IIFL has provided an instant solution for countless graduates and job-seekers with its Advisor Anytime Anywhere (AAA) product. This new venture hopes to establish a fresh league of young, budding and independent financial advisors through this new business launch.
n a bid to reduce costs to become a financial advisor, the company has introduced its own software enable tablet that gives immediate access to the world of finance. With a refundable amount of Rs 25,000, the tablet becomes a window of opportunities. As a financial advisor, one can track stocks, mutual funds, stay up-to-date on news, learn specific topics and interact with clients.
With Rs 25,000 refunded after 3 months, this venture seems to be an ideal fit for millennials. IIFL’s AAA helps imbibing some qualities of entrepreneurship in financial planning.
Nirmal Jain, Chairman of IIFL says he strongly believes that AAA could help develop the economy. He feels that economy is growing because of countless services like tourism, healthcare, etc. He added that if the economy is growing fast, then financial services need to grow at a quicker pace.
IIFL wants to change the stereotype associated with financial advisory. For the longest time, it had been a costly and elitist profession. But with 2019’s internet boom, misconceptions about financial advisory will soon be history.
AAA combines personal financial advisory with robo-advisory, making it seamless, yet personalized.
The financial advisor can talk his/her clients through investment avenues like mutual funds, insurance, fixed deposit, etc. When asked about the qualification needed to join AAA as a financial advisor, IIFL said that a BCom degree is preferred. It added that the person can learn various concepts through the tablet, but needs to clear the NISM and NCFM certifications to become a certified broker.
IIFL plans to focus on Tier 2 and Tier 3 cities as of now. The tablet and software currently work in English, but IIFL plans to add Gujarati and Hindi very soon.
As quoted by Alan Kay, “People who are really serious about software should make their own hardware.” Vimal Jain added that creating a tablet with IIFL own software goes on to match with the likes of Apple’s Mac, Bloomberg’s terminal and Amazon’s Kindle. He said that IIFL’s AAA won’t have to rely on an external hardware and can steer clear of viruses while customizing themselves at the same time.
