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Author: Ronak Hindocha

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!

Introducing Maturity & Renewal Reports

Introducing Maturity & Renewal Reports

fd_mf_insurance_maturity_renewalManaging various asset classes means more convenience to your clients and more income to you. But it also brings in more operational headache.

Imagine, you are dealing in corporate fixed deposits, life insurance, general insurance, mutual funds and so on.  Or you may have collated client data for financial planning.

Now, what if a large lumpsum is lying ideal in your client’s savings account because an FD or Insurance policy just matured? Isn’t that an opportunity to bring in that business under you? Critical data of these instruments currently resides in various excel sheets or worse still, in physical registers. Isn’t it? Tracking maturities and renewals can be a difficult task.

We’ve got some good news.

At IFAnow, up until now, we allowed you to maintain this data in a more systematic way. Taking this further, we now allow you to track maturities and renewals too.

Here’s whats now possible:

You can now track when these instruments are maturing. You can then decide what you’d like to do for each of these instruments. E.g.

  • Let’s say an FD worth Rs.5,00,000 is maturing for a client. You can now decide whether the FD should be reinvested in another FD or in MF or it should be redeemed.
  • Further, we have integrated our task management system with these reports. So, you can assign a task to your team member to take the matter forward
  • Additionally, you can decide if an e-mail notification should be sent to the client. You customize the frequency of these e-mail notifications from the admin settings panel

You can plan such activity for the whole month in advance so that you or your team members are well prepared.

This will help streamline your operations, bring in more business, increase efficiency, and give better visibility.

We currently allow such tracking for Fixed Deposits, Life Insurance, Bonds, Mutual Fund SIP, NSC/KVP, Recurring Deposits. You can soon expect General Insurance too.

You can find these reports in Planner Section > Activity > Maturity & Renewal

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

We’re hiring business development managers

We’re hiring business development managers

Roles and Responsibilities:

  • Sourcing new sales opportunities through inbound lead follow-up and outbound calls and emails
  • Perform effective online demos to prospects
  • Research accounts, identify key players and generate interest
  • Attend industry events, interact with prospects and grow network
  • Log all activities accurately within CRM.
  • Build a strong pipeline of opportunities in CRM and provide update on a weekly basis.
  • Meet or exceed quarterly business development objectives.
  • Maintain up to date knowledge about IFANOW’s competitive positioning in the marketplace.
  • Upsell products to existing users
  • Meet in person to close the deal, if required
  • Organize webinars on a routine basis
  • Manage each customer account with an objective to increase the business from each account
  • Being a domain centric product, the candidate is expected to learn some personal finance concepts

Skills Required:

  • The ideal candidate will be highly organized with the ability to work in a fast paced environment and he or she will enjoy setting benchmarks
  • Excellent verbal and written communication skills – fluency in verbal and written English is an absolute must
  • Sales experience in a technology oriented field – knowledge/awareness about the Finance industry is a strong plus
  • Proven experience of meeting/exceeding targets in a metric driven sales environment
  • Strong analytic and probing skills; attention to detail; good listener; good organizational skills
  • Excellent ability in analyzing opportunity for cross sell and up sell – ability to farm accounts
  • Well versed with IT/Technology
  • Good online communication skills

Salary: Best in the industry!!

Working Days: 6 Days (2nd & 4th Saturday off)

Work Timings: 10:00pm – 6:30pm

Location:

Futurewise Technologies Pvt. Ltd.

6, Kanal Industrial Estate, Road Number 6, Daulat Nagar, Borivali East, Daulat Nagar, Borivali East, Mumbai, Maharashtra 400066.

Interested?

Send your Resume to careers@futurewise.co.in or call 99874 12342.

IFANOW Latest Version Updates – Morningstar integration, Custom URL, New SIP/STP Import Formats

IFANOW Latest Version Updates – Morningstar integration, Custom URL, New SIP/STP Import Formats

We have some exciting new updates in our latest version release.

Morningstar Integration

With this you can avoid data entry in morningstar while doing portfolio review/analysis.

You can find the link under Client Section > Multi Asset View > Mutual Funds > Summary.


Custom URL

Your team and your clients can now have a completely white labeled URL while accessing IFANOW.

The new access URL can now be: https://yourdomain.com or https://xyz.yourdomain.com instead of https://my-planner.in.

We hope this will give your clients more comfort and give your personal brand the right impetus it needs.

How does it work?
We buy a separate SSL Certificate for you and point your domain or subdomain to our server.

What are the charges for the same?
Yearly Rs.3,500 + GST.

Custom URL is now FREE.

We have a Free custom subdomain option too. Here’s how it works:
The access URL in this case will be https://YourSubDomain.my-planner.in. If you are interested, please reply to this mail with your custom subdomain you want. We will create the same and get back to you.


NEW SIP/STP Import format

For advisors who want to bulk upload SIP data but do not have access to regular RTA files can now use our IFANOW format. Here’s the link to download a sample file Download Link.

You can import this from the Back Office > Mutual Fund section.

White Labeled URL Now Possible On IFAnow

White Labeled URL Now Possible On IFAnow

We are pleased to introduce White Labeled URL feature on IFAnow.

What does this mean?
It means that you, your team and your clients can now have a completely white labeled URL while accessing IFANOW.

The new access URL can now be: https://yourdomain.com or https://xyz.yourdomain.com instead of https://my-planner.in.

We hope this will give your clients more comfort and give your personal brand the right impetus it needs.

How does it work?
We install a separate SSL Certificate for you and point your domain or subdomain to our server.

What are the charges for the same?
Yearly Rs.3,500 + GST. White Labeled URL is now FREE.

I/We do not have a website? Is there any scope for customization in tat case?

Yes, In such a case you can have a custom subdomain. Read below.

We have a custom subdomain option too. Here’s how it works:
The access URL in this case will be https://YourSubDomain.my-planner.in.