A marketplace for Registered Investment Advisers

KishorKumar B, Founder of mymoneysage, talks about how his platform is helping RIAs acquire clients.
By Morningstar |  27-11-18 | 

What was the idea behind forming Mymoneysage?

According to a survey, 76% of Indians fare poorly in financial literacy. This means a majority of Indians could be making uninformed personal finance decisions. Needless to say, comprehensive, transparent and unbiased advice with zero conflict of interest is the need of the hour. As per law, this kind of advice can only be facilitated by Registered Investment Advisers. The rise of the mass affluent, as well as the popularity of direct mutual funds has further boosted demand for RIAs.

At Mymoneysage, we simplify wealth creation for individuals and amplify business growth for RIAs leveraging technology.

Mymoneysage increases productivity and boosts the client-facing time of an RIA, where all the boring and repetitive tasks are taken care of by our Artificial Intelligence powered tech stack. Mymoneysage is a perfect blend of man and machine. It leverages the intelligence of machine along with the intellect of a human adviser.

How does it help RIAs? Is it also meant for distributors who offer financial planning services?

We have built the technology in such a way that it reduces the intervention of the RIA, thereby boosting the productivity and client facing time of the adviser. An RIA can manage his entire business cycle as well as life cycle of the client on the platform.

The stack comprises of a customer relationship management, prospecting tools, money manager which helps aggregate all assets and liabilities across multiple asset managers, back office and reporting tools, modules for online transactions, invoicing and fee collection.

If you are a preferred RIA on our platform, we will help you grow your practice by providing you with fee-paying clients.

We are launching an AI-powered virtual financial planner which bridges the gap between a human adviser and the investors. It’s like each RIA on our platform is powered by a robo adviser.

How much fee do you charge from RIAs to register on your platform?

We have a free plan to start with. If you want to leverage all the features of the platform, then you have to opt for a premium plan, which comes with an annual subscription of Rs 17,000. If you want to be a preferred RIA, wherein we source business for you it’s the higher of 17,000 or a % of revenue generated on the platform.

What is the assets under advisory on your platform?

The total AUA on our platform by direct investors is upwards of Rs 500 crore. Of this, RIAs now manage more than Rs 60 crore worth of assets.

How do you generate business for RIAs?

Mymoneysage blog which is consistently ranked as one among the top 25 financial planning blogs on the planet daily attracts thousands of investors to our platform.

We run a lot of online quizzes, polls, webinars through which we have acquired more than 14,000 DIY investors to whom we upsell the RIA services. We are not a typical lead generation company. Our support team in tandem with our AI-powered tech stack work closely with RIAs and help grow their business. It’s like each RIA on our platform is powered by a robo adviser.

Can you take us through how much business RIAs have generated through your platform so far?

On an average, a Preferred RIA on mymoneysage gets to acquire around 4-5 new clients every month. We have given Rs 60+ crores of business to RIAs so far, and it is growing at a fast pace.

Why should RIAs register on your platform? What are the benefits?

We are more than a tech platform. We have built a complete ecosystem that nurtures and empowers RIAs which encompasses, an award-winning AI-powered tech platform, An RIA accelerator, and an RIA compliance cell. So we can help you become an RIA, take care of your compliance and also help you grow by sourcing business for you.

How do you help RIAs in their compliance?

Our platform is compliant with RIA regulations right from risk profiling to execution of the transactions. Further, to reduce the overall cost of compliance for an RIA, we have set up an RIA compliance cell which helps in applying for an RIA license as well as support them on an ongoing basis to be compliant with SEBI regulations.

Tell us about your new course Chartered Investment Management Professional, or, CIMP. Is it open for both distributors and RIAs?

It is six months weekend programme and is a selective and outcome-based cohort. Along with classroom training, it teaches practice management skills through internship and mentorship. The programme which emphasizes on investor psychology also imparts soft skills as well as business networking skills which are crucial for an Investment Adviser.

It drastically diminishes one's learning curve thereby reducing the time taken to setup and establish an RIA advisory practice. Yes, it is open to distributors as well.

How is it different from other certifications in the industry?

Unlike others, it is not a certification. Certification is only a small part of the programme which is required to become an RIA. This programme in the real sense is an accelerator for RIAs. Its USP is internship, mentorship along with an emphasis on life skills that are required to be an Investment Adviser. The best part of this programme is that it comes with a guaranteed business from Mymoneysage that not only helps the participants to kick-start their investment advisory practice but also successfully establish the same.

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