Investor awareness programs are an ideal platform for advisors to connect with clients at a personal level.
The conventional ways to acquire new clients have been distribution of pamphlets, cold calling and direct mail which may or may not yield the desired results.
While referral is a convenient way to acquire new clients, financial advisors should be open to connect with prospects through different channels. Some advisors are already adopting Investor Awareness Programs (IAPs) to connect with prospects in larger groups.
Let’s take the case of Gajendra Kothari who gets 80% of his clients through investor awareness seminars. “When I started by business I did an investor awareness program in Assam through which I got 70 SIPs. I tell them real life stories. This way they get inspired. General gyan on mutual funds and markets don’t work. I show them my personal investments which helps build the trust factor. Not only does investor awareness help you get clients, it helps increase financial literacy also. Sometimes I’m approached by people who attend my seminars to conduct similar events in their locality,” says Gajendra of Etica Wealth Management.
“I don’t hold investor seminars with the intention of getting business. I call a homogenous set of people and deliver a customised case study depending on the profile and background of people. For instance, we talk about tax saving to salaried individuals. For small scale business owners, we talk about book keeping and cash flow management. People have liked our programs so much that they are ready to pay to attend them,” says Ritesh Sheth of Tejas Consultancy.
So how can you arrange an investor awareness seminar?
You don’t need a grand hotel to organize an investor awareness program. You can hold investor meets in housing societies, schools, colleges or in rotary clubs. Your clients are coming there to learn and gain insights and not for a party. However, do make sure that the venue is decent and don’t try to cut corners.
Once you have zeroed down on a venue you have to make sure that you get an audience of interested people. Your first set of target can be your existing clients. Also, you can spread the word through social media.
Here are some tips to help you get started:
- Invite your existing clients and encourage them to bring along their friends/colleagues
- If putting up an event looks like a tall order to do it all alone, do joint programs with your fellow IFAs by pooling in resources
- Tie up with local NGOs/schools/corporates
- Keep your topics interesting to attract the maximum crowd. ‘How to retire at 40’ or ‘How to live a debt-free life’, are examples of topics that should catch people’s attention
- If possible, try to get a homogeneous group – this will help you customise your program. For example, a topic like ‘How to invest for an anxiety-free retirement’ will not be suitable to those who have already retired!
- Prepare well. Research your content well and update data. Rehearse your presentation
- Give them newsletters/case studies of wealth creation and financial well-being to carry home
- Focus on needs and solutions; share insights
- Avoid making sales pitch – establish your expertise and credibility
- Be willing to counsel them as they could be your prospective clients. Encourage audience to talk about their financial problems and offer an insight or wherever possible a solution right away
- A picture paints a thousand words. As the saying goes, you will be able to convey a great deal of information through info graphics and pictures. Tell a story instead of showing numbers and charts on excel sheet.
- Don’t bombard them with financial jargon. Use case studies, anecdotes appropriately so that people can relate to your points
- Use local language (for e.g.use Hindi if you talking to audience in North) to connect well. ·
- Try keeping your workshop on Friday evening or during weekends when it is convenient for people to attend
- Try tying up with AMCs to get financial support, if required
- To pep up your presentation, show them real-life case studies or short films
- Carry your business cards in adequate numbersTake feedback or ask them share their experience of investing along with their names and contact number. This will help you offer them by offering customized solutions later
- Ensure you have the contact details of the participants either by exchanging business cards or by requesting them to fill the details in a register. This will help you to follow up with them later
- Finally, offer them refreshments. Nobody likes to be left starving
Benefits of investor awareness programs:
- Helps build rapport among prospects
- Showcases your expertise to a large number of people
- Prospects get better understanding of matters related to finance and in future may not get misled by product pushers
- Faster way to acquire clients than approaching prospects through cold calling or a product presentation
You can’t expect all the people who attended your workshop to become your clients. You will need to engage with them in a meaningful way. They will definitely call you to seek your assistance if they perceive you as a solution provider and not a product pusher.
