Having been around for three decades, Chandulal Vasa of Need Based Invest has been through numerous market cycles. Jayshree Pyasi finds that with the next generation joining the business, Need Based Invest is set to be there for many more years
A wealth of experience
Need Based Invest was established in 1980 when barring UTI and LIC, there were no mutual funds or life insurance companies. In its thirty years of existence, Chandulal can claim to have ‘seen and done it all’ in the space of financial advisory business, having catered to nearly 2000 families.
Starting with PPF, the firm has now diversified into stocks, mutual funds, PMS, life insurance, equity IPO's, post office saving schemes, GOI bonds, corporate fixed deposits and tax saving schemes.
Chandulal believes that his clients have stuck to them because of the great care and understanding shown towards the clients. Today, clients with little to no understanding of investments walk in and leave it to Chandulal to make the right decisions for them.
It is due to this confidence that they have helped their investors make right decisions and create wealth that the Vasas run a fee-based model. Chandulal has been joined by his two sons Vinit Vasa and Pratik Vasa in running Need Based Invest.
The office
Set up in Opera House area, the office of Need Based Invest shares its premises with the other business of industrial parts and goods owned by Vasas. The two businesses co-habit in the midst of hammering of iron sheets and old dusty files. The office is frequented by the clients of both the businesses and it is quite amusing to see Chandulal Vasa talking to a client about life insurance while using a vernier calipers to measure the dimensions of an auto part!
Rewind to 1977
At the time of his graduation, Chandulal had a family business but it was not enough to support his growing family. This compelled him to look for another business opportunity and he got in to financial advisory business. In 1977, he started distributing PPF and added other products gradually. Chandulal has always been a believer in debt and has always advised his clients to invest in debt.
His long innings in the industry has given Chandulal an in-depth understanding of the market. Every word he says comes from being the ‘joona banda’ and has pearls of wisdom that can humble the tech-savvy generation. His peers refer to him as the ‘MF astrologer’ because of his accurate predictions about the industry.
Recently, Chandulal was felicitated by HDFC MF for being among the top distributor in the country.
Generation Next
If Chandulal shoulders customer relations and giving right advice then
Pratik is the person behind that sound advice. An engineering graduate and M.Sc in Financial Mathematics from University of Sussex, London is the mind behind all that research and analysis.
“Over the years I have come to value my son’s advice about investments that is based on vigorous analysis of industry. And I am yet to face a time where his analysis has been proven wrong,” says Chandulal.
Pratik’s brother, Vinit concentrates on marketing and business development. A Masters in marketing management, Vinit is rarely seen in the office. From the dawn to dusk, Vinit is on the move to drum up new business.
Given the blend of experience and youth, Need Based Invest is all set to scale new heights for many more decades.