A panel discussion on ‘Reviving the Importance of Mutual Fund Advisors’ was conducted under the banner of Business Standard Smart Business in association with MFRT. Despite the onslaught of technology, financial advisors have a major role to play in the growth of the mutual fund industry, was the major takeaway from the Business Standard panel discussion on Mutual Fund Distribution and how to reach out to every citizen of Bengal and India.
Nitin Khera, Regional Head, Reliance Nippon Life Asset Management Limited, said, “Financial advisory requires human contact. "We are far from a stage where investors are well equipped to take a decision. All retail equity investors rely on financial advisors and the role of financial advisors will grow stronger, going forward."
Nilanjan Dey, Director, Wishlist Capital Advisors, said, “No digital technology could replace the human touch.”
All the panelists highlighted the importance of the role of financial advisors especially in a growing stock market. They also said that the asset management companies were playing their part by conducting training sessions periodically.
Debjit Guha, head, east zone, Peerless Funds Management Company, said that SIP (Systematic Investment Plan) was now a household name. "People may not know about mutual fund but they know about SIP. So the larger part of the world is yet to become a part of the mutual fund industry. Association of Mutual Funds of India (AMFI) has set a target of nine crores unique investors, so financial advisors have a major role to play."
Manoj Sinha, Zonal Head - East, SBI Funds Management Private Limited, said, "A product like mutual fund requires a lot of hand holding. When the market is doing well everybody gets confidence but when the market is not doing well everybody is sceptical. Strengthening the trust factor is integral where financial advisors can play a role because that is their core asset."