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2022 is ending soon. Can you give us a sneak peek into your 2022?
2022 was an eventful year both on the professional and personal front. On the professional front, the highlight of the year is that the change in ownership of IDFC AMC to a consortium consisting of Bandhan Financial Holdings Limited (BFHL), GIC and ChrysCapital received all the requisite regulatory approval, which leads us to the eventual change in the brand name expected to be completed early next year.
On the personal front, one of the biggest highlights is that I had the opportunity to watch Messi and Argentina lift the FIFA World Cup, one of my bucket list items of life. Apart from the games which were exciting one has to commend the authorities for pulling off a superb event with the whole city buzzing on all days with multiple activities and events. A wonderful week of fun and sports.
What trends do you think the MF industry should watch for in 2023?
As the MF Industry moves towards the 100 trillion AUM, the following trends could play out:
- More MFDs join the fold – With AMFI putting its might into recruiting new MFDs via the Sandbox program, which is running in full swing, more MFDs are likely to join the industry.
- Continuation of the financialization of savings – Individuals are increasingly looking at participating in the India growth story by investing in financial assets. A key product offering accelerating this is for sure the target maturity plans
- Investors will look for safer investments – The last two years have seen growth induced by the monetary and fiscal stimulus as well as historically low-interest rates. That was a good environment for risk assets. Going forward as rates normalize and growth impulses reduce, the macro environment will increasingly be more challenging for high-risk assets. Asset allocation once again would take centre stage
- Add value to self and business: With increasing choices, it is becoming very clear that irrespective of which side of the eco system you are at, if you do not constantly adapt to changing client preferences and upskill, you will eventually lose out. Hence, the need to upskill, adapt and keeping high levels of engagement are even more relevant
What are the two key lessons that the year has taught you?
Physical presence does matter: Despite increased reliance on digital channels nothing can replace the personal touch and power of physical connect and communication.
It is not over, till it is over: The recently concluded FIFA World Cup final is fresh in our minds. Till the 80th minute it was a one-sided game. France made an amazing comeback nearly pulled off the game if not for the save by Martinez in, if I remember right, the 118th minute. Argentina, quite in contrast to their previous tournaments, remained focussed and did not give up till the end. They truly believed that it is not over till it is over and that is a lesson we should carry with us all. Also, in line with what I stated one has to constantly adapt – substitution of Griezman and Giroud is a classic example.
What are your aspirations for the coming year?
As we move into 2023, on the professional front, we would like to introduce a slew of funds, continue to with our endeavour of meaningful campaigns, enriching training programs and design effective sales enablers that would help us grow.
What are the new things that you would like to implement in your professional and/or personal life?
In 2023, instead of coming up with a new resolution, I have decided to double down on things I started in 2022. Meeting more MFDs and spending more time with the team.
What is that one thing that you feel could have been done differently in 2022?
I believe in living life to the fullest and without regrets. I am the result of all the things I did in my past, hence, if given a chance, I would not want to do anything differently in 2022. For me a new year resolution list has never worked and hence, really do not have one.
What trends do you think MFDs/RIAs should watch for in 2023?
2023 will bring along a slew of opportunities for MFDs/RIAs to grow. To do so, they need to:
- Increase in demand for fixed income products amongst retail investors
- More MFDs leveraging technology to scale
- MFDs acquiring skills to add value for investors
- An urgent need to acquire new-age customers
- Servicing higher customer wallet
