Kerala’s Philip Cherian embarked on his MFD journey as a sole proprietor and recently in Nov 2020, he converted the sole proprietorship into a Limited Liability Partnership (LLP) - Smartsave Finserv LLP. By March 2021, he transferred his AUM from the proprietorship concern to the newly formed entity. Philip decided to celebrate this milestone by launching a SIP drive.
Here are the key highlights of how he executed his SIP drive:
- Philip chalked down the plan well in advance. He created a database of prospects. These included referrals from existing clients as well as leads from his Malayalam YouTube channel. He started making calls to these prospects 20 days prior to the drive. Overall, he acquired 17 new clients for his SIP drive
- He also reached out to existing clients including a few NRIs who have not increased their SIPs for years
- Aware about Philip’s SIP drive and the benefits of investing in mutual funds through SIPs, most of his existing clients and prospects had shown their interest in participating
- The drive was held on a digital platform and was a hit as it booked 111 SIPs - the highest in Kerala by an individual MFD this year. The investors were largely salaried individuals
Key learnings from the SIP drive
- It is imperative to use a digital platform for the seamless execution of transactions. It also allows investors to invest irrespective of their geographical location
- Increase engagement all existing clients to seek new business opportunities with them
Message for MFDs
Philip advocates investing in TTK for business growth and success. By TTK he means, technology, training and knowledge.
