Datta Kanbargi and Anita
Kanbargi, winners of MFRT Samman, manage Rs. 62 crore in mutual funds from
Belgaum, Karnataka. The husband wife duo share their journey and their success mantra
with Cafemutual.
Tell us about your early career. Did you
always want to be a financial planner?
After graduating in commerce in 1986 I joined a chartered accountant firm. After a while I joined a private company as a cashier-cum accountant. Because of my dedication and hard work I was promoted to Deputy Manager – Finance. I left this company after 13 years.
Anita, my wife, a Diploma holder in Commercial Practice and commerce graduate, served in various organizations from 1989, in administration and accounts.
In July 1998, she started an agency which dealt in advertising, events and human resource. I quit my job in 2000 and joined her. We also took up various other services like postal savings, life insurance, income tax return filing, mobile currency selling, etc. It was then just a matter of survival. We were only working hard and struggling to meet our needs. We never thought that we’ll become financial planners.
What inspired you to take up financial advisory?
In 2003-04 my friend Vijay Bhagwat, Chief Representative, UTI, Belgaum introduced us to K.S. Rao, Branch Head, UTI Hubli. It was K.S.Rao who inspired and encourage us take up mutual funds advisory. Since then there is no looking back.
Tell us about your initial journey. What kind of teething trouble did you face?Back then UTI declared the closure of many of its assured return schemes viz., Raj Lakshmi, US64, Children's Gift Growth Fund (CGGF) etc. When this happened the aggrieved investors felt frustrated especially as there was no one to address their grievances or advise them on the future course of action. We started guiding these investors.
Tell us about your business model? What kind of services are you offering?
Our business is primarily focused towards retail. Around 70% of our assets are in equity and we have SIP book of 2,000. We manage nearly Rs. 62 crore in mutual funds. As the mutual fund business gained traction we have gradually foregone postal and life insurance business.
How do you distribute work among yourselves?
Some customers are comfortable with Anita while some with me. Anita’s strength lies in business development as she is good at marketing. My strength lies in financial planning and execution. Ultimately, the sales and service is team work.
What were your biggest learnings as a financial advisor?
After having seen the initial bull run for five years from 2004, bear phase of six years from 2008 & recent rally of 2014, we are more confident about mutual fund products. Even clients are happy. We usually don’t recommend closed end funds & NFOs.
How do you win the trust of your clients?
Investor communication has to be simple. You have to speak their language. We spend a lot of time with our clients in office, especially during bad times, to answer their queries and educate them. This way our investors know that we don’t reach out to them only in good times. Thus, our clients are happy and satisfied with our services & stay connected with us.
How do you get new clients?
We conduct meetings of employees in BSNL, air force, army, railways, banks, colleges, schools etc. We also do seminars for auto drivers, self-help group, women, etc. We also participate in exhibitions. Majority of our new clients come through walk-ins & referrals.
Going ahead, what are your plans?
Since SIP is a great tool to create wealth in the long run, we want to increase our SIP book.
Please share a memorable moment in your financial advisory journey
Over a period of time, our relations with investors have grown beyond just discussing finances. They involve us in their personal decision makings also. There are lot of clients who have moved to different cities like Pune, Bangalore, Hyderabad, Gurgaon etc. but they still continue investing through us. We feel great about the trust & faith they have in us. There have been lot many beautiful moments in this journey.
Your advice to budding IFAs
Mutual fund advisory is a great business to create wealth for your clients as well for yourself. Have faith in this industry & patience too.