Network FP, a community-driven knowledge platform, has recently completed raising capital to fund the development of an end-to-end Edutech platform for financial advisers and distributors. In the first phase, this platform will provide Network FP's in-house courses/certifications and aims to add more industry certifications going ahead.
Ninety-nine of India’s leading professionals, who are also members of Network FP, participated in Series A round by contributing Rs 2.60 crore. Network FP has 1,000 registered members.
Professional education in this space is very elementary, highly unstructured and sporadic in nature. Network FP intends to fill the gap with its well-researched and highly practical knowledge programs supported by a robust tech-enabled knowledge platform.
Sadique Neelgund, founder, Network FP, says that given the competition from direct share class, regulatory uncertainty, and commoditization of financial products, advisers/MFDs need to constantly learn by adopting behavioural coaching and life planning to add value to their clients.
He points out that India has over three crore families with an income of Rs 10 lakhs p.a. and above. "Such families need professional money managers as a majority of them don’t have time or required skills/knowledge to manage money, investments, and insurance on their own. Network FP also aims to build India’s first directory of qualified knowledge-driven professionals whom the public can trust and work with confidence."
Assuming a professional can comfortably manage 100-200 families each, there is a need for 2 lakh professionals in India.
