Sadashiv Phene, IFA from Mumbai
His first client was an executive, who used to work with a private firm and was not an aggressive investor. He was conservative in his investment pattern and was happy with fixed return products.
Phene approached the client with UTI bond funds but the client was not ready to listen to him as these funds did not deliver fixed return. “During 90’s clients were more comfortable investing in funds that gave fixed return like Unit 64. NAV was a new concept and investors were not ready to accept variable returns. So, it was very difficult to convince them,” says Phene.
After five meetings, the client half-heartedly handed over a small amount of money for investing in UTI bond fund. And the same client thanked him after two years for making him invest in this fund because he garnered 18 percent return which his other investments were unable to deliver.
Suresh Mohta, IFA from Kolkata
His first client was a hosiery businessman. In their first meeting, Suresh explained to the client the basic concepts of mutual funds. Though the client showed some interest, he needed more convincing to invest in mutual fund.
During the meeting, the client had shared his investment habits and the approximate amount that he was planning to invest. After returning home, Suresh drew up an investment plan for the businessman where he segregated their investments in three things - insurance, PPF and Unit 64. The next day when he approached the client with his detailed plan, the client was impressed with Suresh’s dedication towards his work and handed over a handsome amount for investment. “My planning helped him to garner good returns and this is how I gradually started building up my business,” said Suresh.
My first client’s confidence on my advice motivated me to work hard and develop more such detailed plans for my clients.
