Vikas Tulsyan’s talent in persuading HNIs client to do business with him in one call has made him a successful IFA.
After completing his high school, Vikas enrolled for
CA and also started assisting his father,a practising CA. While helping his
father, he came across clients who were looking for tax saving investments.
Vikas wanted to offer thembetter products rather than the regular ones. He
carried out research and came across tax-saving funds offered by mutual fund
houses.
During those days, he had very little knowledge about mutual funds. So, he did a deep study on those products and realisedthat there was great potential in mutual fund industry. He immediately became a mutual fund distributorin 1996. After receiving a good orientation on these products from the fund houses, he was ready to go on the field. He became so much engrossed in this business that he left his CA in between and dedicated his full time in establishing this business.
Seeing Vikas’s passion and dedication towards establishing his business, his friend shared a large chunk of his portfolio with Vikas. This was the biggest turning point in his life in his business.
Vikas’s USP is to get through HNIs by one call. He learnt this trick from a top official working for a broking firm. “It is easy to get a HNI database but it is difficult to convert them from prospects to clients. The procedure to crack HNI clients was taught to me by an eminent personality in this industry,” says Vikas.
He launched his company Vision Ahead Services Pvt Ltd with four partners in 2004. A year later, his partners separated from the company due to a difference in priorities and Vikastook over the company with his wife.
“In 2005, we were able to boost our business. With my wife efficiently handling the back office requirements, I was able to concentrate on getting new business. In 2005, there was a ‘bull’ phase which also helped me to become successful,” claims Vikas.
Business model
Vikas has expanded his client base by two modes – referrals and cold calls. Almost 60 percent of his clientele is through reference and rest through cold calls. In seven years he has built a client base of 500 and generated an AUM of Rs. 70 crore.
Marketing techniques
His unique selling technique is getting through clients in one call. He believes in ‘first chance or never’. He has always managed to gain the confidence of HNI in the very first conversation. “HNIs are a highly knowledgeable group therefore we need to be very cautious and precise in our approach. They usually do not give a second chance,” revealed Vikas.
Vikas usually engages with his clients in deep conversation about their financial goals and requirements, and only after a deep study does he suggest products to his client. He does not push any specific product to client and leaves it on them to choose the products in which they want to invest. Vikas believes in offering advice inthe best interest of the client. “Fame and fortune will come on their own, if we act in the best interest of our clients,”says Vikas.
Ban of entry load
He has not been affected much by the entry load ban as he mainly serves HNI clients. According to him, clients in India are not willing to pay as there are too many service providers in the industry. He has still not been able to charge his clients for his services but he is convinced that his strong advisory service will enable him to charge his clients in future.