Two distributors Deepak Khandelwal from Jaipur and Roopesh Jaitly from Lucknow registered 101 new SIPs each in a single day during lockdown 2.0.
Let us hear from them on how they made the SIP drives so successful.
Deepak Khandelwal, Jaipur
I have got inspiration from an article published on Cafemutual about how three MF distributors (MFDs) ran successful SIP drive despite the lockdown. Surprisingly, two of these distributors were from non-metropolitan cities like Jaipur.
Though I had planned to execute SIP drive in the first week of April, I later decided to call it off due to lockdown. However, after reading the article, I changed my mind and decided to execute SIP drive in lockdown 2.0.
Here are key things that made my SIP drive successful:
- Approached clients with secure jobs like government employees, bank employees, IT employees and health workers as these people have been least affected
- Made calls to 300 such clients over one week to convince them to start new SIPs. Told them that the recent correction gives them an opportunity to invest in equity funds and make money over the long term
- Shared with them how past events like 2008 financial crisis gave similar buying opportunity to investors to create wealth
- Updated them about the coronavirus pandemic and its low mortality rate compared to such pandemics to assuage their concerns related to long term investments
- Ensured that their KYC is updated
- Registered 101 SIPs amounting to Rs.2.5 lakh on BSE Star MF. Over 70 clients participated in this drive
Roopesh Jaitly, Lucknow
I conducted SIP drive after getting inspired by people who have ensured business continuation even while working from home during the lockdown.
I started calling my existing clients to convince them to start new SIPs in equity funds to achieve their financial goals before their targeted time horizon. I asked them questions like ‘What will you do if you get best quality product at much lower price, will you buy it or give it a miss?’ Most clients answered that they would take it. This is how I explained to them that the current market conditions give them an attractive buying opportunity and they should invest in equity funds through SIPs to create wealth.
Here is the summary on how I made the SIP drive successful.
- Approached existing clients to know their financial situation. Many clients have been saving money that they otherwise incur on travelling, eating out, shopping, and so on
- Asked them to invest small amount in mutual funds through SIPs to take advantage of the sharp correction. Followed up with them rigorously
- Explained to them about market cycles and highlighted importance of rupee cost averaging through SIPs
- On May 4, I activated 101 SIPs worth Rs.2.4 lakh from 80 clients. All the SIPs were done on the BSE Star MF platform
