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Business Development An opportunity every advisor is missing

An opportunity every advisor is missing

Excerpts from PV Subra’s speech at CIFA 2018
Kanika Bhargav Mar 16, 2018

Most advisors deal with clients, largely between the ages of 30 and 45 years, ignoring senior citizens as they think it is difficult to address their concerns and personal finance needs. However, PV Subramanyam, top trainer, author and blogger, believes that catering to senior citizens offers an attractive opportunity that every advisor is overlooking.

Subrmanyam, popularly known as Subra, was speaking at CIFA 2018.

Subra feels that advisors should follow a strategy while dealing with senior citizens. Since it can be a difficult job for young IFAs, he suggests that an advisor should recruit a senior citizen to cater to senior citizens. “You can cater to the needs of senior citizens with the help of a senior citizen. Such an employee will be more empathetic while dealing with a senior citizen than a younger staff. In addition, the client will open up more to a person of his/her own age group,” Subra says.

Speaking on approaching senior citizen clients, Subra recommends IFAs to organise sessions that add more value to their lives. For instance, you can organise a half an hour session on using smart phones efficiently, booking a cab or using Skype to speak to grandchildren. This will appreciate such gestures as these tips are valuable to them. Also, IFAs should not hesitate to do free activities for them. Subra was confident that all such deeds will help advisors acquire clients who will stick with them throughout.

Subra pointed out that the advisors don’t focus on this market because they are still unaware of its potential. “India is a young country, but the number of old people is not small. This age group has the potential to get their children, grandchildren to invest with you,” he says.

On why is it an opportunity, he says that no one is specifically targeting this age group. “Indian mutual fund industry is so busy filling SIP forms, that they have not created target based funds. Even fund houses don’t market their retirement plans,” he said this on a lighter note.

To source senior clients, he advises a visit to old age homes or start prospecting senior citizens around the neighbourhood.


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