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We worship the nine forms of Maa Durga during Navratri. Maa epitomises strength, determination and wisdom.
To celebrate this feminine Shakti, Cafemutual reached out to nine powerful women MFDs/RIAs who have created a niche for themselves. They shared with us some of key business lessons to achieve newer heights.
Here are the nine timeless business lessons from nine powerful women MFDs/RIAs:
Develop competence to guide on multiple products - C K Vanitha, President and CEO, cPROFIT, Bengaluru 
Have competence and knowledge to guide clients on multiple products. Clients seek holistic solutions and expect their MFDs to be aware. The ability to discuss and analyse different products makes clients confident about their MFDs. You can increase your knowledge by reading newspapers and industry websites and attend webinars.
Build a system for referral - Kavitha Menon, Founder, Probitus Wealth, Mumbai 
Identify clients who are comfortable sharing references and ask them implicitly. Let it be a subtle nudge, being pushy doesn’t go down well. When clients know that you genuinely care for them, you could get referrals. Offer some value added services that can help clients’ family in a big way like education consultancy. This way, you can make happy clients and command referrals.
Implement proactive client servicing - Manjula S, Bengaluru 
Anticipate investors’ needs and reach out to them proactively. You can identify changing needs and give timely advice simply through regular client calls and systematic portfolio reviews. Also, when the markets get volatile, don’t wait for them to approach you; instead, reach out to them and give them the comfort and assurance they seek.
Conduct regular IAPs - Meenakshi Sikchi, Partner, Rainbow Financial Services, Amravati 
By conducting IAPs you increase your reach and client base. Have a ‘customised’ approach rather than ‘one size fits all’ to develop IAP content. Create a theme, use simple language and draw analogies from investors’ professions. This simplifies mutual funds and makes it easier for them to connect.
Explore collaboration and leverage technology - Neepa Khatri, Director, Finnovators Services, Pune 
When you collaborate with like-minded MFDs, it brings together diverse expertise, skills and perspectives that strengthen your business. It also creates cost synergies while increasing overall productivity and efficiencies. Additionally, by leveraging technology, you streamline business processes and ensure client comfort.
Upskill your team - Nisreen Mamaji, Founder & CEO, MoneyWorks Financial Advisors, Mumbai 
Empower your team to deal with complexities independently. Encourage them to attend training sessions and strengthen their skills. Weekly in-house sittings on current happenings expands their worldview and keeps them abreast. Also, talk to them about problems dealt with in the past and help them inculcate a problem-solving approach.
Build an investor-focused organisation - Sangeeta Jhaveri, Founder, Prescient Financial Services, Mumbai 
Every satisfied investor begets more. Creating an investor experience such that investors have no hesitation in recommending the organisation to people they value is the surest way to grow. Most of us, following this, would be surprised at where they have reached from where they started.
Hire the right team - Sapna Narang, Managing Partner, Capital League, Gurgaon 
Everyone in a team brings certain expertise and talent to create a collaborative effort which is way more powerful than individual efforts. Build the right team by having a clear vision of the culture that you want to create. Hire individuals who have similar belief systems and appear to be a promising fit into the culture.
Have well-defined back office processes - Shifali Satsangee, Founder & CEO, Funds Ve'daa, Agra 
Use an automated work flow management system to streamline back office operations and increase productivity. The system should define every process along with the series of steps to be done for completing a particular task. This eliminates redundant and repetitive activities. You also become well equipped to handle multiple client requests simultaneously.
