Soumyajit takes us through 18 different responsibilities that every MFD must discharge – some one time, some ongoing – but each one important in its own way. A great beginners guide for any new MFD and a wonderful refresher for experienced MFDs too – to ensure that you are indeed paying adequate attention to all 18.
1) Deciding structure of your entity: proprietorship vs LLP vs Pvt Ltd Co
2) Ensuring registration of your entity under all regulations and laws
3) Deciding product range beyond MFs (insurance, equity, bonds, FDs) and mode of intermediation (direct/sub-broker)
4) Selection of the right Mutual Funds and schemes
5) Selecting an ideal Fund accounting and wealth management software.
6) Websites and Apps for IOS and Android
7) Designing the logo and colour schemes. Visiting cards and Visibility. Trademarks if needed
8) Creating a marketing frame work including social media
9) Client management framework including regular statements, reviews.
10 ) Brokerage negotiation and management ( mostly changes every quarter )
11) Financial Planning Process
12) Transaction Management- BSE Star/ NSE , CAMS, Fund house platforms
13) Accounts and Audit
14) Creating an operation process and team
15) Sales team and sales support system.
16) Office maintenance and adhere to regulatory guidelines on shop n establishment
17) Complaints and compliance Management.
18) AUM and brokerage recon.