Listen to this article
The year-end usually calls for self-introspection to identify some key lessons from experiences to make business strategies for the new year. We spoke to a few MFDs who with us how they plan to revamp their current business practices for a better 2024.
Harshal Eadaskar, Nidhi Wealth, Buldhana, Maharashtra
Old Practice - I create social media posts and videos to establish a digital presence.
New Practice - Currently, I am in discussion with a professional to outsource social media activities.
Benefits - Innovatively created posts and professionally edited videos posted across social media platforms can enhance the brand value further. Additionally, by outsourcing to an expert, I can expect my social media presence to be consistent as well as visually appealing. Moreover, it will give me more time to focus on business acquisition. In this regard, I will earmark a certain amount every month for building a digital presence and outsource it to a professional.
Nikhil Gopalakrishnan, Pentad Securities, Kochi, Kerala
Old Practice - In the case of cold enquiries, the available team member initiates the follow-up.
New Practice - I am looking to have a dedicated team member for these follow-ups.
Benefits - These are usually those prospects who have heard of us on social media and are keen to know more. They are generally new to investment and need dedicated attention. Also, like other prospects, they need that little push to look at their finances more seriously and make timely decisions. Having a dedicated person to make such follow-ups can increase the possibility of conversion.
Sachin Karate, Varad Financial Services, Nashik, Maharashtra
Old Practice – Having no schedule for team meetings.
New Practice - We will now have formal team meetings every week.
Benefits - Team meetings give the perfect platform to exchange ideas and learn from others. Regular meetings create a professional environment and a sense of being heard and valued. Also, regular discussions like this help to identify and resolve concerns that could probably turn into major issues in future.
Srikanth Matrubai, SriKavi Wealth, Bengaluru, Karnataka
Old Practice - I offer clients a white-labelled mobile app for investing in mutual funds with ease. Also, I exclusively cater to my specific set of clients.
New Practice - I am currently in talks with an IT professional to create an app that will offer not only mutual funds but also other financial products like invoice discounting, LAS (Loan Against Shares), etc.
Benefits - A customized app will make my brand stand out exclusively and a multi-product offering will serve as a one-stop digital solution for all financial needs.
Another thing that I am focusing is tying up with other advisors of other countries having Indian clients. I can extend the comfort of physical meetings to their clients staying near me. Likewise, these advisors can offer a similar comfort to my clients located in their vicinity. Of course, this is subject to mutually agreed terms keeping in mind statutory compliances and revenue-sharing agreements.
