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Hyderabad based MFD Opinder Jain is the founder and chief executive officer of Fin Optic Capital Services that manages about 600 clients, out of which 150 are NRIs across the world. He manages a total MF AUM of Rs.500 crore, of which Rs.80 crore comes from the NRIs. Overall, he manages an AUM of over Rs.1,200 crore, of which Rs.720 crore comes from the NRIs.
Prior to starting his entrepreneurial journey as an MFD, Opinder Jain was working with the private banking division at ICICI Bank for 2 years, which is where he got his initial clients which was a mix of resident Indian and NRI clients. After his initial referrals, he worked towards investing in his relationship with his clients, upgrading his skills, becoming resourceful and sharing his knowledge with his clients, all of which helped him grow his NRI client business successfully.
Let’s hear from Opinder Jain as he shares four tips that helped him acquire and manage NRI clients across the world.
Try to get referrals from clients
In my case, I never had to do cold calls rather I got clients through referrals. Even now I get my clients just through referrals. I try to meet and stay in touch with my clients, at least once in 3-4 months. I engage with my clients either online or offline and take regular feedback which helps me build my rapport with them. In most cases, I get referrals without even asking for it, but sometimes when business isn’t doing well, I do request my clients to give me referrals but I never push them to do so.
Nurture relationship with client
I believe that personal relationship with the client is very important. One shouldn’t just think about profit in the business all the time. One of my client’s father had passed away in India and I took care of my client’s financials, paperwork for transferring assets from India and did not take any fees for it. All I had in my mind was to comfort my client in some way and in my case, I could do this by handling his finances and so I did it. These gestures help us in the long run. Also, whenever I get any recognition in the MF field, I always mention my gratitude towards my clients. I believe that its only due to the trust and support that I receive from my clients which drives my success. This further strenghtens my relationship with my clients.
Upgrade knowledge and reshare it with clients
‘Mujhe Sab Aagaya’ is the recipe for being a total failure. Hence, it is very important to keep yourself updated with the latest information in the industry. I make sure to read the latest tax laws of different countries and keep a tab on what could be the most profitable country for my clients to invest. I feel this gives me an edge over my competitors. Also, I don’t stop here; I make sure to share the knowledge with my clients. People run after wallet share with clients but in my experience, I have seen mind share is equal to wallet share.
Become one stop solution for your clients
As an MFD I don’t just manage my clients MF account but I also take the responsibility of seeing their investments in other asset classes. So, I always keep a team of lawyers and CAs to assist me in my business. If a client wants to deal with transfer of money or property work, a lawyer and CA can be of great help. When my team is in place, I am able to be resourceful to my client and they don’t have to look anywhere else.
