Usha Mallya and Vinayak Sapre have started a consultancy firm for advisers called ‘Insight’.They will offer practical and hands-on training to advisers who are facing any issue relating to business development, HR, customer service, etc.
Tell us about your new venture called ‘Insight’
Our services will help advisers function efficiently and at the same time hone their professional skills. We will also help advisers resolve their day-to-day problems in their profession.
Today,
every IFA is facing a unique challenge. So, we are planning to offer a coaching
module where we will work closely with an IFA for three months and identify the
areas of improvement. We will hold customized interactive workshops where we
would provide hands-on training to IFAs. So far, we have received a positive
feedback.
We realized that there are gaps in many areas. For instance, IFAs need to categorize their investors, understand their own strengths and customize their services accordingly. But, today, most IFAs continue to ignore them. For instance, I have come across people who have Rs 30 crore assets under advisory employing three staff members when they can operate with just two or probably one in some cases.
One can’t service clients without knowing them. IFAs do KYC for the regulator but they don’t do the same due diligence in understanding the psyche of their clients. I have got a client who was doing Rs 1000 SIP in five funds through another distributor. The same client has started Rs 1 lakh per month SIP with me!
Today clients perceive distributors as Crime Master Gogo (a negative character portrayed by Shakti Kapoor in Hindi movie Andaz Apna Apna released in 1994). The character is shown to deliver his patent dialogue -‘aaya hoon toh kuch leke jaoonga ‘(If I have come, I’ll take something from you). We need to change this perception.
How did the idea of starting this venture come about?
I have more than 12 years of experience in mutual fund sales and have handled all channels of distribution except institutional sales. Usha has more than 10 years of experience in customer service. We realized that IFAs are facing a host of problems like manpower management, client management, customer service, cross-selling, up-selling, communication problems, etc. So far, these problems are completely being sidelined as there are no structured solutions to rectify them. This sowed the seeds of starting this venture. Today, client’s expectations do not meet the services rendered by advisers. I have been consulting advisers since the days when I represented manufacturers, though not in an official capacity. Now I’m giving it a proper structure.
What kind of advisers you are targeting?
We are not targeting any specific category of advisors because skill development is essential for all. There is no one-size-fits-all policy.Any person/entity handling clients and doing financial transactions could reap the benefit of our services.
Even if an IFA has large assets under advisory of say, Rs 300 crore, there could be a possibility he/she is not getting satisfactory outcome from the business. He/she might be facing some problems in manpower management, cross-selling, contact management, CRM, etc. All advisers, whether small or big face some kind of challenges. This is where we come in. We feel that resolution of these problems is important for IFAs as well as their clients.
What is the scope of services that you would offer?
We will offer services in the area of sales, HR, business development and customer service. Client satisfaction and efficiency are the two most vital aspects to an IFA’s business.
How will you coach advisers?
We will organise workshops where we will coach and provide solutions for professional skill development. Our curriculum is completely based on practical approach. After completion of the workshop, advisers can call us to seek any clarifications or ideas to implement our ideas.