Mutual Fund Agent Registration
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Mutual Fund Agent
Becoming a Mutual Fund Agent
Mutual Funds have become one of the most preferred investment instruments for creating wealth, in the modern age. But the process involved is quite difficult for normal people. It involves the collection of documents, getting the KYC done, going through so many schemes, comparing all their details, and not to forget, checking the AMC. All of this is a time-taking, complicated, and difficult task.
That is why so many people are still afraid of investing in a long-term investment scheme. So they prefer to take advice from a professional expert, who will help them in curating an investment plan, which best fits their goals. For them, consulting a Mutual Fund Agent becomes a necessity.
As a Mutual Fund Agent, you will be in charge of educating potential investors about the benefits of investing in Mutual Fund Schemes and how it will benefit them in the achievement of their long-term financial goals.
So, as a Mutual Fund Agent, your job profile would be:
- Making Investors aware of the different schemes which are presently available in the market.
- Explaining the effectiveness of Mutual Funds as a method of investment in comparison to other financial products like Bank Fixed Deposits, EPF, ULIPs, Equity, and Bonds, etc.
- Helping them in carrying out the transactions related to buying, switching and redemption of mutual fund schemes.
- Guiding them frequently on the performance of their investments.
According to various studies, around 85-90% of investors invest via a Mutual Fund Agent. And more investors are getting added by the hour. So don’t miss out on an opportunity that has such a good potential for growth.
Mutual Funds can earn a significant amount of gains for you, provided you have a long-term investment horizon. Because in the long term, they have the ability to provide inflation-beating returns to an investor.
How to Become a Mutual Fund Agent with WealthBucket?
Anybody and everybody can become a “Mutual Fund Agent” with us. WealthBucket has a robust network of agents across the nation whether they be individuals or companies. Agents, on our current list, include financial institutions, stock-brokers, financial advisors, chartered accountants, tax consultants, loan agents, etc.
Watch above the short video to better understand the process & benefits of getting associated with WealthBucket.
Working with us will get you the support, motivation you need for a successful career in the field of finance. Our team of finance experts has many years of professional experience. Getting Registered with WealthBucket will open up a wide range of opportunities for you. You will have access to, not only the support and help but also the complete variety of over 50,000 mutual fund plans with 40+ Fund Houses.
All the processes can be completed online, within a few minutes. No need to get overwhelmed with all the paperwork. Just fill up a short form, with your name, email-id, and mobile number. Keep your ARN code handy. And the process is completed.
All at one click!
So Take your First Step Towards Growth Now!!
How Getting Registered with WealthBucket will Benefit You
Programmers are exponentially faster when coding in solo. Designers create their masterpieces alone. It is seldom only for artists to collaborate. There must be a reason behind all this. Being a Mutual Fund Agent, and that too with WealthBucket has many advantages.
- It is the easiest way to start working and start earning. For getting registered with WealthBucket, you just need to clear the NISM Series V-A exam and register online.
- It Costs you nothing. But gains are immense.
- Registration is free.
- We provide the highest commission.
- You will get the support of the whole team.
- As soon as you register with us, you get immediately impaneled with 40+ AMCs.
- On the website, you can manage the complete portfolios of your clients. Get their KYC completed. Manage their purchase and redemption of mutual fund units.
- You are not bound to work with us exclusively.
- Extra incentives are provided.
- You can win International Trips and Cruise, all expenses paid.
- All the benefits of working on your own.
Work Profile of a Mutual Fund Agent
Mutual funds offer long-term career possibilities. A mutual fund agent needs to perform varied roles and responsibilities. Beginning with the management of equity, debt, and diversified funds along with the help of the research department. Taking accountable investment entry and exit decisions for the fund. Delivering better returns compared to the benchmark or peer group returns. And monitoring investments frequently to find newer, better investment proposals.
- Mutual fund agents have to follow debt market trends.
- Interact with fund managers to know the upcoming schemes.
- Prepare sector reports.
- Prepare reports on mutual funds and NFO’s.
- Approaching new clients.
- Explaining clients about plan/scheme/proposals and other aspects of mutual fund policies.
- Helping them understand the most suitable investment option.
- Helping them invest in the best mutual funds.
- Initiating & completing application and investment process.
- Conduct follow-ups regularly.
- Client Education must be done as a continuous process.
- Provide other Customer Services
Career Prospects of Mutual Fund Agent
A Mutual Fund Agent who has a sound knowledge of Equity and Debt markets is highly in demand. The mutual fund industry offers a wide and diverse range of career possibilities for individuals who are coming from any background. Some of these are sales, marketing, product development, investments, HR, risk, and compliance across management levels. The entry of foreign players has boosted the scope of employment in this sector.
Skills that will make you Successful
To become a successful Mutual Fund Agent the aspiring candidates must or strive to possess the below skills:
- Conduct Market Research. Analyze Debt and Loan Portfolio Performance.
- They should expand the credit monitoring of clients.
- Know how to devise credit strategy and credit portfolios.
- Educating Clients to invest in mutual funds.
- Recommend the best mutual fund to them for Investment.
- Find what is latest in the market. Mutual fund agents should design ways to carry efficient and quantitative research for interest rates.
- Generate better trade ideas & identify a problem or bad loans.
- Build & maintain credit risk models.
- Know how to perform credit appraisal with best practices.
- Enhance the Basel based internal rating system, by improving the regulation, supervision, and risk management within the banking sector.
Commision Structure for Mutual Fund Agent
A mutual fund agent can generate a revenue source for themselves via the attractive commission structure in place for mutual fund distributors. A mutual fund agent/ distributor can earn commission as detailed below:
1) Trail 1st Year: This is the commission that will be paid by the AMCs to agents on the first sale of their mutual fund plans. It is included in their total expenses. The mutual fund agent will receive it whenever a fresh investment is completed. This commission amount varies from plan to plan. For instance, ELSS funds will earn you
(4.5% to 10%), Equity Mutual Funds will get you around (0.5% to 2.5%). Whereas, getting your clients to invest in Debt Funds will earn you around (0.2% to 0.8%).
2) Trail 2nd Year: Trail Commission is the main source of earning for most mutual fund agents. This commission is paid to an agent by the AMCs. You are eligible to earn this till your client remains invested in the mutual fund. Trail commission is calculated based on the percentage of your AUM (asset under management). Trail commission is part of the expense ratio of the fund. A Trail commission from equity funds ranges from
(0.2% – 1%) and for debt fund, it is in the range of
(0.1%-1%). Suppose you have 100 clients. And the total AUM under you is Rs.5 Crores. So, 0.5% of Rs.5 Cr is Rs.2,50,000 annually. If next year, your AUM grows to Rs.10 Cr then your commission next year will be Rs.5,00,000.
This trial commission structure has been created so that the agents strive to create trust in their clients.
You should go through the below chart. It explains in figures, how your earning keeps growing with one client only.
|No. of years||Investment||Total Asset Under [email protected]%||Trail 1st Year||Trail 2nd Year||Total Commission|
Total earnings of a Mutual Fund Agent will be Rs.1,10,972. From the above table you can see that the Mutual Fund Agent’s earnings are low at the beginning but drastically improve as the AUM (Asset Under Management) grows.
You will also be able to see from this table that the more business you get, the higher are your rewards. Generally, the Banks and National Distributors get paid the most because of the sheer volume of investments that they get. Still, many Independent Mutual Fund Agents have also seen a rise in their fees and commissions, by maintaining growth in their businesses in recent years.
Process to Become a Mutual Fund Agent
As per the SEBI and AMFI Regulations, any “Mutual Fund House” should not deal with intermediaries, who are not registered with AMFI and have not obtained “ARN”.
- The minimum qualification is Class 12 or Class 10 with 3 years of Diploma.
- The candidate should have attained the age of 18 years minimum to become a Mutual Fund Agent.
Now you are eligible to apply for the NISM Series V A Mutual Fund Distributors Certification. And get registered with the AMFI (Association of Mutual Fund in India).
The Applicable Fee is Rs.3000+ 18% GST and it must be submitted in the form of a Demand Draft.
Given below are the steps to become a Mutual Fund Agent and take your ARN registration number in India:
Apply for the exam and clear the Certification Examination for Mutual Fund Distributors as held by the NISM series V-A.
Once you have cleared the NISM Series V-A. Now you are eligible to be an Agent by getting registered with AMFI through the “CAMS-KRA” office.
You fill your KYD (Know your Distributor) details and also the AMFI Registration Form (ARN). It is an Application Form that needs your basic details. These details should match the details provided at the time of the NISM Exam.
You can personally visit any of the CAMS-KRA offices or fill the ARN Application Form online. If you are, however, not KYD compliant, you will have to visit personally only and complete your Biometrics Verification there.
Upon completion of the process, your ARN Card will be delivered, within a few days at your registered address.
The first thing to do, once you have received your ARN is to make sure that you get yourself registered or impaneled with an AMC or a Mutual Fund House. The AMC will provide you training, marketing material, guide you through sales and of course, give you the Commission, when your work has been completed.
Becoming a Mutual Fund Agent when you are a Senior Citizen
Those senior citizens who want to become “Mutual Fund Agents” or “Distributors” must attend CPE (Continuing Professional Education) Training module.
Then fill up the Application Form and Agreement to abide by the Code of Conduct as laid down by the AMFI.
Senior Citizens, who have cleared the CPE and have received the confirmation of their application acceptance, will be issued a photo identity card bearing a unique ARN, address, etc. Same as the one being issued to individual applicants.
The Validity period of the ARN code issued to the Senior Citizens is also the same as the others, i.e., 3-years.
The ARN Certificate is issued to all Individuals, as well as companies, who are engaged in selling and trading of Mutual Fund Plans.
- Individuals get this in the form of an ID Card. This contains their photo, ARN number, name, address, and the validity period.
- Whereas the firms or companies receive a Letter of Registration. This contains the unique ARN, name of the entity, and the validity period of ARN.
Mutual Fund Training Institutes in India
- Forex Keys (VJS Academy), Vishakapatnam
- Kunjbihari S Goyal Online Academy for Learning and Development (GOLD), Mumbai
- Institute of Career In Financial Market, New Delhi
- Sydenham College of Commerce and Economics, Mumbai
- Equity Analysis Inc., Mumbai
- New Era Institute of Professional Studies (NIPS), New Delhi
- Dalal Street Investor Academy, Pune
- Focus Educare Pvt Ltd, Bangalore
- CSE Institute of Capital Market, Kochi
- The Greed N Fear -Institute of technical analysis, Ahmedabad
- Datta Institute for Stock Market Education, Hyderabad
- Stock Market Institute (SMI), Bangalore
- Jain Arbitrage Destination, New Delhi
Subjects of the Training Programs
- History of Mutual Funds India and international,
- Types of Mutual Fund Products,
- Fund Structures, Organisation, Mergers, and Scheme Takeovers,
- Legal and Regulatory Environment, Compliances, Investor’s Rights, etc
- Understanding the Process to invest in Mutual Funds, Investment Objective, Prospectus, Offer Documents, and Key Information Memorandum,
- NAV Concepts and its Valuation,
- Accounting & Taxation,
- Managing Portfolio,
- Conducting Comparative Analysis,
- Measuring, Evaluating, and Tracking Mutual Fund Performance, Risks and Returns,
- Basics about Financial Planning,
- Developing Model and Well-Diversified Portfolio using a mix of Products,
- Marketing, Distribution, Sales and Investor Services,
- AMFI Code of Conduct – Ethics & Best Practices.
About AMFI Registration Number (ARN)
This is a Unique Number allotted to only those Mutual Fund Agents, Distributors, and Brokers who have cleared the “NISM Certification exam”.
However, if you are a senior citizen, you should clear the CPE (Continuing Professional Education) to get the ARN.
This allotted ARN ID card contains the name of the AMC, a picture of the Cardholder, his ARN number, address, and it’s validity. It is issued to the companies and individuals which are engaged in “Mutual Funds Trading” with the approval of AMFI.
Without this ARN Card, you are not allowed to sell a Mutual Fund or even advice and recommend one.
It is essential that your clients know that you have this Card. That you are a Registered Member of the Mutual Fund industry. This is a good way to build trust and confidence amongst your customers. They know you would be following the rules, regulations, and standards which have been set by SEBI for a transparent functioning of the mutual fund industry.
This ARN Code or NISM certificate is valid for only 3 years. After which you need to get it renewed. The renewal of ARN is a simple process.
What is Employee Unique Identification Number (EUIN)
It is a Unique Identity Number of the Employee, Customer Relationship Manager, or the Distributor who is in direct touch with the Client. He/she is the one who is interacting with the Investor for the sale of Mutual Fund Products. EUIN applies to the Sales Staff of the Non-Individual (Companies) ARN holders.
- The ARN Application Form for such entities has to be necessarily accompanied by the Application for Registration of corporate employees.
- These employees would then, pass the test and register themselves with AMFI, under the ARN of the employer.
- They would be issued EUIN Cards which will have their EUIN, photo, and the duration of EUIN’s validity period. AMFI allots the EUIN to all the employees, who are registered with AMFI.
- In other words, a Photo ID Card bearing EUIN is issued to the corporate employees.
It is mandatory to mention this EUIN on the Mutual Fund scheme application forms. Quoting EUIN is compulsory while advising transactions.
This number is provided by the AMFI, in addition to the ARN of the Distributor.
The purpose of the introduction of EUIN by SEBI was to prevent the sales from being made in the name of the “ARN Holder Entity” even when the Employee/Relationship Manager/Salesperson has left the job with that Distributor.
EUIN issued to the employees remains the same, even if they switch over to some other ARN holder and leave the existing employment firm. The only condition is that they should still be engaged in the sales or marketing of Mutual Fund products.
To make the changes in the AMFI records regarding the change in their “ARN Holder”, they have to submit a duly filled Form for Mapping EUIN. This form can be filled only under the following situations
- When the EUIN holder has disassociated from the present ARN holder.
- He/She has started his/her own business of selling/marketing mutual funds.
- EUIN holder has changed employment and, thus, wants to be mapped to the ARN number of the present employer.
- For the cancellation of EUIN.
Under the scenarios mentioned above, this form is to be submitted to CAMS along with the required documents.
AGNI – AMFI Guidelines and Norms for Intermediaries
To promote best practices and ethical standards while conducting the business of sale of Mutual Fund schemes, AMFI has laid down some broad guidelines and norms. It includes a Code of Conduct for the intermediaries, which will apply to ARMFA (AMFI Registered Mutual Fund Distributors).
AMFI believes that when the agents and the distributors make a sincere effort to follow these guidelines and the Code Of Conduct. It would benefit all the stakeholders – the investor, the intermediary, as well as the finance industry. Because honest and transparent practices will be followed in the area of sales and marketing.
Frequently Asked Questions
A certificate exam is conducted by the National Institute of Securities Markets (NISM). It is known as NISM-Series-V-A: Mutual Fund Distributors Certification Examination.
After attaining this certificate, a person is eligible to act as an agent. Now he needs to apply for his membership as a distributor with an existing AMC. If his application is accepted, then he can start working as an agent/distributor of the mutual fund schemes with an AMC.
Fill the form provided on this page above.
1. Enter your Name, Email-ID, and Mobile Number.
2. Submit the Form.
3. You will need to keep your ARN or EUIN code handy. And your registration process is complete
If you hold any of the following certificates:
1. NISM-Series-V-A: Mutual Fund Distributors (HINDI) Certification Examination (Hindi)
2. NISM-Series-V-A: Mutual Fund Distributors Certification Examination (English)
3. NISM-Series-V-B: Mutual Fund Foundation Certification Examination (English)
4. NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination (English)
5. AMFI Mutual Fund (Advisors) Module
And if the validity of these certificates has not expired, then you are eligible to attend the NISM CPE Program. In addition to this, if you hold an ARN Card, you are eligible to attend the NISM Course.
2. Original PAN Card and a photocopy
3. 2 recent Passport-Sized Photograph Documents mentioned above to become eligible
After getting registered with WealthBucket, you will have access to a dashboard that will specifically belong to you.
1. Log-on to your Dashboard with your ARN Code or EUIN Code.
2. Click on “Add clients”.
3. Add details of the client. Such as their KYC, bank details, personal details, etc.
4. Upload documents.
5. Your client’s account gets activated, once the KYC is processed and approved by CAMS.
6. Choose the Mutual Fund finalized by this client.
7. Click on “Invest Now”.
8. Select the mode to invest in Mutual Funds. SIP, STP, or Lumpsum.
9. Place Order for Mutual Fund online.
10. Double-check your details and click Pay.
11. Once you submit the transaction, a summary will be sent with a payment link. This link is to be shared with your client to enable him/her to make the payment
12. Once your client makes the payment, your commission gets credited and is directly transferred into your bank account.
You can check all your previous, pending transactions here as well.
Your client must be:
1. KYC compliant,
2. Email ID and mobile number of the investor must be registered with CAMS,
3. The tax status must be “Individual/HUF/Sole Proprietor/Minor” and the mode of holding must be single/anyone/survivor.
If you have completed 50 years of age as of May 31, 2010, you should apply for a NISM Mutual Fund Distributors Certificate by either:
(a) Passing the ‘NISM – Series – V – A: Mutual Fund Distributors Certificate Examination
(b) completing the NISM’s CPE Program for Mutual Fund Distributors
If you have an experience of 10-years or more in the sale and/or distribution of Mutual Fund products, then you may apply for a fresh certificate for “NISM’s CPE for Mutual Fund Distributors” by either;
(a) Passing the ‘NISM – Series – V – A: Mutual Fund Distributors Certificate Examination, or
(b) Completing the NISM’s CPE Program for Mutual Fund Distributors.