A large number of MFDs/RIAs have made the most of Cafemutual’s online repository. This repository is the outcome of multiple events and webinars that cover every aspect of the distribution business.
What caught our attention are these four business tips in particular that emerged to be the most popular amongst MFDs/RIAs. Our online repository was visited more than 36,000 times exclusively for these tips.
#1 Amit Trivedi, Noted author and trainer at CIFA 2016 - Wining habits of successful MFDs/RIAs
“There are two things that are important to be a winner. To start with, there has to be a winning mindset and then there have to be winning habits.”[D1]
Successful MFDs/RIAs not only set their clients goals, they also set goals for themselves and religiously track their progress.
Control your calendars by disengaging with unproductive and unprofitable clients and activities. Next, prepare yourself before each activity/meeting and likewise, prepare your clients to have the right expectation. Also, communicate to clients what you expect from them and always reach out to reassure them amidst market volatilities.
#2 Gaurav Mashruwala, Founder, A Cutting Edge at CIFA 2016 - Yogic Wealth
“Financial freedom is basically freedom from negative thoughts. The wealth that gives us happiness is yogic wealth.” [D2]
Our scriptures talk about four types of wealth - शारीरिक संपत्ति (health), सामाजिक संपत्ति (social), मानसिक संपत्ति (mental well-being) and आर्थिक संपत्ति (finances). There has to be synchronisation amongst all four, only then will you be able to earn.
Scriptures also teach us to worship wealth and not to be hungry for money. जब पैसे कमाए तो नीति से कमाए (earn ethically). Financial freedom does not come with money but it comes from letting go of negative emotions like fear, insecurities, anxieties, greed, jealously, etc. The wealth that gives us happiness is yogic wealth.
#3 Nilesh Shah, Managing Director Kotak MF at CIFA 2016 - Amulisation of MFDs/RIAs
Until and unless MFDs/RIAs come together, it will be very difficult for them to monetize. Establishing a corporate structure will give a better standing and negotiating power with the regulator.
Go beyond mutual funds to include property, insurance, retirement planning, estate planning, will writing, mortgages, taxation, etc. You will have to become a one-stop solution provider and establish a pan India presence.
#4 Radhika Gupta, CEO, Edelweiss at CIFA 2018 – Hope, hype and hard fact
Bubbles appeal to inner greed and are complex yet consistent. Complicated analogies make it difficult to understand data and facts get missed out.
At any time, if you are earning a return higher than the risk-free rate consistently, it is certainly unsustainable. Further, anything that is too consistent and delivers regular month on month returns has some element of tail risk that erupts one day and nobody can predict it.
Aren’t these relevant and timeless tips?
Would you like to share some other tip from our online repository that has helped you the most? Do post it in the comment section below.
