"We trust that you will avoid using harsh language and will refrain from making
unsubstantiated allegations against individuals and firms. Your constructive feedback
and opinions are very valuable to all of us in the industry. "
Initially when I subscribed the app I thought it would be the game changer for the industry. But in the last few days when I really faced some technical issues related to data the employee of this company are worse to response. Neither they respond to mails nor they have escalation matrix. In today time the survival of this company is very much suspected because I believe in a high demanding service industry such a pathetic response where you have to follow ten times for 10s of times you sustainability is doubtful.
I am sorry such kind of company is not welcomed in the industry.
As per my calculation, you company is in loss, as you mention the free of Rs.6000 from 1300 IFAs, it mean you are generating revenue of Rs.78 lacs in a year, which means only 6.5 Lacs monthly, any logical person can calculate a company with only 10 employee can not survive in city like Mumbai, we dont want that cost will be recovered by selling our data. THIS IS VERY BIG QUESTION MARK ON YOU STRATEGY.
I am a new IFA & am excited to learn the tricks of the trade & OFA seems to be an excellent tool. I would like to join as a Starter & later graduate to Professional. Please iniate my joining process right now & let me know the formalities. Thanks.
I am using both android apps ofa client and ofa advisor which I downloaded from playstore. Initially I faced problem as I did not know how to use it.But now it became userfriendly as I am getting used to it. .I can give to clients only when I am confident that proper reconciliation of data integration with the software for generation of report is accurate. I am also using shubhchintak web portal which is helpful in generating reports but I see that there is urgent need for further improvement in auto-updation, userfriendliness to new user and calculation accuracy linked to goal planning before I can give to clients.I feel all these can be upgraded in matter of days.But since there is no other reliable software which is providing at such affordable price for generating reports/advisor app/client app I have to go for it.I am ready to assist team shubhchintak if asked for in providing information so that product can be improved to match our clients expectation .
I have been using this platform for more than 2 years. Good Platform at this price point but lot need to be done. For that we dont mind paying a bit extra but you should seriously consider these 3 issues. First the platform is a bit slow. Secondly no escalation matrix and feedback system from the users for adding new features and thirdly the you should be more vigilant while rolling out distributor app as the CAGR for the same client differs from the portfolio generated on your web version. I have reported the problem and no action have been taken till dateproblem and
Iused Shubhchintak for while. I was convince with idea but was not ready to share data with any AMC. Subhchintak is Axis AMCs customised OFA. OFAs representative assured me, data won’t be shared with any AMC. I registered for trial version. Main package has more to offer.
In last 2 months, at every stage PST assign to me, called me not just for queries I had, but take follow up on things like - how to use software, why only few investors are using mobile app? Is there any problem? How to use pings? How to customise them. Thanks to mobile App one of my client is shifting all his investment with me. Rest have definitely liked it.
Tt’s one-stop-solution for all our need. CRM + Planning + execution + customer service. If you are using NSE NMF for transaction then this will add more joy to you. To use OFA to its fullest I’ll to register for NSE NMF.
What I liked
• Packaged CRM
• Direct chat with client from Mobile App
• Mobile app as overall
I am using this platform since Nov. 2015. Very good platform for IFAs. Communication is good.
New launched app for Investors is also informative. This has improved my client base.
Advisors app is also good.
MY special APPRECIATION TO OFA APP & SOFTWARE. It is really gud and the financial planning solution has brought nearness to my clients and refrals simultaneously.
Using for last 2 years. Not satisfied. No escalation matrix is provided to report the problems. Its improving but the mistake is protfolio data are too much. Difficult to rely. Cost is affordable. Site works slow. Better support required/expected.
You can register by login in either on www.fiinfra.in OR shubhchintak.me
Whom should we contact for getting this platform? What needs to be done? I have registered mailback services of all the RTA.
I would like to assure you that OFA, will be run as an independent business and none of the data will be compromised ever. We have been running this business for the last three years and we have never faced any such issue in the past and we will ensure the same track record continues in future.
I also would like to invite you to our office so that I can take you through the processes and systems we have put together to ensure data sanity.
Wishing you all the best.
We also have a lot of other successful groups in the country, within which multiple businesses co-exist without any risks of data exchange.
Karvy is one the leading and respected RTAs in the country, which makes them a B2B business. They also have a very strong and successful wealth management and distribution business.
Motilal Oswal, has an MF arm with the fastest growing Equity fund. They also have their own broking, wealth management and distribution business, where each one of them are hugely successful.
We have similar stories with ICICI, HDFC, Kotak and many other leading groups. I think a lot depends on the intent and foresight to let each business blossom of its own.
Dear Mr. Sengupta,
Thanks for writing in.
It’s good to know that you are one of our satisfied users for the last two and half years. I am sure OFA has helped you in running your distribution business and enhanced your client engagement.
You have also mentioned our association with Anand Rathi and the possibility of conflict of interest. As mentioned earlier, OFA will continue to be a B2B business with clear focus on keeping the data confidential & secured. AR as a group has varied businesses ranging for Broking to distribution to Private Wealth Mgmt. to Insurance to Digital Wealth Mgmt. etc. Each of the business are running successfully and independently without any data exchange. All of them have very strong walls which respects their respective business objectives. OFA is a new business for the group and will be provided with similar treatment and sensitiveness.
I am using OFA since last one and half year and it is improving day by day.Both customer app and Advisor apps are good.What i like about it is that they always listen and responds immediately and making changes as per our requirements,The STAFF is very co operative and at what price they are offering is really unbelivable.
So i thanks the whole team of OFA and expects much more in near future.
Dear Mr. Jayanti
Thanks for writing in.
I checked the records and I think what you are mentioning is basically data accuracy in your Portfolio reports. As you must be knowing, data accuracy is possible only if AUM Recon process is done for your ARN.
AUM Recon is a cumbersome process and needs cooperation & patience from both sides. Somewhere, these two didn’t match and the process stayed incomplete and your AUM Reconciliation is still not yet complete.
Having said that, I will ask my team to get in touch with you and we can get your AUM Recon done which will ensure data accuracy in all of your portfolio reports.
I would like to inform you that we have successfully done AUM recon for more than 800 IFAs across various locations.
Wishing you all the best and looking forward to work together in future
We have stopped using it as they are not able to resolve the issues, even after 12 months
Being a partner with OFA for last 2 and half years I am very pleased with the development. However, though Vishnu explains the data privacy in details but his revelation that Anand Rathi became majority stake holder and being in the de business as IFAs are , could be a direct conflict of Interest. Lots and lots of datas can flow to the controlling company unhindered and without knowledge of vast majority of IFAs. The situation may become grave if SEBI mandated RIA regulation see the light of the day and implemented sooner. Being distribution business may get challenged , Institutional entities like Anand Rathi may get access to huge data base of Retail clients and sensitive data and corner lion share of business. Wealth forum being a well wisher of Distribution frsternity and more so with IFAs should raise this issue with FIINFRA.
Excellent, very innovative,elaborative & detailed analysis. Thank you very much for your strenuous effort.