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Patna MFD Navin Patel of R Patel Wealth has built monthly SIP book of over Rs.1.50 crore. He successfully manages assets of Rs.163 crore for over 1000 clients.
Talking to Cafemutual, Navin shared with us three activities that have helped him build his SIP book. Let’s hear from Navin:
Never stop prospecting
While referrals are a strong medium to acquire new clients, simple yet innovative ideas can help to expand your reach.
For the past six years, I have been using tempo advertising. The idea is to attract walk-in prospects. I invested in a mini truck tempo, which carries a message highlighting benefits of SIPs and SWPs. This mini-truck covers at least 5 km radius a day along with an employee who speaks to walk-in prospects about SIPs and SWPs and addresses their queries.
This is followed by detailed and personalised meetings. In the subsequent meetings, we screen a short film titled ‘One Idiot’ to convey our message in an interesting way.
MFDs should follow a process to engage with clients
We review at least investment portfolio of at least 20 clients a day. I don’t have any priority list as I deal with retail clients only. We simply reach out to 20 clients alphabetically.
During these calls or meetings, we look at major life events of clients like salary hikes and birth of a child to see if we can suggest starting another SIP for the goal. If there is no change in clients’ life, we usually recommend them to increase SIP amounts to reach financial goals faster.
Overall, we get at least 3 new SIPs a day from existing clients.
Deal with redemption requests tactfully
Every redemption request calls for a one-on-one discussion. I sit down with client to understand their psyche and the real reasons here. Where the request appears to be under an emotional influence, I remind them about their financial aspirations.
I also numerically illustrate how staying invested can compound wealth over time and how after accumulating a sizeable corpus they can avail the benefits of SWP. The ability to generate regular inflows in future often overpowers the temporary desire of making redemptions.
This keeps unnecessary redemptions under check and prevents a leaky bucket considerably.
