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Tarraki Corner Meet Milind and Sangeeta, the power couple who built Rs.200 crore AUM

Meet Milind and Sangeeta, the power couple who built Rs.200 crore AUM

How Milind who was a civil engineer and Sangeeta who was running a stock broking business came together to create a successful advisory practice.
Nishant Patnaik & Riya Lakhmani Jun 26, 2018

Mumbai based Sangeeta Chitnis joined her family stock broking business soon after she completed her bachelor’s degree in 1994. Milind Chitnis was a civil engineer when he got married to Sangeeta. However, soon he developed an interest in finance after looking at Sangeeta’s work closely. As his interest in finance grew, he started helping his wife in managing the business by quitting his well-paying job

After Ketan Parekh incident that shocked the equity markets in 2001, the duo shifted their focus from direct equity to mutual funds and floated Chitnis Financial Planners in 2002. They divided their business responsibilities with Milind focusing on mutual funds and Sangeeta on insurance policies.

When asked about why they shifted their focus from direct equity to mutual funds, Milind said, “Since all our clients are retail investors, we thought mutual funds are more sophisticated and best suited for them.”

However, convincing their existing clients to shift to mutual funds was not easy. “Most of the investors who primarily invest in direct equity do not find mutual funds attractive. However, when we explain to them the merits of mutual funds such as diversification, transparency and low cost fund management, they start considering it. In addition, we have created charts that compare the performance of their equity portfolio vis-a-vis the performance of mutual funds schemes to highlight the long-term return potential of mutual funds schemes,” said Milind.

Sangeeta told Cafemutual that it took them two years to pull off the transition. “Our clients gradually realised that we are doing something good and they started to come around and invest in mutual funds,” added Sangeeta.

The couple relies mainly on referral to acquire new clients. “We have tried a couple of activities such as IAPs to acquire new clients. But nothing is as fruitful as referrals. Also, we do not ask for referrals. In fact, we are now managing the third generation of our existing clients.”

This takes us to our next question – how they manage to be referable. Milind said that being accessible and staying in constant touch with clients helped him get referrals. “We make it a point to meet our clients whenever they call us, even if it is late in the night. This has helped us build trust and a good rapport with clients,” he added.

Milind also sends a newsletter to all his clients to stay connected with them. He shares articles on personal finance and gives his views on equity and debt markets in these newsletters. “Our primary point of contact with investors and prospective clients is our newsletter. We engage in a discussion on living a good financial life. More than the sales pitch, we have chosen to educate investors and let people gain from our knowledge,” said Milind.

Another activity that Milind does is interacting with clients whenever the market witnesses volatility  due to specific events such as Fed rate hike. He believes such handholding during turbulent times builds and strengthens trust.

Moreover, the couple has made it possible for clients to execute transactions and monitor their portfolios online.

Over the years, the couple has acquired around 500 families totalling an AUM of Rs.200 crore in mutual funds.

Sangeeta and Milind’s success story is one of the finest examples of focussed approach. The couple sets an example of how sticking to the basics such as being accessible and staying in constant touch with clients can help advisors grow business.

 

22 Comments
Vinayak Sapre · 3 weeks ago
Very happy to see this story. I am fortunate to have worked very closely with them. The industry needs more and more such people, who keep client's interest first and who constantly engaged with clients.

Best wishes to Chitnis Financial Planners.
Mahesh Shaha · 3 weeks ago
Congratulations both of you guys. It's not a easy job to convey people
Amruta Agilan · 3 weeks ago
Congrats to the power couple..you guys are truly fabulous..appreciate your expert financial advise given to us, it has truly helped.
sandeep Shah · 3 weeks ago
Interacting with them since 2002.
They are indeed a hardworking and humble couple.
Vivek · 3 weeks ago
thanks for sharing this article.The power couple has inspired me to stick to basics to grow business.
Nashfi Qureshi · 3 weeks ago
Agree to every word in this article, I have been associated with Milind and Sangeeta since the past 3 years and I have build great trust in them. I am a small time investor but the attention and information that these guys share is unparalleled. I can call Milind any time of the day and he is there to help me no matter how trivial my queries are, infact he has gone out of his way to advise me even on tax, banking and other non investment related questions.Thanks again and looking forward to a long and fruitful relationship.
Vinay Kamat · 3 weeks ago
Congratulations Milind and Sangeeta. Your professional approach , sincerity and integrity are rightly described in the article. Keep it up. Best wishes to you and your team.
Dharmendra gupta · 3 weeks ago
Congratulations both.that is great.their work and patients great
Dharmendra gupta · 3 weeks ago
Congratulations both.that is great.their work and patients great
Sujata Rege · 3 weeks ago
They are our friend as well as financial adviser for last 25 years. Both are very good human beings too. Undoubtedly it is a great achievement !!! Congrats Sangeeta and Milind.
Reply
Ajit Navare · 3 weeks ago
Milind and Sangita are great dependable couple who makes sure that correct investment advice is available whenever we are in need of the same , Milind has not only guided myself and my wife for our investment plans but also motivated my daughter to save and invest the money right from her first salary . Congratulations on having AUM of Rs.200 crore and Best wishes to them for future
Ujwala · 3 weeks ago
Congratulations both of you Sangeeta mam and Milind sir
chandrakant Amritkar · 3 weeks ago
Congratulations to Both..Great Achievement.....
Narendra Samant · 3 weeks ago
They are like our brother & sister. Can trust them blindly.
Chandrashekhar Dalal · 3 weeks ago
Hearty Congratulations Milind & Sangeeta ! I have the pleasure of knowing Milind for over 30 years, from our engineering days...Gem of a human being...Knowledgeable and humble couple..Best wishes for their continued success ...
NISHI S BHATIA · 3 weeks ago
Very motivating, Very encouraging story of Mr Milind and Mrs Sangeeta. your strategies, your ideologies are great learning for us. Many congratulations to both of you. I am a new kid in this sector and learning slowly and gradually. your story will really help me to how to grow the wealth of my clients. Please keep sharing such articles/stories.
NISHI S BHATIA · 3 weeks ago
Very motivating, Very encouraging story of Mr Milind and Mrs Sangeeta. your strategies, your ideologies are great learning for us. Many congratulations to both of you. I am a new kid in this sector and learning slowly and gradually. your story will really help me to how to grow the wealth of my clients. Please keep sharing such articles/stories.
Sampat · 3 weeks ago
Congratulations mr. Milind & Sangitaji.
MG Kanade · 3 weeks ago
Congratulation to both. I have been learning so many things from you which have proved me ideal and encouraging. I wish you great success.
Usha Ganesh · 3 weeks ago
Congratulations milind sir, and sangeeta mam. I take this opportunity to highlight that i am entrusted into able hands, and thank them for their guidance.
Usha Ganesh · 3 weeks ago
Congratulations milind sir, and sangeeta mam. I take this opportunity to highlight that i am entrusted into able hands, and thank them for their guidance.
Sachin Desai · 3 weeks ago
Been an absolute pleasure knowing and investing through them. Wish them all the very best!
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