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Kota MFD Pankaj Ladha has built a monthly SIP book of Rs.6.50 crore. Over 5000 clients do over 15000 SIPs per month through Pankaj.
We reached out to Pankaj to understand the secret behind this success. Let us hear from him:
Never stop prospecting
If rightly done, regular awareness sessions and a strong digital presence are the best source of generating new business leads.
Let me tell you about IAPs first.
Since 2016, I have reached out to 1 lakh prospects through frequent IAPs and even today, I conduct at least 2 knowledge sessions each month. Along with my team, I identify our target segment which includes employees of business companies, government schools, shops, hospitals, kitty members, etc. This helps us to systematically reach out to a newer set of prospects every time.
Once we identify the target segment, my team refers to the documented process to set the ball rolling. This document lays down a step-by-step process to organize a session. For instance, in the case of sessions for employees, the process states - seek time of the respective authority, discuss the agenda and benefits for employees, submit a written request, etc. This serves as a guide and checklist for my team.
In the case of content delivery, I largely focus on the basics. After all, when the basics are in place investors make quicker and informed investment decisions.
Moving on to digital presence, consistent and verified existence are important.
I have a dedicated social media team that helps me make two reels on personal finance each month. Each video or post that goes online creates a recall effect. Also, all my social media accounts have a verification badge which increases the confidence of prospects.
Additionally, I believe every person you come in touch with is your potential client. I recently on boarded my train co-passenger by striking up a casual conversation and talking to him about the role of SIPs in wealth generation. Of course, my educational videos on social media presence helped him evaluate his decision of registering a SIP through me faster.
Converting leads into clients
With a 20-member team of relationship managers, I register at least 25 new SIPs each month. Every team member focuses on two leads at a time. A focused approach like this fast forwards the conversion process.
Moreover, even before the first meeting, we send prospects a link to a questionnaire which comprises simple yet important questions like name, age, income, financial aspirations, risk appetite, etc. This helps us to know them better and discuss SIPs in the light of their needs. Most importantly, we emphasize on how we can add value to their lives by creating a financial roadmap through SIPs that takes care of their current obligations and unforeseeable contingencies.
Also, we work hard to give prospects confidence about a smooth investing experience. We do this by taking them through our digital processes and once they sense the ease of transacting through us, they willingly start their investing journey with us.
