I never begin a conversation with potential clients by discussing mutual funds. I either talk about sports, local politics, travel or any other common topic to break the ice and only after building a good relationship after 3-4 meeting, do I talk about mutual funds, said Rajesh Sodhani of Sodhani Investments, Jaipur, who caters to over 17,000 clients.
Rajesh was speaking on client acquisition at the Aditya Birla Sun Life Mutual Fund – Cafemutual webinar series 'Lessons from the Masters'. KS Rao, Head Investor Education and Distribution Development, ABSL Mutual Fund moderated this session.
Sharing his strategy on client acquisition, Rajesh said that MFDs should never be in a hurry to discuss mutual funds and get business from them. This makes it look like MFDs are pushing the product; it is better to understand the person first, his likings, his profession and then suggest a financial solution rather than pushing a product.
For instance, he recommended accident cover to 300 taxi drivers. And gradually they were introduced to SIPs in mutual funds.
Here are some of his key insights in his own words:
- When I take a flight, I book the middle seat. Many people find it strange as they usually prefer the window or the aisle seat. But I like the middle seat so that I get to interact with two new persons
- Engage clients at a personal level. I ensure that I wish my clients on their birthdays. I also wish them on occasions such as their children’s birthdays. For HNI clients, not only do I wish them on special occasions but I ask my team too to wish them
- Social media is an important platform to grow business. I am looking to grow my team to handle social media exclusively as it has immense potential to connect with new clients
- An attractive subject is the key to getting successful in email marketing. And the mail has to be crisp. It cannot be lengthy
- Your follow up with potential clients has to be strong. I have acquired clients after following up for 5 years. This was possible because I never gave up
- Charging fees for IAPs brings serious investors. Earlier, I had to do IAPs with 20 people because I was charging fees for it. But eventually it has gained traction and only serious investors attend it. This makes my job easier
- Always keep your target right in front of you so that you are constantly reminded about it and stay focused
- My target now is to earn enough so that have to give Rs 1 lakh in tax every day!
- You must hire a team. You can start with 1 person and within 6 months, you will earn more than what you will give them
