Kolkata based Malhar Majumdar of Fineadvice: My first client was an NRI.
Malhar Majumdar: I got my first client in 2003. He was introduced to me by an acquaintance. This man (my client) was an engineer in his fifties and was working in Middle East.
He was only familiar with NRI deposit schemes. I gave him some ideas on Indian equity market and mutual funds. He was not too sure on the first day and promised he would return with more questions.
He actually returned the following week but this time he had queries on his income tax issues. He had sold a house and made some capital gains, which opened up an opportunity for me to position a capital gains tax savings bond, thus giving me my very first client. However, in spite of many discussion on the merits of investing in equity markets, he never invested in equity.
I’m still in touch with him. He is coming to India for good. I have develop a great rapport with him. He even takes my advice in his personal life.
My first client taught me that IFAs should have patience and must remain in touch with clients to maintain a healthy relationship.
Rajat Dhar and Rohini of Cogent Advisory got their first client through cold calling.
Rajat Dhar: Being an ex-banker we (Rajat and Rohini) had our core group of clients who came with us when we set up our advisory firm in December 2011. However, in terms of acquiring a first client without any referral, we got an HNI client of Gurgaon through a cold call made by my wife (as well as co-founder of our advisory firm) Rohini Raina.
She managed to fix an appointment with him. During the meeting, we put a proposal for investment management in which we offered him a one-stop investment solution.
We were clear that we wanted to follow a fee-based model to minimize conflict of interest. Also, we did not push products; instead we tried to add value through our service offerings.
The client was so impressed with the model that he started investment of Rs. 5 lakh with us. Currently, his investment is worth Rs. 50 lakh.
The learning we had was that – An IFA has to be clear about the segment he caters to so that he/she could fine-tune the offerings to suit the requirement of clients. Also, the business model should be based on sound economics, so that while you are assisting families in managing their finances; the sustainability of your business venture is ensured.
