In this edition of ‘Principal Business Champions – Winning Ideas’, we asked distributors to share with us their two top business priorities for 2021.
This poll is a joint initiative between Principal Mutual Fund and Cafemutual that offers a platform to the mutual fund distributor (MFD) community to share their valuable experiences and best practices.
We have received some interesting responses from distributors. Here are the entries that received the highest votes.
Website winner: Vishal Rastogi, Patna
‘I pledge to meet 10 prospective clients a day in 2021’
Regaining faith of investors in SIPs is my first priority as many investors have discontinued their SIPs in 2020. While many people stopped their SIP due to financial constraints, they are yet to restart their SIPs even after lifting of the lockdown. To bring back their confidence in SIPs, I will hold IAP sessions regularly on the benefits of SIPs this year.
Another priority is to double AUM in 2021. My aim is to acquire more number of clients this year. In fact, I have started meeting 10 new prospects daily.
Facebook winner: Vinod Jain, Jain Investments, Mumbai
‘My focus is to improve clients experience through technology’
Investing in technology to improve clients’ investment experience is my top priority in 2021. So far, we have focussed on technological developments that can help the MFD community. But the time has come to enhance clients’ investing experience through technology. It can be anything - client communication, resolution of issues and so on with a click of button.
Another thing I plan to do in 2021 is to hire new talent to grow business. I am planning to hire a few people on the research side to improve quality of fund recommendations.
Twitter winner: CK Vanitha, Cprofit Wealth Management, Bangalore
‘Maintain balance between use of digital technology and physical interaction’
While technology is a blessing, it also takes away the one thing that makes the job of an advisor special, which is the personal touch. My first priority is to maintain a balance between digital technology and real face-to-face connect.
My second priority is to prepare a contingency plan to deal with sudden events like covid-19. While we all know that there is a pandemic, no one knows how long this situation could last. I believe such a situation could have psychological effects on clients. Hence, it is necessary to plan for contingency not only for clients but also for MFDs/advisors to deal with such situations.
