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At the Cafemutual Confluence 2022, top CEOs Ajit Menon - CEO, PGIM India MF, Kailash Kulkarni - CEO, L&T MF, Navneet Munot - MD & CEO, HDFC MF and Sunil Subramaniam, MD, Sundaram MF gave some great advice to MFDs to march towards Rs.100 lakh crore.
Cafemutual picks 5 points from the panel discussion, ‘The new frontier - how will the industry reach the Rs. 100 lakh crore mark?’ moderated by Prem Khatri, Founder & CEO, Cafemutual that will help you prepare for achieving this target.
#1 Focus on yourself and be a life financial coach
Be a life financial coach and build your creditability as a solution provider. Focus on yourself, your appearance and skills. Also, differentiate yourself by creating a personal brand. To emphasize, a client never buys a particular fund or a product but your credibility.
#2 Pay attention to the debt part of clients’ wallets
At the macro level, 80% of India’s household wealth in some form or manner is in fixed income securities. Pay attention to the debt part of clients’ wallets. Having a larger part of wallet share is definitely one way to grow business faster. However, only a few MFDs focus here.
#3 Be a risk manager
Focus on the controllable. While every investor seeks returns, the other side of the same coin is ‘risk’. Position yourself as a risk manager first and then as an investment manager. There are more controllables on the risk side. If you can explain your risk process well, it changes the paradigm of investors’ trust and confidence.
#4 The 3 Ts - Long term, Trust and Technology
Think long term, trust and technology. As investors have more comfort and trust, you continue to grow. Focus on generating wealth for investors. When they create wealth, your wealth generates automatically.
#5 Encourage the next generation to join your business
The MF business is perpetual in nature. But unfortunately, only a few MFDs focus on bringing the next generation to their business. You should encourage and create positivity so that children join mutual fund distribution and preserve the perpetuity.
Here is a sneak peep into what the panel said. Interestingly, you can watch this entire discussion along with other CC 22 videos at a nominal price of Rs. 499 only. Simply write to us at fouzia@cafemutual.com and get ready to march towards Rs. 100 lakh crore.
