Striving Success Stories VI_Bangalore Special Issue

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 Anita Datta Kanbargi, Ankita Jain, Ayesha Fahim, Bharathi S. Rao, Bhavna Samtani, Bindu Prakash, C K Vanitha, Dayashree Sharoon, Deepti Simha, Kshitija Ravi, Manju Mastakar, Megha Malpani, Preeti Ravinand Kalburgi and Prema Dominic. 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 Anita Datta Kanbargi should not be less than 8-10 years,\" she opines. Her SIP drive yielded results and she added referral clients. By the Belgaum time the entry load abolition came in 2009, Anita already had quite an adequate AUM. \"We did not face much of the Anita Kanbargi, 51, a Belgaum-based mutual fund impact of decline in commission as we had quite a good distributor, along with her husband Datta Kanbargi, asset which took care of our expenses,\" says Anita who manages investors' assets worth ` 285 crore. She has a did not find it troublesome to get onto the trail-model. monthly SIP book of ` 1.2 crore and caters nearly 2000 retail clients. Anita believes that a combination of smart The lacklustre markets during 2009-13 was an and hard work while taking utmost care of your clients' opportunity for her investors to acquire units at lower investments is the key to do this business. prices. According to Anita, her existing clients are her brand ambassadors who help her reach more investors. Before entering mutual fund distribution in 2005, Anita \"Having a good reputation and long-lasting relationships served in companies in the logistics and manufacturing on trust helps,\" she says. sector. In 1998, she ventured into advertisements for print media as a freelancer. Thereafter, she entered distribution Thanks to her service oriented approach, transparency of postal products and insurance. with impetus on educating clients, she did not face any major brunt of direct plans. \"Some did shift to direct while \"As years passed, I realised that my investors were not many came back,\" she says with a smile. Upfront ban in getting what they should have in terms of wealth 2018 was a non-event for her as she was already on trail creation,\" she recalls. She learned about mutual funds, for several years. \"We got to understand the trail model acquired knowledge and developed conviction in the quite early so outgoing upfront made no difference to us,\" product before taking a plunge in fund distribution amid a says Anita. bull run of 2004-08. The 2020 pandemic did shake Anita for a while as her \"Initially, it was difficult to convince people about mutual asset size squeezed to ` 140 crore from ` 200 crore in a funds as banks' interest rates were quite higher those short span of time. \"It was natural to be disappointed. I days,\" Anita reminisces. \"We went door to door and tried even wondered whether this business could continue,\" to create awareness about mutual funds and how small she says. Investors pulled out money, there was panic all investments through SIP mode can help generate around amid uncertainty, she adds. wealth,\" she says. My husband and I decided that it is a time we should Though it was not a robust beginning, she continued stand by our investors and go full-fledged digital, she pushing SIP among her clients and kept building on a says. \"Since, we and several of our investors already had strong investor-base. \"I was learning and so were my seen several past cycles, we started recommending clients. I knew if I understood about the product, its clients to stay put and if possible invest more,\" says Anita. history and how markets behave; it would be easier for me to take care of my clients,\" adds Anita. Those who listened to our suggestions are quite happy and their relationships with us grew stronger, she adds However, the 2008 crisis was not an easy time for her. while saying, \"It was tough but yet another learning \"Investors were in panic. We tried to educate clients that phase.\" investments were for long-term and that they should stay put,\" reminisces Anita. It was her first crisis management Summing up her journey, Anita says, \"I have grown more and was learning how to help investors. The crisis helped mature and confident about investments which keeps me us mature as it was a great learning lesson, she adds. at ease when it comes to client handling.\" She aims for an AUM of ` 850 crore in the next five years. \"My success Anita used the down cycle in the market to add more SIP. mantra is to keep working with sincerity and patience. \"We could figure out that minimum tenure for an SIP Make investors mature as my growth is implicit in their growth,\" she signs off.

Striving Success Stories Ankita Jain approach is to know more about the client's awareness about the various investment options like mutual funds, Bengaluru fixed deposits or insurance first. If she feels that the client is completely unaware and has never invested any money Ankita Jain, 38, is a Bengaluru-based financial before, she initially works on making him aware about the professional and founder of NiveshMaker. Started in 2018 varied options. The next step is to guide him about the along with her husband, Sagar Kumat who is also a benefits of investing in mutual funds in the long-run for financial professional, the firm mainly deals in mutual retirement planning or to attain educational goals for fund distribution and term and medical insurance children. products. Presently, Jain has assets under management worth ` 35 crore and a monthly SIP book of ` 21 lakh. Jain has seen a shift in how people readily wish to acquire more knowledge about financial planning now as Being a Qualified Personal Finance Professional (QPFP), compared to when she had started. “Due to COVID-19 Jain considers her husband as her mentor who pandemic, people have now started recognizing the need encouraged her to achieve her aim to bring more to invest the money in insurance and mutual funds for awareness about financial management in the society. “I economic security,” she said. used to be amazed by how people among my friends and family who had high-paying jobs ended up borrowing According to her, mutual fund industry will boom in the money from others. I used to wonder why they could not coming years with SIPs becoming the most popular remain independent even with high-paying jobs,” shared mode of investing. “Investing in SIP does not require a Jain. huge amount. People from small towns and villages can easily start an SIP of minimal amount and see their money There was a grey period in her life prior to starting her grow over time,” she said. business, when she was clueless of what to pursue. Her husband has been a pillar of strength who reminded her Targeting people from small cities, Jain believes that it is a of her aim to guide people to manage their wealth and continuous process to handhold clients whenever the remain self-sufficient. markets are volatile. She personally contacts them during major socio-political events affecting the markets. It is to Hailing from Rajasthan, she had known many rich families make them aware that it is just a temporary phase and in investing money in only real-estate sector. “My main aim fact, the right time to invest. She said with pride that is to improve financial awareness in the people beyond during such times, due to her guidance, none of her the metropolitans and major cities, commonly known as clients have ever redeemed their investments. the B-30 cities,” said Jain. She has been proactive in bringing about a transformation in the financial Jain's advice to those who have just entered the business investments chosen by people in many small towns and is very simple. \"Every Arjun needs a Krishna. We MFDs villages across India including Cuddapah, Warangal, play the role of Krishna who helps their clients to attain Bidar and Guntur. the goal of wealth creation,” she said. With over 100 clients now, Jain shared about how there is She further explained, \"Educate the clients. Do not just still lack of awareness in the new clients that she meets sell the products. If you are open about how things work, almost every day. “People are very frank with me and they it will build the confidence of the client.”She emphasized tell me that we have seen advertisements portraying on building a familial relationship with the client which is celebrities saying 'Mutual Funds Sahi Hai'. But the point is important for the growth in this business. According to most of them are clueless about how to invest in the her, one must also have full knowledge about the funds and whom to approach for help,” she shared. products that they recommend to the clients. Whenever she meets any new client, she asks him some Talking about the future aim for her business, she said, “I basic questions about his salary, future goals and am definitely targeting a larger AUM but the main focus of whether he has invested any money in the past. Her my work will always be to build financial awareness in the society which I will not let go of at any cost.”

Striving Success Stories Ayesha Fahim Sanchit proposed if he could join her as a business partner in 2019, which Ayesha whole heartedly Bangalore welcomed. Soon they took a call to get into an institutional structure. \"Being an individual, my clients Ayesha Fahim, 47, is a Bangalore-based mutual fund were hesitant to give me a big ticket size investment. distributor and founder of Sansha Financial Services Once we formed the company, the value of cheques along with her partner Sanchit Attawar. The duo manages dramatically increased,\" says Ayesha. investors' portfolios worth ` 40 crore and commands a monthly SIP book of ` 50 lakh while catering to nearly 300 Her partner added values by streamlining the business clients. with the required digital upgrades in order to bring in ease of doing business with increased efficiencies. \"Soon, we Ayesha has witnessed a struggling financial life since her focused on designing the overall portfolio - right from childhood in Mysore. Her father could not continue his job insurance to wealth generation. We were full-fledged into beyond 40 years of age due to serious health problems. financial planning of clients,\" says Ayesha. Ayesha, in her teens then, could see the deteriorating family finances. As she grew older, she tried her hands in According to her, Sanchit and she complement each the catering business and did well. \"This decision was other with their respective strengths. Without which, more out of compulsion but I did not want to pursue it,\" \"probably, it would not be possible for us to have an she recalls. accelerated growth,\" she acknowledges her partner's contribution in bringing the professional touch to the A commerce graduate, she faced a personal loss when business. When the 2020 pandemic hit, it was the first her father passed away in 1998. A year later she got practical experience of Ayesha to deal with the crisis. married. Her younger sister got a job in a foreign bank in \"Initially, I panicked,\" she admits honestly. Sanchit, on the Bangalore. \"In 2001, I shifted to Bangalore as I had to keep other hand, maintained his calm and rationale. \"I realised up to my family responsibilities,\" she says. if I panic, I can't survive in the business,\" she says with conviction. The duo strategised on adapting the STP Ayesha got her first job in a private bank in 2002 which she strategy for clients during the fall. It worked. continued with for six years. In 2009 she decided to start on her own and entered insurance distribution. It was As the dips in the market grew deeper, she went here that she met her future partner Sanchit who advised aggressive and recommended investors to buy more. her to add mutual funds in her product offering. But, \"Clients listened to us and acted accordingly,\" she says somehow, Ayesha did not give much heedto Sanchit and happily as she could navigate her clients. Since from day a few other good friends' suggestions. one, Ayesha's all business was on an online platform and no paperwork was involved, it proved a great help during Till 2016, she had a little over 350 life insurance clients and the crisis. With the bounce back in the market, not only it was going well for her. Soon, her clients asked her to the wealth of clients increased, their trust and confidence add mutual funds and look after their complete finances. in Ayesha and Sanchit got further strengthened. She could not ignore this advice anymore. She got her ARN and ventured into fund distribution. The duo aims to reach an AUM of ` 100 crore in the next two years. \"My journey in mutual funds has been Her existing clientele gave her the initial push and soon amazingly excellent,\" she says with pride. Summing up she built on references. It was a slow start for her as she her journey, Ayesha says, \"Building long-term had an asset size of ` 4.5 crore in 2019. Meanwhile, when relationships with clients and being consistent with the complete trail model became the norm, she faced a regular communication without ever avoiding them is the sudden dip of 60% in her income from fund business as best way to grow this business.\" she was on the upfront. But she did not discontinue. After a few months, things got settled and Ayesha realised the \"There is a feeling of satisfaction when you know your benefits of trail-based payout in a long-term business. relevance in making people financially strong and facilitating them reach their goals,\" she logs off.

Striving Success Stories Bharathi S. Rao financial literacy in general. “Unlike the time when we started, now, I find people not bothered much about the Mysore market corrections. They are prepared for it. It is an impressive development,” she said. Mysore based Bharathi S Rao, 44, has been a mutual fund distributor since 2002. The business was initially started But according to her, one must also be vigilant about by her husband in July 2002 and she joined him towards where and how much they are investing and that is where the end of the same year. Currently, they have assets a mutual fund distributor needs to play the role. under management worth over ` 45 crore and monthly SIP book of around ` 20 lakh. “Guiding people to invest in the right fund according to their goals is very important. The clients must be given full Inspired by a friend belonging to the same industry who information about the schemes in which their money is believed in the future of the mutual fund business, Rao being invested. This is the role of an MFD,” she said. and her husband decided to become mutual fund distributors. It was not an easy beginning for them. Talking about the scope of the mutual fund industry, Rao said, “There is a huge scope as many people in small “During the initial years, it was difficult to build a good towns and cities are still not aware about mutual funds. client base. At that time, the awareness about mutual They continue to invest in other options like fixed funds was also quite low. People had more trust in deposits which have low returns.” established companies with large teams rather than our individual start-up,” shared Rao. But this did not deter the Rao emphasized that as per her experience; women, in couple from trying to achieve their goals. many families, are still reluctant to invest or to take any financial decisions. “Even working, independent women Being an MBA in Finance and having work experience in do not wish to readily invest their money and would rely many financial services firms, Rao and her husband on the male members of the family to make financial worked hard to reach the position where they are today. decisions. This is what needs to change, which is Their unique approach towards their clients, “Client First essential for the growth of our society,” she shared. Approach” helped them to build a sustainable client base over the years. Her advice to those who wish to start on their own as mutual fund distributors is very simple, “Be customer- Talking about their approach towards the clients, Rao oriented. Do not focus on brokerage. Clients will come said, “One needs to understand the client's goals. There back if they are happy with the service. Happy clients are clients who come from different background with a bring more referrals and business will automatically varied risk appetite. We encourage our clients to invest grow,” she said. The advice she has given is based on her the extra money that they do not need, so that, in the long- own experience. run they can get the desired benefits.” She explained, “the initial phase in our own business was To many of her salaried clients, Rao offers a beneficial like an investment period to build the trust of the clients. advice. “If one gets a salary hike every year, one must add Now, almost all our new clients are reference-based some percentage of the hike in a SIP. This will help them in which is the result of the struggle of the initial few years.” the long-run when they decide to retire,” she shared. Accordingly, she believes that the main qualities to Based on this advice, one of her long-term clients had survive in this business in the long-run is sheer started with a ` 4,000 SIP and now has over ` 1 lakh knowledge, hard work, perseverance and being investor monthly SIP which is a huge comfort in his retirement centric. phase. Talking about the future aim for her business, she shared, Rao thinks that the people are also becoming more aware “There is no particular aim as far as AUM is concerned. and in the past 5 years, there has been a boost in the We are just focusing on widening and strengthening our client base.”

Striving Success Stories Bhavna Samtani Bhavna follows an interesting way to deal with any of the new clients. “We follow an asset allocation approach with Bengaluru our clients, based on their previous exposure to the markets. If a client has had some experience of investing Bhavna Samtani is a Certified Financial Planner (CFP) and and understands market volatility, we are more the co-founder of Credel Capital Financial Services LLP, an comfortable with suggesting a slightly higher equity investment services firm based in Bengaluru. She started allocation to them. the company in 2016, after valuable work experience of around 10 years in reputed financial organizations. During If a client has relatively lower experience or has never her stint as a team lead in one of the organizations that invested before, we adopt a conservative approach at she worked with for almost 8 years prior to opening her first and increase this with their maturity in the market.” own company, she acquired good leadership skills along she said. They also recommend safer options like with handling many investors. balanced advantage and hybrid funds for investors who are in their early stage of investing. This experience is of great value for her while running her own organization today. Currently, her company has Bhavna shared that she considers it a milestone assets under management worth ` 400 crore (her share personally to have achieved an AUM worth more than being approximately ` 180 crore) and the monthly SIP ` 150 crore in a short span of starting the business. Apart book of the company is ` 1.2 crore. from this, she also believes that her company has been a strong contributor towards her clients achieving their Hailing from a business family, Bhavna had never herself goals and other cash flow requirements from their seriously aspired to be an entrepreneur. However, being investments. “Around 5 to 6 clients have recently retired independent both financially and in terms of having and thanks to our guidance, they have been able to build a something of her own were both important factors for robust corpus which in itself is a milestone for us,” she her. This is when she decided to make a transition into the said. entrepreneurship journey. “After many years of working as a salaried employee, I realized that if I need to progress Talking about the scope of the MFD industry, she believes any further from here on, starting my own venture was that the industry is a booming one. “Only about 5-6% of imperative,” she shared. Now, their company is a three- total household savings have been invested in the capital member team with the main aim to provide personalized markets while a large chunk still remains invested in fixed services to their clients. Being a boutique company, it is deposits and gold,” she said. But she insists that post easy to handle the decision-making process and address COVID-19 pandemic, the situation is now changing. all client queries efficiently and in a timely manner. According to her, many people, especially the younger generation is more aware and ready to invest in the capital Bhavna and her team were able to build a book of ` 140 markets compared to traditional investment options like crore of Assets under Management within the first year of gold or FDs. “This trend is reflected in the way there is an their business. The company presently, caters to over 120 Increase in investments by domestic institutional clients spread across different parts of India and the investors (DIIs) while Foreign Institutional Investors (FIIs) world. “The only challenge that we faced when we set up have been pulling out money since last year” she said. Credel was on the operational side of the business which came with the transition process of moving companies,” Her advice to those who wish to become MFDs is to have said Bhavna. ample patience in the business. “One must follow the basics of investing and maintain a proper asset allocation Some of the clients from their previous company also approach to be successful,” she said. accompanied them in their new journey, thus, bringing in more referrals from the get- go. “Basically, there was not Going forward, her aim is to grow to around ` 1,000 crores much of a problem in client onboarding but setting up of Assets under Management in the next five years. She everything took a couple of months initially,” explained believes with the quality of work and personalized Bhavna. services that the team provides to their clients; they will be able to achieve this milestone soon as well.

Striving Success Stories Bindu Prakash “There has been an increase in awareness about mutual funds due to every information now being just a click Bengaluru away. Clients panic less when the markets crash now-a- days,” she said. Bindu Prakash, 48, is a Bengaluru-based finance professional who started as a mutual fund distributor She still believes that it is the role of the Financial Advisor from 2018. Presently she advices on investment for to handhold clients whenever they panic, provide proper corporates, institutions and HNIs. guidance and help them understand the advantages of mutual fund investments in the long-run. A commerce graduate with MBA in Finance and marketing, Bindu started working at various financial “I advise all of my investors to have a time horizon of at services organizations in different positions just after her least five years to create wealth,” she said. Bindu's clients graduation. Later on, she completed a course in portfolio mostly include double-income families. management during her maternity break from her full- time job. This was prior to becoming an independent Talking about the financial awareness among women in distributor. general, she insists that the participation of women has increased a lot when it comes to finances, as per her “I wanted to pursue a professional degree to support the experience. knowledge I had gained in my full-time jobs. When my son was born, I utilized the break to upskill myself,” she “I deal with the families and most of the couples come said. together to plan their investments. In many cases, even if the woman is a homemaker, I have experienced that it is Most of her work experience comprised of working as she who decides how much to invest,” she said. sales support. This enabled her to understand the nuances of different investment options and also build Bindu firmly believes that she is also able to connect good reputation among the clients. instantly with her investors as being a woman entrepreneur, they give a lot of respect to her. “Since I had joined the industry quite early just after graduation, I learnt a lot of fine details of the entire Her advice to those who have just started out as MFDs is investment process,” she said. to have patience and not to lose hope. Bindu attended many training sessions organized in the “You must work hard and be persistent. There is no companies that she worked with which helped her to looking back if you start,” she said enthusiastically. scale up as an Investment Advisor. According to Bindu, even though with widespread She faced a lot of challenges as she took the road to knowledge and many fintech applications now available become an Investment Advisor and within a year, she for people but there are some investors still look out achieved an AUM of ` 100 crores. She benchmarked advisors who can give them unbiased and good inputs. herself at every milestone she achieved and today, she has become a successful advisor. Her son has been the sole strength, motivator and a source of encouragement for her to start this journey. Bindu insists that there has been a massive change in the She shared, “When I decided to become an investment way common investors look at mutual fund investments advisor it was my teenaged son who encouraged me to in the present time. go ahead with the plan.

Striving Success Stories C K Vanitha that clients' ability to take risk is one factor and his willingness to take risks is another. \"I focused on both Bangalore these parameters while understanding clients before recommending products,\" she says. She further adds that C K Vanitha, 48, a Bangalore-based mutual fund client portfolios should be well diversified and reviewed distributor, manages over ` 90 crores worth of investors' on a periodical basis. assets while her overall portfolio size along with other products is about ` 540 crore. Catering to 1500 clients - Being transparent with focus on offering and good mostly HNIs, she has a monthly SIP book of ` 55 lakhs. services helped Vanitha build strong relationships. It is Vanitha considers mutual funds as a must have in any because of this, the direct plan did not do any damage to investors' core portfolio and believes there is no her and clients remained with her. Further, her strategy of alternative to it when it comes to long-term wealth offering multiple products did not let her face the brunt of creation. upfront ban in 2018. \"I moved to the trail model even before it was enforced upon. It's a real win-win situation Originally from Chennai, Vanitha comes from a and is for long-term sustainable growth,\" she explains. conservative family and had limited interactions with the external world. When 19, she got married and shifted to She acknowledges that mutual funds have no other Bangalore. The first five years went in settling the family alternative. \"Indian investors are risk averse. At the same as she was mother of two children. time they want the highest of the returns and do not want to lose money. I think, given the risk-adjusted diversified In between, her husband was posted to Chennai. There, portfolio, cost effectiveness. wide range of options to Vanitha joined a financial investment firm in 2002 and invest, transparency and tax efficiency apart from a stepped into the financial sector. \"I was new to this field. I professional money management, mutual funds address took this as an opportunity. Slowly, I developed an interest clients' needs quite effectively,\" narrates Vanitha. in interacting with clients and managing their portfolios,\" she recalls her mid journey during which she saw the big In 2020, when the pandemic hit the market, the bull run in the market then the subsequent crash in 2008. confidence level among her clients was very low. \"I She later shifted back to Bangalore. In the meantime, decided that instead of panicking, we need to be ready Vanitha completed her management studies in 2007. with the alternate course of actions as there was a lot of uncertainty about the future,\" recalls Vanitha. She wasted As Vanitha gained more experience, she was offered no time in connecting with clients and conducted bigger responsibilities. \"By 2008-09, I was into handling webinars to restore confidence and hand held them institutions and looked at portfolios worth above 5 firmly. Though we could not garner more business during crores,\" says Vanitha. An expert in dealing with big clients that phase, we made sure that there were no now, she tried to bring in systematic changes but could redemptions and SIPs were intact, she says. \"I could not find takers. In 2012, she switched to another financial navigate my clients quite well during the crisis and our firm but soon decided to start on her own. relationships grew stronger,\" she says happily. She began her venture in 2013. \"I never carry a database Talking about her success mantra, Vanitha says, \"Be of my previous clients. I wanted to take a bold challenge ethical, responsible, trustworthy, transparent and treat of starting afresh,\" she says. Since she firmly believed in your clients' money as yours. One needs to be true to educating clients, she conducted over 300 Investor oneself and be a good human being.” Awareness Programs at several institutions. This helped her get a fresh client base which she capitalised upon. Summing up the journey, she confidently says with a smile, \"It is a very interesting profession, I never felt I am \"I never compromised on quality and made sure suitable working. It just needs a combination of hard and smart products are offered to investors depending on their work with focus on clients' benefits. One needs to have needs and goals,\" says Vanitha. She categorically adds passion and patience to grow.\" When I look at my life, it's good to see a complete transformation, she logs off.

Striving Success Stories Dayashree Sharoon market, I talk to people like the salespersons there and ask them whether they invest their money or not. I try to Mangalore educate them about how they can invest some amount in SIP and over time, they will see their money grow.” Dayashree Sharoon, 49, is a mutual fund distributor based in Mangalore with assets under management With such initiatives, she has a good number of clients worth ` 65 crore and monthly SIP book of ` 67 lakh. A now who belong to the relatively weaker financial commerce graduate, she had worked in a mutual fund backgrounds like the maids or salespersons. “I feel that house for about 13 years before she started on her own as being an MFD, it is our duty to educate more and more a distributor in June, 2017. Working initially in the back people about mutual funds. We should not just focus on office and gradually being promoted to the higher our earnings from the business but give something back managerial positions in her full-time job enabled her to to the society by taking such initiatives,” she said. acquire the expertise which is essential to be successful in the mutual fund distribution business. She also insists that when these clients express their gratitude for her guidance and help, she feels a deep Currently, with over 600 clients spread across the world, sense of satisfaction. Dayashree has a strong client base due to her hard work and perseverance with which she dealt with them during According to Dayashree, the most important quality to be her full-time job. successful as an MFD is to have patience. “In this business, patience is the key to success. Only by being “When I started as a mutual fund distributor in 2017, patient, you can handle the clients' queries and provide many of the clients that I used to handle before in my job proper guidance,” she said. supported me. Now, almost all my clients are reference- based. This is because some of my clients know me According to her, even though many new DIY apps are personally for about 15 years,” she shared. The trust that becoming popular with millions of young investors she had built over the years worked towards her investing in direct equity, there is a lack of guidance and advantage making her successful as an independent patience. As a result, the role of an MFD is ultimately MFD in a relatively short span of time. invaluable. Dayashree adopts a goal-based approach while dealing Talking about the improving financial literacy in general, with her clients. She feels really proud when her clients she believes that there has been a huge positive shift in are able to utilize the funds invested to achieve their the awareness about investments, especially mutual financial goals. These may include the education and funds. As per her experience, with many double-income marriage of their kids or building a reliable retirement families now, the scope of the MFD industry is huge as corpus. the more a family earns, the more they would like to invest. Also, mutual funds have now become a popular “I feel happy whenever my clients are thankful to me for mode of investment, she said, based on her own helping and assisting them to fulfil their goals for which observations. the investment was initially made. This is what I really cherish in this profession,” she shared. Going forward, Dayashree's aim is not limited to achieving a larger AUM. She shared, “I wish to educate Not only this, Dayashree has been proactive in helping the more and more people from the economically weaker economically weaker sections of the society to improve sections of the society in the coming years.” their awareness and encourage them to invest in mutual funds. According to her, a client base which is a fair mix of different income groups will really be a milestone that she “I never miss a chance to talk to people who may not be would like to achieve. An inspiration for her family, financially strong, to invest at least some amount in SIP,” Dayashree already can see her teenaged son wanting to she said. She further explained, “Whenever I go to the continue in her footsteps as he has started expressing his interest to take her legacy forward.

Striving Success Stories Deepti Simha investing culture or the way their family has been dealing with investments so far,” she said. Simha further Bengaluru explained, “Some clients and their families have a history of investing in instruments which have guaranteed Deepti Simha, 37, is a Bengaluru-based mutual fund returns such as fixed deposits. It is important to explain to distributor with assets under management worth ` 65 them that not every investment option can have fixed crore. In 2018, Simha joined the two-decade old financial returns. If they have patience, they will get better returns advisory family business, headed by her father. Prior to by investing in mutual funds.” that, she had been working in the software industry for about 13 years. Simha believes that it is important to first promote the habit of investing in mutual funds. She recommends A family business did not mean that Simha did not need to hybrid or balanced advantaged funds to those who prefer put in any effort. In fact, she worked hard specially for two to have safer investments and are having their initial years prior to 2018, handling the back-end operations in experience with mutual fund schemes. order to understand the finer details of the business under the guidance of her father. “I thought and felt that it Simha has also been successful in catering to a few was the right time to join the business. I had always people belonging to economically weaker sections of the planned to do so and had some amount of knowledge society. But she shared that it also has its own limitations. about it, watching my father work,” she said. “If one convinces any person whose saving is less than However, just when Simha decided to join the business in ` 1000 per month to make even a minimal investment in the year 2018, she faced a major challenge. “In 2018, SEBI SIP, it becomes the responsibility of the MFD to take care made many crucial changes and applied new rules for the of it. There are times when they would want to withdraw MFDs in order to improve transparency and organize the their money in a short period of time in case of any mutual fund industry. So, one had to be updated with the emergency,” she said. This is because such savings are new rules like the specifications and names of the really hard to make for low-wage workers. different mutual fund schemes.” Being new in the business, this was a major challenge for her. About the scope of the MFD industry, Simha believes that it is a growing industry but it has certain challenges for Simha did not initially start off with handling the existing those in the business. She shared, “There is so much clients in the business. She focused on approaching new competition in the business that it can become difficult to clients. She encouraged low-risk investing options like differentiate oneself from other advisors.” just making a small SIP investment to her clients in order to build the trust among them. One of her major She thinks that in the future also, anyone aspiring to achievements is that she has been successful to onboard become an MFD will have to face these challenges. many families rather than just individual investors. Accordingly, she believes that the new MFDs must keep updated about the new rules and regulations and the Out of the 250 clients that her business caters to, there technology which will keep on changing with time. are about 100 of them who are families. “My approach has always been to target all the members of a family and Being well-informed and updated about the latest build a family portfolio. I focus on educating more and developments can really be a beneficial way to remain more women about the need and importance of financial successful in the business in the long-run. investments,” she said. Being a woman entrepreneur, Simha believes that she is able to easily encourage Simha is thankful to have found unwavering support of women to invest who readily understand and wish to her parents and extended family who have supported her associate with her. in her endeavors so far. She has also been an inspiration to her young cousins in her family who have just started Simha has a unique way to deal with or advice any new working to invest their money early on. Her aim for the clients. “I first try to understand their background and future is no less inspirational. “I aim to build a client base of at least 500 women clients,” she said.

Striving Success Stories Kshitija Ravi During the year 2008, they learnt a lot and started offering comprehensive financial solutions to their clients. As a Bengaluru result, in a span of just 6 years till 2010, the number of clients increased more than twofold as compared to Kshitija Ravi, 46, is the co-founder of the Bengaluru-based 2004. financial services organization, Gaining Grounds Investment Services Pvt. Ltd., which she started along With over 150 clients presently spread across the world with her husband in 2004. with many new clients approaching them based on references, Kshitija feels that they have been able to Hailing from a business family, Kshitija had always been make a positive difference in the monetary aspect of their conscious and aware of the importance of proper client's lives. utilization and investment of monetary resources for a satisfactory and fulfilling life. Kshitija's aim has always been to help her clients realize that in order to make their lives more fulfilling, they need Presently, the company has assets under management to find long-term avenues to see their wealth grow. worth up to ` 200 crore and monthly SIP book of around ` 70 lakh. Her approach towards the new clients is to first get to know their future goals and their personalized vision Being a commerce graduate and an MBA in Finance, about where they see themselves in the coming years. Kshitija initially worked for about four years in a mutual fund house. She considers it a milestone of her career for having been able to build a personal rapport with her clients who are Being passionate about financial planning, she always now “like a family” and to see them happy as they are wanted to work as a finance professional and guide achieving their goals. people to plan their investments wisely. Talking about the new-age DIY investing apps and if these It was after her marriage that she, along with her will impact the mutual fund industry or distribution in the husband, who is also a commerce graduate and a near future, Kshitija said, “I do not think so. This is Certified Financial Planner (CFP), went on to start their because people are emotional with their money.” own business in 2004. According to her, the role of a distributor is very essential “Our first group of clients were some members of our in guiding people towards proper asset allocation based family, colleagues and friends,” recalls Kshitija. on their risk appetite. It was not an easy path for the couple when they started “This is what only a finance professional can help one on their own. achieve,” she said. “There was a lack of awareness about mutual funds when Her message to the new MFDs in this business is to be we started. The markets were also not wide enough,” persistent. Kshitija said. But once they started, there was no looking back. “Persistence plays a crucial role to handhold clients and also to build trust among them. Not only this, one needs By 2010, their business had seen some major market to have a long vision and an unwavering desire to help cycles including the crucial 2008 global economic crisis. others create wealth,” she said.

Striving Success Stories Manju Mastakar against big banks and established wealth management firms,” she said. Bengaluru There was a time when Manju had to close her Equity and Manju Mastakar, 42, is the founder and Director of Commodity Broking business and continue only with the Armstrong Capital and Financial Services Private Limited mutual fund distribution and financial planning. She did based in Bengaluru. With an experience of over two not hesitate to return the investments of the clients at that decades, Manju started her career advising direct equity time, owing to her decisions not being rewarding for the traders in Mumbai. After that, she worked in many investors. Over time, her client base kept improving and financial services firms before she started her own currently, her company handles over 1000 clients spread company in 2010. Presently, Armstrong Capital has across the world. assets under management worth ` 210 crore and a monthly SIP book of ` 2 crore. Manju's approach towards any new client is to know more about their short-term and long-term goals and While she was still doing her articleship for Chartered accordingly, she and her team suggest the proper asset Accountancy (CA) course in 1997, Manju was deputed by allocation to them. Backed by an experience of working in the CA to conduct audits for some stock brokers. One of various financial services firms, Manju had always felt them liked the work she did and offered her a job in a that there is a need to handle the investors in a wiser and a financial services organization even before she had more transparent manner. completed her CA. The practical experience that she acquired while working there has been really valuable in “When I started in 2010, I felt that there was something her professional journey. missing in the way investments were managed. The financial services industry was concerned only with “While I worked there, I had to multitask and fulfil the selling their products. Most of them did not give an responsibilities of multiple roles. I used to handle the advice seeing the holistic picture of the investor's past back office, accounts and also serve as a relationship investments and future goals,” she said. manager to the investors. Over a period of three years, I became aware about how stock market investment Not only this, Manju has applied many innovative ideas to works,” she said. keep her employees motivated towards updating their knowledge in the profession. Every month, she holds a 'I In 2008, Manju moved to Bengaluru and what followed don't know' session for her employees in which they are was one of the toughest times of her career. “I lost my job encouraged to pitch in doubts about topics that they do after the 2008 global economic crisis. This is when I not understand well enough. This leads to a full-fledged thought of starting something of my own and started discussion on a particular topic and enables her to be freelancing” she said. Manju's journey as an entrepreneur aware of her employees' knowledge in different arenas. was very humble as she started working out of her home to guide her clients. Also, she did not find any external Manju is also providing internships to young trainees support and was doing everything alone. every year, focussed on giving them an insight into how things work practically and how they must conduct Finally, after months of sheer hard work into her company, themselves while handling the investors. she bagged an offer from an investment banker to fund her organisation. \"I rented a small office and hired some Her aim is to establish her organisation as a renowned freshers, trained them, and continued what I was doing, brand in the financial services industry in the near future. but on a larger scale. I started off with Direct Equity, which Manju chose entrepreneurship over a job mainly because was augmented with Financial Planning & Mutual Funds it offered flexibility with respect to time management. consulting in 2012,\" adds Manju. “My son was just 1-year-old when I started working out of office and home front was constantly demanding, so to The road ahead was still not smooth. “Getting business balance that I need to be my own boss. Entrepreneurship was tough as we had no brand name and I was competing is over commitment to work, but flexile on time, so I stuck to it and succeeded,” she said.

Striving Success Stories Megha Malpani time horizon and unique circumstances of the client, the suitable investment options are suggested to them. Apart Bengaluru from that, Megha said, “We spend a lot of time uncovering the behavioral aspects of the investors before Megha Malpani, CFA, aged 35, is a Bengaluru-based we onboard them. We don't hesitate in even saying 'no' to finance professional and Partner in the financial advisory a client if we feel the expectations of the clients are not in firm, Zvest Financial Services LLP. Megha is a CFA Charter sync with what we can offer.” holder from the CFA Institute, USA and has a total work experience of 12 years. She had a work experience of In times of crises, when there is widespread panic-selling around 6 years before joining Zvest. Currently, the in the market, Megha said that her team increases the company has assets under management worth ` 1100 meetings and time spent with the clients to assuage their crore (MFD plus RIA) and monthly SIP book worth ` 2.15 concerns. “We have seen clients not taking hasty crore. decisions if they are educated sufficiently with data points and finer nuances of market cycles,” she In November 2016, when the company started just one explained. week after demonetization, the partners were a bit skeptical about the new turn in their career. “Though we One of the achievements that Megha considers as a were a bit apprehensive, demonetization actually turned milestone for her company is that they have been able to out to be blessing in disguise because of faster adoption build a reputed client base with minimalistic attrition. “It of financial assets,” she shared. However, there were gives us enormous satisfaction when we on-board some some initial challenges that they faced in the form of investors who are actually employees of leading banks or setting up all the systems and processes in place which financial institutions that themselves have wealth took most of the time. These included client management as a business vertical,” she said. Megha management processes and setting up standard rules for and her team have been able to build the unwavering trust the smooth functioning of their company. Today, the among their clients. “Many of our clients have reduced company has over 400 clients (HNIs) spread across the their investment share with other leading wealth world. management firms and increased the same with us over time,” she said. A graduate in Economics, a post-graduate in management and then CFA, Megha shares how her In today's times when the mutual fund industry is growing education and work experience have contributed to her and many people wish to become independent MFDs, successful career as a mutual fund distributor and finance Megha has a valuable lesson for them. “The MFD industry professional. “While my prior experience helped me in will follow the Darwinian model. On one hand; ethical, getting comfortable with client interactions, my leanings knowledgeable, transparent and efficient MFDs would from the CFA Course helped me have an unbiased & long- not have any growth issues for at least a decade but on term perspective about different asset classes,” she said. the other hand; slow, inefficient and inflexible MFDs with Megha shared about a particular subject on Behavioural focus on only high-margin products would face Finance in her CFA course that has really helped her to difficulties to survive over time,” she explained. understand the different investor types. Every investor According to her, an MFD must always be prepared to has a different background, finances and goals. Megha learn and acquire more knowledge. She insists that it is specializes in handling clients' biases, if any, and is always important to put the client's requirements first proactive in building trustworthy relationship with the when operating in this business to become successful. clients. This is what makes her successful and a crucial part of her company. Megha shares how with an increased use of modern technology, there has been a boost in the financial The company's approach towards any new client is very awareness of the masses in general. This also reflects in the “text-bookish.” Megha emphasizes that they focus on the improved quality of clients' queries. According to her, it is still risk appetite of a client from both an ability and important to take professional help while making any willingness perspective. According to the liquidity needs, investment decisions. “Half-baked knowledge is dangerous. This is also applicable to investments,” she said.

Striving Success Stories Preeti Ravinand experience of the 2008 crisis, she always believed Kalburgi informed investors help the business sustain for the long- term. \"If investors are aware and know the nuances of Belgaum markets, they do not tend to panic in tough times. Preeti Kalburgi, 41, a Belgaum-based mutual fund For Preeti, asset allocation is an important aspect of distributor, manages investors' assets worth ` 200 crore. investment. \"Depending on clients' age, risk appetite, She caters to nearly 1000 clients with a belief that mutual their financial goals, I endeavour to offer a suitable fund is a flexible financial tool which gets set in any allocation in their portfolio,\" she says. Preeti ensures investors' portfolio for wealth creation. investors have an emergency fund so that in tough times their investments remain untouched and help reach their A commerce graduate, Preeti got married in 2002. She goals. had her first child in 2004 and was settling into married life while looking after her family. In the meantime, she took As years passed and her investors gained experience of time out for financial related courses. Her first job was in a investments, referral business started flowing in. \"When broking firm in 2007 as the market was reaching the fag- you work for your client and they are satisfied, they bring end of the bull run. She remained with the broking firm till in more investors. This is a reference-based and service- 2012. oriented business,\" adds Preeti. In 2017, her younger brother, Yogesh Ladhwa, also joined her in the fund \"My journey in the broking sector was of immense distribution and since then the duo has been working learning. I got to know about several financial products together. including mutual funds, did the client handling and continuously educated myself,\" says Preeti. She The presence of direct plans did not make a difference to witnessed one of the biggest crises of 2008. This added Preeti given her strong services to clients. \"Investors to her overall experience and helped when she ventured understood our relevance as we kept their investments on her own later. disciplined with focus on their goals. Client is first for us, we grow if they grow,\" points out Preeti. According to her, It was increasingly getting difficult for Preeti to keep a if she had looked at her interest first, she would have been balance between work and family. \"I wished to start my very limited in her business. venture. But being at my job, it was not possible to strategise my next move,\" adds Preeti. It was finally in By the start of 2020, Preeti and her brother were already 2013, that she took a conscious call to quit. handling clients' portfolios worth ` 110 crore. As the pandemic hit the market resulting in nearly 35% erosion \"For one year after leaving my job, I acquired knowledge of value, the duo immediately came into action as they about mutual funds. Detailed knowledge about the treated the deep correction as a big opportunity to buy. product was important before starting fund distribution,\" says Preeti. Since she was good at building relationships “We did not panic at all. We connected with clients and and understood clients' needs, Preeti was confident of recommended them to buy as it was a discount sale,\" doing the distribution effectively. In 2014, she entered the recalls Preeti. Majority of her clients had put trust and fund business. confidence in her. They acted as she suggested and are now happy as the market bounced back up lifting up their She was clear that she would not bring existing clients investment valuations. Preeti says that her main job is to from her employer. \"I had to put in a lot of effort as I started navigate her clients during crises. \"I am now so confident from scratch. Initially, I had one-on-one meetings with five that I can handle any crisis,\" she says with conviction. clients every day, which I increased further,\" she recalls her initial days. Preeti focused on SIP with retail clients Preeti, who feels good when her clients reach goals, and started getting small ticket size investments. She coins her success mantra as ,\"Disciplined approach with grew confident as this worked out well. Right from day goal-based investments along with long-lasting one, clients' education was a priority for Preeti. Given her relationships is my key to success.\"

Striving Success Stories Prema Dominic When her nearly 17 years stint with the broking firm came to an end, Dominic had almost given up on job and Bangalore thought to take a break and fulfill her homely responsibilities. However, by then her son was in his late Prema Dominic, a Bangalore-based mutual fund teens and she had plenty of time at hand. Her husband distributor, manages ` 20 crore of investors' assets. encouraged her to start on her own. Catering to 170 clients - mostly retail, she has a monthly SIP book of ` 15 lakh. She believes that mutual funds are In July, 2021, Dominic decided to give it a try and entered long-term wealth creation vehicles capable of meeting mutual fund distribution. Since she had got the trust and any financial goals. confidence of her earlier clients it proved helpful. \"I got a lot of practical experience and my clients trusted me. This An electronics graduate, Dominic was the youngest of all gave me the much needed initial push,\" she says. the siblings and belonged to a lower middle class family. \"Being the youngest member of the family, I was a Dominic, an avid reader, understands the importance of pampered child,\" she quips. Soon after her graduation in continuous education for clients and that this business 2003, she worked in the electronic industry for less than a demands a lot of patience. \"I never entertain clients who year as she did not find it interesting. Meanwhile, she got come with a short-term approach. I straightforwardly tell married and became a mother in 2005 which brought a them they need to have goal-based investment,\" she break in her career. outlines her strategy. Being a young mother, looking after home and work was Already, references have started pouring in from her quite a task for Dominic. She could not think much about clients and she is looking forward to bringing more her career and took up a tele-caller job with a leading investors in her fold. \"I plan to slowly build up my AUM financial company. while taking care of the risks involved in investments so that my clients are taken on the right path with their Later, she was shifted to the sales and marketing division investment plans aligned to their goals,\" she adds. as the market was amid a great rally. It was here that Dominic started developing an inclination towards She firmly believes that each and every suggestion to financial products. \"It was good going for me as I was clients must be well studied and researched upon. \"I need enhancing my knowledge about various products,\" she to continuously probe into what recommendations I am recalls. offering to my clients. If I do good, good will happen to me,\" she says with a confident smile. While appreciating her growth, Dominic was shifted to a branch where she began handling clients' portfolios while Dominic has an aim to reach an AUM of ` 50 crore by 2023 looking after Demat accounts, stock trading, share and is focusing on building a strong SIP book to achieve certificate queries and mutual funds. \"I was almost that. \"I want to make informed investors who need to be everywhere and learnt the practicality involved in these nurtured going forward,\" she pin points. Having seen the products. Slowly, I got specialised in mutual funds,\" says various market cycles - be it the 2003-2007 rally, the 2008 a knowledgeable and confident Dominic. crisis, the stagnating market thereon till 2013 and the deep and quick plunge during 2020, Dominic Her rising interest and continuous learning did not let her understands that mature and educated clients make the move out of the financial firm till 2021 when the company crisis-navigation relatively easier. she was working with shut down its operations. According to her, there is no alternative to hard work to “It was quite a learning for me and I was so motivated in succeed in the financial distribution business. \"Passion the field as I was meeting new people and understanding and patience along with relationship building on the their financial condition and accordingly was foundation of trust and ethics are something one can not recommending them products,\" explains Dominic. do away with to grow in this profession,\" she signs off with conviction.