Gwalior IFA Brajesh Singh of RPL Financial Services created 102 SIPs totalling Rs. 2.14 lakh in a single day with the average SIP size being Rs. 2098.
Brajesh’s advisory journey started three years back when he quit his managerial job with a private bank in Jaipur and shifted to Gwalior to take care of his father. His first brush with mutual funds came when his friend recommended him to start a SIP instead of a bank RD. To his surprise, his investment doubled in just three years. Intrigued, he asked his friend if he too could become a mutual fund distributor to help people achieve financial freedom.
His initial set of clients were his friends and family members. To grow his client base, he made it a point to meet at least 25 prospective clients every day. In just three years, his AUM has grown to Rs.14 crore with 700 clients.
The idea of running a SIP drive came to his mind when he read an article on Cafemutual about how an IFA from small town successfully created over 500 SIPs in a single day. Taking a cue from such this article, he prepared a list of clients who had invested through lumpsum and those who have not increased their SIPs over the last two years.
He approached these clients advising them to benefit from the recent market correction. He explained to them how starting a new SIP now or topping up their existing SIPs can help them acquire more units due to the market correction. He also explained to them about rupee cost averaging and long term potential of equity funds.
Since most of his clients invest through physical mode, it took his five days to meet clients and collect forms and cheques. Overall, 50 clients participated in his SIP marathon with 102 new SIPs.
Encouraged by the response, Brajesh wants to run another SIP campaign on a large scale. He also plans to hire a small team, which will take care of the operational work so that he can focus more on connecting with clients.