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While we have all heard about age being just a number, Hubli MFD Prabhakar K Bembalgi has proved it right. Defying his age, Prabhakar started as a mutual fund distributor at 69.
Talking to Cafemutual, the ageless achiever gave us a peep into his inspiring life story.
Prabhakar, now 79, courageously took us through the unfortunate event that turned his world upside down and how he overcame this challenge.
When everything changed in a flash
I worked with a central public sector undertaking for around four decades and retired in 2003. While I was still working, my only son went to the US for his further studies. A bright child who made it to the university on his merit through a scholarship program.
Everything was going smooth, until the ill-fated day in 1999 when my son met with a lethal car accident. He suffered a serious head injury that led to him being in coma. My wife and I immediately flew there and stayed for three months. Since the treatment and logistics were expensive, we brought our son to Bengaluru for further treatment. After two months, the doctor advised domiciliary treatment. My wife and I looked after our son and tried different treatments. But we lost this 13-year-long battle in 2012.
Our son’s demise left a void in our lives. Our lives revolved around him and we were left all alone. Depression started creeping in.
I learned to cope with the grief
My family doctor advised me to stay busy and suggested mind games like Sudoku and crosswords. I kept myself occupied but the emptiness was still there.
One day while talking to my share broker, I found a new purpose. Knowing about my personal and work background, he introduced me to mutual fund distribution. The idea of being able to guide others gave me a sense of satisfaction. I started studying for the NISM examination and cleared it on the first attempt in 2012. This was the turning point.
My business journey
I onboarded my wife as my first client followed by my daughter, son-in-law and other relatives. Referrals then came to play and my client base increased gradually.
I currently manage Rs. 12 crore for over 100 clients in Karnataka, Mumbai and Delhi. I can proudly say that 4 of my clients have become crorepatis.
I cater to millennials, housewives, professionals, businessmen and retirees. I usually drive to meet my local clients and connect with others over the phone. I limit my travel to a radius of 2 km.
Being an entrepreneur gives me the flexibility to accommodate other activities like walks, exercise, etc.
My thirst to learn
To stay updated, I constantly upskill myself through various certifications and sessions. I have completed/attended Rebalance Volatility Certification Course, Certified Financial Goal Planner and will writing session. Also, I have been attending different training programs to digitise my business.
Additionally, I participate in educational activities/contests like Cafemutual ‘Perfect Planner’. This helps in sharpening my skills further.
I am also preparing for NISM Investment Adviser Certification Examination and Retirement Adviser Certification Examination.
The way forward
Mutual fund distribution is a very noble profession and I vow to serve my clients till my last breath. To leave a lasting legacy I have involved my daughter and nephew in my business.
