Please tell us about your background and what inspired you to get into financial advisory?
I started my career as a Stenographer and was promoted as Confidential Secretary to the General Manager Taxation of Firestone, later known as Modistone.
Since I was in the taxation department, my colleagues and friends used to seek my advice on investments. They advised me to take up an agency. During those days, only UTI was in existence and the agency was provided only to women. Thus, I took the agency in the name of my wife.
How were the initial days of your business? What kind of challenges did you face?
Initially, I was doing it on a part-time basis, so whatever I received was a bonus. Subsequently, during 1994-95 my company declared a lock-out and eventually in 1997 wound up operations all over India. Prior to the lock-out of the company, my boss advised me to look out for some other job. By then, I had empanelled with many AMCs. The initial days were indeed difficult as I was unable to build a good client base.
How did you acquire clients?
The credit goes to my friends, family and acquaintances. I have not done any cold calling in my career. I got all my clients through referrals.
Tell us about your smart business idea?
Having been in this industry for more than 21 years, I left no stone unturned in acquiring knowledge and developing my skills. One such initiative was equipping myself with CFP certification.
While pursuing this course, I realized that due to my lack of adequate knowledge, I did not sell appropriate products to my clients. I decided to call those clients and rectify my mistake.
I started my website and gave log in details to all my friends, family and clients after uploading their existing investment data on the site. Also, I started giving a complimentary financial plan to my friends, family and clients which helped me build a good rapport with them.
While preparing financial plan, I do a detailed analysis of their existing investments and suggest remedial measures. These initiatives helped me establish trust with clients’ and in turn helped my business.
How much assets under advisory (AUA) do you manage in mutual funds? How did you manage to get it?
I have around Rs.10 crore AUA in mutual funds. In 2008, it was around Rs.25 crore when the market had peaked and I made many of my clients book profits. I made them start afresh through the SIP mode.
Tell us about your business model? What kind of services are you offering?
I do not believing in advertising my business. If I keep my clients happy, they automatically become my brand ambassadors. Besides recommending financial products, I help my clients file their income tax returns. As I am a professional trader, I always suggest to my clients to invest in direct equity for long term wealth creation.
What was your biggest learning as a financial advisor?
As a financial advisor, it is just not sufficient to advise clients on their investments. You have to hand hold them in their journey and be with them throughout.
Please share a memorable moment in your financial advisory journey
The most memorable moment in my financial advisory journey was when one of my clients told me that I had estimated that he would accumulate Rs.20 lakhs from his investments but he actually accumulated Rs.36 lakhs. He utilized this money to buy a property.
Apart from mutual funds, what are the business services you offer?
Besides mutual funds, I handle both life and general insurance business.
What is your key to success?
Honoring the commitments made to my friends, relatives and clients is the key to my success.
What are your future plans?
Since I am a professional trader, my concentration is more on trading activities, which keeps me busy during week-days. During week-ends and on holidays, I concentrate on financial planning. Of late, I’m concentrating on spreading financial literacy.