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Category: Technology for advisors

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
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.

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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

9 Free Tech Tools Successful Financial Advisors use. Which ones do You use?

9 Free Tech Tools Successful Financial Advisors use. Which ones do You use?

It is heartening to see Financial Advisors across the country opening up and embracing technology. I have been interacting with lots of advisors lately and my analysis is on the basis of these interactions. Some of them use quite a lot of tools while some of them use at least one or two.

Before you think it is only the young advisors or the ones who are tech savvy or the ones living in bigger metros who are embracing these tools, well – you’re mistaken.  I’ve seen advisors in tier 3 cities, both young and old using these tools effectively. 

What’s driving this behavior?

My analysis suggests the following reasons:

  • It helps them become more efficient
  • It helps them standardize processes
  • They are able to impress their clients
  • They like trying out new technology tools
  • It saves cost & time

Is it too late for me to start using them for my practice?

It’s never too late. Besides, these tools were never available until 2-3 years back. So, I encourage you start getting used to them at the earliest. 

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12 reasons Why your website is not bringing you leads & how to fix them

12 reasons Why your website is not bringing you leads & how to fix them

So, here’s a statistic. 8 out of 10 leads that we get are through our website www.FutureAdvisor.co.in. I have over period reviewed websites of lot of financial advisors in India. I see few mistakes a lot of these sites make and have drawn a conclusion:

These websites are not helping these advisors get enough leads. Ask yourself, is your website in the same category?

What’s the main reason behind a website? If you think the main reason why your website exists is because other financial advisors have it, then don’t read any further.  Else, I believe, you probably want your website to help you increase your business but somehow hasn’t.

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Why Financial Advisors should use Twitter & How you can easily get started

Why Financial Advisors should use Twitter & How you can easily get started

You must be aware of various #hashtags during TV shows and sports events. The idea is to connect the audiences through Twitter, one of the most popular social media platforms. Such has been the effect of Twitter that right from bollywood stars to politicians and cricketers, they’re all there. They’re connecting to their fans (and critics) in ways not possible earlier.

Lots of consumer brands and corporates alike are using twitter as a medium to reach out to their customers and prospects. Right from solving consumer complaints to offering rewards and exclusive offers. In financial services, you will see banks, mutual fund AMCs, life insurance companies having their twitter accounts, also called as a ‘handle’.

But what about the financial advisory community? Are they active? What do they do? If I have to setup my twitter account what do I need to do? Can twitter be a lead generation engine? What should I tweet about? How do I get followers?

Let’s answer these questions, one by one:

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6 reasons why Excel is not the best tool for writing Financial Plans

6 reasons why Excel is not the best tool for writing Financial Plans

We are increasingly seeing lots of financial advisors opting for FutureAdvisor after having used excel sheets for making financial plans. They are quite frank about why they want to shift to online financial planning software like ours. We thought we should write a blog post to highlight some of those points we found were common. This post is dedicated to all those advisors:

1. Excel is tedious and time consuming:

Making a comprehensive plan that is inter linked and with scenarios can be difficult. A Financial Plan has various sections like Goals, Income, Expesnes, Risk Profile, Cash Flows, Networth, Analysis of current portfolio, Insurance Planning, Tax Planning, Loan management, goal tracking, asset allocation, assumptions etc.

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