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Principal Times ‘2 things I do to increase my share of client’s wallet’

‘2 things I do to increase my share of client’s wallet’

Let us see what advisors are doing to increase their share of client’s wallet.
Team Cafemutual Feb 21, 2018

The seventh ‘Principal Business Champions’ contest got an overwhelming response from the IFA community.

‘Principal Business Champions –Winning solutions’ is a joint initiative of Principal Mutual Fund and Cafemutual to help advisors learn from the best practices of other IFAs.

Here are the ‘Winning solutions’ that got the highest votes.

Winner on website :Dutta Kanbargi

Frequent communication and making clients understand their financial goals

Staying in touch has helped me increase my share of clients’ wallet. I make it a point to contact at least 10 clients a day through meetings, phone calls and emails. This helps me understand their changing needs and review their financial goals.

I also make my clients identify their financial goals. I explain to them how they can start investing a small amount initially and increase it eventually to achieve their financial goals.

Winner on facebook: Sadashiv Phene

Meeting clients regularly and being accessible 24*7

I meet my clients regularly. I meet at least 4 clients a day. To make them more comfortable I meet them at their place. I discuss their portfolio and give them insights into market developments and the overall economy.

Another mantra to increase the wallet share is to be accessible 24*7. I make it a point to meet them whenever they call me, even if it is late in the night. I will go out of my way to meet them regardless of ticket size. I have travelled as far as Kalyan to collect a cheque of Rs.500. This has helped me build trust and a good rapport with my clients. They seek my advice for all their financial decisions, from buying a car to planning a holiday.   

Winner on twitter:Pradeep Tripathi

Keeping track of clients’ investment details and giving a presentation on performance of various asset classes helped me grow business.

​Following up with clients just before their investments mature has helped me increase the wallet share. I keep track of all investment details of my clients. For instance, if my client’s FD is maturing, I encourage him to invest his capital gains in debt funds to get better risk adjusted returns.

I also analyse historical data points between various asset classes to show them the difference in returns.

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