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  • Success Stories Determination and resolve can overcome adverse circumstances, says Minesh Mehta

    Determination and resolve can overcome adverse circumstances, says Minesh Mehta

    Despite adversity, Minesh has built a successful practice as an IFA, finds Ravi Samalad, Advisor Corner
    Ravi Samalad May 30, 2011

    Minesh lost his shop in the post–Godhra riots in 2002 and almost his child in the July 2005 floods in Mumbai. Despite adversity, Minesh has built a successful practice as an IFA, finds Ravi Samalad

    Minesh Mehta IFAMinesh landed in Mumbai in 2002. He hails originally from Dadhalia, a small village in the interiors of Gujarat. He had learned driving car, taxi, tractor, truck and a bullock cart by the age of 16. He got married when he was studying in his final year of graduation. He thought that he could at least ferry passengers in a taxi to make a living in Mumbai if he didn’t land a decent job.

    He migrated to Mumbai in October 2003 after the Godhra riots wrecked his Ahmedabad office. His life came to a standstill during the communal riots. “My shop of agricultural implements was situated in a very sensitive area in Ahmedabad where the riots took place. I lost everything. For six months, I was not in a position to open my shop. Many people attempted suicide and fled the area but I did not want to give up. I was looking for some work in Gujarat but it was very difficult at that time, so I moved to Mumbai,” recalls Minesh.

    In November 2003, Minesh came across a newspaper article which said that ICICI Pru Power Fund was declaring 20 percent dividend. “I did not know what it meant. But it really excited me. I thought if you invest Rs 100 then you gain Rs. 20,” recalls Minesh. His inquisitiveness landed him in ICICI MF’s office. The staff gave him some basic knowledge about mutual funds and introduced him to a successful financial advisor.

    The senior IFA gave him a deeper understanding of the mutual fund business. Minesh sensed an opportunity in mutual funds. He worked with this IFA for a month and decided to venture on his own. “Being a gujju, the entrepreneurial drive was always in my blood,” says Minesh.

    Minesh was keen on selling mutual funds but he did not possess an AMFI certification. Minesh then enrolled for AMFI examination. He flunked in his first attempt and only cleared it in his second attempt.

    Minesh started M2M Finance in December 2003 from scratch.

    He started by cold calling prospective clients. He promoted certain well performing products, especially those that were about to declare dividends.

    Minesh says he still remembers vividly his first sale. He had got an appointment of the manager of Hotel Highway View, situated opposite Sanpada Station in a distant suburb of Mumbai. His appointment was scheduled at 10 am. “I did not know how to travel from Malad to Sanpada. I was nervous,” says Minesh. He left Malad at 6 am to make sure he reaches on time. Upon reaching the hotel, the manager asked him to come at 12 noon. Minesh then spent some time at Sanpada Station as he had no other option. He did not have enough money with him at that time. He reached at 12 noon and found it was a busy hour at the hotel and the manager was tied up with work. The manager again requested him to come by 1.30 pm. Minesh had no other option but to cool his heels. When he finally met him at 1.30 pm, the manager realized that he did not have a cheque book with him. So Minesh had to again wait some more. The manager stayed nearby. He brought his cheque book from home at around 4 pm and handed over a cheque in favour of ICICI Pru Power Fund (now renamed as Top 200 Fund). “I had carried its fact sheet with me which showed the returns of the scheme,” recalls Minesh.

    Minesh was well aware that there are no shortcuts in any profession. The first two years was struggle and hard work. He used to cold call at least seven people in a day, determined not to  return home without fixing one appointment.

    Today he has stopped cold calling. Apart from mutual funds, he has the agency for HDFC Standard Life Insurance. He also offers PMS and real estate advisory. He claims that his client’s total sum assured is Rs 200 crore. 

    Today, he is proud that though he doesn’t boast of a large AUM, his clientele has stayed with him till date. He aims to scale up his assets under advisory to Rs 100 crore and purchase a bigger office going ahead. He is also a member of the coveted MDRT group of advisors. Referrals have been the key to his success. He aims to stick to this strategy to expand his business.

    Apart from professional hardships, Minesh had some unforgettable events in his personal life. The 26 July 2005 flooded his ground floor apartment and almost drowned his daughter. He says that he would have lost the baby if his wife had arrived little late at home.  Such events have made him tough mentally and even more motivated to succeed.

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