2021 is ending soon. Can you give us a sneak peek into your 2021?
All in all, 2021 has been a positive year for us.
The year started on a bright note as I went on a holiday to the east of India. I could spend quality time with my family and create great memories for the future.
However, the period from March to June ranked at par with my time in the Army, back in 1987-88 when I was in active combat. We were more prepared then and had the resources. But this time it was terrible - organising oxygen, medicines, coping with the death of our clients, family members and teammates. But, the office never stopped functioning. We were working digitally and our operations were going smoothly. Not one client had any issue while paying for medication and other obligations. It was a very sad first half of the year but it was satisfying that we were able to do our dharma (job) during such times.
What are the two key lessons that the year has taught you?
My military operational background taught me at an early age that death is just a breath away. You should have a work-life balance, spend quality time with family and create good experiences with your staff and clients. Also, encourage them to spend while saving.
Professionally, 2021 reinforces the point to have a good asset allocation and get fearful when the markets are booming.
What are your aspirations for the coming year? What are the new things that you would like to implement in your professional and/or personal life?
Personally, I want to go and see lake Baikal. I also want to visit Genghis Khan’s birth site in the Burkhan Khaldun mountain range area.
On the professional side, I feel we have to hire more people and improve our technology delivery for catering to our clients.
What is that one thing that you feel could have been done differently last year?
Touchwood, we were well prepared for 2021. The business has grown and I enjoyed nine holidays this year. However, I wish we could have hired more people in our team.
What trends do you think MFDs/RIAs should watch for in 2022?
Investors are reluctant to pay commissions. Free online direct platforms will take away businesses.
Further, there also exist other market players like national distributors amongst others. We have to work towards adding more value, leveraging technology and reducing our internal cost structures. There will be a lot of competition and anybody who is merely a transaction enabler is bound to be out of the race.
