Principal Times, a joint initiative of Principal Mutual Fund and Cafemutual, provides a platform for advisors to share their experiences with each other. In this edition of the ‘Principal Business Champions – Winning Ideas’ contest, advisors share with us how they helped their clients save better by building an emotional bond with them.
While many IFAs shared their stories with us, here are the entries that received the highest votes.
Winner on Website: Azeem Jagani of Composite Investment Services, Mumbai
Helping a prospect during a medical emergency got me a client
“Hey can you take a look at the health insurance policy of my colleague Mr. A,” asked my friend. That is how I met Mr A (name changed to protect anonymity). He had to undergo a surgery and wanted to understand his health insurance policy coverage. According to the policy, he was eligible for cashless hospitalisation, so I initiated the process on his behalf. As a result, his hospitalisation was a hassle-free and he did not have to bear any surgery expenses. He was immensely grateful for my help. After his recovery, he approached me for financial planning advice and has been my client ever since.
Another prospective client started investing with me when I went out of my way to help him plan his daughter’s wedding. To recap, a few years ago, I approached a prospective client through referral for financial planning. This client told me that he could not invest his money as he had to spend his savings to fund his daughter’s wedding. Instead of being disheartened, I connected him to a good wedding planner. I also helped him get great deals on hotel and transport. Seeing me deftly manage his expenses, he was convinced that I was a careful money manager. Post the wedding, not only him, his daughter and son-in-law too started investing with me and have been my clients for the past three years.
Winner on Twitter: Padmanaban B of Fortune Planners, Chennai
I share such a strong bond with my clients that they take my advice on every important financial matter
Here is the story of a client who was offered voluntary retirement (VRS) two year prior to his retirement age. The client approached me for guidance. After discussing all the pros and cons of his decisions, I advised him to accept the VRS. He accepted it wholeheartedly.
Handholding my clients during volatile markets has help me build trust with my clients. A long-term client wanted to stop his SIP in 2013 as his SIP had not given him any appreciable returns in the last two years. I strongly advised him against it because I believed that equities would appreciate over long –term. In addition, I advised him to hold on to his investments as they were for his daughter’s higher education, which was still many years away. While still a bit sceptic, he decided to follow my advice. Today he is happy that he stayed put.
Winner on Facebook: Jitu Dhabaria of Balaji Wealth Care, Kolkata
Bonding over common interests has won me a friend and a client for life.
One of my long-term client is a total foodie. After our periodic portfolio meetings, we make it a point to visit a new eatery. From advisor-client relationship, we have become friends due to our mutual interest in food. Today our bonding is so strong that he trusts me with all his investment decisions and cannot even think of shifting to any other advisor.
Impressed with my dedication in helping him sort operational issues related to his investments, another client hired me as his advisor. During my initial meeting itself, I understood that he was reluctant to make any fresh investments as he was facing problems with his existing ones. Being a differentially abled individual, he wanted all his investments to have a nomination. Despite repeated attempts, he did not receive much assistance from the AMCs in this regard. I was able to sort-out the paper work and my commitment won him over. Today he is one of my biggest clients.
