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Amravati MFD Meenakshi Sikchi of Rainbow Financial Services and Kota MFD Pankaj Ladha have built monthly SIP book of Rs.1.46 crore and Rs.5.24 crore, respectively.
Cafemutual reached out to both MFDs to know how they achieved this milestone. Here are some key learnings from their journey to build monthly SIP book of Rs.1 crore. Let’s hear it from them:
Meenakshi Sikchi
SIP Accounts: 4,847 | Live SIP Amount: Rs. 1.46 crore | SIP AUM: Rs. 49 crore
I do a lot of IAPs to acquire new clients. Also, I believe in customized approach. You cannot apply ‘one size fits all’ approach in mutual fund distribution.
Investors make quick and confident decisions when they understand the subject better. Thus, every IAP is jargon-free and draws analogies from investors’ professions.
Also, since many Bollywood movies are a hit amongst many, creating a Bollywood-based theme makes IAPs interesting and easy to understand.
Let me share a few examples.
I along with my team conducted ‘Kya mein Singham hu?’ for the police force and used clippings from ‘Singham’ movie to explain the power of SIP. We asked self-reflective questions like ‘How well do I take care of my family’s financial needs?’ ‘How will I fund my child’s education?’ ‘Am I a Singham for my family?’. Such questions encouraged prospects to introspect and make investment decisions.
For doctors, we organised an education session titled ‘Importance of Vitamin M (Money)’ and spoke about the importance of investing by referring to them as financial vaccines. In another session, we addressed farmers and spoke about the agricultural cycle and linked it to finance.
Additionally, having a strong team has also helped in achieving high SIP numbers. We have hired professionals like CAs and MBAs to offer quality services to our clients.
Pankaj Ladha
SIP Accounts: 11,161 | Live SIP Amount: Rs. 5.24 crore | SIP AUM: Rs. 94 crore
I came across many families who did not have any SIP. To spread awareness, I along with my team launched the ‘Growing Citizen - Empowering families through SIP’ program and advocated one SIP per family. As part of this initiative, we hold educational sessions on benefits of SIPs in housing societies and commercial complexes.
I have a dedicated two-member team who seeks permission, co-ordinates and arranges logistics for IAPs.
In addition, we set up an investment helpdesk in malls by creating a mascot ‘Nivesh Ke Masterji’. The mascot escorts curious prospects to the designated team member to get their queries resolved about mutual funds.
We also organise cultural programs during the New Year. These are paid programs open to all. I get a 10-minute speaking slots in these programs where I talk about benefits of SIP to attain financial freedom.
We capture details of attendees to create a list of prospective clients. The next step is to reach out to them and remind them about our session on SIPs. Follow ups without pushing any product and easy explanations helped us convert them into our clients.