Kolkata-based Ask Circle hosted its eleventh edition of Mutual Fund Round Table (MFRT) Conference in Hyderabad between August 2, 2019 and August 4, 2019. Themed ‘Awareness’, the three-day learning event saw industry experts share their wisdom and perspective with the participants.
This year MFRT honored twelve IFAs with MFRT Samman. In keeping with the theme, each of these IFAs experienced a moment of discovery which became an important turning point in their advisory journey. Event host Kanak Jain, Suskan Consultant equated this moment of discovery to the turning point in movie Super 30, when a casual remark ‘Dronacharya to humesha se Raja ke saath the aur humesha unhi ke saath rahenge’ (Dronacharya has always taught privileged children) motivates Anand Kumar to coach underprivileged students free of cost.
Here are the list of winners and their moments of discovery,
Dentist turned IFA Celso Fernandes, Goa
Celso realized that unlike acquiring middle-aged or retired individuals as clients, acquiring a 21-year-old client means that you have added a client whose wealth will increase over the next 30-40 years. To tap the young population, he conducts extensive investor education programs (IAPs) across colleges in Goa. So far, over 2000 college students have attended these IAPs of which around 400 have become his clients.
Never give up is the mantra of Babu Krishnamoorthy, Finsherpa Investment Services, Chennai
Babu took a loan for expanding his advisory business. However, things did not work well for him and he had to sell his advisory business to repay his loan. However, with his never give up attitude, Babu rebuilt his advisory business. Today, he manages an AUM of Rs. 250 crore in mutual funds.
CA turned financial advisor, Ashish Modani, Jaipur
Watching his clients make investment mistakes, Ashish realized that there was a dearth of quality financial advisors. Also, compared to investors, the number of financial advisors was miniscule and majority of investors were ill equipped to take investment decisions independently. This prompted him to shift his focus completely to advisory business. From the modest beginnings in 2004, he now manages a monthly SIP book of Rs. 7 crore.
Have a mentor to grow business: Nikhil Naik, Mumbai
Nikhil realized that he would benefit greatly from the wisdom and guidance of a mentor, he requested Santosh Nair to be his mentor. Over the years, Santosh’s advice on various business aspects such as setting a business target, renting a large office, appointing staff for back office work, spending time to meet new prospects and his words of encouragement in tough times has greatly helped Nikhil grow his business.
Consolidate your practice to reduce costs, Amit Bivalkar, Sapient Wealth Advisors and Brokers, Pune
Amit realized that in the current scenario where margins were shrinking and new entrants like Paytm and ET Money were disrupting traditional business models, fellow IFAs need to work together to reduce costs and grow their business. Amit has been sharing costs by merging business with fellow IFAs to form a large entity having centralized back office team and technology.
Keeping in constant touch with clients is the key to grow, Jeet Lal Prajapati, Gorakhpur
In this era of WhatsApp and Facebook, Jeet makes it a point to meet most of his clients personally. His mantra is simple stay in constant touch with clients to build trust and strengthen relationship.
AMC employee turned advisor, Deepak Kumar Bharadwaj, Chandigarh
An ex-AMC employee, Deepak entered the financial advisory business after spotting huge potential in advisory business. His belief is that if you help clients achieve their financial goals, it will translate into more business. He educates his clients about mutual funds and makes them identify their financial goals before giving investment recommendation. This goal based approach has helped him get many long term clients.
Have a team to grow business, Ram Shah, Guwahati
Ram has hired a 19-member team to handle operations and customer service functions. Having a strong team lets him focus more on client engagement and new business acquisition reducing his operational responsibilities.
Focus on debt to increase your client base, Hitesh Kakkad, Jalgaon
Hitesh identified the business potential in debt funds. Traditionally, debt mutual funds are sold to HNIs or institutional investors. However, he started recommending debt SIPs to his retail clients. He realized that low risk debt schemes could be a good starting point for new investors in mutual funds. Of his Rs. 130 crore AUM, nearly 50% is in debt.
Trader turned advisor, Kapil Holkar, Bhopal
A client suffered heavy loss of Rs. 2 crore after taking Kapil’s advice on some commodity trades. Shocked, the client’s wife threw a glass at Kapil when he conveyed the news. Seeing how the loss affected the family, he decided to avoid advising clients on speculative trades and focus on long term investing through mutual funds. Today, he is one of the most respected advisors in Bhopal.
Publicity is the key, Navin Kumar, Patna
Navin got the idea of mobile van campaigning during the 2014 elections, though he put the idea to practice in 2016. Similar to politicians campaigning in their constituencies, he wanted to spread awareness about his advisory firm among the people living in vicinity of his office. Every day the van travels to a few prominent locations within a 4.5 km radius of his office. Regular visibility of the van has resulted in increased footfall in his office over time.
Homeopathy doctor turned advisor, Rekha Suryakant Bhutada, Nagpur
On realizing that many of her patients suffer from stress related disorder largely due to financial issues, she decided to take up financial advisory business along with the practice. Her father who was an equity investor taught her about financial markets and mutual funds. Currently, she gives both – health advice and financial advice to her patients and clients for their complete well-being.
