Rohtak (Haryana) IFA, Vinay Goel activated 258 SIPs amounting to Rs.7.97 lakh on April 12. Over 160 clients participated in the SIP drive.
Vinay has been part of the financial services space for the last 28 years. He started his stock broking business Balaji Financial Services in 1990. Initially, he offered stock broking, IPO and loan financing services. In 2016, after reading an article on mutual funds he realized that investors can create more wealth through mutual funds compared to stock trading. That was how he got inspired to launch his mutual fund distribution business in 2016. His business partner Anchal Katyal along with four team members helped him set up the MF distribution business.
An avid follower of Cafemutual, Vinay read about many IFAs running successful SIP drives. Inspired, Vinay and Anchal decided to run a SIP campaign to start FY 2019-20 with a bang.
Vinay and his team approached their existing client base for the SIP drive. Overall, his team and he connected with 600 clients over the two-month period.
He customized his pitch for different clients to convince them to invest
Shared historical performance
During their initial telephonic conversation with clients Vinay and team realized that many investors were wary of investing in equities post the recent correction. To ease their concerns, the team back-tested potential investor returns in different scenarios: – investor stops SIP in 2008, investor starts SIP in 2008, investor continues SIP during the two bear cycles. They shared the data with their clients to showcase the potential of SIPs to generate returns in volatile markets.
Connected with clients who recently had a life event
He approached clients who had married recently or become a father. He urged them to start investing on behalf of the new family member to secure them financially.
Urged investors to top up their investments
He convinced his clients to top up their SIPs in line with their salary hike. He explained to them how it would help them achieve their goals sooner and combat inflation.
Conducted seminars
To convince his broking clients of the potential of mutual funds, Vinay conducted mutual fund seminars continuously for 10 days. His team invited 10 to 20 clients for the session every day. The sessions focused on the benefits of SIP investing and goal-based investing. To put things in perspective, he carried a goal factor sheet with him. The sheet calculates the amount his clients need to invest if they want to earn say Rs.X. He shared that data with the attendees and many of them were surprised to find out that they could create substantial wealth by investing just a small amount every month.
Overall, around 160 investors participated in the SIP drive.
The team executed 123 SIPs online through BSE Star MF platform while the rest were executed offline.
Encouraged by the success of this SIP drive, Vinay and Anchal plan to run another SIP marathon around Diwali later this year.
