AxisDirect ties up with IFAs, insurance agents to increase retail reach

MUMBAI: AxisDirect, the online trading and investment platform for shares, bonds, mutual funds, company fixed deposits etc for retail investors, has launched a programme that would bring the investors and independent financial advisors (IFAs), insurance agents and financial planners on the same platform and at an affordable cost.
The platform, which is under Axis Bank, would also help IFAs to offer their clients financial products like home loans, auto loans, loan against property, loan against shares etc, which only a handful of the Indian financial portals currently offer on the same platform. Nilesh Shah, Director, AxisDirect said that at present the financial advisory business is mostly focused on the investment side of the clients' requirements, but not much on the liability side, that include home loans, auto loans, loan against property etc.
The portal will also tap the IFAs from places outside the metros, mainly the mid-tier cities and those advisors who concentrate primarily in one or two investment products. Under this programme, AxisDirect's partners would refer clients to the portal for opening a 3-in-1 investment account through which a client can invest in equities, derivatives, equity SIPs, IPOs, mutual funds, MF SIPs, Bonds, and Company FDs. In addition, its partners would also tie-up with Axis Bank for offering various retail asset solutions.
The commission and fees that the bank generates from a partner's clients, will be shared between AxisDirect and the partner.