They say the least creative space in the financial services industry is of Independent Financial Advisors (IFA’s), yet I disagree. Having a sneak peek at the Mutual Fund industry, I tapped onto this idea where my target audience for this blog would be every individual who loves finance & most importantly understands it.
In 90’s when a child was born, parents started with aspirations of an engineer in their house. Next, come MBA’s. And now, every corner of India has these colleges. Similar is for individuals with Finance background. There is Investment banking, financial analysts and so on. To individuals having a nook for this industry, I suggest a freelancing role.
The role is called Independent Financial Advisor – IFA.
Yes, I know, most of you must know of same. But then why is it that we have limited people taking it up? Let us try to explore this, and if it clicks with you, go earn some extra points for our random dreams.
Who is an IFA?
As an IFA, you will be using your understanding of the market to advice on financial matters to your clients and recommending them the best of products & investments. You know the market and this way you can spread your knowledge to others.
How to become an IFA?
There are certain steps to be followed to become an IFA.
- NISM Registration (NISM is established by SEBI & it is mandatory to clear a certification to become an IFA).
- Mutual Fund Examination (To understand the basics of mutual funds and know the guidelines set by SEBI in this regard, Series V-A: Mutual Fund Distribution Examination is to be taken).
- ARN Card Registration (AMFI Registration Number is a unique code for Individual agents, brokers, and other intermediaries engaged in selling Mutual Funds).
Well, straight & simple, this can be your full-time salary or a part-time one. As an IFA, you are entitled to various rewards programs as well. Plus the awesome part, you choose which fund you want to work with. You get all the business development, training, & operational support & get to learn more with experience.
Our generation, however, loves something and follows it. We may fall and fail in it. But at least we try. So here I am calling out to all Finance loving individuals, to enter this arena.