ICICIdirect launches online trading platform for Independent Financial Advisors
Hyderabad, January 6: Broking services arm of ICICI Bank Ltd ICICI direct today announced the launch of its online platform dedicated exclusively for the Independent Financial Advisors (IFAs). Launched under the ICICIdirect.com banner, the new platform is a cost-effective opportunity for IFAs to service their customers.
An AMFI certified IFA with a minimum of a year’s experience can use the online facility by paying the nominal application and security fees.
On becoming a member, the IFA enjoys several benefits: expenses are significantly reduced; he has complete ownership of his customers; he can provide to his customers several value added services like portfolio tracker, SMS alerts, various non-equity financial products.
One of the other important benefits that an IFA can provide to his customers is the ICICIdirect professional advisory on mutual funds. This advisory tracks various schemes, rates them as well as recommends a buy/sell/hold strategy.
ICICIdirect, with close to 2 million customers, is a market leader in online and offline financial product distribution. It is among top 5 Mutual Fund distributors in the country, offering more than 2000 Mutual Fund schemes and executing 0.15 million online transactions/month.
The company was also among the first distributors to revise its commissions on mutual funds, post Securities Exchange Board of India’s directive on removal of entry load from August 1, 2009.
ICICIdirect has witnessed a growth of almost 50% q-on-q in the mutual fund segment.
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