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At Cafemutual Ideas Fest (CIF) 2023, Gladston Somervel, Head - Distributor Services and Branch Operations, KFin Technologies spoke about accelerating growth through service and technology.
Referring to them as the core elements of the distribution business, Gladston also cited real life examples of a few top MFDs.
Core element #1 - Service as a differentiator
Service is the overall experience that you create for your clients. This differentiates you from others and strengthens your brand further. In fact, MFD Roopa Venkatkrishnan who currently manages over Rs. 1,500 crore also believes that servicing and staying connected with clients are key to business success.
Likewise, MFD Hari Kamat stays closely connected with clients and knows the majority of his 6,000-plus clients by their names. Remembering names conveys respect and creates a sense of belonging.
But what can make service a differentiator? What do investors expect?
Focus on timely and error-free processing, accepting all service requests, having clear communication, providing real-time access and offering trusted advice amongst others.
Core element #2 - Technology as an enabler
Technology not only improves business efficiency but also supports decision making. Leverage technology and keep a close track of business functions by way of regular reports. For example, list of approved/rejected transactions, list of KYC complaint/non-compliant clients, SIP registration/expiry, brokerage details, NAV report, etc.
Vouching for this, Suraj Kaeley, Independent Coach and Consultant highly recommends using data to serve clients and grow business.
MFDs as influencers
MFDs play a crucial role in handholding clients and shaping their investment beliefs. They create a positive influence on their behaviour and guide them along their financial journey. MFD Gajendra Kothari’s recent client experience brings out this positive influence.
Recently, one of Gajendra’s clients visited him with his two children aged 11 and 13 years to introduce them to mutual funds. His intent of introducing investments to children of such a young age speaks volumes about the value that MFDs add to investors’ lives.
