With 234 SIPs in a single day, Kolkata IFA Hitesh Jain of Finomatic Consultants executed transaction of Rs.4.40 lakh with an average ticket size of Rs.1,700.
When NSE NMF II announced a SIP activation contest, ‘SIP to Success’ for all its advisors, Hitesh was keen that Finomatic be the first winner from east. Initially, he set a target of 100 SIPs but later increased the target to over 200 SIPs after getting good a response from investors.
Client acquisition
Hitesh focussed on new clients. Of the 121 clients who participated in the SIP login day, 102 were first time investors in mutual funds. He acquired these clients through investor awareness programs and referrals.
To convince clients to invest in SIPs in the volatile markets, they drew corollaries between the ongoing Diwali sale and the markets. They explained to the clients that they could get higher units for the same amount due to a correction in market; it was akin to getting a discount on a product you wish to buy. Encouraging clients to take a long-term view, they advised clients to see volatility as an ally and not something to fear.
Ensuring smooth operations
As majority of clients were new investors, KYC was one of the biggest challenges. To ensure seamless execution on the day, Hitesh collected most of the documents required for KYC and application forms a week in advance.
Later, they began the process KYC registration and IIN generation on NSE NMF II. The NSE NMF II team ensured that they could process IINs within 24 hours.
To prevent any bank account set-up related delays, they activated new client SIPs through cheque payments. For existing clients, they opted for online transactions.
Enthused by the success, Hitesh and his team is eager to run another SIP login day and are planning to target a higher SIP number.
