The launch of 'IFAXpress' by DSP BlackRock has helped in garnering more business by it at least in certain schemes, a company official has said.
"Though it is hard to measure, we feel we have benefitted from this new innovation in systematic transfer plans from liquid to equity, SIP and short term liquid plans by financial advisors," DSP BlackRock AVP, marketing, Sudip K Mandal said here today.
He, however, did not give further details on absolute numbers.
IFAXpress, a business platform for financial advisors, is one of the key distribution channels for the mutual fund industry.
It is a first of its kind offering in the market facilitating paperless transactions for KYC verified individuals.
This online platform, which currently can be used only for DSP Blackrock products, can be accessed through desktop, tablets and smartphones.
The major benefits to advisors are faster execution, and nil manual labour in visiting clients which encourage them to take interest for low-commission products too, Mandal said.
This online platform would facilitate financial advisors to seamlessly initiate transactions on behalf of their clients and also efficiently manage their portfolios online.
DSP BlackRock gets about 35 per cent of its business from its 22500 independent financial advisors and out these 4000 have already signed for the new platform.
