Listen to this article
As their 26th anniversary celebrations continue, Franklin Templeton India, through their Invest For Progress Campaign, in association with Cafemutual, brings to you the inspiring stories of three women who overcame hurdles and created a mark for themselves.
Remarkably, each one of them manage assets of over Rs. 100 crores. Let’s look at their story:
Chapter: Meenakshi Sikchi – Our Industry’s Vitamin M
Amravati mutual fund distributor Meenakshi used to look after her family-owned cinema hall and agricultural land.
Things took a tragic turn when her mutual fund distributor husband passed away in 2006. Meenakshi stepped into her late husband’s shoes and took charge of the business. Looking after in-laws and two children, taking over the mutual fund distribution business and coping with the irreparable loss was not easy. However, Meenakshi overcame all these hurdles and took her firm, ‘Rainbow Financial Services’, to new heights.
Meenakshi acquired new clients by holding customized and jargon-free educational sessions. ‘Kya main Singham hoon’ (for policemen), ‘Arthik Kundali’ (mixed audience), ‘Importance of Vitamin - M (Money)’ (doctors) are some of her popular education sessions.
From beginning, Meenakshi focussed on encouraging investors to start with small amounts. She believes that many investors eventually increase their investments after seeing merit in recommendation.
Another unique thing about Meenakshi is that she meets the entire family of clients. Explaining how unfortunate events like the loss of the earning member can make life difficult, she encourages each member to take an active interest in family finance.
Meenakshi shared with us two key learnings from her 17-year journey:
- Personalised and jargon-free educational sessions can help mutual fund distributors acquire new clients
- Having discussions with clients’ families, makes them financially aware encourages them to actively participate in the family finances
Chapter: Nisreen Mamaji – Leaving nothing unanswered
Nisreen runs ‘MoneyWorks’ Financial Services in Mumbai. She started as a management trainee with an advertising firm and moved to Dubai post-marriage. The MBA graduate came across the role of an insurance advisor on her friend’s recommendation.
After four years, her family relocated to Mumbai. Nisreen continued with her passion as an insurance consultant. Later, she expanded her offerings with mutual funds to help clients create wealth and achieve life goals. She strongly believes that investors can achieve all their financial goals and aspirations through mutual funds.
Nisreen lays great emphasis on client servicing. She believes that the first step to build a robust client servicing model is to leave no client call/message unanswered. She believes in remaining accessible for her clients 24*7.
As a strong supporter of women financial independence, she guides women from various strata of society including salaried, homemakers and house help. She also believes that women investors are more comfortable discussing with women mutual fund distributors about finances and key life stages. In fact, Nisreen also encourages her male clients to involve their spouses in decision-making.
Her journey of over two decades taught that:
- Leave no call/message unanswered
- Create a more meaningful investor experience
Chapter: Payal Thakkar – Tranquillity and The Thakkars
Payal worked as a relationship manager with a reputed bank for over ten years. While her job was well-paying, her only regret was the inability to spend quality time with her child. She left her well-paying job as she desired more flexibility in her daily routine.
The ex-relationship manager was well-versed with mutual funds and their many benefits. She thus became a mutual fund distributor and started ‘Tranquil Investments’ in a home office set up in Mumbai.
To begin with, she reached out to her professional acquaintances and encouraged them to start with small amounts. Over time, as investors gained confidence and comfort in her working style, they increased their investments and also gave references. Today, she has expanded her investor base to over 350 clients.
Payal has a follow-up strategy to convert referrals into her clients. She doesn’t believe in chasing clients; instead, she schedules a follow up calendar that spreads across 15 days post the first interaction.
Another thing that has worked for Payal is asking questions that encourages clients to rethink. For instance, when a client places a redemption request after seeing some profits, she asks - Why is it necessary to withdraw the funds now? How will you make up for the missed compounding opportunity?
In her five-year-plus journey, Payal learnt that:
- Mutual fund distribution is not a capital-intensive business. A home office set-up can jump-start the entrepreneurial journey
- Asking investors relevant questions can help them make better financial decisions
