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The beginning of a new financial year brings new challenges and opportunities in the distribution business. While the industry is currently navigating its way through a period of market uncertainty, some of the renowned MFDs see the new financial year as an opportunity for business growth.
Cafemutual spoke to two renowned MFDs to know their business plans for the current financial year.
Chennai MFD Chokkalingam Palaniappan of Prakala Wealth said that he has not set up any fixed plan with specific targets for AUM or client growth in the new financial year. Instead, he plans to increase his educational and promotional activities through social media and in-person sessions to grow his business in the next one year. He also desires to open one more branch of his distribution business in a nearby city in Tamil Nadu and hire new team members for it.
In terms of use of technology for business growth, he wishes to do folio consolidation by OTP using the CAMS portal. He is also considering launching his own app to allow investors easier access to his services. In addition, he said that he wants to grow his client base in PMS and AIFs, which he has started offering in the last few months.
Indore MFD Rajesh Kulwal of Duoak Finserv is currently planning to review investment portfolios of his existing clients and reconnect with his older clients who have stopped investing. His plan for the next 12 months includes promoting retirement planning and growing his SIP book. The veteran MFD also plans to promote liquid funds or short-term debt funds through SIP to serve clients who want to park money for a shorter duration.
Rajesh shares with us that he will hire new team members to focus on strengthening relationship with existing clients. He is also considering getting an account aggregator license to get consolidated view of all financial assets of his clients.
Rajesh will also use AI to provide daily updates to his clients on their portfolio and encourage them to park their surplus money from their current/savings accounts to liquid funds.
