1. Advisorkhoj
  2. Media
  3. IFAs who struggle to market themselves now have a tool to help them with their marketing

IFAs who struggle to market themselves now have a tool to help them with their marketing

On: May 11, 2014 | Duration: 1.00 hrs | From:hubbis.com

IFAs who struggle to market themselves now have a tool to help them with their marketing. Advisorkhoj is a fast-growing classifieds portal aimed at retail investors looking for financial advisers for investments, tax and other related issues. The use of ratings ensures a focus on quality.

Large institutions like banks, securities firms, investment banks, etc are able to build brands that make them easy to find. Like with many other aspects of small business, IFAs struggle with marketing. However, one financial adviser has taken on the challenge and built a classifieds portal listing thousands of advisers, including IFAs, insurance agents, tax accountants, legal consultants, etc.

Advisorkhoj allows retail investors to search for advisers, not only by location, but also by ratings given by other investors, similar to restaurant or movie classifieds. And by aggregating thousands of advisers, the portal itself tops the search results for "financial advisers in India" on Google.

Pradip Chakrabarty, a financial adviser himself, launched this venture with the primary motive of taking advisers to the masses through digital media. The portal has multiple adviser categories like IFAs, insurance advisers, tax advisers, chartered accountants, legal advisers, etc, but the financial advisory seems to be the most popular category. Customer ratings help in enhancing the credibility of advisers and generating traffic to the portal.

The portal registers only licensed advisersin each category – mutual fund distributors registered with AMFI (Association of Mutual Funds in India), insurance agents registered with Insurance Regulatory and Development Authority. And if the license expires, the listing is removed.

Advisorkhoj allows the investors to search an adviser by service, city/location, name, company name, experience, rating, etc. Like other classified portals, an investor can filter by multiple factors to shortlist a few advisers. For a fee, Advisorkhoj provides assistance in customised searches.

The portal has a communication system built in – investors receive the advisers’ contact details and advisers get investors' contact details. The feedback system requests investors to review the services of the adviser after three days.

The basic listing service is free for advisers which includes advisor photo and ratings/reviews. Advisers can pay a fee for additional information to be included - his or her profile will cost INR 1,000 (~US$15) per annum while a more useful combination of video, links to advisor articles/blogs, contact details and the communication system will cost INR 2,000 (~US$30) per annum. A fee of INR 6,000 (~US$100) includes a social media campaign by the portal.

Currently there are more than 30,000 financial advisers across 1,000 locations and 5,000 postal codes are registered on the platform.

Premium service

The portal intends to keep expanding the premium services. For example, it intends to collect more information about the IFA businesses to allow more value-adding filters for investors like client segment focus (retail / affluent / high net worth), business model (commissions versus fee-for-service) etc. Chakrabarty said he expects to offer this as premium service later in 2014 aimed at "investors willing to pay a fee to the advisers and for those advisers who would like to deal only with a particular segment of investors".

Taking advantage of AMCs and portals wooing IFAs, Chakrabarty is appealing to them to sponsor the registration of advisers. He already counts Franklin Templeton and DSP BlackRock as clients.

With a management team that includes alumnus from IIM Ahmedabad, Delhi School of Economics and London School of Economics, the venture seems to be headed for a large scale.

Engaging investors

Advisorkhoj intends to expand its online presence through better search engine optimisation (SEO) and quality content. It intends to start with sending newsletters to the existing traffic of 300,000 investors. The focus is on creating awareness about saving and investing and also about planning.

Advisorkhoj also intends to spend money on marketing B2C. Says Chakrabarty: “We will shortly be releasing our ads on Google and other advertising network in India.”


© 2016 Advisorkhoj - A Gamechanger Business Services (I) Pvt. Ltd. Brand - All Rights Reserved