‘A family in harmony prospers in everything,’ Tara Mohan couldn’t agree more. She credits her family’s support and her dedication to the success she has achieved in the advisory business.
Tara
Mohan set up her investment advisory service in 1985 after working members from
her family needed someone to guide them in investments and tax saving.
“My brother-in-law motivated me to start an advisory service when most of my family members were at the peak of their careers and looking for tax-saving through investments. Due to lack of time, they could not do it themselves. So,they asked me to handle their investments,” saysTara.
Tara feels that her family support has been a key factor in her success. “I credit my family and especially my husband; their support is the key ingredient in my success,” reveals Tara, juggles her responsibilities at home with work.
Soon, Tara’s family members recognized her potential in handling investments and referred her to their friends. A humble beginning that evolved into a client base of 600+ clients from all over India, including the remotest places in Assam. Today, she has a mix of HNI and NRI clients and has garnered an AUM of Rs. 10 crore.
When asked about anything interesting in her professional career, she quickly speaks about a family of which she serves all the three generations.
“My relationship with the family began when I offered my service to the head of the family: grand-father and retired official who was totally risk averse. Nonetheless, he was gratified by the results and introduced me to his son, who was an official in a financial firm. In turn, he introduced me to his son who had adequate knowledge about investing and had a risk appetite.While serving this family, I observed the pivotal investment principle ofconfidentiality,” narrated Tara.
Business Model
Tara customarily expands her clientele through referrals. Before initiation of service with a prospect or new client, she spends adequate time in understanding his/her nature and risk appetite.
Constantly in contact with her clients, Tara carries out various activities to engage with her clients so she can enjoy top-of-mind recall. “I send greeting cards to my clients with present-day schemes on special occasions such as New Year’s, birthdays etc. I also hand a pen as a small takeaway gift to my office visitors,”shares Tara.
Fee based model
All of Tara’s clients, she claims, are educated and up-to-date with the industry. She has never had to ask her clients for a fee as her clients were aware of the ban on entry load. “I do not ask for fees because I feel hesitant to do so. However, my clientele is usually updated with current changes in regulation and so they were ready to pay a fee without being asked for it,” says Tara.
Expansion Plans
Tara is keenly watching the changes on the regulatory front as she feels these changes will impact her business. “My future plans depend on the changes in regulations. One thing I will continue to do is constantly update myself with technology to serve clients from all generations,” says Tara.