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Mumbai MFD Mukund Seshadri of MS Ventures is an MBA in marketing. He started distributing mutual funds in 2005. Today, he manages AUM of Rs.1,000 crore for close to 3,000 clients and leads a seven-member team.
Cafemutual spoke with Mukund who took us through his Rs 1,000 crore journey.
The starting point
Before starting as an MFD, I worked as a business development manager with a life insurance company. I learnt about mutual funds from one of my colleagues and became curious to know more. I sensed a huge business potential and decided to become an entrepreneur.
The initial days
My friends and family naturally formed the initial set of clients. Overall, I have acquired many clients through two activities - setting up canopies and conducting knowledge sessions in corporates.
To begin with, I reached out to corporates through my friends working there and sought permission to set up a canopy outside the cafeteria where I stood for 12-14 hours. The canopy caught everyone’s attention and made many curious to know more about me and my work. I focused on making the most of their brief visit at the canopy by highlighting the benefits of rupee cost averaging and compounding. I also made sure to exchange contact details at the end.
Likewise, I have also set up canopies at different business exhibitions. However, it was difficult to get the best spot there owing to tight budgets. I still remember setting up my stall right in front of an AC blower, simply because it was within my budget, but it did put me in an uncomfortable situation as standing right in front of the blower for long hours was indeed difficult.
Additionally, I reached out to corporates to conduct short 10-15 minute knowledge sessions where I spoke about benefits of SIPs.
The game changer
I encouraged my clients to start with small amount in mutual funds through SIPs to test the waters. With time, as they became more comfortable with me and saw their portfolio perform, they increased their SIP amounts.
Additionally, I realised that prospects are more at ease with face-to-face interactions. I prefer physical meetings as conversations are freer and investors find them more reassuring.
Another key thing that I learned is the importance of staying in constant touch. I always kept my clients informed about all major market developments. This kept us both on the same page and reduced the instances of expectation mismatch. As I focused on nurturing and strengthening my existing relationships, I started receiving referrals after referrals.
Lastly, I also realised the need to maintain physical and mental health to create a positive mindset. With a disciplined regime of early morning (4:45 am) exercise followed by pooja and meditation, I gradually moved from weighing 125 kgs to 84 kgs. Looking at my rigour to stay fit motivates my clients to work towards their overall well-being as well.
The current situation
Today, I don’t have to worry much about getting new clients as referrals have already come into play.
I continue to give my equal attention to my existing clients through my seven-member team who are popularly known as Service Managers and not Relationship Managers. And, if you ask me why Service Managers? Well, that’s simple. While the term Relationship Manager inherently brings along with it a sales angle, Service Manager simply focuses on serving clients.
Also, my exercise and meditation regime continues as it helps me to clear my mind and efficiently manage business and personal commitments.
