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Category: IFAnow – New Version Updates

All the latest IFAnow version release details can be found here.

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!

Various updates on IFAnow

Various updates on IFAnow

Of late we’ve added a lot of updates to IFAnow, some big some small. Following is what we’ve added:

  • White labeled Android App launched (App Link). iOS to be launched soon.
    • Price Rs.5,000 for first year
  • New section added – All Clients. It is under Back Office. Features:
    • See list of all clients
    • Reset password
    • Add tags
    • Search by tags
    • Export client list
  • MF Auto Upload
    • Franklin Transaction File now supported for auto upload
  • Online Transaction section
    • Your login credentials are now automatically saved. So, no need to login again and again
  • Mutual Fund Summary/Capital Gains
    • Excel Output Option now added
  • Capital Gains Report
    • PDF output improved
  • Task Management
    • Ability to add Family Member as well
  • Billing & Invoicing
    • Invoices are now GST compliant
  • We’ve reduced pricing of our Billing & Invoicing module. Reduced it from 5% of invoice amount to fixed fee of Rs.5,000/year (upto billing of Rs.5,00,000)
  • Updated our demo video channel with latest videos. It is under Help section. Or watch it here
  • Several bugs and fixes taken care of

What we are currently working on:

  • iOS app
  • Integrated Reminders module
  • More refinements to goal tracker
  • More refinements to Mutual Fund reports
  • Better reporting on Files uploaded
  • Folio Master report
  • Life Insurance premium updation report

Apart from this, we’ve been doing a lots of stuff under the hood. Focus has been on bringing scalability and stability to the system as we grow in user base.

That’s it from us. Your feedback, suggestions are always welcome.

Now Manage Client Privileges Easily on IFAnow

Now Manage Client Privileges Easily on IFAnow

ifanow_section_privilges_gif

We are excited to launch the latest version of IFAnow. Introducing Client Privileges. This has been a sought after feature request from lot of advisors.

With this, you can now decide which client should be given what access. You have an option to fine tune the customization to a very granular level.

For instance

  • You may want to prevent some clients from adding or updating financial portfolio or goals.
  • Or you may want to show Premium sections only to your top clients. This feature allows you to hide sections at a client level very easily.

Settings > Section Privileges

BIG Update – Introducing Advisor Dashboard – One place for all your data

BIG Update – Introducing Advisor Dashboard – One place for all your data

planner_dashboardHaving all the important data at your fingertips can help in making you a super efficient advisor. Sadly, most of the time, this data is scattered across different software, excel files, diaries, e-mail, post it notes etc.

We understand that and we’ve tried to solve that!

Introducing Advisor Dashboard – A single place to access all your important data, instantly. Be it upcoming asset maturities, outstanding tasks, upcoming meetings, important action items or simply viewing your business growth, we’ve got it all covered.

Here’s an exhaustive list of what the Advisor Dashboard has in store for You:

  • Practice Level
    • Total client count
    • Client added in last 30 days
    • Total AUM
    • Total SIP book
    • Manage and track your business goals
  • MF Analytics
    • Recent purchases, Redemptions, Reversals and Rejections
    • Category wise AUM breakup
    • Top AMCs
    • Month wise Gross Sales, Redemptions and Net Sales
  • CRM
    • Tasks and activities
    • Meetings
    • Action plans
    • Sales pipeline
  • Maturities & Renewals
    • SIP, Insurance, FD etc.
  • Financial Planning
    • Upcoming client goals
  • Miscellaneous
    • Upcoming birthdays
    • Minor turning major
    • Recently logged in clients
New udpates to MIS reports – SIP Analytics

New udpates to MIS reports – SIP Analytics

SIP Analytics Screenshot
In continuing our efforts towards building out a robust back office tool, we are excited to launch SIP Analytics – An important part of the MIS reports section. Here’s what we have for you:
  • View total SIP Book
  • List of All SIP
  • SIP Drill down option at
    • AMC Level
    • Scheme Level
    • Client Level
    • Applicant Level
  • Last 6 month data of New SIP, Ceased SIP and Net SIP book
  • SIP Rejections/Reversals
  • List of Expiring SIP
  • List of Expired SIP
  • Analytics
    • SIP Count, Average SIP
    • % of clients without SIP
    • % of SIP not linked to goals
  • Export to excel
Where to locate this: Planner Section > Back Office > MIS Reports > SIP
Other updates:
  • Financial Planning – Retirement Planning now supports two phase asset allocation
  • MF reports – Several refinements to the PDF output
  • Several bugs and fixes
New Version Update – New Financial Plan PDF & Much More

New Version Update – New Financial Plan PDF & Much More

A polished Financial Plan PDF can do wonders to your client’s confidence. We understand that. Last few weeks, we’ve been working hard to give this Financial Planning PDF a much better look and feel.

We’re excited by the final output. Download a sample financial plan here. Download

We have also introduced FP Template Gallery. This section has some beautiful templates that you can add to your financial plan. This will give the PDF output an even better feel. We’ve added over 40 templates. What’s more, you can add and save your own templates for future use. (It’s under Settings section on top right).

Other New Features

  • Auto upload – CAMS and Karvy files now stabilized
  • New PDF report options
    • Mutual Fund Summary
    • Transaction Reports
    • MF overview pdf output
  • Direct login feature from your website now added. No URL redirect on login click
  • Enhancements to Capital Gain reports
  • New NJ transaction format now supported
  • Lots of finer refinements
IFAnow launches Advisory Fee Billing. Here’s everything you want to know about it.

IFAnow launches Advisory Fee Billing. Here’s everything you want to know about it.

Fee based models are now increasingly becoming a hot topic of discussion among IFAs. Not just the RIAs but even non RIAs are seriously looking at fee models.

Why this trend?

  • Clients showing growing acceptance towards fee charging
  • Gradual shift from distribution to advisory services requires advisors to spend more time on quality work thus commanding a fee
  • SEBI increasingly focusing on fee based models

Moreover, clients and prospects are gradually becoming aware about direct plans. In such case, if you have a fee based system in place, you can then offer direct plans too and charge a fee.

Blog continues below image…

Variable fee

We’ve been watching this space closely and strongly believe that fee based model will have to be looked upon by financial advisors as a serious offering.  Now, there aren’t too many options when it comes to calculating fees and collecting the same. Couple of ones that are currently there charge a bomb and require you to shed your identity by becoming their sub brokers.

We believe this HAD to be solved. We’ve spent last few months building a comprehensive advisory fee billing system. We’ve kept in mind the Indian context while building this out.

Here are some of the key features:

  • Complete flexibility to add your own fee models
  • You decide the fee amounts and charging frequency too. Want to charge a monthly fee? We’ve got you covered
  • Charge AUM linked fee or fixed fee. We take care of average AUM calculation
  • We take care of auto debiting the fee from your client’s accounts too, thus reducing friction
  • Slab based charging. Create your own slabs
  • Option to charge different fees for regular and direct plans
  • Not just MF, you can add multiple asset classes like stocks, FD, insurance products etc.
  • Further customization of fees at a client level

Process Flow:

  • Once you decide to go ahead, we send you a tripartite agreement that you need to sign with your clients. We send you a debit mandate that you need to get signed from the client.
  • Once done, you decide the fee structure you want to charge at a client level. The invoices are automatically created for you.
  • You then intimate us to debit the client’s account. We in turn send an auto debit notification to your client.
  • Next working day, the fees are debited.
  • We then payout the fees back to you.

Important: Please note that you should have an RIA license in place if you want to use this feature.

Questions? Call us on 022 2895 4777 or email @ support@futurewise.co.in

New version update – New Goal tracker, Task section and much more

New version update – New Goal tracker, Task section and much more

We are excited to rollout the latest version of IFAnow. Here’s a summary of the same:

new_goal_tracker_ifanow

Features added

  • Major revamp to the Goal tracker
    • Lot’s to talk about here. So we created a blog post for you. Do read it here
  • Several refinements to the task section based on user inputs
  • New Client section added to capture miscellaneous data, tag them and much more
    • It is under Client Section > Profile > Clients Info
  • New Client data gathering sheet
    • Useful if you want to collect data via excel. To download format, Click here
  • New File formats now supported
    • You can now easily import MF data of prospects not under your ARN code. Go to camsonline.com and order “Consolidated Transaction Details (XLS)” Click Here
    • Franklin – Closed SIP
    • Franklin – Folio Master
    • iFast transaction history
  • Customize and save column visibility and column sequence at client level for MF reports
  • Several bug fixes

Features developed and currently under testing

  • Comprehensive advisory fee billing
  • Auto upload – CAMS and Karvy files
  • New PDF report options – Mutual Fund Summary, Transaction Reports

Features currently being developed

  • SIP/STP MIS reports
  • New PDF format – Financial Plan
  • New sections in financial plan
  • New File formats
    • Franklin active and closed STP report
    • New NJ format that contains more comprehensive data
  • Integrated reminders for various asset classes
  • Bulk upload formats
    • For bulk upload of Insurance policies, FDs, Bonds etc.
New goal tracker launched. What’s new + Things to keep in mind

New goal tracker launched. What’s new + Things to keep in mind

Based on your feedback we have made a lot of changes to the goal tracker.

Here’s whats new:

new_goal_tracker_ifanow

  • Major UI revamp
  • Step up SIP option introduced. It’s under the gear icon
  • Asset allocation modification now simplified. Checkout the second tab under the gear icon
  • While linking mutual fund, you can see real time preview of savings required
  • Over allocation of MF and Stocks is now taken care of
  • Maturity values now shown next to current value in “Assets allocated to this goal” section
  • In case of multi year goals, you will see a year wise breakup and probable fulfilment of those individual years based on assets allocated
  • You can now add a personalized image for each goal. This will add an emotional touch, we hope
  • Drag and drop now checks if the maturity year of the asset is less than or equal to the goal year

Now, if you are an existing user and have already done some goal planning then there are certain things you need to keep in mind.

  • As mentioned above, we’ve made some changes to the core algorithm that calculates the saving required.
  • As such, there may be some minor changes to the savings required calculations. If you notice anything huge, do let us know. We’ll look into it immediately
  • For existing goals, the old asset allocation will run, unless you change it from the “Goal Asset Allocation” tab under the gear icon. If you wish to change the asset allocation, simply specify what you want it to be

That’s it from us. Please do give it a shot and let us know what you think.