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Women and millennial clients have been in the limelight for a while now. Will the spotlight continue to be on them or will it shift its focus?
To understand which investor category could be the flavor of 2024, Cafemutual reached out to MFDs to understand their target investor segment for the new year and how they would strive to onboard them.
Here is what these MFDs shared.
Arun Kumar, Wizr Wealth, Bengaluru, Karnataka
Focus area - Geographic-specific investors
Reason - Use of local language creates an instant connect with investors
Approach - I am based out of Bengaluru and can speak Hindi, English, Malayalam, Tamil and Kannada. I currently reach out to millennial clients via Instagram reels and posts in English. My aspiration for 2024 is to widen my reach by making reels in other local languages. This way, I will able to reach out to more people who consume knowledge on social media.
Chandan Ghosh, Prudent Wealth Management, Siliguri, West Bengal
Focus area – Do-it-yourself (DIY) investors
Reason – Many investors are keen to have full financial control and hence, opt to be DIY investors. The number of these investors seems to be on the rise.
Approach - DIY investors seek comfort in digital platforms that give them the flexibility to view investment options, curate a portfolio and monitor it. Thus, with the help of an IT professional, I have created a DIY platform to address the specific needs of this investor category. Notably, the platform carries our contact details for investors to reach out in case they get stuck while transacting. The platform gives them the full financial control that they seek along with the much-needed handholding of an MFD.
Hari Kamat, HGK Investment Avenue, Margao, Goa
Focus area - Second-generation investors
Reason - With a well-established client base, it makes sense to onboard second-generation investors rather than venturing out to explore other investor categories.
Approach - While registering nominations, I usually suggest my clients to involve their nominees (who are usually their children) in financial conversations. This generates interest and curiosity among the young minds. Likewise, I also urge clients to bring their children to meetings and gradually introduce them to different financial aspects. Over time, their children gain exposure to finance and also tend to be familiar with me. Through this, they are likely start their own financial journey with me.
Yogendra Singh Tomar, Moneybuzz Financials, Indore, Madhya Pradesh
Focus area - First-year and final-year college students
Reason - Young investors have time on their side and can contribute to our business growth in the long term
Approach - I recently started conducting ‘Personal Finance Awareness’ programs in colleges and will continue to hold these in the years to come. The idea here is to explain the first-year students the basics of finance and habituate them to making investments. We urge them to set aside a small portion of their monthly pocket money and start with an SIP. As they will eventually go to the final year, we will reiterate the benefit of staying invested in mutual funds. Other students usually hear about these sessions from their juniors and/or seniors, get curious to know more and proactively reach out to us.
