Just SIP it, says the IFA community yet again. Having popularized SIPs among the masses, IFAs are now taking the SIP story to the next level by running successful SIP campaigns. First executed by Amravati IFA Mahesh Gattani, SIP marathons have grown in popularity since September 2017. This week we spoke to two IFAs who ran successful SIP drives.
Ranchi’s Devesh Jain: SIPs activated 170, total SIP amount Rs. 17 lakh
Devesh got an idea of SIP drive from success stories of a few IFAs shared by Jigar Parekh of Anchoredge.
Devesh is a second generation IFA. His father Pradeep Jain had floated PMPK Wealth in 1998. Naturally, his first target was to target their existing clientele. He started by shortlisting clients who had not invested with them for two years and then those who had recently witnessed life events like wedding, new children and job change. He also targeted a few joint families to get maximum response so that he could get multiple SIPs from joint family set up in a single meeting.
Over the next one month, Devesh connected with close to 200 clients through phone calls and face-to-face meeting.
Since most of his clients are businesspersons, he encouraged them to diversify their investment by starting SIP in mutual funds.
Devesh also shared educational articles with them to make them understand rupee cost averaging and power of compounding through SIPs.
Key takeaways:
- Identify opportunities in exiting client base such as inactive clients and those affected by life events
- Reach out to joint families to maximize output
- Encourage business professionals to diversify their investments in other assets
- Share educational articles to highlight importance of SIPs
Hisar’s Rohit Kumar Jain: SIPs activated 223, total SIP amount Rs. 7.5 lakh
Hisar IFA Rohit ran SIP drive after drawing inspiration from a Cafemutual article on Ranchi IFA Vinay Goel’s SIP marathon.
Since his clients are largely salaried individuals, he has been advising them to set aside at least 15% of their monthly salary in mutual funds through SIPs to achieve long-term financial goals. So, when it came to SIP drive, Rohit initially shortlisted clients whose monthly SIPs were below the 15% mark.
However, before meeting these clients, he did homework by analyzing their salary hikes and investment patterns.
Rohit also approached prospective clients who had shown interest in the past to invest in mutual funds through him. He met these prospects during his IAP sessions. Lastly, Rohit asked his existing clients for referrals.
He started meeting his existing clients and prospects 45 days prior to the SIP drive. In these meetings, he talked about benefits of retirement planning and achieving financial freedom through SIPs.
Since salaried individuals get bonus and salay hike in June, he advised them to start a new SIP to fund their short term goals like foreign holidays and buying a vehicle.
Key takeaways
- Be open to learn from your peers
- Analyse your existing client base to see if there is an opportunity to increase wallet share
- Do homework on your clients before meeting them
- Maintain database of IAP participants. They could be your potential clients
- Keep a track on salary hike and bonuses of clients
- Help your clients identify their retirement needs
- Plan for short term goals such as buying a vehicle to attract salaried individual