If you're an LIC agent looking to diversify your income streams, you can think of becoming a mutual fund distributor.
Just like how you help your clients fulfill their insurance needs, as a mutual fund distributor, you can play a similar role by guiding them in choosing the best mutual fund scheme that suits their investment objectives.
Read on if you want to learn how as an LIC Agent, you can start your journey as a Mutual Fund Distributor.
Yes, you as an LIC agent can work as a mutual fund distributor. But, some requirements must be met. Here's a quick overview:
To become a mutual fund distributor, you must pass the NISM series V-A exam. The exam certification is valid for 3 years
You must register with the Association of Mutual Fund India (AMFI). One must obtain an AMFI Registration Number (ARN) to start a distribution business.
To make your distribution business easy, you can partner with Prudent Corporate for an easy client onboarding process, portfolio review and much more.
You must make yourself familiar with mutual fund offerings, market conditions, and investor requirements. You must attend educational webinars and keep yourself updated about new regulations in the mutual fund industry.
Building a network of potential mutual fund investors that might include your current insurance clients is very important to expand your mutual fund distribution business.
As a mutual fund distributor, it is your duty to focus on clients needs and requirements first.
Having several revenue sources, such as mutual fund distribution fees and insurance commissions provide a stable source of income for yourself and your company.
Including mutual funds in a portfolio can boost your overall financial offering.
It also meets clients' insurance and mutual fund goals. This strategy helps you understand clients' financial situations better, allowing for tailored solutions.
Agents offering diverse services retain clients longer. Blending life insurance's protection with mutual funds' growth potential enables comprehensive planning.
There are many advantages to playing the twin roles of mutual fund distributor and LIC agent, such as more revenue streams, expanded clientele, and improved client trust.
As an LIC agent, you can look at becoming a mutual fund distributor and add an additional income stream. As an MFD, you can help clients make better financial decisions and achieve their goals. This can build trust between you and your clients, leading to more business.
