These are some issues I feel we need to take up with AMFI as a IFA
fraternity
1. Trial fees should be payable monthly..not quarterly..no employee
gets salary monthly..why should we get the same quarterly?
2. Common Application form across all mutual funds..Today each AMC has
different forms for Debt/ Equity and different AMCs have different
forms..why cant a common application form be made which can be used
across all AMCs?
3. Non -Deduction of Service Tax
4. AMFI should focus more on Investor education through seminars/
advertisements on Mutual Funds.
5. Introduce an option in MF Application forms where we can mention
our fees so that it can be deducted from the clients investment. There
can be cap at 2% to prevent clients getting conned.
Regards
Praveen Kumar V
Capstone Investments
Bangalore
fraternity
1. Trial fees should be payable monthly..not quarterly..no employee
gets salary monthly..why should we get the same quarterly?
2. Common Application form across all mutual funds..Today each AMC has
different forms for Debt/ Equity and different AMCs have different
forms..why cant a common application form be made which can be used
across all AMCs?
3. Non -Deduction of Service Tax
4. AMFI should focus more on Investor education through seminars/
advertisements on Mutual Funds.
5. Introduce an option in MF Application forms where we can mention
our fees so that it can be deducted from the clients investment. There
can be cap at 2% to prevent clients getting conned.
Regards
Praveen Kumar V
Capstone Investments
Bangalore
14 comments:
Vipul Hindocha
vipul.hindocha@gmail.com
More Important there must be an audit as to how the funds generated by virtue of Change of Distributors (trail commission is not paid to any of the ARN) are used.
This is our money and we need to know how it is being spent. Is it spent on investor education of select elite group of distributors ??
Also I am given to understand that it is an "Industry Practice" when in suspect of change in ARN the fund house make the investment as "Direct" I fail to understand as to why the First distributor is made to forgo his trail for the mistake of some other ARN. Also this is not informed to the concerned parties so that remedial action by either may be taken thus creating more Trail for the Fund House.
We need to awaken on not why we are not getting our Trail BUT how it is being used or misused.
Warm Regards
Vipul T Hindocha
Mobile 9092078595
Padma devan
mahas_devan@yahoo.com
YES I DO SECOND THIS IDEA.
ALSO WE SHOULD HIGHLITE THAT NO WHERE IN THE WORLD
AGE & SALARY BOTH GET REDUCED, EXCEPT "IFAS COMMISSION".
MRS.PADMA DEVAN, MBA,DCA, [C F P]
Venkateswaran of Trivandrum,
venkatpisces@gmail.com
Worthy suggestions. I often wonder whether amfi and sebi will lend their ears to ifas?
Deepak from Bangalore
prithvisecurities@yahoo.com
Hi,
I agree with Praveen
1) Trail can be paid Monthly or Quaterly but all the Amc's should follow the same and should reach us between 10th and 15th of every month not all over the month and some spill overs to next month also
as of now each Amc has their own way of making payments
like UTI has payments twice in a month and Templeton pays Upfront and Trail ( 1st year ) once a month and the Long term Trail ( 2nd year onwards ) once in a quarter
2) i feel the Common Application Form wlll make investor job much easier to submit applications directly as it is simple
3) AMFI should spend money on Investor Education and not telling them that there is a way to go direct and they also should condem the articles against IFA's or Industry
4) Option is good in the Application Form with a 2% cap and if required with a investment limit of say 5 lakhs to prevent clients getting conned
regards
Deepak N
Umesh Vora
urvong2000@yahoo.com
Dear Shri Praveen,
Yes very good. good points.
U R Vora
Ahmedabad.
hemant paranjape
hemantsay14@gmail.com
Really nice suggestions.
Regards,
Hemant Paranjape.
Universal Investments and Financial Services
Caretaker ..... of Your Savings ..........!
Mobile : 9820567839
DUBAL VIMAL V.
dubalvimal@gmail.com
Really all the points are very well said and valid points. I hightly appreciates it.
Vimal Dubal
ARN-56831.
SEVY Consultants
sevyindia@yahoo.com
Well thought out..
Thiagarajan
Sevy
Dear Mr.Bhat,
I saw the mail of Mr.Praveen Kumar and thought of elaborating on one point.
When one AMC can pay trail monthly using the services of the same registrar, why it should not be possible for other AMCs?
For IFA, the main income now is trail commission. What is the fun in getting paid every 3 months when all his commitments are monthly? Can he ask his landlord to accept rent every quarter, as he is earning only every quarter. If he argues like this, then our IFA would be literally on the street.
AMCs, RTA, Custodians etc. - everyone pays their employees monthly. What sin an IFA has done?
How he will manage working capital for 3 months? Which bank would provide OD? Or should he go to a private lender?
Is all this worth the 0.5%+ trail he gets?
Already our IFA community is going through 7 ½ years Sani. Atleast by making payouts monthly, AMCs can ensure our survival. This is a small pariharam they can do for us in the present scenario.
As our chief representative, please talk to AMFI. You have the capability to speak in their language and get us this benefit.
Regards
Muthu
D.Muthukrishnan
Certified Financial Planner CM(CFPCM)
Personal Financial Advisor
Mobile: +91-98404-03431
Email: muthu@wisewealthadvisors.com
Wisewealth.advisors@yahoo.co.in
Visit us:www.wisewealthadvisors.com
dear Sir,Yes very good. good points.
K.sriram
Sivasri premier Investments Pvt Ltd
ARN 19262
Chennai
Dear Praveen ,
All the suggestions you made are valid & good ,lets hope these requests will get fulfilled.
Best Regards
Krishnaveni
Very good suggestions, should be taken to appropriate authorities..
Senthil
C.G.RAGHUNATHAN, Trivandrum
Dear Praveen,
All ur points are valid. Thanks. Regarding monthly payment of trial fee, it will be negligible for those who have low AUM. Like common transaction form, it will be easy for us to carry forms, if there is common application form for all AMCs. Actually IFAs are paying double tax. One as Income Tax and other as service tax.This must be rectified. There should be a seperate column in the application form for mentioning our fees and it should be deducted from the investor's fund like entry load.
These all 5 suggestions should be implemented at earliest.
Without upfront brokerage no new ARN IFA can be established.
Warm Regards,
Surender Singh
ARN-66056
surindernitu@yahoo.com
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