On Monday 2nd July there will be a meeting at the North Block, Finance Ministry
10 Ceos of Asset Management Companies, their club Amfi’s top brass, Sebi chief, will meet the powers that be in the finance ministry to decide whether the INVESTOR should pay fees to the Independent Financial Advisor (a.k.a BANKS).
Funnily the investor and the Ifa will NOT be represented at that meeting.
The persons moving this is of course the banks (the IFA cannot afford such expensive meetings, nor can he move things in Delhi)….
Golden Rule of Investing: He who has the gold makes the rules. So the winner will be bank distributor. Since they cannot be the only beneficiary…the IFA also gets some benefit.
If 80% of the aum / sales comes from banks…do the IFA really matter?
Just asking IFA Galaxy and other IFA bodies to answer that question!! LOL
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