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Left to Right: Vishal Mahajan and Vikrant Katoch
Shimla MFDs Vikrant Katoch and Vishal Mahajan of RupeeXpress recently crossed a new milestone of Rs.1 crore SIP book per month.
The MFD duo started their business in 2018 and currently manage MF AUM of Rs.130 crore in this popular tourist destination.
Let us understand how they built a monthly SIP book of Rs.1 crore.
Never stop prospecting
The duo always looks out for new clients. Currently, most of their clients are doctors and government officials. With their help, they regularly conduct awareness sessions for medical practitioners and government servants on benefits of mutual fund investing and SIPs.
Once they meet a prospect, they send them a physical letter seeking an in-person meeting. This opens the door for business conversation.
Give clients financial roadmap
Instead of leaving it to clients on how much to invest, the MFD duo sends a financial roadmap, after their first meeting, covering a particular goal like children education, setting up of business, generating regular income and retirement through SIP depending on clients.
They believe that this gives their clients an idea on how much SIP amount to set aside to reach a particular goal. It also helps them approach investing through a goal-based process and set their return expectation right from the beginning.
Increase wallet share from existing clients
Both Vikrant and Vishal keep an eye on investment portfolios of existing clients. If a client's investment portfolio has done well, they encourage them to increase SIPs to reach the financial goals faster.
They also encourage them to step up SIP after every hike and bonus.
Sharing their learnings, they said that MFDs should keep track of their clients’ financial health to increase the SIP book. Timely review of clients’ investment portfolios opens doors for new business, they believe.