Research shows that our decisions are 80% driven by emotions and 20% by logic. However, traditional selling techniques focus more on logic than client’s needs and aspirations. In short, focusing only on numbers is like equating the iceberg to its tip and missing the bigger picture, which lies underwater.
Similarly, most financial awareness programs conducted by IFAs are loaded with information - numbers and jargons. This gave an idea to Kanak Jain, Volatility Coach and Founder at SSL Academy to develop ‘The Volatility Game’ to make learning about mutual funds enjoyable for clients.
Though Kanak had created the first set of games in 2014, he started inviting other advisors to use his gaming tools in 2017. Today, over 140 IFAs conduct IAPs regularly for their existing and prospective clients. Kanak aims to sign up over 500 advisors in the coming years.
The product bouquet too has expanded from a single game to 18 games covering topics like equity markets, mutual funds, debt markets, options and derivatives.
Most of The Volatility Games are screen based workshop based games where 20 to 120 participants can play this game simultaneously. Advisors/ trainer can divide participants in teams. The participants see various signals such as Sensex PE , Market Cap to GDP, PB, Moving Averages and RSI on the screen in different games .
Based on these clues, the teams decide whether to invest in equity or debt. The screen displays the returns generated due to these decisions. In between the game, the advisor conducts a presentation on financial concepts to inspire investors. Board games, puzzle games and illusion games engages on one and one level. Financial planning tool helps in making a one page financial plan for the investor in 3-4 minutes with HLV calculation.
Advisors who want to make their IAPs effective should sign up for the game to increase their engagement with prospective clients and make a lasting impact on existing clients, believes Kanak. Over the years, this game has helped many IFAs acquire new clients, he said.
Currently, the registration fees is Rs. 50,000 for lifetime membership. The members also get white labelled WhatsApp messages, videos and blogs, which they can share with their clients. In addition, he shares other useful resources and organises master classes by experts to help advisors grow their business.
Kanak has also conducted sessions of his game in Australian Bank. Going forward, Kanak wants to spread financial awareness among students through a certification course on his new game titled ‘ReBalance Volatility Certification Course (RVCC)’ with NSE Academy for students in 2019.
“Savings, investments and managing money are the most critical tasks and RVCC gamified tools will simplify and decode the financial concepts in a crystal clear way so that financial wellness can be attained by all,'' said Kanak. RVCC is a two-day workshop that includes 9 modules- volatility game, debt volatility game, technical analysis, fundamental analysis, derivatives and options, mutual fund analysis game, vision game, creating individual pitch and strategy and financial planning tools.
