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Could you summarise the year 2023 in the form of three business lessons?
2023 has taught me 3Ts.
- Time Management
- Technology
- Touch base with clients/prospects
What are the key trends that MFDs/RIAs should watch out for in 2024?
- Focus on lesser volatile products like balanced advantage funds and multi asset to increase the scalability
- Fixed income is the category to look out for
- Large cap may make a comeback
What are the three must-have business skills for MFDs/RIAs in the coming year? And why?
Knowledge: Keep learning new things related to market, products, technology, client servicing etc. Also, focus on learning new skills, which may not be directly relevant to your business but can make client conversations interesting.
Communication: Master your verbal, non-verbal and written communication. Just forwarding the messages and images to the clients will not work. Create original and fresh content to communicate with your clients.
Use buzz words: Use buzz words and punch lines to make conversation impactful as these things stay with people. In today’s age of social media, clients are surrounded by so much of information and noise; MFDs should give them a line, a word or two to remember.
What are the top two business opportunities that MFDs/RIAs should tap in the new year? And how can they do that?
Instead of talking about retirement planning, you should build conversation around FILE (Financial Independence Life At Ease). This concept will encourage Gen Z and millennials to start doing retirement planning.
Also, focus on replacing FD money with debt funds and conservative hybrid funds to increase your wallet share.
