Varanasi is famous for many things – Kashi Vishwanath and Narendra Modi being two of them. But from now on, at least within the MF and IFA community, Varanasi will be known for an IFA Ajeett Tripathi of Wealth Valley who has set a new record in SIP drive.
“The day I read SIP drive story of IFA RH Kothari who activated 1100 SIPs in one day on Cafemutual, I decided to achieve at least 1000 SIPs in a single day. Reading his story helped me realise that we both have similar resources to excel and if he could do it, even I can,” said Tripathi.
On September 24, Tripathi activated 1501 SIPs amounting to Rs.15 lakh in a single day. Interestingly, all these SIPs were logged in through physical mode.
Let us look at how Tripathi ran this successful SIP drive
Teamwork
- Tripathi shared his intentions to run a SIP drive with his team members a month before the SIP drive to give them adequate time to prepare
- The team prepared a list of prospective clients including existing clients who are not actively investing, relatives, friends, neighbours and referrals
- Another list was made to target large set of clients through seminar marketing. The team shortlisted prospective institutions such as government offices, hospitals and business associations where they could hold their session
- To encourage his team, Tripathi declared a reward program for his employees based on their performance. There were prizes on achieving targets of 10 SIPs, 50 SIPs, 100 SIPs and 200 SIPs
Pitch
- ‘Kya Rs.1000 jeevan bhar ki punji hoti hai?’ (Is Rs.1000 adequate as life-time saving? He started his conversation with this intriguing question and then led it to SIPs.
- How a SIP of Rs.1000 can create a big difference to their financial health in the long term
- Showcased performance of mutual funds over other savings instruments like FDs, life insurance policies and post office deposits
- Cited examples of mutual funds that have created wealth for investors over the years
- Approached housewives to start Rs.1000 SIP for their children
- Shared success stories of existing clients who have achieved their financial goals through SIPs
Execution
- For the first two weeks, the team conducted 41 outdoor sessions and 35 sessions in their office for prospective investors and existing clients.
- Overall, the team approached around 2500 investors for the SIP drive
- Another week was dedicated to follow up with these clients through phone calls and face-to-face meetings
- Simultaneously, the team started collecting necessary documents to complete the KYC process. Target was to complete KYC of all the clients four days before SIP drive
- Nearly 900 clients participated in the SIP drive
- The last one week was very hectic for the team. They used to fill up the form and complete documentations till 2 am. In fact, on September 22, the team went home at 5 am and came back to work at 8 am
- Since this was physical mode, AMCs employees also supported the team to punch in the SIPs
Key takeaways
- Teamwork is the key
- Encourage them to start SIP with a small amount
- Share success stories of existing clients to create confidence among prospective investors
- Rely more on face-to-face meetings
- Follow up with clients regularly
- Keep adequate time in hand to execute SIP drive
