It is a very interesting story to tell about my first client. Narrating it makes me feel both proud and humble at the same time. It was the year 2007 and I was barely 20 years old. Any person would think twice before entrusting any 20 year with their hard earned money and trusting their advice.
My first client was a general manager with a big corporate and I had to be doubly sure before saying anything or advising anything to this knowledgeable person. The second thing being that it was a cold call as my parents did not want me to approach our family initially. I had managed to get my first appointment after making 36 calls from a data base! Since I had never met or knew the client before, it was an even bigger challenge. And to top it all, it was my first call - I had not met any client earlier and there were butterflies running in my stomach the moment he said he was ready to give some time to understand my services.
Since I wanted to make a good impression, I ensured that I did my homework properly and spent the entire week before the meeting to study the markets, AMCs and the individual funds on offer. Before going for the call I did rehearsals in front of the mirror! When I finally met him, I ensured that I took a 360 degree view - his risk taking abilities and investment horizon by doing a complete need analysis of this customer. In spite of the customer asking me again and again during the first meeting to suggest some options to him, I categorically refused to suggest something in the first meeting itself adding that I would only recommend something once I understood his requirements and profile. In the second meeting, based on his risk profile and need analysis, I recommended 3 mutual funds amounting Rs 15000 per month.
The customer was pleased with my research and handling of his objections and immediately signed the forms and gave me the cheque. He told me later that nobody else had explained to him things so well. I am really proud that today that he has redeemed those funds six months back and has made the down payment of a second property in Mumbai. The fund value had grown that well. I will never forget this moment and this customer who helped me start my business and trusted me with his hard earned money. And now his total portfolio with me is 50 lakh plus.
Yogita Dand’s first client was a tennis court acquaintance of her family friend
(Yogita Dand, ASKy Financial Services)
Though I had acquired my ARN in 2008, I had not actively been involved in the distribution of mutual funds since I was also working full time. Till 2011, my clients were my immediate family, friends and colleagues.
So in true sense, it was only after I completed my CFP and chucked my well-paying job in 2011 that I became actively involved in the distribution of mutual funds.
I can vividly remember my first client. He was referred to by a family friend, and the best part was that the person was only a tennis court friend of our family friend! We went to meet him at his office and he was so impressed with our detailed planning for his retirement and his children’s education that he immediately called over his wife for further discussions. Not only that, he also arranged for a presentation to all his subordinates for financial planning. It has been 2 years since then and he has stuck by all that we have planned for him. He now maintains a budget and tries to invest as much as he can in mutual funds though his initial SIP was only for a sum of Rs. 3500. Needless to say, today the SIP amount is much bigger.
We have always recommended SIPs in equity funds and lump-sum in debt or liquid funds with systematic transfers to equity funds.
I believe that if we treat our clients more as friends and yet be professional when needed, they stick to you till the very end. It is finally the trust in us that matters, and then even in wild market movements, your clients will stand by you.
