Khyateey started her
advisory business when she was just 21 and today manages over 350 clients.
A commerce graduate from Mithibai College, Khyateey Dutt took up a part-time job as an advisor at Tata AIG Life Insurance during her college days.
Khyateey has been a self-motivated and hardworking girl since her school days. To get practical exposure, she took up a part-time consulting assignment with HUL after she completed her Higher Secondary School. Her job required her to train associates/salespeople about how to utilize and communicate the benefits of products launched by HUL to consumers.
Khyateey’s brush with financial advisory was completely by chance. Accepting her friend’s request, she attended an 18 day training session at Tata AIG Life Insurance for which she got a stipend of Rs 5000.
During her stint at Tata AIG, Khyateey was witness to a lot of mis-selling in the insurance industry. Determined to make a difference, she decided to become a financial advisor. And so, at 21, when most youngsters aspire of landing their dream job, Khyateey floated her advisory firm called Plant Rich Consultancy with a 100 sq. ft. office space in Mumbai’s suburb – Kandivali. She wanted to be an entrepreneur but did not have any capital. So she decided to take up something which did not require much capital. She got enrolled with JM Financial as a sub-broker for selling mutual funds, bonds and company fixed deposits.
Being so young, she had to overcome the skepticism of her prospective clients who doubted her ability to implement complex financial plans. But soon, she managed to win their confidence, which is demonstrated by her testimonials on Linkedin.
During her initial days, Khyateey started giving presentations in companies about tax planning which helped her acquire clients. Today, she has a team of 14, two offices and manages over Rs 75 crore assets and a clientele exceeding 350. Since inception, Khyateey has adopted a fee based practice. She started by charging Rs 1000 and today she commands a fee of Rs 15000.
Her entrepreneurial spirit and innovative approach in financial planning has won her the ‘Innovator in Finance’ award at the ‘Women Leadership & Innovation Awards 2013’ held in Mumbai on 25 April. She was the youngest to win an award across all categories. International Women’s Forum is dedicated to upbringing the cause and promoting women leadership across the globe.
Here’s what Khayteey has incorporated in her practice which won her accolades:
Goal Sheet: After spending such a long time in the industry, she has realised that more than 90% of clients don't understand their financial plan. To make the plans more relevant, she gives them a one page G sheet (Goal sheet) which summaries a clients financial health and their goals. Khayteey urges her clients to keep their goal sheets at prominent places at their home or office so that they are always reminded of their goals.
Expense Sheet: She gives a hard copy of expense book to clients wherein it is compulsory for them to write each and every expense for three months. She set reminders in their phone every night to remind them to fill their book for the day. This helps her understand their expenses pattern in a more appropriate manner.
Utility Bills: They help their customers meets their important due dates so they don't end up paying extra charges/late payments/interest. At end of the day money saved is money earned! Reminder SMS/ mails go from their office and if required the cheques are collected for as low as Rs 20 extra per bill.
“I feel it's a wonderful profession and it's all about your passion. I really love my work. I wait for Mondays to come so that I can do something new in the week. I want to build a great financial planning business which will last for generations to come,” says Khyateey.
Khayteey is planning to help senior citizens prepare their will free of cost. She also wants to spread financial literacy among women.