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Nafees Ahmad of Patna ventured into the mutual fund industry as a relationship manager in the MF industry. He worked for over seven years with different fund houses and eventually started working as an MFD in Sep 2021.
Nafees became MFD as he believes that the industry needs individual MFDs to deal with low penetration and meet the growing demand for mutual funds.
In a short span of 10 months, Nafees has acquired over 300 clients. Interestingly 80% of his client are first-time mutual fund investors.
So what’s his mantra, let’s hear from Nafees:
Coworking space
Having a co-working space helped me get access to new clients. I leased out an office space in a co-working set-up, launched a website and created a social media page to create some visibility.
An office set up brings discipline and seriousness. It motivates to have a defined work schedule. And coworking space is cost-effective option for new MFDs like me. Recently, I rented out another office at a co-working space to reach out to more prospective clients.
Acquiring clients
I targeted businesses/salaried employees in the co-working space. I conducted knowledge sessions for them to highlight the importance of financial guidance to create wealth along with business/career growth.
Over 200 prospects participated in these programmes. As we shared the same work premises, following up with the prospects was easier. Additionally, they were also comfortable as they could walk up to me at any time with their queries.
Also, I approached Bihar Mahila Udyog Sangh for an IAP. I addressed more than 100 women entrepreneurs and spoke about the power of systematic investment in mutual funds.
I also picked up 12 students as interns who worked with me for a month. They helped me to conduct primary research on the financial needs of their earning friends and family members and create a database of 100 new prospects.
Additionally, I actively attend business summits for widening my network.
The pitch
I customise my pitch before any session or meeting. For instance, start-up founders/employees are well-versed with the concept of business equity. I compare it with their personal equity i.e. investments and explained potential gains and risks. While talking to women, I spoke about bringing a shift from saving money in rice jars to SIP. This communication strategy gives a personal touch to every interaction.
Another approach that has helped me is allowing participants to speak more during my sessions. I ask all my participants to share their experience with money and investment and address their concerns. This generates interest among participants.
Nafees’s 10-month journey brings out the benefits of having an office space to generate leads and conducting IAPs.
Interesting, isn’t it?
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