Should I work directly with AMCs or through a National Distributor

It depends on your preference, understanding of this business and capability of initial investment required in setting up this business.

Advantages when you work with National Distributor

You get access to fantastic software & ready online platform.
You get excellent backend support.
You can focus on client acquisition from day 1.
You get dedicated relationship manager who supports and motivate you.
Low/Nil setup cost.

Concerns when you work with National Distributor

You may get a little lower comission (because of ready access to software & support).
You may not get personal branding of working on your own ARN.
On comission disclosure statements to clients, figures will be higher.

Advantages when you work directly with AMCs

Better personal branding of working on own ARN.
Potential of higher comission (but costs will also be higher).

Concerns when you work directly with AMCs

High initial cost of setting up business (softwares, employees, etc).
You may take more time to understand the know how of business.