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The conventional definition of a teacher is a person who teaches at educational institutions. However, a person who handholds and advises others to do better also plays the role of a teacher. Thus, this Teachers’ Day, let us cherish and celebrate the knowledge that the industry gurus and gyanis have gifted us.
While we do so, it gives Cafemutual pleasure to be the facilitator either by hosting renowned names at its events or by carrying their thoughts on the website.
So today, let’s summarize the key five lessons that eminent experts shared at Cafemutual events.
#1 Be the Sachin Tendulkar of the MF industry
G Pradeepkumar, CEO, Union MF spoke about Sachin Tendulkar, our national hero. As per a poll taken, majority of the participants attribute longevity to be a crucial factor in Sachin’s phenomenal journey of success.
Further, a study suggests most of the enterprises that don’t succeed, normally fail within the first three years of formation. Surviving the initial period increases the probability of success. Hence, continuing to remain in business while overcoming challenges is the key to creating a successful setup.
#2 Be a friend, philosopher and guide
MFDs must first understand their clients, advised Kailash Kulkarni, CEO, HSBC MF. Apart from investment needs, MFDs must also be well-versed with their background, family, temperaments, etc. This makes it easier to assess their profile better.
Additionally, having some ‘just good to have’ or ‘need to understand you more’ meetings help in nurturing deeper and stronger relationships.
#3 Overcome behavioural biases
While market movements and economic trends are uncontrollable, behaviour is controllable, said Morgan Housel, Author of 'The Psychology of Money'.
The best indicator of future behaviour is past behaviour. Decoding sentiments around money can help in designing effective investment plans. Also, analysing past responses helps to align an investment strategy with such reactions and creates comfort for staying invested longer.
#4 Go the digital way
Gajendra Kothari, MD & CEO, Etica Wealth rightly shared that Artificial Intelligence (AI) will not replace financial professionals but financial professionals using artificial intelligence will replace those not using AI.
Tech-enabled platforms along with simple online tools can help MFDs to embark on the path of digital transformation. Grammarly, Canva, Invideo, Mailchimp, Evernote, and LastPass are some examples of online tools.
#5 Keep the spirits high
Swami Gyanvatsal, motivational speaker and spiritual leader highlighted the importance of having the right attitude as success is largely influenced by attitude and not by resources possessed.
Referring to Stephen Covey’s book ‘The 7 Habits of Highly Effective People’, Swamiji cited these life-changing habits - being proactive, beginning with the end in mind, putting first things first, thinking win-win, seeking first to understand then to be understood, synergizing and sharpening the saw.
If you enjoyed reading these, you are sure to have a gala time hearing such priceless lessons directly from industry gurus at the upcoming Cafemutual Confluence 2023.
Click here to know more and register.
