July 13, 2019

Key Learnings from Network FP Regional Conclave’19: Hyderabad

P Shanti Raj

Chief Financial Planner at Wholelife Financial services (Hyd) Pvt.Ltd

Key Learnings from Network FP Regional Conclave’19: Hyderabad

The Regional Conclave at Hyderabad on 9^th July 2019 was vibrant and witnessed active participation from the participants. The conclave brimmed with ideas, talks and strategies about adopting technology, innovation, client-engagement, overcoming crises, future growth prospects and generous and earnest knowledge sharing by all the speakers and industry experts. Attendees were thoroughly receptive and appreciative of the line-up of speakers and surely had a memorable time.

As Chair of the Hyderabad Conclave, here are the key takeaways which were most impactful from each session:

1. Sai Krishna Pathri, Money Purse started the day by giving us a peek into his business model and emphasized the importance of having a team and partnering with like-minded people to take the business to the next level. Converting the business from an individual practice to that of a firm is the first step in this process. He emphasized on the need for Brand building both at the personal and company level, especially in the social media age. YouTube channels, print media, electronic media must be harnessed for building your own brand. This will give you an edge and attract new prospects for building your business. He also spoke about weekly activity tracking along with numbers tracking by the advisor community for boosting productivity and efficiency.

His pillars of a Successful Advisory Practice = A solid team+ Collaborative and symbiotic relationships+  Brand Image.

2. T. Balraj, NetWorth was a real storyteller. Participants were glued to his storytelling and he gave a lot of insights for prospecting new clients. He advised participants to have a 5 years’ plan and break it down into shorter periods which helps to be on track and achieve the desired goals. He emphasized on How working in niche markets and conducting IAPs helps in getting new prospects, creating brand visibility and brand positioning. His golden rule was to concentrate on the right brain of clients which is emotional rather than the left brain which is more analytical.

His pillars of a Successful Advisory Practice = 5 years’ plan+ Niche practice+ IAPs+ Target the Right brain of the clients.

3. Sadique, Network FP was as usual wonderful in giving his insights on the minimum revenue per client. He suggested deriving this number after considering direct, indirect costs and keeping reasonable provision for margins which should be economically viable in servicing the clients. He emphasized on the Return on time Invested (ROTI) and presented the views of some advisors in this regard based on a survey conducted across India. 

Stepping stones to taking the advisory to the next level = MRPC+ RoTI+ QPFP.

4. Harsha, DHFL Pramerica MF spoke on growing business in this Digital Age. He narrated how India is transforming into a Digital India with greatly improved connectivity. He emphasized on moving all the operational work to the digital mode by automation which will allow us to have more time for client engagement. He recommended the ZOOM tool as a dependable CRM platform and reiterated that Technology in tandem with the Human edge is the only sustainable way forward. In India, Do it Yourself (DIY) does not and will not work. Instead, DO IT FOR ME (DIFM) does and will.

His tips for sustainable growth = Step up with digitization of processes+ Zoom tool for CRM+ Technology in tandem with a human edge.

5. Srikanth Nadella, KARVY Fintech spoke on going digital for IFAs. He gave a lot of insights about the digital space which can help the IFA community to leverage their business on a virtual branch anytime, anywhere. Embracing technology will help in reducing the cost of client servicing and spare time to focus on client engagement and prospecting. They have a mobile App and are developing web-based solutions too with a whole lot of features to facilitate digital transactions with integration with all the available platforms.

His tips for sustainable growth = Create a virtual business presence and practice+ reduce client service costs with the help of technology

6. Nitin Vyakaranam, ArthaYantra showed the road map for his Robo advisor 2.0. He took the discussion to the next level by sharing his vision on Robo advisory and how it can help advisors reach over a million prospects across the world. Robo Advisor will take a 360-degree view which helps in getting the full wallet share of the clients. Robo Advisor can reach where the advisor can’t in person. And also, Robo’s are not biased based on customer wealth and disposable surplus. They deliver standardized quality advice to everyone who comes on board the platform. He spoke about the democratization of advice. He advised the participants to be open-minded and have futuristic thinking in the middle of this digital storm which is going to disrupt the way we conduct our business. He was also keen on partnering with the advisors by collaboration on this platform.

His pillars of a Successful Advisory Practice = Robo advisory for- cost reduction + unbiased advice+ futuristic measures.

7. M.S.Shabbir, Sensage presented on the Islamic way of investment, the ethical side of the business, social responsibility and gave a lot of insights about the Zakat for orphans, Shariah Law and helping the downtrodden by allocating dividends for a good cause. He apprised fellow advisors about the right ways of investment. He shared how he spreads awareness about investments within the Muslim community and helps them use SIPs and dividends for social causes. He also emphasized on the client service continuity in the unfortunate demise of the key advisor and how advisors should think and plan for it with proper documentation. 

His pillars of a Successful Advisory Practice = Islamic investments+ Working for Social Causes + Succession planning of Advisory Practice.

8. PrithviPotta, Wert Advisory Services was the last speaker for the day and summed up very nicely the metrics of business, per client revenue, longevity and profitability of client relations. He emphasized on certain key issues that advisors should follow like research, innovation, tailor-made solutions, engaging with the family in all financial discussions- particularly the next generation children, regular small notes to the clients, etc. He introduced the participants to the “J’’ Curve and its relevance to our business and the fact that patience and hard work always pay off in the long run.

His pillars of a Successful Advisory Practice = Client metrics+ mentorship role of advisors+ quality addition.

The Conclave ended on a very high note and the participants were extremely motivated and charged up to take their business to the next level with solid learnings from the Hyderabad Conclave.

Our Hyderabad Task force team had a truly memorable experience and wishing the other cities good luck for their editions. We look forward to them sharing their learnings with us as well.