Please tell us about your background and what inspired you to get into financial advisory?
After completing my MBA in 2002, I worked with a couple of leading private sector banks in Ahmedabad. Working with banks helped me learn about processes, sales, relationship management and customer service.
As I started advising my bank clients, I realized that investors actually trust employees first and then feel comfortable with the brand.
When you are working for bank you are instructed to sell specific products which may not necessarily suit client’s needs. There was no need based selling and I wanted to fill this gap. Thus, I started my own financial advisory practice six years ago.
How were the initial days of your business? What kind of challenges did you face?
Since I was very young when I started my practice, many prospects didn’t trust me easily.
However, I continued to nurture my core strength of relationship building and putting client interest first. This approach helped me establish a good rapport with clients.
Tell us about your business model and how much AUA do you manage in mutual funds?
I follow a needs based approach. I have an initial face-to-face discussion with every prospect, which takes about 45 minutes to 1 hour. After a thorough probe, I generate solutions using spreadsheet and other tools and submit a report to clients. This report gives insight into their goals, their current situation, where and how they need to invest to achieve goals, keeping in mind their asset allocation, risk profiling and diversification. I also review their portfolio every year.
Today, I have been able to build an AUA of Rs. 8 crore with about 200 clients across Gujarat, Mumbai, Delhi/NCR, Bangalore and even out of India (Singapore, Sri Lanka, USA etc.). I have an SIP book of Rs. 12 lakh per month.
Tell us about your smart business idea
I observed that my clients were not giving me repeat business as they were getting advice from banks and stock brokers as well. I wanted to the get the maximum mindshare of my clients.
Also, I also wanted my clients to understand financial markets and the concept of financial planning better.
I identified my top 50 clients in Ahmedabad and along with the Bennett Coleman team, started sending ET Wealth supplement to all these 50 clients every Monday. I inserted a sticker in each copy which mentioned my name and a slogan "Wealth cannot be earned. It can only be created".
So, on every Monday, all these 50 clients used to receive ET Wealth which helped them gain knowledge about financial planning. The sticker helped me to be on top of their mind, at a very economical cost of just Rs. 7 per client per week.
This strategy helped me get repeat business and referrals. More importantly, I’m proud to say that I helped them enhance their knowledge.
What are your future plans?
I currently operate from my home and I’m planning to purchase an office in Ahmedabad.