July 5, 2019

Key Learnings from Network FP Regional Conclave’19: Pune

Bhushan Mahajan

Key Learnings from Network FP Regional Conclave’19: Pune


Network FP kick-started their campaign for the 2019 Regional Conclaves from Pune. The brand value of Network FP and the quest for knowledge and enthusiasm of IFAs from all over Pune ensured that seats fill up very fast. I had the proud privilege of chairing this conclave and could take away many learnings from the event which I’d like to share with all of you.

After briefing the audience about the current confusion caused by various challenges like debt fund defaults, reduction in TER , reduced brokerages, advertisements promoting direct plans and poor returns from equity funds of late,  the importance of reinforcing the stance for holistic, transparent advice ,with the focus on the client first was underlined for the IFAs.

Manish Chauhan’s Jagoinvestor.com is the best example of what quality content can do for your business, With top class investor-empowering content, business comes automatically.  He also laid emphasis on the selection of the client. They must be knowledge hungry and responsive. All investors cannot be and need not be your clients! Setting the right client expectations about deliverables is a must.  It is pertinent to note that all his clients are acquired through the web.

Up next, Nilesh Bajaj (Cedrus Consultants Private Ltd.) asked the audience to focus on client retention, listening to them frequently and advising on low-cost products. He has an elaborate plan for employee recognition and rewards, with a training plan in place.  He believes in creating a niche and concentrating on retail clients.

Ameya Sapre, of Motilal Oswal AMC, crossed the fence and looked at MFD problems candidly.  He emphasized on setting right client expectations at the beginning, selection of right and appropriate products depending on the client risk profile and the use of technology -CRM being extremely critical for record keeping and prompt services. He urged the advisors to play on the front foot and give time to after-sales servicing.

Avnish Jain of Canara Robeco AMC, another stalwart in credit and debts underlined the importance of keeping updated about the debt markets on a day to day basis and taking proactive action. There are certain legal issues involved that the MF industry is not as equipped to deal with as the banks. However, he opined that the schemes will be safer after the new norms given by SEBI.

Rohit Shah of gettingyourich.com started the discussion with money affirmation. He urged the audience not to be guilty, but be happy instead; in getting rich. He emphasized the importance of R+P – being responsive and proactive towards clients. Ask the client what parameters they would rate you after one year of the relationship. Build the team, and the team will build your business. The 100 seminars rule: If you do 100 seminars, you automatically are well recognized and leads come in easily.

Nitin Sawant‘s life and business (NS Wealth Solutions Pvt. Ltd.) is a live example of how change is inevitable and what the correct way to tackle it successfully is. Adapt and grow is his principle. He has a FEE ONLY MODEL and the success of this model in a semi-urban place like Vita, Sangli District demonstrates the importance of quality service and self-confidence.  Team plus technology is his postulate.  Quarterly review meetings and implementation of plans made with clients are the keys to his success. Detailed risk profiling using Finametrica is his forte.

Amit Biwalkar(Sapient Wealth Advisors Brokers Pvt Ltd.) took the audience by storm with his presentation of PPF and NSC-past, present and future; to new products/strategic tie-ups /collaborations.  He presented various data points showing the current truth about the share of direct plans and regular plans purchased through IFAs.  He emphasized the importance of self due diligence of equity and debt schemes for investor satisfaction.  He gave an account of how the investor, regulator, and advisor have evolved over a period of the last 25 years. Sharing and reporting the number of meetings with the client by the owners and the marketing team in a common chat group does wonders to team efficiency, motivation, and morale. Having a rule of meeting at least one new client per day, makes businesses growth strong.  Lastly, he warned us not to celebrate too early!!! He asked the audience to use every threat as an opportunity and not to blame the current environment. Collaborate to stay relevant.  Most importantly, hire quality and trained people with appropriate compensation. Such team performs from the word go.

The thought pillar of the conclave, Sadique emphasized on MRPC. It will help to have your parameter of minimum revenue per client or per family in place. He reminded us of the concept of the money value of time, which every advisor should keep in mind the time spent with every client vis-a-vis the revenue earned. Decide and work on 10 important parameters for business growth and set targets. He also nudged the audience with the concept of a business coach or a mentor! 

While summarizing the session as a chair I, Bhushan Mahajan requested the audience to concentrate on three pillars: Trust relationships with the clients, use of technology and honing your competence and skill sets continuously.

Learning from successful peers will definitely shape our journey to become a Successful Financial Advisor.


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