From giving health advice, this doctor has now added financial advice. Initially, he gave advice to help his friends, relatives and patients and later chose this as his profession which he pursues along with his medical practice.
Nilkanth Patil, who has a degree of MD in Ayurveda is practicing since 1994. He started investing in mutual funds for his son who is suffering from autism to secure his future.
Drawn by his positive experience with mutual fund investing, his friends and patients started seeking his help and guidance. Encouraged by this, he himself started researching and advising people and in 2005 he became a full-fledged IFA.
His initial journey as an advisor was slow and steady during the first 2-3 years. Later when it picked up and he started getting more clients, Patil chose to focus much more on the advisory part of his professional career.
To grow his business, he used to conduct IAPs. Even now, he does at least 4 IAPs every year, which is attended by more than 500 people. In these IAPs he explains the meaning and importance of investing in mutual funds. He also explains the cyclical nature of the markets and emphasizes the point that in bad times investors should not panic as they have invested to attain a long-term goal.
In his marketing pitch, he highlights the tax benefits of mutual funds and exhorts them to take advantage of the flexibility of SIP in mutual funds something which insurance, fixed deposit or real estate do not offer. He proudly told Cafemutual that he has never faced any pressure from his clients for an early redemption as his investors trust him and believe in long term investing.
Patil operates from Jamner taluka in Jalgaon district which has a population of mere 50,000. He has an AUM of Rs. 23 crore and an SIP book of Rs. 40 lakh.
To balance his medical practice with financial advisory business, he has hired an assistant for back office work. Also, software like OFA and IFA Planet has made his job seamless and easier, he added.
Along his journey there were many hiccups like the SEBI regulation, GST, etc. but Patil looked at each as an opportunity and focused single-mindedly on his goal of growing his business.
He has an ambition to grow this business. In the next six years, i.e. by 2025, Patil expects his AUM to reach Rs. 100 crore with an SIP book of Rs 1 crore. Patil said that it is an achievable target as his average compounded annual grow rate is nearly 25% and if that remains constant target of AUM growth will be achieved.