Vinod Jain, known as the ‘king of SIPs’ in the distribution fraternity had to downsize his client base by parting with 10400 clients. Today he has been able to streamline his business by catering to a niche clientele with a minimum ticket size of Rs 25 lakh.
Advisors are using sites like Facebook and Twitter to rope in new clients, engage with existing clients and even catch up with their global counterparts.
Many clients expect their advisors to generate the maximum possible returns, irrespective of the market conditions. The way to overcome this is proper asset allocation and client education, says Amit Trivedi.
Launched a year back, this platform claims to help IFAs scale up their business by cutting costs and saving time while their clients buy, redeem and switch seamlessly from the comfort of their home or office.
Though the idea may sound blasphemous at a time when it is difficult to get clients, the art of building an advisory business requires you to identify not just the clients that you must acquire, but also the clients who you must let go.
Many advisors stay away from approaching family members for business. But Sougata Mitra, an IFA from Kolkata, says that friends, relatives and associates constitute a natural market.
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