Striving Success Stories 5_April

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 14 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 Ashwani Tiwari, Bhavesh Manilal Kotecha, Bikramaditya Bhadury, Kanai Basak, Kapil Khurana, N Vijayakumar, Opinder Jain, Pijus Das, Prashant Murlidhar Bagad, Sambhik Sinha, Sanjeev Prabhakar & Pankaj Bhandari, Shekhar Bither, Shyam Sutrave and Subrata Sarkar. 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 Ashwani Tiwari It is needless to say that at a time when majority of the distributors were flowing in the market momentum Jalandhar chasing returns, Tiwari strongly held to his learnings and did not digress from the basics of investments. Not only Ashwani Tiwari, 46, is a Jalandhar-based mutual fund this created a strong base and high ethical standards, the distributor and founder of Wealthmate. He manages comfort of clients with him grew and resulted into long- investors' assets worth over ` 200 crore and serves nearly lasting relationships which kicked off the referral 250 families. A former member of the Chess Selection business. Committee for All India Chess Federation and Fide Master (FM) in Chess, Tiwari commands a monthly SIP book of His ability to make fewer mistakes and client-centric ` 1 crore and strongly believes that mutual funds are the approach despite being amid a global crisis considerably best way to compound long-term wealth. enhanced his experience. \"My venture into financial distribution was out of the quest for learning and my faith An MBA, Tiwari got into mutual fund distribution in 2005. in this sector. In this pursuit of knowledge I completed Since he was the first from his family to get into the CMT from CMT Association, New York in 2015, Even financial world, Tiwari focused on enhancing knowledge today I keep learning on a daily basis,\" he says politely. about markets, handling customers and understanding the nuances of various asset classes. The entry load abolition in 2009 did not bother him as he had a vision of industry's futuristic growth. \"Moreover, Lack of mutual fund branches those days did hamper in there were inflows, anyway, to compensate. the starting. Even for empanelment and registration Tiwari had to travel to a different city. \"It was a time taking His strength in serving clients with clear communication process as usage of technology was not widespread as it and transparency did not make him feel the pinch of direct is today and we needed to depend more on the plans. \"Direct plans were never a threat and none of my paperwork,\" he adds. On top of it, awareness about clients left me,\" he says proudly. Meanwhile, Tiwari did mutual funds and financial planning were among the not wait to shift to trail model. Whenever the option was other hiccups which Tiwari faced, which made it difficult available to pick between trail and upfront, he chose the to convince and acquire clients in the earlier phase. former — fully knowing the long-term implications of trail against the upfront, which according to him, is an instant \"I completed my CFP in 2007-08 which considerably gratification which could encourage malpractices. helped in the future course of my financial journey. Since it is a knowledge-driven sector, study was an important Now a veteran in the distribution sector and confident of aspect for me to develop the needed skills,\" says Tiwari. navigating clients during crises, Tiwari dealt with the 2020 pandemic phase quite professionally. By 2007-08, he found a strong foothold in the profession and the work moved to a higher scale. Yet again, Tiwari's basics of asset allocation rescued him and he shifted some of the debt investments into equity. Being a learned professional, Tiwari made sure his clients Not only his clients continued with their existing were well communicated and explained about investments, he made them invest more in such times, investments before he boarded them. He focused more which eventually helped when markets bounced back. on education and goal-based financial planning for his clients while sticking to the key investment basics of Tiwari has a conviction in industry's high growth asset allocation. prospects and sees himself to clock an annual growth of 20-25% in the next five years. Encouraging newcomers to Such an approach rescued him during the 2008 global the distribution sector, he suggests, \"Work on a low cost meltdown. \"Clear communication with clients helped model, be knowledge - driven and use technology,\" them gain confidence in me. Further, what saved me in the 2008-09 crisis was the fact that I did not aggressively Summing up his journey, he says about his success push equity to my investors,\" he pinpoints. mantra, \"Be transparent and honest with your clients, and always keep the client's interest as first and foremost.\"

Striving Success Stories Bhavesh Manilal process. According to him, he never preferred to go Kotecha ahead without proper planning, understanding clients' requirements and their goals. \"Product selection should Hyderabad be as per the clients' needs and the other way round of fixing products in clients' portfolios,\" he pinpoints. Bhavesh Kotecha, 32, a Hyderabad-based mutual fund distributor and founder of BMK Wealth, manages From day one, Bhavesh invested in technology and was investors' assets worth ` 25 crore. Catering to nearly 200 digital in his operations. Fully understanding that the clients - a mix of affluent and retail investors, his monthly distribution business is no more like it was a decade back, SIP book stands at ` 5 lakh. Bhavesh strongly believes he stressed upon efficiency and time management. \"A that investment through mutual funds is one of the digital presence not only makes you effective and fast but disciplined and systematic ways to create long-term it also brings in the trust factor from investors - a must in wealth. Apart from mutual funds, his firm is into multi this business,\" explains Bhavesh. financial products including insurance, real estate and direct equities. Since he knew about the previous market cycles, he was not perturbed with the downtrends during 2020 as he A passionate Bhavesh, who comes from a business stepped into distribution. \"Though it was a challenging family background, is a commerce graduate. After time, fundamentally there was no problem with the Indian passing out from college in 2010, he joined the banking companies. I put forth facts and figures to my clients and and financial sector and worked across segments convinced them,\" recalls Bhavesh. including wealth management for a decade before calling it a day in 2020. Despite being a beginner, he maintained his ethical approach and did not target asset gathering. Since he \"Though working in the financial sector enriched my understood that investments are for long-term, he could experience, I had a feeling that I was not doing what I muster courage to say 'No' to clients who either came always wanted to do. It was difficult for me to thrust with a short-term horizon or whose tenures did not match products on clients without knowing their needs. It was up with their goals and risk appetite. \"I would never like to not fair,\" narrates Bhavesh his quagmire. Nearly two years on-board clients without understanding his thought before he quit his banking job, he got the support from his processes when it comes to wealth creation,\" he existing clients which boosted his confidence. emphatically says. However, his close friends and relatives had reservations Bhavesh has high conviction about the growth or mutual against his move. \"It was not so that they tried to fund industry. Given the less than 10% penetration in demotivate me, rather they were concerned for me,\" he India, he says there is immense growth potential. In the reminisces. He confidently says that it is hard to find next five years, Bhavesh has an ambitious vision to touch successful people who do not take risks and come out of base 1 lakh clients. Though it may appear too steep, \"A their comfort zone. dream is not worth if people don't laugh at it,\" he chuckles. In May, 2020, while India was under the lockdown during In his piece of advice to new distributors to the sector, he the first wave of pandemic, Bhavesh ventured into mutual says knowledge and clear basic concepts about fund distribution. His adverse timing did raise concerns investments and markets are a must before getting on the among his dear ones, but a clear-headed young Bhavesh, field. \"One needs to be serious about distribution as it is a barely in his 30s, knew what he had to do. highly responsible profession. A distributor's real role comes when the situation is adverse and you have to His existing clients gave him the initial push and his new navigate investors through tough waters,\" he adds. venture took off. Slowly, referral business added on and the journey began. Weak markets did not bother him. \"I \"To be successful in this business one needs to have trust- would always talk about facts to my clients. My work is based relationships, a self-driving passion, a strong belief not only distribution but educating and servicing clients in yourself and stamina to sustain in the long-term,\" he on a regular basis as well,\" he outlines his thought logs off.

Striving Success Stories Bikramaditya but I also got fresh investments. Situation, no doubt, was Bhadury disturbing, but sub-consciously I had the confidence that markets would come back,\" says Bhadury, who believed Kolkata in India's growth story. He reminded his clients that mutual funds are for long-term and they should not panic. Bikramaditya Bhadury, 61, a Kolkata-based mutual fund distributor, serves nearly 300 clients - mostly retail. He “Some did listen and stayed put with patience. The manages investors' assets worth ` 70 crore and runs a bounce back in the market within a year restored clients' monthly SIP book of ` 10.5 lakh. A soft-spoken faith and our relationships grew stronger. Those investors personality, Bhadury has a firm conviction in wealth are still with me,\" Bhadury says with pride. creating abilities of mutual funds. Barely he could come out of the crisis, the entry load A commerce graduate, Bhadury worked in a private firm abolition in the following year added up to his stress. \"At in Varanasi since 1982. He remained away from his home one point of time, I thought I might not sustain. I could see town for nearly two decades. an exodus of distributors post this regulatory change as income dropped substantially,\" Bhadury explains his A tragic incident changed his life in 2000 - he lost his dilemma. However, when he saw some distributors father. \"I was in Varanasi when I got to know about my staying put in the business, he gained confidence. \"I father's demise. Given the poor transport facilities then, I thought if they can manage, why can't I ? I got guidance could not make it to see him for the last time as I had to from industry's officials and worked to increase volume,\" wait till evening to get the train,\" he recalls in a sombre he describes how he navigated. voice. As the situation improved, he understood the benefits of When he reached his home town post the funeral, it was a trail commission. He took calculative risks and slowly painful emotional experience for Bhadury who was in his shifted to the trail model. Bhadury, who already had built late 30s then. \"I decided not to go outside my hometown trust-based long-term relationships with his clients, did anymore. I had a small son then,\" he narrates. But he was not face the impact of direct plans. \"Trust, confidence and clueless about what to do. relationship are three important ingredients to grow this business with a client first strategy which I never \"But I had made up my mind that whatever I will do I will do digressed from,\" he says with conviction. on my own,\" he asserts. He went for a walk-in interview for a private life insurance company and got selected. \"It Bhadury, who is now catering to the second generation of was my entry into the financial world,\" he reminisces. clients, witnessed the advantage of educating clients during the 2020 pandemic. Over the last 15 years, his In due course of time, he got to know about mutual funds clients had turned mature. \"Despite the crash in the but took time to understand what this product was. market, not only my clients stayed invested; they added \"Those days no one was interested in mutual funds. I fresh investments too,\" he says happily. attended one of the financial awareness sessions which was a wake up call,\" adds Bhadury. According to him, the mutual fund industry would grow more than double in the next five years. He sees himself In 2005, he ventured independently into mutual fund reaching an asset base of ` 150 crore during the period. distribution. To begin with he focused on educating He advises newcomers to join the industry as the market clients as he understood that financial literacy was helpful is huge. \"There is no shortcut. It is a zero capital business in creating wealth. \"Slowly, I gained investors' faith and but needs 100% knowledge and patience,\" adds Bhadury. confidence. Markets were good and clients saw growth in their investments,\" explains Bhadury his initial years Summing up his journey, Bhadury says that educating into the distribution. yourself and clients, maintaining transparency while keeping investors' interest above all is the key. \"There is no But the 2008 crisis, first of its kind for him and a big alternative to continuous hard work to taste success,\" he learning, was quite unsettling. \"There were redemptions signs off.

Striving Success Stories Kanai Basak with products like balanced advantage and asset allocators,\" he says with excitement. Gangarampur Though initially, he was on the upfront commission Kanai Basak, 43, is a Dakshin Dinajpur - based mutual model, Kanai says he never looked at the brokerage. \"My fund distributor in the remote border town of prime objective is my clients' well-being. I know I will Gangarampur in West Bengal. He looks after investors' never grow if my investors don't create wealth,\" he assets worth ` 60 crore. Catering to nearly 1700 retail stresses. In 2018, when trail was made mandatory, Kanai investors, Kanai has a monthly SIP book of ` 60 lakh. An readily accepted the regulatory changes. \"Now, after arts graduate, Kanai completed his college in 1998 and nearly 4 years into trail, I feel that trail is the right way to do began with insurance products when he was barely in his this business,\" he adds. 20s. Being from a remote town where clients preferred traditional products, the young Kanai continued with the He started conducting investors' meetings to impart insurance sector for nearly one-and-a-half decades. education among clients. \"The outcome of making clients financially literate is they don't panic in turbulent times. In 2014, one of his distributor friends told him about Losing nerves over your investments do not let you see mutual fund distribution. \"He mentored and encouraged the compounding nature of mutual fund investments,\" he me to do mutual fund business. Coming to mutual fund says categorically. According to him, educated clients was the best thing which happened to me,\" he says make distributors' work quite easy in the long run. His confidently. Slowly, he moved out of the insurance and investors' mature behaviour during the 2020 pandemic stopped selling insurance products. But starting a journey and the ongoing Russia-Ukraine war is a testimony of the in a different sector had its own challenges. \"The fact that education is an important aspect while servicing dominance of traditional investments - insurance and clients. \"Frankly speaking, during these two crises, my postal products - in my area left no room for products like business increased,\" says a confident Kanai. mutual funds. But thanks to my insurance clients who were quite happy with my services. They offered me the Kanai says he is not a mere transactional distributor but a initial push,\" recalls Kanai. service provider. \"Investors should never get a message that I only facilitate transactions. Rather, I prefer to stand He reached out to his insurance clients. \"I was able to with my customers at any point of time. For me trust- convince them and thus the new journey began,\" he says based relationships are important to succeed in this with a smile. After doing his research and study about business,\" he outlines his approach. mutual funds Kanai got a clear understanding that if customers had to make inflation-beating returns and He believes in learning from his mistakes and moving create wealth in the long run, there was no substitute for ahead. In the next three years, Kanai aims to touch an mutual funds. AUM of ` 100 crore while he is targeting to take his monthly SIP book to over a crore during the period. From day one, he focused on SIP mode of investments to Showing his conviction in the mutual fund industry's build long-term and sticky assets. \"SIP is the most growth prospects, he asserts that the sector is just at the convenient and affordable tool for investors to create brink of a catastrophic growth going forward. wealth with continuous small contributions on a regular basis. This considerably helps investors average out and According to him, the industry needs new distributors. get the compounding impact,\" outlines Kanai the benefits \"Newcomers should join this industry. Given the huge of SIP investments. untapped potential market there is a need for good distributors. No matter how advanced the FIntech He spent a lot of time in meeting investors while companies become, investors would always need a educating them about the benefits of mutual funds. human touch,\" pinpoints Kanai. Kanai's understanding about asset allocation helped considerably. \"Mutual Funds have everything for every set \"My success mantra is simple : Focus on building SIP of investors. Senior citizens, in particular, are very happy books and service clients, success will be yours,\" he logs off.

Striving Success Stories Kapil Khurana too were at fault as they flowed in the momentum while eschewing the investment basics. Amritsar The 2008 global meltdown exposed the market Kapil Khurana, 64, a Amritsar-based mutual fund intermediaries and investors were in panic mode. \"It was distributor manages investors' assets worth ` 350 crore. a difficult scenario. Knowledge sharing from the AMCs Catering to nearly 100 families, he commands a monthly helped us understand what was really happening. I told SIP book of ` 1.5 crore. He considers investment through clients to stay invested else they will end up booking mutual funds as the best way to get exposure to the irrecoverable permanent losses,\" reminisces Kapil. financial market for retail investors. Majority of his clients stayed put and as the markets recovered within a year, investors' faith and confidence in Being from a business family background, Kapil got the Kapil grew stronger. nag of finances from a very early age. \"When I was 14, I would attend my father's shop and learn the basics of By then, already in the mutual fund distribution for more business,\" he recalls. A commerce graduate in 1978, Kapil than two decades, Kapil enjoyed a sizable clientele and joined the family's tea trading business. AUM and was planning expansion. However, the entry load abolition in 2009 derailed his plan. \"Initially, I felt the His entry in the financial sector was in 1984, which he repercussions but did not face much of a challenge for gives credit to the evolving circumstances. Citing the simple reason that I never indulged in malpractices terrorism in his state during the 80s, Kapil began with prevalent in the industry then. I got a realisation that this is insurance products. He says with pride that he is the first a game changing reform for the sector and trail-based from his family to enter the financial sector. In 1988, he model is the future,\" he explains. brought mutual funds into his product basket. \"I learnt from situations and accordingly evolved my financial For a brief period he charged fees to investors and got the career,\" narrates Kapil. upfront which helped him sustain his business. But as and when the option was given, Kapil chose trail over Kapil ventured into mutual fund distribution through the upfront as he had already done calculations about the debt mutual funds. Since people did not want capital benefits of trail in the long-term. The launch of direct erosion, he made investors graduate from traditional plans in 2013 had its impact on his business. \"There were investment products to debt funds. some clients, mainly larger ones, who left. I think direct will remain a challenge going forward as well,\" says Kapil. Barely in his 30s then, he witnessed the whole lot of changes during the 90s right from the market scams, During the 2020 pandemic, he was surprised that reforms, various political crises and gained experience investors were calm. \"It was the first time in my career which shaped up his financial journey. that my clients did not panic. It was all the result of my nurturing clients and educating them on a regular basis,\" For the first decade, the majority of his investors' portfolio he says with conviction. Majority of his investors used the was in debt. This saved him when the IT crisis unfolded in market dips to invest more. 2000. \"Fortunately, my exposure to equity was limited. However, there were a lot of questions from clients. It Kapil firmly believes that industry will grow manifold from was the time to hand hold investors and make them here and sees himself at doubling his AUM in the next five understand about the markets,\" says Kapil adding that years to nearly ` 700 crore. He advises newcomers in the educating clients is of prime importance in the distribution industry to be knowledgeable and ethical distribution business which helps build relationships. with a client centric approach. \"One may not grow if clients' interest comes later,\" he pinpoints. The great bull run during 2004-2008, Kapil likens to the current situation. Though investors made tremendous Summing up his journey, Kapil says, \"Client is my first money during that phase, he does not shy away from priority followed by my company. Then comes my family accepting the fact that along with investors, distributors and the fourth myself. Because of these four priorities in business I could succeed as a distributor.\"

Striving Success Stories N Vijayakumar clients and highlighted why building financial assets is crucial at a time when everybody is into physical assets. Chennai His consistent work paid off and within a year of his beginning as an independent entrepreneur, he crossed N Vijayakumar, 41, a Chennai- based mutual fund the milestone of ` 100 crore as AUM. distributor, manages investors' assets worth ` 226 crore. Founder of the firm Wealthy Worthy Creators, he caters to Vijayakumar believes in introducing clients to mutual over 300 clients. He has a monthly SIP book of ` 62 lakh funds through debt and hybrid schemes. He prefers a STP and believes that wealth can’t be earned, it can be built route for his investors to build an equity portfolio. In fact, over a period of time. his STP book is three times the SIP book. His prudent asset allocation strategy helped investors navigate the Hailing from a poor family background, Vijayakumar lost market when mid and small cap equity stocks had a steep his father when he was barely 6. Thanks to his mother, he fall in early 2018. Further, gold as an asset class forms never stopped his studies. After completing MBA in 2002, nearly 10% of his investors' overall portfolio. he got the job in the private banking sector which he remained in till 2017. During his job career, he developed According to him, establishing trust is the most important an inclination towards mutual funds and was more keen aspect in managing customers' money. \"Building trust is to do something on his own. an extremely critical part which can be built through financial literacy,\" he outlines the importance of educating \"While in the banking industry, despite earning quite clients on a regular basis. He does daily broadcasting handsome, I had a feeling that I was more into selling whatsapp messages to customers without missing a day. products to customers irrespective of their needs. This did not go well with me,\" narrates Vijayakumar about what Being digital helped him onboard clients with ease and triggered his entry into mutual fund distribution. also service them timely. He understands the importance of updating himself on a daily basis in the current fast He started mentally preparing for the new venture. He dynamic world. made sure when he quit, he did not have any liabilities to carry on. He called it a day in the middle of 2017 and When the 2020 pandemic hit the market when there was entered into mutual funds in September of the same year. panic all around, the market corrections did not impact him much as his investments portfolios were tilted more He faced reservations from his close relatives and friends to the debt segment. against this move as he was drawing a fat pay cheque. \"My wife was the only one who boosted my confidence However, what really irked him was the debt crisis and stood behind me as a force which gave me unfolding at one of the fund houses which had its confidence,\" he recalls with a smile. spiralling sentimental impact on clients. \"Though my investors did not have any exposure to the fund house in Once on field, he had no tag of a big corporate brand on question, they were nervous. I saw nearly an outflow of him. \"Initial challenge was acceptance as I was now an ` 20 crore from the debt segment,\" he explains. independent professional. Vijayakumar wrote several articles in the local media to create awareness about Vijayakumar has unshakeable conviction in the financial financial assets. market and believes in high growth prospects of the mutual fund industry. He advises new comers in the Acquiring clients was very difficult initially. He diligently distribution business to be passionate, hard working made sure that he meets at least five clients every day. while meeting more customers. Five years down the line, Slowly and steadily I added clients and referral business he foresees his AUM to treble to about ` 700 crore. followed suit,\" he adds. He takes pride in making 35 families financially There is no alternative to hard work and no shortcuts to independent so far. Outlining his success mantra success for Vijayakumar. He relentlessly kept meeting Vijayakumar quotes Philip Kolter, \"There is no longer enough to satisfy customers. You must delight them.\"

Striving Success Stories Opinder Jain During the 2009-13 phase, when markets were nearly range-bound, Opinder made sure that asset allocation Hyderabad strategy was in place so that investors’ wealth grew. This yielded the desired results. \"I just tell my clients that if Opinder Jain, 43, is a Hyderabad-based financial advisor, they are satisfied, give me one new investor who should mutual fund distributor and founder of FinOptic Financial be like them,\" he says. Services. Catering to 550 clients, he has an AUM of ` 130 crore and believes that mutual funds are one of the best By 2012, Opinder shifted to the trail-based model as he ways to create long-term wealth. understood the benefits well in advance of others. \"There was one simple reason to accept trail - if you can have An MBA graduate from 2005, Opinder started his career your investment in SIP why not your income in SIP. Trail at a private bank in the wealth management division. In has amazing power of compounding,\" he says 2007 he started his entrepreneur journey and ventured emphatically. Jain took the launch of direct plans in a into mutual fund distribution. His father, an ex-banker positive way. \"It was good for me as clients got to turned entrepreneur, encouraged the young Opinder understand the importance of distributors and that we are Jain. relevant in their financial planning and reaching financial goals,\" he quips. He was encouraged by his existing clients at the bank who supported and came along. However, he mentions Educating clients is of utmost importance for Opinder. \"If that starting independently has its own challenges as one your investors are informed and understand the nitty is out of the umbrella of a big institutional brand. gritty of markets, essentially they make our work easier in the long run. Making them understand why goal-specific “The transition was a bit of a challenge but as years investments are important helps them become financially passed I added new clients and referral business took off mature and they tend not to panic during volatility,\" adds slowly,\" Opinder explains. Opinder. This also aided building long-term relationships with clients. In the 2008 crisis, some of his clients did panic during the fall, Opinder was very clear that he was into this for the During the 2020 pandemic, Opinder's AUM slipped to long-term and that market cycles are an integral part of ` 24 crore from ` 36 crore. He did not lose his nerves and the journey. \"I stayed put and the crisis was a big learning by now his investors too had turned mature. Not only for me. It taught me some important lessons in the clients stayed put, but Opinder facilitated additional financial decision making of investors, which is buying during the dips. \"I firmly believe that when markets behavioural finance,\" says Opinder. come down, it will surely go up. Corrections are opportunities to buy more to create meaningful wealth,\" He told his clients it was the right time to buy and stay he says with conviction. And today in 2022 his AUM invested for long. \"It is a service oriented industry. We which stands above ` 130 Crores which clearly is a must be there standing with clients through the ups and testimony for his conviction. downs. During the 2008 crisis, I discussed with my clients and told them it would pass by. One needs to be goal- Opinder has no doubt that there is tremendous future specific and not look at the market every day,\" narrates growth and he sees his AUM growing to ` 500 crore in the Opinder. next five years. He has three point suggestions to newcomers to distribution - Have basics right, These events helped Opinder strengthen his experience understand clients' requirements and provide honest of navigating clients during tough phases. The entry load service. \"You need to be accountable and responsible for abolition in 2009 unsettled him for a while. \"Instantly, it clients' wealth to get success,\" he categorically asserts. impacted me. But then, it also fuelled the growth as I realised that we need to grow big, add volume and offer a \"I compete with myself,\" Opinder Jain outlines his holistic investment view to clients,\" he outlines his growth success mantra. \"My goal is to spread financial literacy to strategy. the new generation as they will make the new India,\" he logs off.

Striving Success Stories Pijus Das improved. \"My clients made good returns and they were happy with my services,\" he says with a smile. Malda By 2005, Pijus stopped all other financial products and Pijus Das, 61, is a Malda-based mutual fund distributor in focused only on mutual funds. \"I realised that mutual the state of West Bengal. He manages investors' assets funds will dwarf all other products in the long-term,\" he worth ` 30 crore and has a monthly SIP book of ` 6 lakh. says with conviction. Catering to nearly 700 retail clients, Pijus believes that investment through mutual funds is the only way to carry But the 2008 crash brought an end to the party, which on with your lifestyle. once looked never to end. However, by now his investors had also turned mature and knew that volatility and weak A commerce graduate, Pijus had the inclination towards phases are opportunities to buy cheap. \"My previous financial markets. Being from a large middle class family, experience during the down cycle helped me navigate he understood the value of money. \"Money is earned very clients this time around. Stopping investments through hard and thus should not be wasted. Every penny counts,\" SIP would have been a blunder during such times,\" he says. explains Pijus. A strong recovery in the markets within a year restored clients' confidence. After his studies got over in 1982, Pijus entered the financial distribution sector and began with post office The brunt of entry load abolition in 2009 brought a dip in products. Later, he started selling products from the non- his income for a few months. \"It was a good move as it banking financial companies (NBFCs) and added life capped various existing malpractices. I had the conviction insurance in his kitty. In 1992 he brought in mutual funds in the industry's growth prospects and stayed put in the to his product basket. business,\" says Pijus in a confident tone. \"People were not aware about mutual funds. It was Understanding the importance and effectiveness of trail difficult to convince investors in the initial years,\" commission in the long run, he shifted to trail. \"Trail reminisces Pijus. He narrates his challenges in finding offered a win-win situation for all stakeholders of the clients and his door-to-door visits to develop his client industry,\" he explains. \"If my clients grow, I grow. There base. are no two ways about it.\" says Pijus. Launch of direct plans posed a challenge to him initially. But his belief in The economic reforms during the 90s and the various offering continuous services to clients with regular changes in the financial world which ensued added up to education and communication did not let him feel the Pijus' experience. In due course of time, his clients' rising pinch of direct schemes. faith in him helped him get referrals. \"The only way to build this business is by building and sustaining According to him, the mutual fund industry is set to see an relationships. Unless you regularly touch base with your exponential growth in years to come and future clients, the growth may get stagnant. My clients are my prospects look quite promising. He sees himself at an first priority, everything else comes later,\" outlines Pijus AUM of ` 100 crore in the next five years. his thought process. He suggests newcomers in the distribution sector to The tech bust crisis of 2000 was a learning for Pijus. Since come with a long-term vision and a lot of patience. \"This it was the first of its kind of crisis for him, his clients did industry needs good distributors. Mutual funds are the panic. \"I just told my clients to have patience and need of the hour. This is a long-term business. Shortcuts handheld them. Since I had seen the earlier market have no role,\" puts forth Piyush his piece of advice to cycles, I simply requested investors to stay put,\" explains newcomers. Pijus. Summing up his journey so far, he says his mission is As the market turned around in the next few years and clients' growth. \"My simple success mantra is 'lageraho' was all set for the next bull run, his clients' trust in Pijus with focus on clients' benefits. Challenges will come and go, but we need to stay put,\" Pijus signs off.

Striving Success Stories Prashant Murlidhar fold,\" says a confident Bagad who had learnt the basics of Bagad distribution quite early and acknowledged the importance of trust and confidence in this business. Nashik Meanwhile, he made sure he does not let his liabilities go up despite earning good. Prashant Bagad, 54, a Nashik-based mutual fund distributor, manages investors' assets worth ` 220 crore He maintained his approach of goal-based long-term and commands a monthly SIP book of ` 1.5 crore. With a investment concept during the 2004-2008 rally. This constant endeavour to create happy investors he firmly immensely helped him as the Lehman crisis unfolded in believes that his well-being is a function of his clients' 2008 - eroding market valuations by nearly two-third. growth. \"I stood with my clients during that phase and kept on Being a follower of the principle that he would face the reminding them about their goals we started with. It consequences no matter how good he does to balance helped and I could comfortably navigate the crisis,\" Bagad out his wrong doings, Bagad never was into mis-selling explains. and churning of assets. A science graduate in 1988, a young Bagad was impressed by one of his relatives who The entry load ban in the very next year did pose a was into financial distribution. He was determined to challenge to him. He took help of a few of his clients pursue this against the stiff resistance of his family who whom he charged fees to carry on his business. Bagad wanted Bagad to do jobs, instead. already had built up a respectable AUM by then. \"I requested my father for three years,\" he recalls with a In some months things got settled. \"I knew this business smile. Initially, he started with insurance and fixed deposit had tremendous growth potential, so I never thought to instruments. As his learning grew he was inclined to add get out of this. Rather, I took this as an opportunity,\" he mutual funds to his offering to clients. Since he did not says. He focused on increasing volume and kept on have the required knowledge, he chose to learn first. adding value to his customers which did not let him face any brunt of the direct scheme launch in 2013. \"If I am not educated about a product, how would I sell it. I caught hold of some senior officials in the sector Bagad, already, was following a trail-based model with whenever they would visit Nashik and request them to the majority of the AMCs. Therefore, a complete upfront teach me about mutual funds,\" Bagad reminisces. He ban in 2018, did not give him knee jerk reaction. recalls the late night meetings which were mainly those officials' way to test his genuine interest in mutual funds. The 2020 crisis hit his AUM severely. \"I was disturbed seeing assets falling from ` 167 crore to 122 crore,\" In 1998, Bagad entered the Mutual Fund sector. Initially he admits Bagad. Thanks to his continuous education to did not face the challenge to find clients as he already had clients he did not face redemption. He stood by his the investors' base. However, it was tough to convince clients. them. \"To begin with, I asked my clients to allocate 10% of their investments in mutual funds,\" says Bagad. \"I recommended investors not to panic and focus on their goals. This phase too will pass,\" he explains. It worked. He preferred only large cap and diversified funds those days which greatly saved him during the 2000 Tech Bust Summing up his nearly 25 years of journey in mutual fund crisis. \"I did not sell any sector funds like IT schemes distribution, a passionate Bagad says, \"To do good in this which turned out to be a saviour,\" he quips. From day one, business one must have knowledge about the product, he focused on building his SIP book during 2000-2003 as extreme patience and unshakeable integrity.\" For him, the market was all set to enter the bull run. there can't be any other instruments as good as mutual funds to create long-term wealth. Bagad stressed upon educating clients and recommended a minimum investment horizon of 5-7 \"Educate your clients and think about their interest with years. \"If they agreed only then I was taking them into my need-based selling, nothing can stop you,\" he signs off.

Striving Success Stories Sambhik Sinha Sambhik has organised several investor education programs and invited nearly 9000 people thus far. Jalpaiguri They were from sectors like education, government institutions, medical practitioners and the business Sambhik Sinha, 52, is a Jalpaiguri-based mutual fund community, among others. Being a very remote location, distributor in the state of West Bengal. Catering to nearly Sambhik's area did not have an at-par cheque clearing 1500 clients, he manages investors' assets worth ` 45 system in the bank branches. As operations were crore and has a monthly SIP book of ` 35 lakh. physical, getting post dated cheques (PDCs) was an issue which did not let me do the SIPs in the initial years. \"Thus, I His mother had a medical issue which resulted in a focused more on lump sum investments and went door financial crunch in the family. His father had the stationery to door to convince people about mutual funds,\" he business which the school going young Sambhik joined. explains his ordeal. Being in the remote location, he had limited resources to enhance his knowledge. Amid the crash of 2008, his continuous focus on imparting education helped him. He could navigate the \"I wanted to read business dailies which would come to situation by hand holding clients. This approach my town after a week's lag. Exposure to business reinforced trust and confidence. However, the entry load newspapers made me aware about the financial markets abolition unsettled Sambhik. \"Majority of the distributors and mutual funds,\" he recalls his school days. When still shut shops. But this time around I stayed put despite a at secondary education, Sambhik developed an drop in income. I had the conviction in industry's growth,\" inclination towards the capital market. As he grew, he he pinpoints. He stepped up his operations. As banking would spend hours at an old gentleman's house, who was services improved in his location, Sambhik focused on an insurance employee, to read the balance sheets of SIP to help investors average out their costs. companies. \"Stocks got into my blood very early,\" he recollects with a smile. Meanwhile, Sambhik started opting for trail model wherever the option was available as he knew the After his graduation in 1989, he started his career in advantage of trail in the long-term business. The launch of mutual fund distribution. But his rising interest in stocks direct plans did not dent this business. \"Only 5% of my pulled him into the equities markets and he burned his clients shifted to direct,\" he says confidently. During the hand during the early 90s. \"I headed back to join my 2020 pandemic, Sambhik's AUM dipped to ` 22 crore father's business,\" he narrates. Over a decade later, a from ` 35 crore. \"My offline operations posed couple of his distributor friends came to him. \"They tremendous challenges. I had no option but to go for an requested that I should also restart the business,\" says online platform to do the year-end transactions for Sambhik. investors who would do last minute tax saving exercises,\" points out Sambhik. He told investors to stay put in the Sambhik re-entered the distribution space in December, market if they couldn't invest more. 2005. Markets were amid the bull run and this time around his initial experience was good which encouraged Sambhik believes that the growth prospects of the him. However, on the ground things had not changed mutual fund industry is very bright. Over the next five much as traditional products continued to remain years, he aims to reach an AUM of ` 150 crore. He investors' first choice. encourages newcomers to join the industry with a professional touch and embrace technology. He plans to \"All needed guaranteed returns which mutual funds could educate another 10,000 people in the next 5 years. not offer. Many even thought that mutual funds are like chit funds,\" he says with a smile. He adds that from day Summing up his journey, he says one should keep an eye one he never misguided investors nor ever lied to them. \"I on the opportunities, challenging situations offered. \"If believed in maintaining transparency and focused on you are knowledgeable, honest and are capable of educating clients about mutual funds,\" he outlines his making trust-based relationships with regular client business approach. servicing, you are bound to succeed in this business,\" concludes Sambhik.

Striving Success Stories Sanjeev Prabhakar & their company and the duo's entrepreneurial journey Pankaj Bhandari began. They got the initial push from their existing clients and slowly built up on references. However, there were Chandigarh many clients, who preferred institutions, eschewed them. But that did not dither the new born entrepreneurs Sanjeev Prabhakar (48) and Pankaj Bhandari (39) are as they had the conviction to shape up their business. Chandigarh-based mutual fund distributors and co- founders of the firm SP Goldworth. They manage \"We believe in team work. Both of us are clear-headed investors' assets worth ` 140 crore while catering to that we need to be highly professional, do neat and clean nearly 100 clients, mostly affluent class, and command a work with ethics while keeping client first strategy,\" says monthly SIP book of ` 64 lakh. Pankaj. Sanjeev praises his partner for his terrific skills of large clients' acquisition. Both agree that their Both, MBA in sales and marketing, have a collective achievement so far is a function of their collective team experience of nearly 40 years in the financial world. The work. duo met in 2014 as both were in the same sector working for different companies. \"It was since then that our Having over two decades of experience in the market has relationship started building up, not knowing that one day helped them hone their skills and knowledge. \"This helps we will be partners in our venture,\" says Sanjeev. us navigate clients in tough times and manage their expectations. We never tell clients that we are money In mid of 2016, one of Sanjeev's clients suggested him to managers. Rather, we are here to manage clients' start his own financial venture. \"Since I was from a middle emotions,\" the duo put forth their thought processes. class family, I never thought of entrepreneurship. The Imparting education and updating investors about the client's suggestion did ignite a spark in my mind. But I market cycles is a vital part of this business, says Sanjeev. thought I was doing good in my profession. So, why take \"If clients are educated, they make our job fairly easier in a risk at this stage?,\" recalls Sanjeev. the long run,\" they say. After a couple of months in 2017, yet another client This had its positive impact when the market crashed floated the similar idea. This time, he could not ignore it during the 2020 pandemic, just a year after starting their anymore. He met a select few clients to discuss starting venture. The duo hand held their clients strongly amid the his own enterprise. \"All supported and agreed. Rather, panic situation. \"Not only we kept them invested, we they said I should have done it long back,\" he quips. ensured they invested more as valuations turned very cheap. We told them, these are opportunities to make But somehow, Sanjeev was still not very sure and the long-term wealth,\" explains Sanjeev. comfort at his job was somewhat pulling him back. Though he did not stop contemplating and kept doing Their business grew 70% during the pandemic. The back of the envelope calculations to have conviction as if investors learned from the crisis and when the latest he was waiting for a trigger. One fine day in 2018, Pankaj crack came amid the Russia-Ukraine war, they invested came to Sanjeev's office to say he was done with his work more money, says Sanjeev. \"If you don't educate and wanted change. investors, you dig your own grave,\" he says emphatically. It was here Sanjeev opened up and revealed he too was Both have immense conviction in the mutual fund thinking on the same line. \"We discussed about industry's growth prospects and say it will grow multiple ourselves, our thought processes, hard working nature times. Suggesting to newcomers in the distribution and ethical professional approach. We found there were sector, they say one needs to have basic concepts clear so many common traits, so why not join hands and start about the market. \"It's better to be an investor first before our entrepreneurial journey,\" the duo narrates. The hot entering the field with knowledge, passion and iron was hit by the hammer at the opportune time. tremendous patience,\" they add. Both rigorously worked on the basic contours of their Talking about their success mantra, they log off by saying, upcoming venture. Finally, in January, 2019 they formed \"Nothing comes first but the client.\"

Striving Success Stories Shekhar Bither 2012. \"I understood that trail was the future growth model as this business was long-term,\" narrates Shekhar. Fategarh Sahib Despite being into distribution for nearly 15 years now, Shekhar Bither, 45, is a Sirhind-based mutual fund Shekhar's growth was somewhat stagnant as he could distributor in the Fategarh Sahib district of Punjab and reach an asset size of a mere ` 5 crore. Though he had founder of the firm Investor Point. He manages investors' already built long lasting relationships based on trust and assets worth ` 37 crore and caters to 700 retail clients confidence with clients, he was not able to scale up the while running a monthly SIP book of ` 30 lakh. business due to his job. While he was in his primary level, Shekhar lost his father. \"All these years I kept nurturing clients and made them In his subconscious mind, he had the realisation that life aware about mutual funds. It won't be wrong to say that I would be tough going forward and that he should focus have been quite instrumental in creating a market for on studies. mutual funds in my city,\" he emphasises. After doing his graduation in commerce in 1997, he When the direct plan came into existence in 2013, they pursued his further studies as CA. However, he left mid posed a challenge to him initially. But his services and way and entered mutual fund distribution in 1999 as a part relationships with investors did not dent his business. But time job. by that time, it was increasingly becoming difficult for him to focus on his business. Later on he joined a full time job as a trainer for life insurance agents. But while doing so, he did not sideline \"It was tough for me to sail on two boats at the same time. the mutual fund distribution. So, in April, 2016 I decided to end my 12 years stint at my corporate world job as a trainer to fully concentrate on \"Over the last two decades, I never went on the back foot mutual fund distribution,\" pinpoints Shekhar. in the mutual fund business. This remained one of my priorities as I knew my clients would create long-term It turned out to be the right decision for him. He started wealth,\" says Shekhar. conducting awareness programs every quarter. Within six years Shekhar's AUM saw a seven-fold increase in AUM. \"I He does not shy away from admitting the fact that despite follow three Cs strategy - Confidentiality of my clients' starting early in the distribution, he did not understand the data, Clear consultancy and Client centric approach. power of trail. \"It took me over a decade to finally While doing so I make sure transparency is maintained understand the trail model,\" he says with a sense of guilt. which helps build confidence,\" he outlines his thought process. In the initial first decade of him into distribution, Shekhar witnessed the Y2K crisis of 2000 and then the Global Going forward, he believes that the mutual fund industry Meltdown of 2008. \"All these added up to my experience will grow multifold with a faster pace. He sees himself as these events taught me a lot,\" he explains. reaching an asset size of ` 100 crore in the next five years while expanding his client reach to over 1500. The IT crisis was within a year of him joining the distribution business so he did not face much of a He suggests new distributors to come with Vision, challenge as he did not have a large client base. However, Courage and Patience. \"They should remember it is a full the 2008 fall did have an impact on him. \"I just told my time job and should avoid any malpractices or taking clients to stay invested and give at least one more year to shortcuts. They may miserably fail if they do so,\" stresses their investments,\" says Shekhar. Shekhar. The entry load abolition of 2009 did not perturb him as he Summing up his journey, he says my earning is justified was convinced about the long-term growth prospects of when my clients create wealth as my growth is inbuilt in mutual fund business. He shifted to the trail model by my investors' growth. \"If one is persistent and consistent in his efforts, success is in your reach,\" he logs off.

Striving Success Stories Shyam Sutrave opened up the door of referral business and their business gained momentum. Hyderabad From day one, Arthchakra opted for the trail-based Sutrave Shyam is a Hyderabad-based mutual fund commission model. \"Since we knew this business was for distributor and is the Founder & Director of Arthchakra long-term, nothing but trail was the best possible way to Capital Pvt. Ltd. He manages investors' assets worth get the benefits. We had a fair understanding about the ` 220 crore and caters to over 800 clients. With a strong power of compounding in trail model and thus went for it belief in serving clients with ethics and fulfilling dreams of right from the beginning,\" he add. investors, Shyam along with his business partner Gitanjali aims to have satisfied clients. The continuous impetus on imparting financial education among clients and prospective investors did bear fruits. Arthchakra was founded in 2013. Since then the firm has According to them, a consistent knowledge sharing with continued to focus on a client-centric approach while investors not only strengthens relations but makes sticking to investment basics. Shyam, who has a 12 years' investors mature and knowledgeable about market experience in the financial world - especially in wealth nuances. management, played an instrumental part in the growth of Arthchakra. Gitanjali comes with an academic During the 2020 pandemic when there was a steep and qualification of management studies in the IT sector and quick fall in the stock market amid lockdown, Arthchakra has the experience as a Business Analyst. did not face any redemption. The Equity AUM had slipped to ` 90 crore from ` 120 crore. However, this steep fall did However, Shyam faced initial challenges to start with as not bother Shyam. He knew that these were market the markets were still dull post the 2008 financial crash cycles and the fall wouldn't be permanent. It was here that and memories of the painful fall were fresh in investors' their continuous focus on education came to the rescue minds. \"Grabbing the market was not easy. Institutions and investors showed mature financial behaviour. gave competition to independent distributors as they offered various other products and services,\" he says. Though some investors were in panic mode, the founders of Arthchakra navigated their clients through tough times. The poor financial literacy among the masses was \"We gave logical reasons and explained to clients what another challenge. \"Most of the people preferred to was happening. We made them understand that there remain with the traditional investment instruments,\" he was nothing fundamentally wrong and investments says. He realised that he needed to educate and spread should be continued. Our investors stayed put. Rather, financial literacy. \"Investors should know where they are we could add nearly 20% of our AUM during this period,\" investing and that investments should be long-term and they narrate. goal-specific,\" says Shyam. Shyam is very passionate about financial education and Since he had several existing clients who came along with has a conviction in the growth of the mutual fund industry. Arthchakra, providing the initial push to them. He started According to them, given the large potential untapped with 15 clients with a focus on financial planning while market in the country, the mutual fund industry is set to giving utmost importance to asset allocation. Further they grow manifolds. In next five years, they aim Arthchakra to are not only in mutual funds, but in several instruments cross an AUM of ` 1000 crore. They suggest newcomers and asset classes to diversify their business risk. in the distribution business to educate themselves first as they would deal with people's money which is a Direct plans did not pose a challenge to Shyam as he had responsible job. \"If one follows shortcuts and is always believed in long-term relationship building. \"We commission-driven, he is gone,\" he add. had the trust and confidence of investors as we worked hard on their education and believed in asset allocation Summing up Shyam's journey so far, he says, \"It's all about strategy. This helped,\" he add. Slowly they built the client relationships, trust and confidence. One needs to be base and focused on creating satisfied clients. This extremely ethical and knowledgeable to succeed in this business.\"

Striving Success Stories Subrata Sarkar \"I shifted clients' money from the equity to liquid and put in the systematic transfer plan (STP) as the market Cooch Behar crashed,\" he reveals. This strategy made him one of the handful of fortunate distributors as he did not face much Subrata Sarkar, 55, a mutual fund distributor based out of of a problem during the 2008 crash. \"Rather, I did good the Cooch Behar district of West Bengal, has investors' business during that period,\" he points out. With a fast assets worth ` 45 crore. With a massive client base of recovery in the market within a year's time, his investors' 5000 - mostly small retail savers, he has a monthly SIP wealth witnessed exponential growth. book of ` 25 lakh. The first jolt which impacted Subrata's business was the After passing out from college in 1986, Subrata entered entry load ban in 2009. \"Several of my fellow distributors financial distribution with postal and small savings. Soon, closed their business. But I had a belief that regulatory his inclination towards financials rose and he added changes were for industry's betterment. I stayed put,\" he mutual funds in 1990. \"Those days nobody in my area explains. knew about mutual funds. What they knew was only insurance and small savings,\" he recalls. It posed a The guidance from the AMCs' officials about the benefits challenge to him as investors' comfort with traditional of trail and his own analysis strengthened his confidence. investments made pushing mutual funds a tough task. He understood the long-term benefits of trail commission. He preferred all trail model over upfront. \"I \"I convinced clients to start small. Slowly and steadily I knew my growth was inbuilt in my clients' wealth built my assets by continuously adding up small generation. Nothing but trail was the best possible way to investments,\" he says with a sense of pride. Being in his go ahead,\" he narrates. mid-20s, it was a new learning for young Subrata who was seeing the unfolding economy post the early 90s The launch of the direct plan did disturb Subrata a bit. But reforms. his services to clients saved him. \"Some of the young investors do opt for direct only to come back to me,\" says The Y2K crisis of 2000 was one of his first tough phases. Subrata, signifying his relevance to investors. \"Despite my calls to stay invested, several of my clients moved out only to come back later,\" he says with a smile. Subrata believes that educating clients makes them His clients' realisation that Subrata was right helped build behave with maturity. \"I make it a point to them that the foundation of trust and confidence which translated mutual funds are for the long-term and any crisis resulting into long-term relationships. in volatility or crash in the market is nothing but an opportunity to create wealth,\" he outlines his investment \"Good relationships are an absolute requirement in this approach. This greatly helped him during the 2020 business,\" pinpoints Subrata. He proudly says that pandemic as not only his clients stayed invested, they investors who listened to him have now amassed great added more investments during the period. wealth and are still continuing with their investments. \"I always told my clients that mutual funds would make Confident of high growth in the mutual fund industry, better returns than any other financial instruments,\" he Subrata has a target to achieve an AUM of ` 200 crore in narrates. His increasing experience and strong conviction the next five years. He suggests newcomers to join the in mutual funds made him stop distribution of other mutual fund distribution and take the journey forward. financial products and focus only on mutual funds since \"This industry has tremendous growth prospects. If the 2005. young generation is passionate, has patience and courage to face the challenges, mutual fund distribution Markets were amid the bull run then and the going was business will awesomely reward,\" Subrata says with quite good of his investors. Subrata knew that apart from conviction. returns, managing risks is equally important. He was fortunate to shift his investors' assets to liquid funds just Summing up his success mantra, he concludes by saying, before the 2008 crisis unfolded. \"Focus on clients' growth and have an unshakeable belief in Mutual Funds Sahi Hai.\"

STRIVING SUCCESS STORIES