The digital event of ITI MF and Tattva Talks has received overwhelming response from MFD community. Over 13,000 MF distributors participated in the event which took place on July 29.
In the event, a panel comprising George Heber Joseph, CEO, and CIO, ITI MF, Prahlad Kakkar, ad guru and filmmaker, Kanak Jain, founder, SSL Academy and Rajeev Suri, VC, Ex CMO at Jio addressed the challenges faced by the industry and the MFDs in the covid-19 situation and shared their insights on how MFDs can adapt, transform and overcome to become MFDs 2.0.
Here are 7 insightful learnings from this panel discussion that you can implement in your practice to grow business:
- Evolve from an intermediary to an institution. Think like an institution, build your brand and to achieve this you have to be risk conscious and knowledgeable. Your insights, opinions and learnings will help you to differentiate from crowd.
- Who is the on-ground person who actually digitized India? The local cablewala who knows each and every building & apartment in his locality, he maintained the close relationship. MFs are not building the investment ecosystem to be successful in the business. Your hyperlocal, personal insights into the investors’ minds drive the industry. Capitalize on it
- To be a good MFD, you need to be a good storyteller. Remember that intuition, empathy and emotion are something Artificial Intelligence or robo advisory can never deliver
- To understand millennials, talk to your own children. Understand their world view. That’s how you will learn to perfect your pitch for young investors
- This is the era of collaboration. So pool your strengths, come together and offer more end to end solutions to your investors
- Never overpromise and underdeliver. Always underpromise and overdeliver. This is how you build your brand
- Honest advice is your unique selling point. Position your personal brand on honesty and courage. Courage to always tell the truth to investors - no matter how difficult it is in the short term
Talking about importance of storytelling in MF distribution business, Prahlad Kakkar said, “No matter what kind of technology comes into the future, it cannot replace the capability of humans having the power of storytelling. So, share the stories which have made the difference.”
Meanwhile, Kanak Jain said that MFDs should operate like an institution to become successful in MF distribution business.
Sharing growth tips with MFDs, George Heber Joseph said, “If you’re starting your business, you should be truly honest with your investors and should be equipped with good knowledge before approaching the investors. Furthermore, you need to be tech-savvy and you should make a platform which provides ease of transactions.”
Rajiv Suri advised MFDs to equip themselves with knowledge and keep themselves updated.
Click here to watch the recording of this session.
