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Today’s article features Jennifer Mendes, Sangeeta Jhaveri and Shifali Satsangee who are among the top women mutual fund distributors of India. Let’s look at their journey.
Chapter: Jennifer Mendes – Old is Gold
Based out of Mapusa, Goa, Jennifer Mendes is an ex-PSU banker by profession, Jennifer started her distribution journey as a post office agent in Goa.
In 1999, she attended an event by an AMC describing opportunities for distributor in mutual funds. Impressed by the product offerings like SIPs and business potential for mutual fund distributors, she started distributing mutual funds primarily through SIPs.
Jennifer first reached out to her existing clients who had invested in post office schemes. She also approached prospects through referrals and education sessions. She ensured that she meets at least 10 prospects and clients a day.
One of the major challenges that Jennifer faced during her initial days was convincing people who were investing in guaranteed returns products to invest in market linked products. She encouraged people to start with small amounts of Rs.500 and Rs.1000 in mutual funds through SIPs. Over time, she also showed her own mutual fund account statement to highlight mutual funds return potential.
Jennifer believes being a lady was never a hurdle; on the contrary, she believes that people are more open to working with women because women are more trustworthy, emphatic and can understand unique needs of clients especially women.
Jennifer received felicitation from various mutual fund organisations for her stupendous performance and was also featured in the list of India’s top individual mutual fund distributors published by Cafemutual.
Jennifer crossed the Rs. 100 crore AUM milestone in 2014 and there was no looking back thereafter. As on March 2022, she manages AUM of Rs.600 crore in mutual funds.
Two major learnings throughout her journey were:
- Convince people to start with small sums through SIPs. Eventually, they will invest higher amount once they are confident
- Meet or call at least 10-15 clients and prospects a day to increase wallet share from existing clients and acquire new clients
Chapter: Sangeeta Jhaveri – The power of catching a cold
Sangeeta runs a firm, Prescient Financial Services, and is based out of the maxima city, Mumbai, Maharashtra
Sangeeta is a CA by qualification. She worked with an NBFC and climbed up the corporate ladder to be the vice president. Despite a well-settled job, she felt something was amiss. Deep down there was a burning desire to be an entrepreneur. Taking inspiration from her businessman father, the boss lady finally left behind her job to write her business story.
During her work stint, Sangeeta observed that although people could achieve all their financial goals through mutual funds there was very little understanding of Mutual Funds. This made her realize that many people did not understand the potential of mutual funds and hence, she took up distribution business to help people achieve their life goals and create wealth.
Sangeeta focused on creating a professional set-up. In fact, she built a three-member team right from day one and focused on client acquisition through cold calling.
The major turnaround happened when she acquired a corporate client through cold calling who invested Rs.225 crore in liquid funds. While cold calling kept the ball rolling for Sangeeta, referrals aided the growth momentum. Even today, she spends most of her time in meeting existing and prospective clients.
Sangeeta now heads a seven-member all-women team and experiences joy in creating a group of independent and hard-working women.
Here are a few learnings from Sangeeta’s story:
- Cold calling is a powerful client acquisition tool. Also, never stop prospecting
- Spend adequate time in meeting clients and prospects to grow business
Chapter: Shifali Satsangee – Life 2.0
Shifali started her entrepreneur journey after raising her children. She has formed her company, Funds Ve'daa, and is currently based out of Agra, Uttar Pradesh
Shifali’s CA husband introduced her to mutual funds as a vehicle for wealth creation. She sensed an opportunity and opted to start wealth management services in Agra.
Her initial set of clients were from his husband’s company. Referrals from existing clients increased her client base subsequently. Overall, her ability to understand investors’ needs and simplify finances helped her win new clients.
Right from the beginning, Shifali focussed on setting up systems and processes to run distribution business. She uses an automated workflow management system to streamline back-office operations and increase productivity. This eliminates redundant and repetitive activities. She believes that having a system in place equips her to handle multiple client requests simultaneously.
Shifali keeps herself updated by attending multiple conferences like Cafemutual Ideas Fest to learn and network with experts, industry stalwarts and fellow distributors. She also has mentors who help her identify business concerns and suggest ways to address them.
Over the years, Shefali learnt these things:
- Having a mentor can help you identify business concerns and address them efficiently
- Well-defined processes eliminate redundant tasks and give you adequate time to focus on what matters for business growth
