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Kota (Rajasthan)MFD Pankaj Ladha won the prestigious Cafemutual Big League Award at Cafemutual Confluence 2023 held recently in Mumbai.
Pankaj won two awards – SIP Champion Pan India and SIP Champion – North in the individual MFD category. North includes Rajasthan, Uttar Pradesh, Delhi, Punjab, Haryana, Uttarakhand, Himachal Pradesh, Jammu and Kashmir and Ladakh
Powered by CAMS, the award aims to recognize the hard work of MFDs who achieved business milestones. It identified 26 MF champions across five broad categories – SIP, equity inflows, new folios, fintech player and overall business. The award was purely based on quantitative performance during the FY 2022-23.
Pankaj started his career as a stock broker and insurance agent. He started distributing mutual funds actively in 2016. “Mutual funds have the potential to create a sizeable corpus and offer flexibility to match an investor’s risk profile and financial aspirations,” said Pankaj as the key reason to start mutual fund distribution.
As on March 31, 2023, Pankaj was managing assets of Rs 300 crore and has a monthly SIP book of Rs 6.50 crore across 15,300 SIPs for over 6,300 clients.
With two prestigious awards in his kitty, Pankaj attributes this success to a three-ingredient recipe. Let us hear from him:
Ingredient 1 - Compelling narrative
I have a compelling narrative which urges prospects to give serious thought and take action.
Let me give you an example of how I weave such narratives. Mall visits and family dinners are common weekend plans. And if you have kids, you also add the ‘play zone’ to the itinerary. On average, you normally spend at least Rs 2,000 in a day. What if you skip one such routine outing and set aside Rs 2,000 for SIP investing to build sustainable wealth over the long term? It is a call that only you can make i.e. Rs 2,000 on one mall visit for a few hours of enjoyment or Rs 2,000 monthly for SIP investing to create a sizeable corpus.
Ingredient 2 - Actionable feedback
Post every financial literacy program, I request audience to fill up a feedback form which includes key multiple-choice questions like:
Do you think SIPs are a good investment option? - Yes; No
Do you already invest in SIPs? - Yes; No
Do you want to start a SIP? - Yes; No
How much do you want to start with? - Rs 2,000; Rs 5,000; Rs 10,000
Their replies make it easier for me to identify interested prospects and also give a sense of the ticket size. Next, my team reaches out to them with a questionnaire seeking other necessary details like age, income, financial aspirations, risk appetite, etc. to offer customised solutions.
Ingredient 3 – Targeting housewives for SIPs
Housewives generally are good savers. However, they keep their money at home. Hence, I reach out to them through financial literacy sessions at housing complexes.
I usually schedule such programs in housing societies in the early afternoon so that they can comfortably finish their morning chores. Also, these programs are followed by lunch so that they don’t worry about cooking and feel relaxed. Moreover, I keep their children busy by organizing some engaging activities. Through such small acts of comfort, I get the complete attention of prospects.
Finally, the perfect garnishing!
By doing frequent financial literacy programs and leveraging social media platforms to spread awareness, I create a pool of quality prospects.
Most importantly, an MFD must be at the top of industry trends and be well-equipped with knowledge to empower prospects with the needed knowledge of investing. Here is where knowledge portals like Cafemutual and industry financial trainers help MFDs.
