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At Cafemutual Ideas Fest (CIF) 24, Amit Shah, Founder & CEO, Wylth shares some insightful tips to MFDs to increase earnings. Here are the key highlights of his session:
Dreaming big
Amit starts his session by discussing the importance of dreaming big. He highlights the fact that despite having a huge MF market in India, only 1500 MFDs have crossed the AUM of 100 crore. He believes that MFDs should redefine their goals given the potential of the market. Amit also spoke of the necessity of continuous learning for an MFD to succeed serving clients who are not very finance savvy.
Strategy for 10X growth
Amit believes that for better customer acquisition, MFDs should look to continuously expand their services and look to become financial products distributors in the truest sense instead of just focusing on mutual funds. Amit also discussed the importance of building a brand in order to retain the clients for a long period of time.
Overcoming obstacles
Amit discusses how a lot of MFDs restrict themselves by celebrating small numbers. According to him, aiming and failing to achieve something big is better than having a smaller goal and being satisfied at achieving it. He also gives the example of how strategic planning can help a youngster build a multi-crore corpus by the age of 30-35 instead of spending most of the income on EMIs.
He then talks about how MFD community can help each other to build better strategies with the help of networking.
Role of technology
Amit also discusses the importance of technology and asks MFDs to find tools that can give them everything needed to expand their business. He signs off the session by again asking the MFDs to shoot for the moon as even failure will make them land among the stars.
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