A self-taught advisor, Nilesh spends Rs 2 lakh per year for
learning and self-development by attending conferences in India and abroad.
Nilesh started his financial journey from his family owned provision store which has been running in Coimbatore since 1967. He learnt a lot from his family business like money management, handling clients, product promotion etc. Right from his early days, he developed a fascination for finance and investments. Even when he was in college, he used to invest his pocket money in IPOs and share markets.
After completing B. Com, Nilesh took up a sub-broker agency in Coimbatore Stock Exchange. As he was interested in financial planning, he empaneled with UTI and also joined Urban Career Agents coaching of LIC.
In 1998, Nilesh floated his own financial advisory firm with the help of his family called Sangam Financial Planning which was named after his family owned Sangam Stores! Hisfamily owned business helped him acquire clients in Coimbatore. Nilesh also approached his friends and acquaintances during his initial days. He faced stiff challenges in selling mutual funds due to lack of investor awareness. Nilesh observed that the people of non-metro cities prefer physical assets, fixed deposits, PPF and NSC over mutual funds units and life insurance products. He then decided to spread awareness on the significance of financial investments. Nilesh started convincing his clients to invest in financial products rather than investing in physical assets and government backed products. Nilesh made it a point to focus on the importance of financial goals in one’s life with his clients.
Nilesh has a strong belief in ‘need based’ approach. He said “it is important to understand the needs of clients. Different people have different needs and different goals. Therefore, it is necessary to find out these financial goals of the clients so as to execute a financial plan that is best suited for them.”
By focusing on this strategy, his business picked up swiftly and today he is catering to 1200 clients and 300 families in Coimbatore. Nilesh handles the sales front while his brother and a handful of staff look after back office work. His wife Jyoti, who is CFP, helps him in financial planning and business development. His assets under advisory in mutual funds stand at Rs 50 crore.
Nilesh currently works on a commission based model though he is prepared to adapt to the changing circumstances. Nilesh says that commission based model is more successful in non-metro cities.
Nilesh spends Rs 2 lakh per year for learning and self-development by attending various conferences in India and abroad. Nilesh became the member of Million Dollar Round Table (MDRT) in 2001. Since then, he is continuously qualifying for the prestigious MDRT membership. Nilesh is also a member of content development committee of MDRT and Life Insurance Round Table (LIRT).
With a diversified and extensive experience of 23 years in financial advisory business, Nilesh strongly believes in selling the right products to the customers based on their needs. His marketing strategy is to serve all the requirements of clients under one roof. Nilesh decides his business target every quarter. He then tries to achieve it before the targeted time. He said “I always believe in breaking my own record.” He said qualifying MDRT for 13 successive years from a non-metro city like Coimbatore is a difficult task for many but he has achieved it because of his systematic approach in chasing his business target.