Striving Success Stories 7_June

OUR PARTNER’S JOURNEY OF DETERMINATION AND PERSEVERANCE

Aniruddha Chaudhuri Head - Retail Sales ICICI Prudential AMC For many of you, some of the most defining moments in personal space set course to be where you are today. Through the ICICI Prudential Mutual Fund Striving Success Story Series, we present 20 success stories of individuals who have not only trail blazed in their journey but also have emerged to be an inspiration and mentors to several more around them. Through this series, we bring the human element of a successful journey. Behind the numbers, is a story of grit, determination and an iron will to make best of the circumstances life throws at them. In this Series we are sharing the stories of Abha Gupta, Abhishek Jain, Amit Tarunkumar Punjani, Anil Sarjerao Nalawade, Anindya Mandal & Sumanta Chakraborty, Jeetendra Agarwal, Mohit Sharma, Mukesh P Patel, Raj Talati & Amit Shah, Rajat Maheshwari, Rajender C Jobanputra, Rohit Bhuwania, Sandip Virmani, Shouvik Ghoshal, Shrikant Jhawar, Sridhaba Mahapatro, Subhas Sekhsaria, Sunil Mansukhlal Rathod, Vijay Vasant Paragavakar and Vikash Kumar Baid. In the quarters ahead, we will be sharing more of such inspirational stories. We hope these experiences shared become a beacon of light for all the members of the distributor fraternity. At ICICI Prudential Mutual Fund, we firmly believe the journey thus far has been enriching thanks to the active participation of the distributor, investor community. Over the years, based on the feedback received, we could bring forth investment products, solutions across asset classes which could resonate with the needs of the masses. Along with this, thanks to your perseverance, mutual fund today has created an edge for itself in the personal finance space. Finally, if you have any feedback or suggestion, feel free to reach me at [email protected].

Striving Success Stories Abha Gupta Barely had the market recovered that Abha witnessed the entry load abolition in 2009. Prima facie, it did appear like a Haldwani hiccup, but the thought of shutting down this business never crossed her mind. Abha Gupta, is a Haldwani-based mutual fund distributor in Nainital district of Uttarakhand. Catering to nearly 3000 \"By now it had become a passion for me. There was no investors, mostly retail, she manages assets worth ` 200 question of quitting,\" she says emphatically. She crore. A passionate and dedicated Abha firmly believes continued with the same vigour and passion. As the that mutual funds are capable of offering solutions for any market entered a long consolidation mode between 2009 long-term financial goals. and 2013, she focused more on SIP. A BCom graduate in late 80s, Abha got married early and The launch of direct plans did take away some of her shifted from New Delhi to Haldwani - comparatively much clients but the majority stayed put with Abha. \"Providing smaller town than where she had grown up. With a strong continuous services to my clients is my strong point. If desire to do something on her own, she started teaching you are able to address clients' needs while hand holding in a play school and continued with it till late 90s. In them during tough times, investors won't leave you,\" she between, she became a mother of two. says with confidence. Abha's father-in-law Ram Avatar Gupta was a senior By that time, debate about upfront and trail were ripe but, official in a large financial firm who encouraged her to get somehow, Abha was not well informed about the power into the financial distribution business and focus on of trail. So she continued on upfront till it was banned mutual funds. Her husband Pankaj Gupta lent his full in 2018. \"Now, looking back, I feel that trail is a much support and it was in 2005 that Abha got into the mutual better model. Moreover, it is a win-win situation for all fund business. stakeholders and distributors to get the zeal to work better for their clients,\" she explains. \"Those days, people preferred traditional investment avenues as the rate of interest was quite high. Since they Meanwhile, she transformed her business and adopted did not know about mutual funds, nobody gave heed technology post 2015. Online presence tremendously which posed a challenge to me initially,\" she reminisces. helped her during the 2020 pandemic and she actually added a lot of business during this phase. Despite her Slowly she built up business and within two years, she AUM falling from ` 115 crore to ` 75 crore, she did not could see traction. Markets were also in the upswing then lose her cool. \"I explained to my investors this is like a which supported her and the investors could see lifetime opportunity to create long-term wealth,\" she says handsome returns in their portfolios. This did go quite with excitement. well for Abha and she gained confidence. According to Abha, if everything goes well, she should be However, the 2008 crash brought her face to face with the reaching an AUM size of ` 500 crore in the next five years. first big challenge. Investors were in panic as portfolios She is confident about the bright prospects of the mutual nosedived over 60% in a matter of a year. \"I realised that fund over the next one decade as she believes in India's this was the time I needed to engage with my investors growth story. more to take them into confidence,\" recalls Abha. \"I also communicated to my clients to invest more to average Meanwhile, she encourages newcomers to the out the cost of investments,\" she adds. distribution business and says, \"This is a long-term business and demands a lot of patience and time. One Majority of her clients listened to her and acted upon her needs to be dedicated and passionate as there are no advice. Within a year when the markets bounced back, shortcuts,\" pinpoints Abha. the trust and confidence of Abha's investors increased manifolds on her. It was here that referral business kicked Summing up her journey she says that clients' interest is in and there has been no looking back since then. first for her. \"Devotion, discipline, continuous service and honesty are my success mantra,\" she signs off.

Striving Success Stories Abhishek Jain Jain shares that his approach towards his clients is to encourage them to invest for a long-term for maximum Gurugram benefits. “When clients come to me, I, first introduce myself, let them know about my educational Abhishek Jain, 46, started his journey as a mutual fund qualifications and work experience. Then, I start asking distributor in the year 2013. Based in Gurugram, he has an them about their reasons to invest and their future goals- AUM (assets under management) worth ` 70 crores and a long-term or short-term,” said Jain. monthly SIP book of around ` 35 lakh. He then recommends the most suitable investment Before starting his own business, Jain worked in options to them based on their risk-taking capacity. He investment banking for more than 12 years in Delhi & explains to them that long-term investments are more Bahrain. “When I returned to India, I thought of becoming beneficial as one gets the benefits of cost-averaging in a mutual fund distributor. I felt that my previous work SIP investments and compounding of returns in such experience had helped me become quite well-equipped cases. “If required, I also share my own investment with the nuances of equity markets and financial journey with my clients to gain their confidence,” instruments like mutual funds. So, I started thinking on said Jain. the lines of starting my own business in 2013,” he said. According to Jain, the trust of the clients is the most Jain also shares that he himself is a regular investor in important part to be successful in this business. “I feel various financial products since 1997, when his parents that in this business both the MFDs and the clients must had invested in SIP for him for the first time. understand each other. I also believe this takes time and continued efforts. In fact, the first three years with any “In 1997, when I was still pursuing my Chartered client are very important according to me as those are the Accountancy, my parents availed a SIP for me which initial years of gaining client confidence,” he said. marked my initial steps into my own investment journey. According to Jain, once the clients start trusting an MFD, That SIP continued for more than 10 years,” he said. his business is bound to grow. “Many of my clients are with me from the very beginning since 2013 and I Jain now wants to provide a similar investment consider it as a milestone for my business,” he said. His experience to his clients just like the one he has had for advice to new MFDs is also to be client-centric and the past several years now. “I want that just like I have trustworthy to them. been able to achieve many of my goals through the investments that I have made, my clients also reap Talking about the fact that many new investors are benefits in a similar manner,” said Jain. investing in direct equity, Jain said that he has met many such investors recently and almost all of them were not Today, Jain provides services to over 250 clients which sure about their investment decisions and asked for his constitute the corporate people, HNIs, NRIs and also guidance. those who belong to financially weaker backgrounds. “I feel that there is a lack of personal interface in the apps When asked about any challenges that he had to face in that people use. There is no one to guide you if you are the initial phase of his business, Jain said, “When I started going wrong in your decision to invest in a particular my business in 2013, there were many regulations that fund,” he said. were levied by SEBI on the MFDs. Though, I had thought of getting into an advisory business at the time, due to the According to him, this is why the role of an MFD is really regulations, I could only do the distribution part,” he said. important as he can constantly update his clients about the status of their investment portfolio and if it needs Despite this roadblock, Jain was confident that he would any changes. become a good distributor because of his skills of gauging the right fund as per his client's goals Going forward, He wants to keep working hard in and requirements. increasing his client base and keeping the trust with all his existing clients intact.

Striving Success Stories Amit Tarunkumar from mutual funds. \"Given the panic situation we were in, Punjani I decided to restore clients' confidence by hand holding them that this phase would get over,\" recalls Amit. One of Rajkot the corrective measures he took was to focus more on SIP and STP as long-term powerful tools for investment. Amit Punjani, 48, is a Rajkot-based mutual fund distributor who manages investors' assets worth ` 100 crore while The strong bounce back in the market in 2009 helped his catering to nearly 400 families. Serving mainly high net investors gain confidence. But the range-bound market worth clients and NRIs, Amit is one of the first distributors movement since then till 2013 amid recessionary in Saurashtra region and runs a monthly SIP book of pressure and several regulatory changes did have an ` 51 lakh. impact on mutual fund business. The education support from the mutual fund industry for distributors and Being from a financially literate family as Amit’s father has investors helped Amit sustain his business. a successful Income Tax consultancy, he understood the importance of financial planning from a very early age. Meanwhile, he adopted technology and with online Amit considers his father Tarunbhai as his Guru who presence the efficiency increased adding convenience to made him learn the basics of finances when he was in his his distribution business. Several crisis and market cycles teens. His professional financial journey began as an helped Amit become mature and so were his investors. insurance agent in 1994. As he progressed, Amit got to know several practical nuances of financial planning and \"For long-term wealth creation, one needs to stick to kept on adding other financial products in his basket. It investment basics like diversification, asset allocation, was in 1998 that he entered the mutual fund distribution. risk profiling of investors and most importantly managing clients' emotions,\" explains Amit. Over the last nearly three decades, Amit could witness several changes in the financial market, regulations and During the 2020 pandemic, his AUM slipped from ` 80 various cycles which made him mature and confident. \"I crore to ` 65 crore. His asset allocation in investors' ensured that every change - be it regulatory or tough portfolio considerably helped him beat the market which market situation - is a learning experience for me and had eroded nearly 35%. maintained a positive attitude,\" he says. \"However, this time around no client was in panic mode as However, the beginning was not an easy sail for him. He was the case in the 2008 crisis. I was more like offering narrates that in the initial days nearly 80% of his time moral support and helping my clients connect with would go in acquiring clients and rest was spent in doctors in case of emergencies,\" says Amit. This gesture servicing them. \"As things stand today, it is exactly of his made Amit like a family member of his clients and reversed,\" he narrates with a smile. their relationship further strengthened. Amit has a clear understanding that he is not in the With a belief in India's growth story, he targets to double business of managing clients' money. \"Rather, my work is his assets over the next five years and says that the all about handling clients' emotions and offering value mutual fund industry will grow manifold over the next additions. This business is all about behavioural finance decade. According to him, there is a requirement of more and probably that's the reason I could come this far,\" he mutual fund distributors in the country and advises says. Amit gradually developed trust-based relationships newcomers to be patient and work for the long-term with with clients. When the markets entered the bull run of focus on clients' benefits. 2008 rally, Amit's overall AUM reached ` 10 crore. By this time he was primarily focusing on lump sum investments. Summing up his journey, Amit says he is a continuous The going was good. learner and that mutual fund distribution is a blessed business he ever saw in the world terming it a win-win However, the 2008 market crash posed a serious situation for everyone. \"Trust and long-term relationship is challenge to him. Value of investors' portfolios got more my success mantra. I will grow if my clients grow, there is than halved while he could see an exodus of investors no two ways about it,\" he logs off.

Striving Success Stories Anil Sarjerao \"I got serious about mutual funds only in 2017,\" he says Nalawade with a sheepish smile. Immediately, he shifted to trail and focused on client acquisition. Satara \"I had no other option but to work hard with passion and Anil Nalawade, 51, is a Satara-based mutual fund vigour to regain the lost business,\" says a re-energised distributor in the state of Maharashtra. He caters to 450 Anil. He wasted no time in adopting technology to expand clients and has a monthly SIP book of ` 19 lakh with an and service clients. AUM of ` 25 crore. For him, investment through mutual funds is a convenient way to create long-term wealth and His hard work paid off well. Just before the pandemic in fulfil various financial goals. 2020, he reached an AUM of ` 12 crore - six times of what he was at in 2017. \"I spent more time with investors, Post his graduation in 1990, Anil entered the stock educated them about financial planning and long-term broking business and opened his financial firm. In 1995, benefits of mutual funds,\" says a confident Anil. Anil added mutual funds in his product basket. \"Initially, it was difficult to convince clients to invest in mutual fund As the market cracked amid lockdown, Anil's AUM schemes as they did have trust in the product and slipped to ` 7 crore. But he was not disappointed and awareness was low,\" he narrates. chose to work hard, engaged with clients more. Because of this, he remained focused on stock broking \"There was no redemption during this period. Rather, and kept mutual funds as a part time business. Since he more SIPs were opened and I made many of my clients do was not serious about mutual funds, he could not see the additional purchases as the market threw a big much traction. opportunity for long-term investors,\" explains Anil with excitement. It was only during the 2007 rally phase that Anil could see a reasonable inflow but that could not sustain amid the A strong recovery in the market not only made his clients 2008 crisis. \"Clients were in panic. I attempted to hand wealthier, the trust factor strengthened further. Hardly hold them to keep them invested. Some stayed back two years have passed since then but Anil's AUM has while rest did not,\" Anil recalls. reached ` 25 crore. Post that despite a market recovery, the entry load “Earlier, even an asset size of ` 5 crore would look difficult abolition put Anil out of gear. \"Though my ARN was active, to me. But focus on the business and client-centric I did not push the mutual fund business. Moreover, with approach did help me take the leap which encourages me the imposition of trail commission, entry load ban and to work harder going forward,\" says a happy Anil. direct schemes, I lost interest,\" he explains with regret. He aims to reach an AUM of ` 250 crore over the next 5 According to him, he could not understand the power of years and firmly believes the mutual fund sector is here to trail and it took him a long time to understand its potential. grow manifolds. \"That was a mistake on my part as I left the work many times in between. Had I been regular I would have been Anil suggests aspirants to the distribution business to join possibly at a much higher level,\" he says in a low tone. the business for a good cause with at least a vision of 10- 15 years. \"Initially, it is tough to survive but consistency Anil's continuous focus on the stock broking business will pay off. Newcomers should have other products in somehow dwarfed his mutual fund distribution. It can be their basket also to meet their expenses,\" he advises. figured out from the fact that at the start of 2017, his AUM stood below ` 2 crore. But by this time, he had developed Wrapping up his journey, Anil says it is always better to be a fair business sense of trail model and investors' late than never. \"Consistency with honesty, up to date awareness about mutual funds was on the rise. knowledge, passion while keeping clients' interest first So, he thought of giving a concerted try to propagate are vital factors to be successful in this business,\" mutual funds. he signs off.

Striving Success Stories Anindya Mandal & As the market bounced back in 2009, their investors could Sumanta Chakraborty see a rise in their portfolios. This helped restore clients' trust in Anindya and Sumanta while they understood the Kolkata benefits of mutual funds. Hardly the markets had recovered that entry load abolition took all distributors Anindya Mandal and Sumanta Chakraborty, both 50 years by surprise. of age, are Kolkata-based partners in their mutual fund distribution business. The duo manages ` 125 crore \"Initially, we did not know how to sustain our business. worth of investors' assets and caters to nearly 1,200 retail But as things settled down, we realised the positive clients. Having a firm belief that the distribution business impact of the move as several of the malpractices is based on nothing but long-lasting trust, they prevalent in the industry were largely capped. We chose acknowledge that this business is mainly about to stay put in the business and our journey continued,\" managing investors' financial behaviour. they add. Being childhood friends, both gel quite well with each During the 2009-13 consolidation phase, their investors other in thought processes. After passing out of college in asked if they should shift to traditional fixed deposits. \"We the mid-90s, they had developed an interest in the explained to them markets may not be performing in the financial sector and wanted to solely focus on short to mid-term, but these are opportunities to continue investments. \"Those days, the majority of investors to buy more. They acted accordingly,\" says Sumanta. preferred traditional investments. But we knew that in the long-term, equity-related instruments can only beat The direct plan did not have much of an impact on the duo inflation,\" they say. as they were service-oriented distributors and not only transactional ones. \"Though some queries did come, we \"Since mutual funds were new to clients, they invested a maintained the transparency and made them understand certain portion of their portfolio,\" says Sumanta with a our relevance in their wealth management as facilitators smile. And as clients could see the returns, their interest in helping them attain their goals,\" the duo pinpoints with rose gradually. Things did go quite well till the Y2K crisis of conviction. 2000 hit the market. Meanwhile, they opted for a trail-based brokerage model \"It was a very difficult phase for us. Nobody believed us. and adopted technology for ease and efficiency to cater We began engaging with clients and recommended they to more investors effectively. The 2020 pandemic did hit should stay invested and add funds, if possible. We their AUM by nearly 25-30%, but they faced no explained that volatility adds on to their wealth generation redemptions or panic among their clients. Rather, they power,\" they say. used such tough times to do top-up investments and used tools like STP. After a few years of consolidation, the markets were once again in the bull run. By that time, the duo had also gained Anindya and Sumanta have a great conviction in the considerable experience and understood how to navigate growth prospects of the mutual fund industry going clients. They focused on asset allocation and introduced forward. In the next 5 years, they are targeting an AUM of the concept of SIP to their clients. \"During 2005-2007, we ` 250-300 crore while a SIP book of ` 1.5 crore. They did a lot of work on SIP addition which helped us as well encourage newcomers in the distribution business to as our investors,\" they explain. come for the long-term and with a lot of patience. \"They need to be knowledgeable and updated with the new The 2008 crash did create a panic situation but the duo market trends while going digital,\" they suggest. were now better placed and settled to handle their clients during the crisis. \"Investment is a long-term process and Wrapping up their journey, the duo says that if one has irrespective of market situation one needs to stick to the knowledge, patience, and work for clients' interests, this investment basics. We told clients not to stop SIP and use is a great business to be in. \"Our success mantra is hard the opportunity to average out their costs of investment,\" work and focuses on building SIP book while taking care they narrate. of our clients on a regular basis,\" they sign off.

Striving Success Stories Jeetendra Agarwal to invest only in debt-based schemes. Agarwal also emphasizes on the importance of proper asset allocation Kolkata that needs to be done in order to minimize the risks related to market volatility. Jeetendra Agarwal, 49 is a mutual fund distributor, based in Kolkata with assets under management worth ` 40 “One cannot be invested in only one type of mutual fund crores and a monthly SIP book of ` 13 lakhs. With an schemes. A balanced portfolio is very important when it experience of over 12 years at various positions in the comes to mutual fund investments,” he said. banking sector, Agarwal started his own financial services business in the year 2013. Agarwal has a valuable advice for those who have recently started mutual fund distribution. “I think in this A Commerce Graduate, Agarwal initially faced a few business, one needs to be constantly updated about new challenges related to starting on his own from scratch. developments and remain honest with his clients. The trust of the clients is really important to be successful in “When I decided to start my own business, I had a small this business in the long-run,” he said. client base which included people whom I had known earlier while in my job. The main challenge was to start a He also shared that the clients are normally those who are personal business from scratch and to arrange for all the busy in their jobs or businesses and do not have the required resources for the same,” he said. expertise to make the proper investment decisions themselves. Overcoming these challenges, Agarwal has also diversified in products other than mutual funds like loans “Clients trust us with their hard-earned money and I think and insurance. Today, he has around 200 clients who are it is our responsibility to provide the required guidance to mainly based in Kolkata, with a few belonging other them,” he said. places in India like Delhi and Vishakhapatnam. Agarwal shares that the Covid-19 pandemic had been a When asked about his approach towards new clients, challenging period for him and his clients but with time, Agarwal said, “I feel that I have a larger social the trust has only grown between them. responsibility to ensure that my clients have a holistic financial cover. Hence, before I suggest any mutual fund “It gives immense satisfaction to me when I realize that I schemes to them, I check if they have adequate have been able to guide my clients in their financial protection in the form of health and term life insurance.” journey through the tough times that the Covid-19 pandemic has shown us in the past two years,” he said. While suggesting investment options to his clients, Agarwal focusses on their risk appetite and the time He also said that though the financial literacy has horizon for which they wish to invest. According to him, it improved in the country, a lot still needs to be done to is important to select the appropriate mutual fund make people from weaker financial backgrounds aware schemes based on the age, goals and expectations of the about the importance of investments. clients. Talking about those who invest though the various DIY “I tell my clients beforehand about the market risks that apps, Agarwal said that these applications are always come along with the investments in mutual fund going to be present but ultimately, the guidance and schemes. I encourage them to remain invested for a long- expertise of a mutual fund distributor is necessary to term of at least 10 years to gain the desired results,” make informed decisions about investments. he said. Going forward, he wishes to increase his AUM by at least He shares that in case the clients are willing to invest only 20% every year. “A 20% increase in AUM is a conservative for a short term of less than three years, he advises them target which I definitely wish to achieve without fail. My aim is to surpass this goal every year,” he said.

Striving Success Stories Mohit Sharma invest their money in any financial product, I ask them about their expectations or their reasons for investing,” Faridabad Sharma said. Mohit Sharma, 39, is a business partner at Rupeestop According to him, understanding client psychology is a LLP, a financial services company that he started along very important part of the business. Sharma's second with his friend/business partner, Dhiraj Sharma in March, step while guiding his clients is to make them aware of 2017. Based in Faridabad, Haryana, the company has an the risks and benefits of the schemes in which clients are AUM (Assets under management) in mutual funds of going to invest. “This approach has helped us to retain all around ` 58 crore and monthly SIP book of over ` 50 lakh. of our clients till date as clients were well informed Apart from mutual funds, the company also deals in other beforehand and do not panic when markets are volatile,” financial instruments like bonds and Corporate FDs. Sharma said. A Commerce and Finance Post Graduate and an MBA, Sharma also emphasized on the importance of building a Sharma has an experience of around 13 years of working team of like-minded individuals who would be able to put with various AMCs. As a result, when Sharma decided to across the company vision and thought process with the start his own mutual fund distribution business in 2017, it clients. “Ultimately, a good team is very important for the was not much of a challenge for him. He had always success of any business. I believe a good team is worked closely with the clients during his full-time jobs constituted by people who share similar values and and gained an invaluable experience of investment vision, which becomes a representative of the company marketing and product planning. itself,” Sharma said. About shifting from working for AMCs to operating Talking about many young investors investing through independently in the business, Sharma said, “Being in the several do-it-yourself applications, Sharma said that it industry over a period of time made me realize that I could should not affect the mutual fund distributors at all. contribute a lot more if I started my own business. This is “Technological advancements must not be viewed as a because in the industry, one needs to work within a deterrent to our business. Infact, as MFDs, we need to particular framework, which can be limiting at times.” adapt to these changes,” said Sharma. The main goal of his company is to penetrate financial According to him, these applications are actually services like investments among common masses. His beneficial as more and more investors are entering into company aims to educate people about better ways of the market. Also, he feels that it is not just the paperwork investing their money in newer financial products like that an MFD does. bonds and mutual funds. “An MFD is not providing a mere service of filling in the Talking about one of the biggest achievements for his paperwork while investing. His main role is to handhold company, Sharma shares that presently his company clients, educate them and guide them about where to caters to over 500 clients, with investments ranging from invest based on their future goals and risk-taking as low as ` 100 to amounts in crores of rupees. “Our main capacity,” he said. motive is to penetrate the Indian market by spreading awareness among the people and educating them about His advice to new MFDs is on similar lines. “One must the various financial products. Our clients thus range work hard and suggest financial products keeping in mind from a businessman who is investing a large amount with the clients' benefits first. This is the only way in which one us, to a driver or a maid, who are investing small amounts can be successful in this business,” he said. through SIPs,” Sharma said. Talking about the future goals of his business, Sharma His basic approach while dealing with his clients is to first said that he wants to reach more people and spread understand their thought process of why they wish to awareness and financial literacy in the country. “We want invest their money. “Whenever clients approach me to to target people across all financial backgrounds to invest with us,” he said.

Striving Success Stories Mukesh P Patel clients but to sustain them is difficult. I focused on offering value added services to my clients. Particularly, Anand when market conditions are tough, my relevance increases manifolds as I need to continuously manage Mukesh Patel, 49, is a Anand-based mutual fund their emotions and educate them,\" asserts Mukesh. distributor serving over 2300 clients while managing assets worth ` 237 crore. With a strong SIP book of The direct plans did not deter Mukesh as he was ` 1.45 crore, he has a strong conviction about the confident of the fact that investors need the help in immense capability of mutual funds as the best wealth financial planning. creator in the long-term. \"Rather, there have been instances where clients shifted A mechanical and automobile engineer, Mukesh passed to me from direct plans. It is a business of behaviour out from college in 1997 and joined a job in Ahmedabad. management and not only money management,\" he In 2000, he shifted to Anand as a lecturer in an pinpoints. Meanwhile, he was fully digital and used engineering college in the city. He entered the insurance technology to expand his reach. business as a part time job in 2004 and got into mutual fund distribution just before the 2008 market crash as a During the 2020 pandemic, Mukesh's AUM dipped to side business. A permanent job at the college did help ` 93 crore from ` 140 crore but being a seasoned market him during the correction phase and he organised several participant, he was confident that it was a great wealth awareness programs for investors. creating opportunity. \"I made a video and shared with all clients calling the Covid phase as the third big opportunity By the beginning of 2014, he reached an AUM of ` 12 in the last two decades after the 2001 and 2008 crash,\" crore but realisation was fast setting in him that mutual he says. fund distribution can't be a part time job. \"Being in a job, I was not able to do justice to my distribution business The effect of Mukesh's impetus on regular education to as it was difficult to sail two boats at the same time,\" clients was well seen now. Not only did he add more recalls Mukesh. investors but he made clients go for additional purchases. \"I tell investors that every five years there would be at least Markets were in upswing in 2014 and through his IAPs a two big opportunities to do large additional buying,\" lot of clients started joining him and his AUM jumped to he adds. ` 18 crore. \"I made a conscious decision to quit my job and plunged into the mutual fund business. It was a turning Mukesh sees a bright future for the mutual fund industry. point for me,\" narrates Mukesh. According to him, the industry can grow over 100 lakh crore in the next 5-7 years and at the same time he is At the start of 2016, his AUM grew to 60 crore, five times confident to surpass ` 1000 crore AUM mark. \"Potential is more than what he was at in 2013. As the markets rallied, too large which needs to be capitalised,\" he adds. confidence of his investors grew and so was his. References kept on kicking in and Mukesh did not let the He advises newcomers in the mutual fund to have opportunity go off his hands. patience and be long-term and put their best. As he understood the importance and benefits of trail- \"They must understand it is a full-fledged job and requires based model much earlier, he immediately shifted from continuous hard work and good communication with upfront much before quitting his job. \"I could foresee the clients. If one can put his best in the initial five years, huge potential in mutual funds. Since I always put clients' young distributors would not have to look back,\" interest first, I was sure that regulatory changes are better he explains. for investors. If they grow, so will I,\" Mukesh explains. Summing up his journey, Mukesh says his lifetime goal According to him, this business is all about long-term was to reach ` 50 crore which he surpassed in no time. relationships based on trust. \"It is easier to on board \"My success mantra is hard work, think about clients and keep updating your knowledge,\" he logs off.

Striving Success Stories Raj Talati & Amit Shah investors what we would do and what we won't. Investments have to be goal-based and as per the risk Vadodara profile of the investors. Education is of paramount importance as it helps clients not to panic during tough Raj Talati, 49, is a Vadodara-based mutual fund distributor times,\" pinpoints Raj. in partnership with Amit Shah (61), his mentor. The duo manages investors' assets worth ` 200 crore under the The entry load abolition of 2009 did not digress the duo from firm ABM Investment. Catering to nearly 400 families, focusing on mutual funds. They had the conviction in the they have a monthly SIP book of ` 50 lakh. For them, industry's growth prospects and stayed put in the game. mutual funds are one of the most flexible investment They started charging clients as per the regulatory guidelines products suitable for all kinds of investors to attain their and managed to sail through the tumultuous times. financial goals. The long consolidation phase during 2009-13 when In 2000, Amit, his brother-in-law, who was into financial markets remained range-bound was one of the best distribution for nearly a decade, offered Raj to join the periods for the duo. \"Our business grew extraordinarily, business. \"I had my reservation since I did not have any thanks to our continuous client education. We added commerce background and knew nothing about more investors with SIP,\" they say. And as the market investments. But given my relationship, communication rallied post 2013, the accumulated units at lower prices and managerial skills, Amit bhai thought I would add value did help their investors turn wealthier. to his business,\" recalls Raj with a smile. Meanwhile, they shifted to trail as and when the option When he joined, the business was primarily focused on was available. \"Since it is a long-term business, nothing traditional investments. ABM Investment took the ARN in could be better than trail model. It is a win-win situation 2002 and added mutual funds in the product basket. As for all,\" says Raj with a conviction. Moreover, the initial years passed the duo realised there was something threat due to the launch of direct schemes also waned as missing and probably things were not as they should. \"We direct schemes did not take a toll on their business given increased our mutual fund distribution and by 2006-07, as their strong advisory-oriented relationships with clients. the market was in the rally, we decided that we should focus more on mutual funds as this was the future,\" \"We are in the business of behavioural finance where says Raj. investors' emotions need to be managed and not necessarily money. This helps navigate them through In 2008, Raj cleared his CFP which proved highly market cycles,\" adds Raj. beneficial as he learned the professional ways of financial planning, risk profile and asset allocation aspect of During the 2020 pandemic, the duo's AUM slipped from investments. As the markets were in correction mode ` 140 crore to ` 95 crore. But neither did they panic nor during the Lehman crisis, Raj and Amit made a conscious their investors. Two decades of continuous imparting call that it was time to reduce other products and fully education among clients came to their rescue. They focus on mutual funds. ensured investors use the opportunity to do additional purchases in order to average out their costs. \"For me, it was the first time to see a big rally followed by a deep crisis. The crash eroded investors' portfolios, it was Amit and Raj have no doubts about the tremendous a big hit. Equipped with my CFP learning and experience growth potential of the mutual fund industry. In the next of Amit bhai, we tried to hand hold clients, manage their five years they see their AUM rising to ` 500 crore. They emotions and solely focused on education with historical encourage and advise youngsters in the distribution data points to restore investors' confidence,\" narrates Raj. business to be patient, transparent, knowledgeable and not in a hurry to collect cheques from investors. A strong recovery in 2009 raised investors' confidence in the markets and their trust in the duo increased. \"We Wrapping up the journey, Raj briefly concludes by saying, spend a lot of time while boarding clients. We tell \"Our success mantra is always client first strategy and clients' education.\"

Striving Success Stories Rajat Maheshwari redemption button upon getting the valuation back, that did not hamper Rajat. Haldwani The concept of SIP was getting widespread post the Rajat Maheshwari, 40, a Haldwani-based mutual fund crash. \"During the consolidation phase between 2009 and distributor in the state of Uttarakhand manages investors' 2013, I turned my focus from lump sum to more on SIP. It assets worth ` 75 crore. He caters to over 700 clients and turned out to be a great tool to systematically accumulate runs a SIP book of ` 35 lakh. A passionate Rajat believes more units at lower prices. When the market turned that mutual funds as a financial solution should be a up in 2014 onwards, my investors benefitted,\" necessity for every investor. reminisces Rajat. His father was into the financial distribution with a large Abolition of entry load was challenging for him but since insurance firm. It was he who sowed the seeds of he had insurance business too, his expenses were taken financial planning in Rajat who from an early age care of. He kept his focus on mutual funds business developed interest in the financial market. After intact. \"My primary task is to offer value added services to completing his commerce education in 2002, Rajat my clients. There are phases when despite being assisted his father's insurance business and in 2004 got educated clients panic, it is here that my presence is into mutual fund distribution. required to hand hold him,\" explains Rajat his thought processes. He believes that a mutual fund distributor has At a time when most investors looked after traditional relevance in every investor's life. investment avenues, poor awareness about mutual funds was a challenge. \"Being from a small town, people were Meanwhile, by 2017, Rajat had already started adopting not aware about the potential of mutual funds. And those technology. This added ease of transaction and who knew about it thought it to be very risky. Further, high convenience. This did help him considerably during the interest rates from fixed deposits prevented them from 2020 pandemic. His AUM dipped to ` 35 crore from ` 55 investing in mutual funds,\" he recalls his starting years. crore in a matter of a month. But having experienced the 2008 crash, Rajat and his investors were better equipped The first few years of Rajat went mostly in convincing and mature this time around. clients and explaining how investments through mutual funds, which are regulated products, mitigate the risks Asset allocation strategy helped Rajat a lot during this through diversification while beating inflation to create phase. \"I told my clients that would be a great opportunity long-term wealth. \"From starting, I ensured investors have to create wealth. I made sure I was always available to long-term and goal-based investments. This helps in answer investors' queries,\" he says confidently. keeping them disciplined and long-term,\" he narrates. Rajat believes that the mutual fund industry's growth As years passed, markets entered the bull phase, his prospects are bright and it will grow manifolds so will be investors could see returns in their portfolios. This his business over the next 5 years. Given the huge encouraged them and their confidence rose. But the 2008 potential India offers, he encourages newcomers to join market crash, a new experience for Rajat as well as his the mutual fund distribution business with patience investors, was a tumbling block. His investors were in and long-term approach. \"This business demands panic mode. It was here that he turned proactive and patience and continuous passion. There are no educated them these were not the times to exit but to shortcuts,\" he asserts. stay invested. According to him, to grow in this business one should Majority of his investors gave heed to Rajat's keep clients' interest on top while doing what is the best recommendations and stayed put. Within a year, a strong possible for investors while keeping their age, goal, risk bounce back in the market brought the investors' portfolio profile and tenures in mind. \"My success mantra is at the pre-fall level. Upon seeing this, investors' sticking to investment basics, knowledge, continuous confidence in Rajat increased. Though many pressed the communication with clients and keep on working hard to acquire new clients on a sustainable basis,\" he concludes.

Striving Success Stories Rajender C who have invested in mutual funds availing his services Jobanputra are first-time investors who have started their investment journey in mutual funds with his company. Hyderabad “I have been successful in introducing and encouraging Rajender C Jobanputra is a mutual fund distributor based many new investors to invest in mutual funds. Most of in Hyderabad with assets under management worth ` 50 them have done it for the first time under my guidance. crores in mutual funds and monthly SIP book of around This is what I consider a milestone for my business,” he ` 50 lakh. said. A Post Graduate in financial management, Jobanputra Also, much before the challenging period of Covid-19 operates now with a team of around 12 members and Pandemic, he had digitized almost 80% of his business. handles over 2,000 families, mainly located in Secundrabad and Hyderabad. “Much before the Covid-19 pandemic struck, I wanted to ensure a hassle-free procedure for my clients and my He first entered the financial services market in the year team in managing the paperwork and the portfolio of my 1999, dealing in general and life insurance products for clients. Digitalization of businesses has now become the several years. It was in the year 2008 when he became a need of the hour. I feel that I could foresee its importance mutual fund distributor to expand his financial services and had started working towards it in the past several business. years to improve the quality of services that I provide to my clients,” he explained. Talking about the initial days of his business, Jobanputra said, “From the very beginning, I had the required Talking about his approach towards his clients, technical skills and knowledge for being successful in my Jobanputra said, “I always try to adopt a need based financial advisory business. I started my business with selling approach with my clients. First, I try to understand two assistants &a single laptop from day one which was & figure out the best suited product for the investor after quite uncommon during those times.” considering his age, income, requirements, risk appetite, goals, assets & liabilities.” As an MFD, Jobanputra initially targeted millennials in order to build his client base. He believes that as he had Whenever the markets are volatile, he encourages his strong technical skills which was unique at that time, he clients to not panic as in the long-run, investments in could connect to the millennials instantly. mutual funds would prove to be beneficial. Talking about the challenges that he faced in the initial “I believe that the main role as an MFD is to educate the phase of his business he said, “The 2008 economic crises clients about the right time to invest.” he said. was a challenge as it became difficult to convince people to invest in mutual funds.” Also, according to him, at present, most clients are more informed about how mutual funds work unlike the time He observes how over the years, people have now when he had started. They want to invest more when the become more aware and view mutual funds as a good markets crash to reap the benefits in the long-run. option to yield higher returns these days. Going forward, Jobanputra wants to work towards Unlike when he started, investors now do not require digitizing almost 95% of his business. much convincing when it comes to investing in the mutual fund schemes. He feels this will lead to a smooth functioning for his company, his team and also ensure a better experience When talking about the key achievements of his career as for his clients. an MFD, Jobanputra said that more than 95% of investors

Striving Success Stories Rohit Bhuwania know about mutual funds and avail services for choosing the right funds as per their future goals. Kolkata When asked about his basic approach towards his Rohit Bhuwania, 45, is a mutual fund distributor based in clients, especially when markets crash, Rohit said, “I Kolkata, West Bengal with assets under management always suggest to my clients that their investments worth ` 3 crore and a monthly SIP book of ` 10 lakh. Rohit should be well-planned and not all investments need to used to deal in equity trading before he started as an MFD be done in equity funds only. Even if some clients are in the year 2005. capable to bear the risk that comes with equity mutual fund investments, I guide them to keep a proper asset Talking about the main aim of getting into mutual fund allocation in different types of funds.” distribution, Rohit said, “When I used to do equity trading, I felt that it is important to explore more financial products This is how he ensures that the clients do not panic in to ensure that the clients' financial needs are fulfilled. My case of any emergency or whenever the markets are main aim was to make my clients aware that there are volatile. The second thing that he tells his clients is to better options in the market than Fixed Deposits or other increase their investments in SIPs at such times. traditional instruments in which they will definitely get better returns with regular investments.” Rohit's advice to those who have just started as mutual fund distributors is quite simple. “An MFD should first be However, it was not really an easy path for Rohit when he aware of the clients' goals and the amount of time for had just started mutual fund distribution in 2005. which they wish to invest the money,” he said. There was a constant need for him to update his own knowledge about the difference between different types According to him, an MFD must thoroughly study the of mutual funds and then guide his clients. clients' profile to suggest the right investment options as per their goals and their future plans. “Challenges are a part and parcel of this business. I recall that when I started, I used to think that there was no risk in He feels that the most important quality of an MFD is not investing in debt funds. Gradually, I learnt that though the to work for their own commission only but to put the risk is comparatively less than equity mutual funds, it is clients' goals first. Rohit said that handholding the clients still there. Updating my knowledge helped me to provide is a major part of this business. the right guidance to my clients as well and today, there is no looking back,” he said. Talking about many new investors now investing in direct equity, Rohit said that all those who are investing in The initial years into the MFD business were also direct equity these days via do-it-yourself applications particularly challenging for him as there was minimal are bound to come to the MFDs later, once they awareness about mutual funds among the common experience losses. masses as well. “According to me, it may affect those MFDs who work “At that time, people did not know even the basics of only for their own commission but not the ones who are what a mutual fund is. It was, thus, difficult to convince sincere in their work and put clients' interests at the them to invest in the same.” said Rohit. forefront,” he said. When asked if he has now seen any changes in the Going forward, Rohit aims at reaching an AUM of at least financial awareness around his area of business, he said more than ` 50 crore in the coming years and wants to that there is a sea change as now around 90% people expand his client base to achieve the same.

Striving Success Stories Sandip Virmani Sandip's approach towards his clients is to understand their expectations first. “When new clients approach, I try Faridabad to understand their reasons for making a particular investment. I guide them on the basis of their risk Sandip Virmani is a mutual fund distributor based in appetite. It is very important to understand the risk Faridabad with assets under management worth ` 60 appetite, goals and the time frame for which the clients crores and a monthly SIP book of ` 50 lakh. Owner of wish to invest to suggest the suitable mutual fund Dynamic Investments, Sandip started the business in schemes to them,” he said. 2006 along with his wife. He also shared that whenever the markets are volatile, he Sandip, who is a Certified Financial Planner (CFP), chose recommends tactical asset allocation depending on the to start mutual fund distribution to make people more market valuations and market scenario to his clients. This informed about mutual funds and its benefits. “At the time approach helps his clients to remain invested for a long- when I started, people preferred investing in traditional run and get the desired results as well. financial products like fixed deposits even if they were not getting the desired returns from these investments. They Sandip's advice to new MFDs is to start by focusing on were not ready to invest in mutual funds either because of building their SIP book. “I feel that SIP is the most reliable their lack of awareness or their wrong perception about way to start investing in mutual funds. Those who have mutual funds being very risky just like the share markets,” just started this business must first begin by building their he said. SIP book gradually by onboarding as many clients as possible. This will provide them the initial stability which This was one of the main challenges for Sandip to is essential in a business,” he said. convince people to invest and onboard clients in the initial years of his business. Sandip also shared that unlike According to him, the new MFDs must also work on today, the technology was also not much developed keeping updated about the latest developments in the when he started his business posing some challenges in market to cater to their clients' queries. He said proper terms of smooth functioning of the business. asset allocation is also a must to be successful in this business in the long-run. Being a mechanical engineer prior to becoming an MFD, Sandip has had his own learning journey from his Sharing his achievements, Sandip said, “My mother has personal investment experience. “When I started started investing in mutual funds at the age of 82. I have investing in mutual funds for personal gains, initially, I also gained the immense trust of almost all my clients as incurred some losses. This is because I was not many of them have been investing under my guidance experienced enough and there was no one to guide me at for more than 10 years now. This is a real achievement that time. I felt that the role of an MFD is going to be really for me.” important in future,” he said. Talking about the people investing in direct equity using This is how he decided to become a full-time MFD and the DIY apps these days, Sandip said that he does not feel worked really hard to upgrade his qualifications and that this will affect the MFD industry in the long-run. “I knowledge for the same. Today, he has a client base of would suggest that for initial investments, people must about 1000 clients, many of whom have been with him take the advice or guidance of a mutual fund distributor. from 2006 itself. As they are investing without proper guidance, they are bound to either incur losses or will fail to achieve their Sandip feels that the financial literacy has now improved a desired goals. Once they experience such setbacks, they lot from the time when he started. “People have now would feel the need to approach an MFD after losing their become aware about what mutual funds are as compared hard-earned money which can be really demotivating,” to when I started. But still, there is and will always be a he said. need for guidance for proper asset allocation which only an MFD can provide,” he said. Going forward, Sandip plans to achieve an AUM of ` 100 crores in the next three years.

Striving Success Stories Shouvik Ghoshal honesty matters a lot. “One must be ready to admit his mistake to the clients just in case he feels that his advice Kolkata has gone wrong,” he said. His advice to new MFDs is to be trustworthy with the clients and focus on the clients' Shouvik Ghoshal, 40, is a mutual fund distributor based in goals even though the commission might seem low. Kolkata with assets under management worth ` 51 crores and a monthly SIP book of around ` 26 lakh. Ghoshal “In Balanced Advantaged funds, even though the started his mutual fund distribution business in April, commission is lower as compared to other mutual fund 2013. Before that, he worked at a private bank for about schemes, I recommend it to my clients without thinking six years. about my gain. This is the only way in which I can retain my clients. Proper asset allocation as per the client Ghoshal decided to shift to an independent business portfolio is very important,” he said. mainly because of two reasons. He shared, “While in the bank, I was not completely satisfied as in case of transfer, Talking about people investing in direct equity these days, I could not guide my clients for a long-term. Also, there Ghoshal said, “I believe that through the various do-it- were certain financial constraints as the salary in my job yourself apps, more and more investors are entering the was a bit low,” he said. Owing to such problems, he market who will eventually require guidance. So, this will started his own business and initially dealt in mutual prove to be a boon for the MFD industry in the long-run,” funds and life insurance. he said. A Post-Graduate in Science, apart from his full-time job at He believes that investors who are not experienced the bank, Ghoshal did not have much knowledge or enough invest in funds that are performing well through experience in the financial service industry. As a result, he these apps but are not aware of many other factors that worked really hard initially to build a stable business. He need to be considered. These may include the time frame attended many seminars and programs organized by of the investments or their own goals for which they wish financial organizations at that time to remain updated to invest. “A mutual fund distributor is capable to about how to operate a financial services business and handhold and guide the clients when the markets are handle clients. Currently, he has around 450 clients, volatile. But, when investing in direct equity, this guidance based mainly in Kolkata. “I believe that a personal connect is lacking and investors ultimately redeem their is very important in this business which can be investments,” he said. maintained if one regularly meets the clients. That is why, I mostly target clients who are based around my area. I According to Ghoshal, this is why there is a lot of scope also regularly hold virtual meetings or set up calls with for the MFDs these days as their number is significantly those clients who have shifted to other places due to low as compared to the increasing number of investors in work or other reasons,” he said. the market. Ghoshal's clients mainly include people in the age group Ghoshal has also constantly tried to educate his clients of 50s and 60s. He believes that he mostly recommends about how and when to invest. “Most of the clients have balanced advantage funds to conservative clients during now become aware and would voluntarily wish to invest the initial days. For others, he recommends products when the markets crash. I have thus experienced a shift in based on their individual goals and risk appetite. “It is the attitude of my clients as far as mutual fund important to advise the clients mutual fund schemes investments are concerned,” he said. According to him, keeping all the factors in mind like their age, their risk even if the clients are willing to invest, they must be appetite, goals and the time frame for which they wish to informed about all the risks beforehand by an MFD. invest,” he said. Following an honest approach has always paid off for For Ghoshal, the biggest achievement is that almost all Ghoshal as he has been able to achieve his targeted AUM his clients have been able to trust him with their already. Going forward, he wants to increase it further by investments. Ghoshal believes that in this business, following a similar goal-based approach for his clients and recommending proper asset allocation to them.

Striving Success Stories Shrikant Jhawar handhold clients through such tough times which is most important,” he said. Kolkata Jhawar's approach towards new clients is very simple. “I Shrikant Jhawar, 50, is a mutual fund distributor based in ask my clients if they have done any risky investments Kolkata and founder of Bluechip Stocks. Jhawar started before,” he said. Based on their past record of his mutual fund distribution business in the year 2004. investments, their age, goals and expectations, he tries to Today, he has assets under management worth ` 140 gauge their risk-taking capacity and recommends crore and monthly SIP book of ` 50 lakh. suitable financial products to them. As majority of his clients are people in their 50s and 60s, he recommends Before becoming a Mutual fund distributor, Jhawar, along balanced advantage funds or hybrid funds to them, with his uncle, was involved in equity trading since 1991. keeping his clients' interests first. “I used to help my uncle in equity trading. At that time, he was the one who looked after all the business operations. Talking about the key to being successful in the business, In 2004, after my uncle's unfortunate demise, I had to take he said that in order to be successful in this business, one up the responsibility of the business,” he said. needs to recommend the right financial product to his clients and not work just for commission. With his uncle, Jhawar had mainly dealt with HNI clients but when he decided to become an MFD, he also “If an MFD puts clients' interest first, he will be able to acquired many retail clients. He had to work hard to learn retain the client and also will get to work with the clients' and update his knowledge about the necessary software extended family,” he said. Jhawar also believes that as a and obtained his ARN to run the business. Today, he has mutual fund distributor, one must build a personal around 600 clients which constitute both retail as well connection with the clients. as HNIs. According to him, apart from one's business meetings, an Though Jhawar had gained a valuable experience of MFD should make sure to meet the clients and greet handling the clients while working with his uncle, there them personally on any special occasions like their were certain challenges that he faced when he started on birthdays or anniversaries. He thinks that more than any his own. “People in and around Kolkata had a conservative business meetings, connecting with the clients on a mindset when it came to mutual fund investments. They personal level will enable a long-lasting relationship. preferred investing in Fixed Deposits, real estate or Gold,” said Jhawar. Jhawar considers one of his biggest achievements is that he has been able to build a long-term relationship with his He, thus had to educate them about how mutual fund clients, some of whom have been with him since 1991. investments can yield more returns if done for a longer period of time. “Sometimes, I used to show them my own This was when he had been working with his uncle. He portfolio or that of my family members in order to gain also emphasizes that besides, gaining client confidence, their trust,” he said. a mutual fund distributor also needs to keep updating his knowledge by attending seminars and reading books Talking about some of the tough phases of his related to financial markets. entrepreneurial journey, he also shared, “There have been many tough financial periods since I started like the 2008 Talking about many investors today investing in direct economic crises. It proved to be a learning experience equity, he said, “It may have some effect on the MFD for me.” business but in the long-run it cannot completely overpower the personal guidance that an MFD provides.” Even today, Jhawar believes that there are times when it becomes difficult to deal with client queries like in case of Going forward, Jhawar aims to maintain a stable any mergers and acquisitions. “It is difficult to predict the relationship with all his existing clients and their families future of the investments. I believe that our main job is to by ensuring smooth functioning and good advice keeping their interests in mind.

Striving Success Stories Sridhaba Mahapatro long-run”. This is how he gradually convinced some of the initial clients to invest and started getting Hyderabad references afterwards. Hyderabad-based Sridhaba Mahapatro, 44, is a After a year, one of his ex-colleagues Mr. Vinay Pendyala distributor of mutual funds and other financial service joined him as a partner to his business. Today they products with assets under management worth have around 130 clients (mostly HNIs and UHNIs) approximately ` 450 crores. He is a post graduate in spread across Hyderabad, Chennai, Bangalore Business administration from Berhampur University in and Bhubaneswar. Finance and has a work experience of about 20 years in various private banks and asset management Sharing the biggest achievement that they consider to be companies (AMCs). a milestone for their business, Sridhaba said, “The fact that we have achieved an AUM of more than ` 450 crores Mr. Sridhaba thought of starting his own business in in just three and half years is certainly very rare and so, I October, 2018. “I have a good experience working in would say that is a milestone for us.” various banks at different levels from managing direct clients to managing clients through a team. I thought of He also shared that for MFDs, more than the AUM, it is starting my own business because I felt that working for the client trust and confidence that is very important. He any company meant following their framework or said that some of his clients, who are HNIs, were not regulations. There was always a certain gap between the ready to invest in mutual funds as they considered it clients' expectations and the objectives for which the equivalent to investing in stock markets. Through his institutions wanted the employees to work,” he said. advice and guidance, they became ready to invest in mutual funds and are his regular clients till date. Sridhaba wanted to fill this gap by providing service to the clients independently, where he could completely focus Sridhaba emphasizes that to be a successful MFD, one on the client's goals. He also said that in his full-time jobs, needs to have a strong practical knowledge and work he had to leave the client base when he shifted from one experience. “Only by working with the clients, one can company to another, which was a bit demotivating for understand their psychology and investment risk him. “In an independent business, I can have clients for a appetite. I believe that those people would be successful lifetime, which was not the case in my full-time jobs. in this business who have a full-time work experience in Every time I shifted my jobs, I had to build a new client this field,” he said. According to him, it is necessary to base and work according to the principles of the new understand how clients respond to different market company which was a challenge in itself,” he explained. phases, their reasons to invest and the time frame in which they wish to achieve their goals. When Sridhaba started his business, he said that there were many challenges that he had to face. “Shifting from About many people investing in direct equity these days, a full-time job to being an independent MFD has its own he said the there will always be a requirement of proper limitations. Initially, it is difficult to gain the client guidance at some stage. confidence. If a person is associated with a reputed institution, people tend to trust him readily but once he “People who invest through do-it-yourself apps have starts as an independent MFD, it takes time to gain the insufficient knowledge which can be harmful in the long- confidence of the clients,” he said. run. Just because a particular fund or product reaped good returns for some investors does not mean that it is a Thus, initially, Sridhaba explained to his prospective good investment option for everyone. This guidance can clients about how being an independent MFD, he will be only be given to the people by an MFD,” he said. unbiased in his approach of providing the right solutions and focus only on the client goals and expectations. He Talking about the future goals of his business, Sridhaba said “If client is happy and the portfolio is growing, said, “We want to grow our business many folds. It's just automatically it helps both client and distributor in the the starting phase for us. We do not wish to set up a target in numbers as we feel that it will limit us.”

Striving Success Stories Subhas Sekhsaria convince clients to invest in mutual funds and make them aware that long-term investments in mutual funds could Kolkata yield higher returns than other forms of investment. Subhas Sekhsaria, 58, is the owner of Shreyans Finserve Subhas's approach towards his clients is to stand by them Private Limited, a financial services company based in and handhold them whenever required. “I try to hold Kolkata. regular meetings with all my clients. Even today, I try to personally meet two clients every day to answer their Subhas started his career in the financial services industry queries or guide them,” he said. in 2001,by working as an insurance agent. After working for some years in the insurance sector, some industry Subhas feels that maintaining a personal connect and friends advised him to start a mutual fund distribution relationship with clients is very important for the business in 2003. business. Even when the markets are volatile, he explains the reasons about it to his clients and tries to educate Eventually, with the support of his wife and friends, he them as much as possible. This enables them to started his own business and became a mutual fund understand the markets better and not panic in case of distributor, also dealing in other financial products. Today, market volatility. he has assets under management worth ` 100 crores in mutual funds and a monthly SIP book of ` 55 lakh. His advice to the new MFDs is on similar lines. “I would advise the MFDs who have just entered into this business Before Subhas started working in the insurance sector, he to maintain a personal connect with the clients. In this did not have a stable job. He shared that one of his friends business, clients' trust is of utmost importance. One must encouraged him to join the insurance sector. That is when work really hard to build client confidence in order to Subhas started gaining knowledge about different succeed in the long-run,” he said. financial services products apart from insurance. Subhas has been successful in this business and “When I worked for a few years in the insurance sector, I considers it to be a respectable profession. Sharing started reading and attending many seminars to update his achievements, he said, “I have received ample my knowledge about the financial products available for recognition in this field. I got many awards which I investments. I felt that the financial industry is a good one consider as one of the biggest achievements in my to continue working in,” he said. career,” he said. So, he started his own business dealing in all types of Subhas also shared that now, since he is popular in the financial instruments to cater to his clients. Today, his industry, he can personally connect with many industry company provides services to over 500 clients who are veterans as well on a daily basis. This also helps him to based in and around Kolkata. “My aim is to provide all keep himself updated about developments in the industry types of financial services to my clients under one roof,” or any new products or schemes. “Keeping updated with he said. any new financial services products and its practical aspects helps, as I am able to address client queries Sharing the challenges that he faced in the initial years of without any delay,” he said. starting his business, Subhas said, “When I started mutual fund distribution, there was very little awareness Going forward, Subhas wishes to take his business to among the people about mutual funds. They were not new heights along with his son who has also joined him ready to invest as they perceived mutual funds to be a recently after completing his CFA. risky investment.” Subhas shares that he has achieved almost all his He said that people generally preferred to invest in fixed personal goals like his children's' education through his deposits, gold or real estate at that time. Apart from business. He values the financial industry a lot and keeping himself updated, Subhas worked hard to believes that it is a growing market as more and more investors now wish to invest in mutual funds.

Striving Success Stories Sunil Mansukhlal He further adds, \"I told them that timing the market will Rathod not yield desired results. Rather, time spent in the market will.\" Majority of his investors listened and stayed back. Rajkot Sunil spends a lot of time in educating his clients and Sunil Rathod, 57, is a Rajkot-based mutual fund distributor believes that there are four important pillars in investing - and manages investors' assets worth ` 90 crore. Serving Discipline, Patience, Own Money to be invested and 2,500 clients, he commands a monthly SIP book of ` 50 Long-term approach. A strong bounce back in the market lakh. A seasoned and experienced market participant, in 2009 did help build strong relationships with clients. Sunil considers mutual funds as an investment avenue which offers investors professional management of The 2009 ban on entry load did not perturb Sunil as he had funds with risk-mitigation and helps meet financial goals. other financial products in his basket which took care of his expenses. But he was confident that the mutual fund Sunil is very active in social circles and he treats mutual industry would grow and he stayed put. fund distribution as a part of his social service. \"I have been interested in stock markets since I was 15 years of \"Since I had seen decades of regulatory overhaul in the age while in school in 1979. Seeing several market cycles financial market, I knew such changes were only for since then I understood that discipline and patience are good,\" he explains. key to be a successful investor,\" he says. Similarly, when direct schemes were launched and trail- After graduation in 1985, Sunil got a job as civil engineer. based commission model came into being, Sunil did not His interest in stock markets did not let him continue his show any resistance. \"My strong services did not let me job for long. \"In 1990, I resigned and started my broking face the brunt of direct plans. Meanwhile, I shifted to trail business in 1991,\" he recalls. As the Indian economy was as it was more of a long-term nature,\" pinpoints Sunil. opening up to the outside world post reforms, he witnessed shaping up of the financial market. During the 2020 pandemic, he faced no redemptions and communicated well with all his clients during the crisis He entered mutual fund distribution in 1995. There were and remained engaging with them. Though, Sunil's AUM very few mutual fund players then. As years passed and dipped to ` 43 crore from ` 53 crore. \"Naturally, clients the mutual fund sector expanded, Sunil got his ARN in had a lot of queries and concerns as market volatility 2002. However, poor awareness about mutual funds was is something which is not easily tolerated by a hurdle those days. \"People lacked knowledge about most investors. I stood by them during crisis times,\" mutual funds. Slowly the journey began as more products recalls Sunil. came into being,\" reminisces Sunil. He ensured clients are on the digital platform so that there The 2004-2008 market rally helped Sunil see traction in his was an ease in transaction and services were rendered business. \"The flow started coming after 2005 and effectively. investors made money. Acceptance of mutual funds was on the rise,\" he explains. However, the market crash in Sunil strongly believes that the mutual fund industry is 2008, eroding nearly two-third of the wealth did make his here to grow and says it will reach ` 100 lakh crore over investors panic. It was here that Sunil's nearly 30 years of the next 5-7 years. During this period, he aims to reach an market experience came handy. AUM size of ` 500 crore. He advises newcomers to join the mutual fund distribution industry with seriousness, \"From the beginning, I was clear that my job is not only to honesty and a client first strategy. sell but offer good after sale services. I stood by my investors and addressed their queries and concerns Wrapping up his journey, Sunil says this business is all during difficult times. I explained to them that the crack in about trust and relationships. \"My continuous hard work, their portfolios is nothing but current valuations. By clear communication, strong services, building trust staying invested not only will help recover their losses but and confidence has helped me reach to this level,\" will generate more wealth,\" Sunil narrates. he concludes.

Striving Success Stories Vijay Vasant his fourth and the last job - but was laid off within a year Paragavakar in 2015. Kolhapur \"After seeing continuous job cuts in a short duration, I thought why not start my own distribution. Since I was Vijay Paragavakar, 40, is a Kolhapur-based mutual fund bringing in sales which benefited the corporates and I had distributor managing investors' wealth worth ` 23 crore. the knowledge and the client base, I took a decision to do He serves nearly 700 pure retail clients and commands a it on my own,\" says a confident Vijay. monthly SIP book of ` 21 lakh. For him, mutual funds are one of the best investment vehicles for individuals to fulfil He did not inform his parents that he had lost the job their financial dreams. again. \"My family would get depressed every time I lost job. So, I continued my routine of leaving home in the Vijay had a struggling childhood. His father worked as a morning, taking my lunch box and coming back in the cook in marriage ceremonies while his mother was a evening,\" he chuckles. cleaner in the municipality. \"I sold flowers, fruits, cleaned toilets, washed utensils since I was 7 but never quit my He used this time to prepare for the certification studies,\" he says with pride. examinations and kept meeting his clients at his previous employers. After his graduation in 2004, Vijay tried for jobs but in vain. He finally ended up as a courier boy and earned 50 paise He successfully cleared the required tests and began his per delivery. \"I would walk 12-15 km daily to deliver independent financial distribution in October, 2016. documents in the day time and pick letters from offices in the evening,\" he recalls his early days. Initially he spent time to shift his former clients on his personal code and soon referral business took off. Since he would visit offices of the fund houses also \"Right from the beginning I maintained transparency with in the city, he had a fair sense of mutual funds as an clients and worked for their benefits. I never focused on investment product. brokerages but on clients' betterment,\" Vijay explains. His SIP book reached ` 7 lakh just before the lockdown. In 2007, he requested a senior official in a large fund house for work. \"I joined as an office boy. My job was to The 2020 pandemic was one of the best phases for him clean the office, deliver documents and do official work. and put his experience to use. He used digital platforms At times, I would join seniors on calls with investors,\" for sales and services and communicated to clients that he narrates. market fall was a great opportunity. Vijay's investors acted upon his recommendations and today as things stand, his Slowly, Vijay developed an interest in mutual funds and SIP book is triple of what it was two years back. kept on learning while on the job. \"During that time, markets had crashed and I could see investors would In the next five years, he plans to reach an SIP book of ` 50 come in and yell a lot,\" he says with a smile. lakh while AUM should be ` 50 crore. His strong belief in mutual funds as a product always propels him to remain He left the fund house in 2010 to join a distribution passionate and focused. company as a sales person and learnt about various other products. However, since he could not meet the sales To newcomers, his advice is simple, \"Come with a long- target he was fired after a year and a half. Soon he got an term vision, be honest, don't be commission-driven and opportunity at a large brokerage house in their marketing work hard for the interest of clients.\" and sales team. Summing up his journey, he says he has just started off, Markets were in consolidation mode and he tried to bring sky's the limit. \"I treat all my clients as my family in sales but still could not meet the target and was forced members. If they do good, I will do good. My endeavour to quit yet another time. He was disappointed but did not always remains not to sell unsuitable products to my lose hope. Once more he joined another brokerage firm - clients as it is a business solely on trust,\" he signs off.

Striving Success Stories Vikash Kumar Baid Vikash also said that the team always tries to keep the clients informed and educated about the developments Kolkata in the market. He said, “I write newsletters regularly and provide them to my clients. Keeping the clients well- Vikash Kumar Baid, 38, is a partner at Trust capital LLP, a informed and aware about market risks and volatility financial services company based in Kolkata. Vikash along beforehand helps them and they do not panic,” he said. with a team of 5 more members initially dealt in direct The team also gets in touch with them by holding stock broking business and diversified to mutual fund webinars at regular intervals. distribution in 2016. Today, the company has an AUM of ` 200 crores in mutual funds and a monthly SIP book of His advice to new MFDs is to learn to work together as a around ` 20 lakh. team. “The financial services business is no longer a one- man-business. We need to have a team approach in order An MBA, Vikash had a valuable experience of working in to succeed in the long-run,” he said. different financial service organizations before he started the company in 2013. “Till 2016, we only dealt with stock According to him, education related to finance and a work broking. Then, in the same year, one of our clients experience prior to becoming an independent MFD also invested a large chunk of his investments in mutual funds helps. “If an aspiring MFD does not have a suitable work with some other company, as we did not deal in Mutual experience or educational background, he must try hard funds at that time,” he recalled. to gain knowledge and information about the field by any means to remain relevant in the long-run,” This incident made the team realize that mutual funds are he emphasized. becoming a popular investment option and decided to enter into the mutual fund distribution business. Also, Vikash feels that recommending the right financial Remarkably, within two months of starting mutual fund products is an important part of this business. “If a distribution, they were able to achieve assets under particular client is conservative, there is no point in management worth ` 90 crore in mutual funds. recommending a small-cap or large-cap investment for him,” he said. When Vikash and his team had started the business from scratch in 2013, they did face certain issues related to According to Vikash, there is a lot of scope for mutual client onboarding but with the help of the network of fund distributors in India. This is because even though the colleagues, friends and relatives, their business was quite basic awareness about mutual funds has increased, successful within the first three years itself. “After three people still need guidance with their investments. years of a successful stint at stock broking, when we diversified to mutual fund distribution, almost all of our He said that the new do-it-yourself apps will prove to be clients started investing with us. So, it was not much of a beneficial in the long-run for the MFDs as more investors challenge for us,” explained Vikash. are entering the market through them. The basic approach followed by Vikash and his team “Through the DIY apps, people are experimenting with whenever they deal with new clients is to ensure that the small amount of investment. As the amount that they clients do not have any unreasonable expectations. wish to invest increases, they would ultimately require “When clients approach us, we ask them what they are guidance. Advice in such cases will thus always remain expecting from the investments that they are planning to valuable,” he said. make. If we feel that they have something in mind which might be difficult to achieve, we make it clear to them Going forward, Vikash and his team are planning to beforehand,” he said. expand their business by setting up offices outside of Kolkata in two more cities. He shared that ultimately, based on the risk appetite of the investors, he and his team offer them suitable “We want to expand our client base in the coming years investment options. and plan to open up offices in different cities all over India to achieve the same,” he signs off.

STRIVING SUCCESS STORIES