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  • Success Stories What made them quit their profession to become IFAs

    What made them quit their profession to become IFAs

    We profile and Prashant Popat (former dentist) and Sanjay Ladha (former garment merchant) to find out what prompted them to switch their professions.
    Banali Banerjee Mar 29, 2016

    In the first series, we profile and Prashant Popat (former dentist) and Sanjay Ladha, (former garment merchant) to find out what prompted them to switch their professions.          

    Dr. Prashant Popat, Core Plus Financial Planning

    Former dentist turned IFA is on a mission to cure people’s financial health in Rajkot. Prashant’s journey into advisory was a planned move. He was a practising dentist for 12 years before turning to financial advisory. “The reason for getting into financial advisory was to pursue my passion and make a living out of finance. The transition was not smooth as I had some naysayers who advised me to continue with medical practice. Only a few of my close friends and family members encouraged me to follow my heart,” recalls Prashant.

    Prior to starting his own venture, Prashant was a part time financial advisor-cum-dentist. However, donning two hats meant that neither the patients nor the clients took him seriously. To overcome this problem and pursue his passion, he plunged into full time advisory in 2010 by empanelling with NJ India.

    From what was a ‘pull service’ Prashant moved to ‘push service’ and this wasn’t easy. Thus, his initial catchment were his peers from medical fraternity. “As a dentist, I never had to approach my patients but as a financial advisor, I started meeting people proactively to educate them about different investment options. It was a challenge in the initial days.”

    To sharpen his skills, Prashant completed his CFP in 2011. Today, he derives great satisfaction out of the fact that he enjoys the confidence of 200 clients with AUA of Rs. 4.25 crore in mutual funds.

    He believes that IFAs should focus on holistic view in investment advice. "Financial planning is always about debt and equity and not about equity or debt," Prashant adds.

    Sanjay Ladha, Founder, NM Consultants

    Sanjay Ladha was happy in his family’s textile business which he was managing for 12 years. But destiny had some plans for him.

    In 2001, his friend asked Sanjay to accompany him to attend a training session on ‘how to become an insurance agent’. This session turned out to be a turning point in his career.  Sanjay realised that he can make a good career in this profession and started selling insurance simultaneously on a part time basis.  As his clientele grew, one of his clients advised him to get into financial advisory on a full time basis. Heeding this advice, he left his family business and started from scratch.

    However, Sanjay did not wanted to restrict himself to selling only one product. In 2003, he floated NM Financial Consultants and started offering mutual funds and other products. “One of my investors recommended me to sell mutual funds since its penetration was low in India.”

    But his initial days were very challenging as prospects did not entertain or trust him easily. But he overcame these hurdles by investing in himself by acquiring  the necessary skills.  Today, he caters around 250 families, which he has acquired clients purely through referrals and boasts of an AUA of Rs. 45 crore in MFs and SIP book of Rs. 42 lakh per month. 

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    6 Comments
    Rajesh Sharma · 7 years ago `
    Feeling very sorry for these people, who has given their best to this industry... Now SEBI, AMFI & AMC are playing with their future.
    Dweepesh · 7 years ago `
    Can SEBI reconsider its mid guided commission disclosure act. Even Supreme Court has a re petition kind of arrangement .I am also feeling sorry about my profession .
    Dweepesh · 7 years ago `
    Can SEBI reconsider its mis guided commission disclosure act. Even Supreme Court has a re petition kind of arrangement .I am also feeling sorry about my profession .
    D C PATNAIK · 7 years ago `
    I hope one day will come the persons associated with SEBI ,AMFI AND AMC will take a detail wholesome expenditure to wards their life from their parents also because they are forgetting their mothers milk.
    venkatraman · 7 years ago `
    IT is really a motivating article from both. Qualification does not matter in any business, involvement and updating knowledge is important to handle our clients queries.
    Pawan khurana · 7 years ago `
    I my self devoted my own business of Tailor Drapper & Readymade Uniform manufacturing (18 yrs estblishment) and became IFA in 2005. But now circumustances are chaging & challenging our advisory business.
    Hope everything should be positive in the future.
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