Amravati MFD Meenakshi Sikchi of Rainbow Financial Services and Kota MFD Pankaj Ladha have built up a monthly SIP book of Rs.1.46 crore and Rs.5.24 crore respectively.
Cafemutual reached out to both MFDs to hear how they achieved this milestone. Here are some key takeaways from their journey to building a monthly SIP book of Rs.1 crore. Let’s hear it from them:
SIP accounts: 4,847 | Live SIP Amount: Rs. 1.46 million | SIP AUM: Rs. 49 crore
I do a lot of IAPs to get new clients. Also, I believe in a tailor-made approach. You can’t apply a one-size-fits-all approach to mutual fund distribution.
Investors make quick and confident decisions when they understand the subject better. Thus, each IAP is jargon-free and draws analogies from the professional world of investors.
Since many Bollywood movies are one hit among many, creating a Bollywood based theme makes IAPs interesting and easy to understand.
Let me give you some examples.
I performed together with my team “Kya my singham hu?” for the police and used excerpts from ‘Singham‘ Movie to explain the power of SIP. We asked self-reflective questions such as “How well am I taking care of my family’s financial needs?” “How am I paying for my child’s education?” Singham for my family?’. Such questions encouraged potential clients to review and make investment decisions themselves.
For doctors, we organized a training session entitled “Importance of Vitamin M (Money)” and talked about the importance of investments, calling them financial vaccines. In another session we reached out to farmers and talked about the farming cycle and linking it to finance.
In addition, a strong team has helped achieve high SIP numbers. We have hired professionals such as CAs and MBAs to provide quality services to our clients.
SIP accounts: 11,161 | Live SIP Amount: Rs. 5.24 million | SIP AUM: Rs. 94 million
I have encountered many families that did not have SIP. To raise awareness, my team and I launched the “Growing Citizen – Empowering family through SIP” program and campaigned for one SIP per family. As part of this initiative, we hold training courses on the benefits of SIPs in housing associations and commercial complexes.
I have a dedicated team of two that obtains permits, coordinates and arranges the logistics for IAPs.
In addition, we set up an investment helpdesk in shopping malls by creating a mascot ‘Nivesh Ke Masterji’. The mascot accompanies curious prospects to the designated team member to clarify their questions about investment funds.
We also organize cultural programs during the New Year. These are paid programs open to everyone. I get a 10 minute slot in these programs where I talk about the benefits of using SIP to achieve financial freedom.
We collect details of participants to create a list of potential customers. The next step is to reach out to them and remind them of our session on SIPs. Follow ups without pushing any product and simple explanations helped us convert them into our customers.
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