These knowledge conclaves will be held in seven more cities.
Mumbai based Network FP held its Knowledge Conclave 2014 in Mumbai which attracted close to 170 advisors. The day-long event covered wide ranging topics relating to financial planning, business development, SEBI RIA regulation, among others.
V Ramesh, Managing Director & Chief Executive Officer, MF Utility explained the features industry’s much-awaited MF Utility platform which is expected to be launched in June.
Kalpen Parekh, Chief Executive Officer, IDFC Mutual Fund said that advisors should first explain the risks involved in mutual funds to clients and urged them to work towards setting new standards in customer service. He cited the example of a customer service executive of Zappos.com (acquired by Amazon). “Zappos, which was an online retailer of shoe and apparels, had a reputation for great customer service. A person who was eager to check their service called up their office and asked the executive to deliver a pizza. The executive didn’t turn down the customer’s request. Instead, the executive asked where the customer stayed and ordered a pizza for him from a pizza joint in the neighbourhood .”
Karan Datta, National Sales Head, Axis Mutual Fund asked advisors to connect with investors on an emotional level. He shared the findings of a research on investors conducted by his fund house. Some of the terms with which investors associated mutual funds were: tension, risky, no guarantee, and complicated. “Being logical and rational all the time does not necessarily help. When you go to buy a car you don’t check its combustion and all internal parts of the car. You look at its features, reliability, mileage, customer service, etc. Similarly, clients may not understand the complexities of mutual funds. Advisors need to change their communication pattern.”
Highlighting the importance of self-assessment, Ajit Menon, EVP, Head – Sales, DSP BlackRock Investment Managers unveiled the AMC’s new initiative which helps IFAs undergo a psychometric test. “We have tied up with a company called Jombay which provides psychometric analytical tools to assess human behavior. We have run a test among 50 successful financial advisors to understand their traits. After taking the test, a report is generated which is sent to advisors. The report is confidential and shared only with the advisor. This tool will help advisors identify the areas where they can improve. This tool will be available on our website soon.”
Sandip Ghose, Director, National Institute of Securities Markets talked about NISM’s initiatives in the area of certification, investor awareness and its vision of bringing more advisors in the country.
Rajesh Krishnamoorthy, Managing Director, iFAST Financial stressed
on the need for advisors to develop a strong fiduciary orientation.
Aashish Somaiyaa, Managing Director, Motilal Oswal Mutual Fund made a case for Nifty reaching 22,000 levels in the next ten years based on pure fundamentals and how to communicate the same to clients.
A ten-member panel of Anup Bansal, Hemant Rustogi, Kevin Michael, Rajendra Kalur, Shalini Dhawan, Kalpesh Ashar, Kavitha Menon, Rajesh Chheda, Rohit Shah and Suresh Sadagopan shared their experiences about the process and implications of registering with SEBI as RIA.
Gajendra Kothari of Etica Wealth Management showed how he wins clients trust by showing his personal investment portfolio while talking to clients. He also shared how advisors can attract new clients by conducting investor awareness seminars.
Rajesh Cheddha of Finance Factory gave a lowdown on how advisors can use apps available on iPhone and Android phones to increase their productivity.
Other speakers in the conclave included Tarun Birani, Ranjit Dani, Sumeet Vaid and Deepali Sen.
The Knowledge Conclaves will be held in other cities like Pune, Delhi, Bengaluru, Ahmedabad, Chennai, Kolkata and Hyderabad too.