The latest edition of ‘Principal Business Champions – Winning Ideas’ contest received phenomenal response from the advisory community. The website pool recorded a whopping 45,093 votes. Similarly, our Facebook and Twitter handles reported a reach of 16,609 and 15,945 impressions respectively.
A joint initiative of Principal Mutual Fund and Cafemutual, ‘Principal Business Champions – Winning Ideas’ offers a platform for advisors to share their rich experience with other IFAs.
In the latest series of this initiative, IFAs across the country shared business lessons they learned from Indian mythology.
Here are the entries that received the highest votes.
Winner on Facebook: Mona Bhutani, Director & CEO – Milestone Portfolio Consultants Pvt Ltd
We learn why some people succeed while others fail when we look at Goddess Saraswati and Goddess Lakshmi
According to Hindu mythology, though Lakshmi and Saraswati are sisters, Lakshmi follows Saraswati. In other words, wealth follows knowledge.
As advisors, we need to educate our clients about mutual funds and the “Lakshmi” – returns would follow. We too need to be keep updated on new developments.
Multiply yourself using technology
Krishna in “Bhagwat Puran” had the power to be accessible to all his 16,108 wives simultaneously so that none of his wives felt alienated.
Similarly, advisors should give clients personalised attention. Clients want their advisors to be accessible.
Do not take unnecessary risks from Yudhisthir
Yudhisthir’s one weakness was gambling. This weakness led to him giving away his kingdom, assets, brothers and lastly his wife.
This is prime example of the risks of gambling. Even in investment world, short term trading is akin to gambling. Learning from this example, we should educate our clients on the pitfalls of aggressive trading or investing in fancy high-risk investments such as bitcoins.
Winner on Twitter: IFA Pradeep Karambelkar
Be a guide to your investors
Krishna was a guide 'saarthi' to the highly skilled Pandava team. Under his guidance, the Pandavas managed to defeat Kauravas inspire of the latter being more in number.
Similarly, you should be a Krishna (Saarthi) for your clients. Adopt this role to overcome behavioural biases of your clients.
Dangers of incomplete knowledge from Abhimanyu
Abhimanyu the son of Arjun knew how to enter the chakravyu (a specialised wartime formation) but not to exit it. This led to his death during the Mahabharata.
The story highlights the importance of choosing research-backed investment. Recommending a snazzy product without extensively analysing it can put your client's wealth and your relationship with him in jeopardy. Only when you understand both the probable returns and associated risks should you consider recommending any product.
Winner on Website: IFA Rakesh Lahori, R K Investments, Mumbai
Maintaining silence when you see your client making a mistake can be disastrous
Despite being aware of misdeeds of Kauravas, Bhishma Pitamah did not raise his voice against them. Draupadi’s chirharan was the breaking point that led to Mahabharata between the two families. This story tells us to speak up when your clients make investment mistakes.
Do not compete: focus on learning
On his deathbed when Karna asked Krishna why people respected Arjun despite he (Karna) being a more proficient archer, Krishna explained to Karna that while Karna was focussing on besting Arjun at archery, Arjun was simply focussed on learning the art.
Similarly, instead of competing with peers, you should focus on developing skills to grow business.