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Principal Times Lessons that I have learnt from my mentor

Lessons that I have learnt from my mentor

Leading advisors share the top two lessons that they have learnt from their mentor and how it helped them grow business.
Team Cafemutual Jan 15, 2018

The sixth ‘Principal Business Champions’ contest got an overwhelming response from the IFA community.

‘Principal Business Champions –Winning solutions’ is a joint initiative of Principal Mutual Fund and Cafemutual to help advisors learn from the best practices of other IFAs.

Here are the ‘Winning solutions’ that got the highest votes.

Winner on website: Harshavardhan Bhusari, FIN PALS, Mumbai               

Disclose your commission and ask open-ended questions

I draw inspiration from many people within the industry. I can say that I have many mentors. I meet these mentors at industry events and conferences like CIFA and Cafemutual Confluence. One of these mentors explained to me the significance of following a transparent process by disclosing conflict of interest. In fact, I started disclosing commission I receive from mutual funds to clients even if they do not ask. This has helped me gain trust and build the client’s confidence in me.

I would like to share an incident on how disclosing commission has helped me. Two years ago, I approached a builder through a referral. However, he was not willing to invest in mutual funds as he had a greater conviction of the prospects of real estate. I explained to him the significance of diversification and asset allocation. I also disclosed the amount of money I would make if I sold him a particular product. Impressed by this, he gave me a big cheque.

Another important lesson is to ask open-ended questions to understand your clients better. Open-ended questions or questions that require more than a yes or no response help you find out what the client has to say in their own words. If you can develop attentive listening skills and pay attention to the client’s body language, you can find out deeper aspects of your client’s life.

Winner on Facebook: Tejal Gandhi, Money Matters, Mumbai

Be on time and do homework on your clients before meeting them.

My mother imbibed discipline in me. She taught me to value time. Hence, I always meet my clients on time to make a good first impression. After all first impression lasts longer. It also helps me make prospects realize that I am serious about this business.

Similarly, my ex-boss taught me to do a little homework before meeting any client. I visit their social media profiles thoroughly by going through their likes, dislikes, comments and interests. If the client has come through a referral, I meet with the client who referred his/her name to know more about the prospect. This activity has helped me develop a better understanding of clients so that I can customize my offerings.

Winner on Twitter: BO Dammani, BO Dammani Wealth Management, Nagpur

To be in constant touch with your clients and be a one-stop provider of financial solutions.

My mentor is a fund official whom I have been following since the time I started working in this industry. He advised me to be in constant touch with existing clients and make persistent efforts to acquire new clients.

Following his advice, I started making six calls a day. Of these six calls, I make five calls to my existing clients updating them on their portfolios and market developments. In addition, I make a point to call at least one prospect a day to seek a meeting.

This fund official has also advised me to be a one-stop provider of financial solution to clients. Therefore, I take care of all financial needs of my clients. Be it updating their passbooks or filing their income tax returns, I ensure that I help them with all their personal finance matters. Now they seek my advice in all such matters like getting a new credit card or applying for a loan.


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