MS Dhoni is Captain Cool. He is your perfect player, who knows how to deliver on the field, and win through every situation. Speaking at CIFA 2018, Sunil Subramaniam, CEO, Sundaram Mutual Fund, spells out 11 lessons IFAs could learn from MS Dhoni and become skilful players in their field.
No matter which market you operate in, you can make it a big
Dhoni is probably the first small town boy to be successful, in fact the most successful captain in the history of Indian cricket. The key lesson here is if you want to reach Mars, it does not matter from where you launch the rocket. Similarly IFAs, whether you are from Ranchi or Trichy, you can become the most successful advisor in the country.
Master your strength
Dhoni knows his strength is hitting big shots. He has always proved his mettle. At times, he takes a match to the last few overs to protect his wicket and play to his strength during death overs. You too should first identify your strength, be it your bonding with clients, market knowledge, financial planning, or asset allocation. Use your strength to help your clients achieve their financial goals.
Conviction
In the 2011 World Cup final, Dhoni had replaced Yuvraj Singh as India lost some early wickets following a spin attack from Sri Lanka’s Muttiah Muralitharan. Even though Yuvraj Singh was in fabulous form (he went on to become man of the series), Dhoni had the conviction that he could face Murali better. And we all know the result.
IFAs, once you have done the homework on a mutual fund scheme and develop a conviction, hold on to it even if it underperforms for the short term. Is churning a client’s portfolio justified? Think twice before you do it. Have the courage to follow your conviction.
Clarity
Just three years before World Cup 2011, Dhoni requested selectors to replace three key players because they had fitness issues. He reasoned with selectors that a good bowler or batsman may or may not perform in a match, but a good fielder always saves runs for the team. Similarly, you should make your clients identify their financial goals first before recommending a scheme.
Silence is golden
When a press reporter questioned Dhoni’s role in IPL match fixing fiasco, he chose not to answer. He knew very well his words would have created a buzz. The key lesson here is that you should not answer every question of your client immediately. In fact, you should avoid over communication. Do not share every news and post on personal finance with your clients.
Success = 1% luck and 99% preparation
Remember the T20 World Cup final match against Bangladesh in which they needed two runs to win the match in one ball? Dhoni had analysed that the batsman at non-striker end is slow and recommended the bowler to run faster and hit the stump. The idea worked well – he got the non-striker batsman out with his speed.
Yes, we too have challenging situations, such as the Lehman Brothers crisis. The message here is that you prepare your customers by keeping their expectations realistic right from the beginning so that they are able to deal with a panic situation.
Virtue of selflessness
MSD quit the captaincy when he was in good form. The moment he realised that Virat Kohli is ready to step into his shoes, he gave up captaincy for the nation’s welfare.
Advisors should keep the customer’s interests uppermost. So, think customer, act for the customer and demand for the customer. AMCs may push you to achieve a certain target for a junket, but you should not sell a scheme because of such incentives.
Know your clients
Despite the fact that MS is not the Captain of the India team anymore, he gives advice to the bowler from behind the stumps after analysing the batsman. You can hear him saying, ‘Isko aage daal’ (keep the bowling length near stumps) and ‘Isko slower daal, uthake marega’ (throw him a slower delivery as he will play aggressively).
Similarly, to create true customer delight, advisors should go beyond the call of duty and advise customers on other products such as best bank FDs and term insurance.
Hone your skills
36-year-old Dhoni has outpaced 24-year-old Hardik Pandya in 100-metre sprint. Unless you constantly update your skills and knowledge, you will lose your customer to a smarter banker lurking round the corner.
Laugher is the best medicine
You can duck a verbal bouncer through laughter. Recently, a journalist asked Dhoni when he plans to retire from cricket. Dhoni requested the journalist to sit right beside him and judge his fitness. In his witty style, Dhoni made the journalist answer his own question on Dhoni’s fitness. Dhoni said, “You have seen me batting, running between the wickets and hitting the ball, what do you think about my fitness?”
You too can deal with difficult questions through such a gesture. Humour can be a powerful tool to manage a tricky situation.
Adaptability
Dhoni started his career as hitter, became captain and gave up captaincy. He is still relevant to the team. You too should learn to adapt to changes to grow business.