of reminders are supported?
    • Fixed Deposit maturity
    • Life Insurance premium due
    • Life insurance maturity
    • Company Fixed Deposit maturity
    • Post Office Fixed Deposit maturity
    • Recurring Deposit maturity
    • NSC/KVP maturity
    • MF SIP reminder
  2. Can I disable reminders for a particular client?
    • Yes, you can. Go to Client Section > Profile > Reminder Settings. You can customize a lot of things here.
    • To manage reminders at global level, go to Settings > Reminder Settings.
  3. I have entered data for all clients, but the Financial Plan is not generated or goal allocation is not done. Can I still send reminders without goal allocation?
    • Yes, the software still sends out reminders with all relevant information except the goal linkage part.
  4. Is the email sent from my email ID?
    • Yes.

Have feedback or ideas? Feel free to put in your comments below or write us on ideas@futurewise.co.in. We’re listening!