Despite residing close to the commercial capital of India Mumbai where many people come to do business and earn livelihood, Panvel MFD Hemant Talekar has decided to something different. He moved to the countryside to serve the real Bharat.
Since then, Hemant has been protecting innocent rural people from falling prey to Ponzi schemes and multi-level marketing products. Today, he has clients across all economic strata. In fact, he has acquired a few roadside beggars as his clients.
Hemant strongly believes that every Indian deserves to attain financial freedom through mutual funds.
Inspired by this story, Cafemutual featured Hemant on ‘Umeed Bani Udaan’ at Cafemutual Ideas Fest 2022. Let us look at his story:
Why real Bharat?
Hemant said that there is a dearth of knowledge in rural India. He said, “Despite having worked in financial services industry at the beginning of my career, I found it difficult it difficult to understand financial products. Imagine if people like us find it difficult, what could happen to rural India. They don’t have any knowledge about financial products but they want to explore these products. I sensed this opportunity and moved to the countryside to service the real Bharat.”
Opportunities in Bharat
- You can find three categories of clients in rural India – farmers, government employees and small business entrepreneurs
- While people draw big salaries in urban India, they end up spending more than what they earn. On the other hand, people in rural India have decent income and they manage to save at least 50% of their net earnings
- MFDs should pay attention to farmers. They mostly earn tax free income and enjoy a host of subsidies
Acquiring new clients
- Approached senior government officials, small and micro scale industries and Kisan Sangathan (Association of farmers) to conduct literacy campaign focusing on beneficial government schemes. Many people attend these campaigns as they see merit in it. During these sessions, Hemant introduces financial products like mutual funds
- Hemant suggests them to start investing in mutual funds with the money they receive through government subsidies
- Hemant also reaches out to people who show interest in mutual funds post his sessions through physical meeting
Beggar client acquisition story
Hemant sees every Indian as his client. He never misses an opportunity to do his sales pitch. When a road side beggar approached him to seek his support, he made him his client.
Let’s hear this story from Hemant in his own words:
During my initial days as an MFD, I used to travel by bus. When I was waiting for a bus at a stop, I saw an old man carrying a differently abled adult on his back to drop him at the stop. Eventually, I realized that the old man was the father of the differently abled person who due to his physical limitations seeks alms from people. When he came to me, I offered him Rs.100 and asked for 10 minutes from him. Seeing Rs.100, he readily agreed to listen to me. I asked him how much was he earning. The person told me that he earns between Rs.500 and Rs.1000 in a day. When I further enquired him how he keeps his money, he told me that he puts it in a bank account.
Soon, I introduced him to a new bank (mutual funds), which has the potential to deliver inflation beating returns for better future.
I recommended him to start investing in mutual funds with a small amount every month to understand the product. He agreed and started his investment every month in mutual fund. Today, he invests his money regularly and has referred me to a few more such clients.
Client retention
Hemant believes that MFDs should always involve family members of clients in financial matters to strengthen their relationship with clients.
When Hemant visits a client, he becomes ‘Mama’ (mother’s brother). Hemant said, “When I visit client house, I give a toffee to client’s children and ask them to call their mother/father saying ‘Mama Aaye Hai’. Once you become Mama, you become a family member of a client. Remember, no one can come between Jija and Saala.”
Hemant left the audience awestruck through his honesty and straightforwardness at CIF 2022. Team Cafemutual wishes him all the best for future.