Striving Success Stories IV

OUR PARTNER’S JOURNEY OF DETERMINATION AND PERSEVERANCE

Aniruddha Chaudhuri Head - Retail Sales ICICI Prudential AMC The last one year has been momentous for everyone in the investment related domain and we at ICICI Prudential Mutual Fund would like to thank you for partnering with us through this journey. Over the years, we have increased our product bouquet across asset classes. Through these offerings we have been able to deliver a good investment outcome for all our investors. In this journey, you have played a critical part in the form of handholding investors. Thanks to your perseverance, mutual fund today has created an edge for itself in the personal finance space. 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 13 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 Abhijit Sawant, Alpesh Patel, Amit Rathi, Amit & Darshana Shah, Archana Uddhaorao Barabde, Ashish Khandelwal & Ashish Kumar Sarda, Haridas Manohar Komatwar, Manoj Dake, Prakash Lohana, Sajal Roy, Shashi Bhushan Singh, Shashi Bhushan Verma and Tanmay Sarkar, Sekhar Chandra & Tapan Bhattacharjee. 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. Finally, if you have any feedback or suggestion, feel free to reach me at [email protected].

Striving Success Stories Abhijit Sawant Within two years the 2008 financial crisis hit the market. A learned Sawant immediately connected with the clients Margao with the concept that one needs to be greedy when the market turns cheaper. \"I explained to investors about the Abhijit Sawant, 45, is a Margao-based mutual fund past cycles. I told them that they were here to create distributor who manages assets worth ` 200 crore. With wealth which can be done only when we grab such over 3000 clients, mostly retail, he has a monthly SIP book opportunities,\" he says confidently. He added more SIP of ` 1.5 crore. Founder of Abhiganesh Investment and made existing clients do the additional purchases. Services, Sawant believes in concept selling to investors. \"My SIP book size was ` 2 lakh in 2006-07 which grew to He has a mission to make 1500 crorepati clients and has ` 40 lakh in 2011,\" says Sawant proudly. investors from different strata of the society right from sweepers, peons to office boys and chai wallahs. The 2009 entry load ban did not disappoint him. \"I never depended on a single income. I had an insurance Sawant, a commerce graduate, pursued CA but left business to support me. Therefore a fall in income from midway as the family's financial condition deteriorated. mutual funds did not impact me. Further, mutual funds \"My father had Alzheimer's at an early age so my studies are an important part of anybody's financial planning. So got stalled. I started taking tuitions and did odd marketing there was no question of setting this aside,\" he explains. jobs to sustain my family. I landed up in CA firm as a junior accountant and somehow, I could manage the family's For him, mutual funds are the most suitable and flexible finances,\" recalls Sawant. products available to generate wealth. \"The future of this industry is very bright. What we see today is just the tip of After four years, Sawant enrolled for the course of Master the iceberg,\" pinpoints Sawant. He believes that trust and in Financial Services from Goa University in 2000. His relationships with clients are very important. \"I have specialization subject was Mutual Fund. Thereafter, he always been customer-centric. I fully understand that if got his first job at a stock broking company in 2004. my clients grow, so will I,\" he adds. The clients' strong trust in him helped Sawant do away any potential damage In 2005-end he switched to the wealth management due to the direct schemes. division of a private bank. It was here that some of his clients suggested he should start the distribution During the 2020 pandemic crisis, Sawant's AUM dropped business on his own. from ` 110 crore to 78 crore. His experience of the 2008 crisis helped in confidently navigating clients. \"During a \"But I did not have the confidence and feared who would crisis my role is to be proactive. I explained to clients that take care of the finances,\" he says. It was then that he saw the uncertainty is temporary and one should put a lump the movie 'Guru' in which he saw how a common man can sum. It's not a time to move out of the market as it is an build a business empire. \"I was so inspired by watching opportunity to create wealth. All my clients stayed put,\" the movie that I thought about starting my own company. he outlines his crisis management. As I gained confidence with clients' support, I quit my job and started looking after insurance products in 2007,\" he So far, 138 of his clients are crorepati and he hopes to add says with excitement. Soon he added health insurance another 500 in the next five years while achieving an AUM and mutual funds in his product basket. of ` 1000 crore during the same period. His clients are proud to get associated with him as their family's Mr. SIP Initially, Sawant faced the challenge to convince clients man. He is popularly known as Abhi, as the name says that investment should be goal-based. \"Clients had 'Abhi nahin to kabhi nahin'. apprehensions about market risks. I realised that my role has to be to educate clients,\" he says. He focused more Summing up his success mantra, Sawant says, \"Be on SIP mode of investments as it could handle market focused, put your hard work and smart work together, volatility. In a matter of six months, Sawant got about 200 have patience with perseverance, build trust and have a new clients. client-centric approach. Trust is very important, never break it.\"

Striving Success Stories Alpesh Patel \"The problem came in 2008,\" he says with an embarrassing smile. The market crash made the situation Anand worse. His clients' trust on him waded which impacted the relationships. \"It was very disturbing for me and very Alpesh Patel, 49, from Anand, manages ` 278 crore in his tough to convince clients to stay put with patience. My mutual fund distribution business. Serving 3000 clients clients' trust on me was at stake,\" Patel reminisces in a his monthly SIP book is ` 1.22 crore. Founder of Maitri sombre tone. Investment, Patel is passionate about mutual funds and dreams to make all his clients crorepati. The 2009 entry load abolition made matters worse. \"My family has always been supportive, but these were the A year before his graduation, he got into distribution of times that shook everyone. I was even asked by my family post office products in 1991. Since his father, a primary to take a step back from this business” he says. But Patel teacher, was into this business, a young Patel would had understood by then that for wealth creation, equity is accompany his father to clients for documents and taking indispensable and he must stay put. signatures. \"I liked my father's business and I decided to enter distribution,\" he recalls. That time Patel used to live He joined the CFP course and enhanced his knowledge in a nearby village away from the city. about asset allocation. He attended AMCs' seminars to sharpen his skills. \"The learnings through these programs Later he added insurance products too. After a decade in helped me sustain and hold on to my clients. I got the 2005, a regional distributor suggested Patel to sell mutual direction that if I keep doing good hard work it will have funds. \"I did not know about mutual funds then,\" he adds. long-term benefits for me and my clients,\" says Patel. Markets were amid a strong rally during that time. Patel's clients would call him to put their maturing investments in The 2008-13 phase made him mature and experienced. mutual funds. He sensed that the investors wanted The importance of a need-based client-centric approach mutual funds. was a must for him. The direct schemes did not pose any problems to him as he strongly pursued a service- Soon, he entered into mutual fund distribution and oriented strategy. His AUM stood at ` 13 crore in 2013. started working with the regional distributor. He Meanwhile, he set up his firm's head office (second understood the product had potential to grow. Within a branch) in Anand in 2015 and expanded his client base. year, he began working independently under his own Being on trail model helped him eschew the sudden ARN in 2006. impact of complete upfront ban in 2018. As the market was amid a bull run, a naive Patel did not He focused on his business and assets increased to ` 166 face problems of finding investors as he had an existing crore before the pandemic hit in 2020. A sharp and quick client base. \"It was a new product which was doing great, decline in AUM to ` 114 crore did not perturb him as he so I faced no problems. Clients were readily investing and had witnessed the 2008 crisis and was well prepared to their returns were also phenomenal,\" he explains. While navigate such a situation. \"We communicated with clients he continued to gather knowledge and understand about and asked not to panic as their investments were fairly mutual funds and its processes, rally in the market did not diversified. The knowledge acquired during 2008-13 was let him face any hurdles during his initial years. put to practical use in 2020,\" he laughs. Patel increased allocation to equity and acquired more clients during this \"Slowly I was learning about the product and the market. time. The strategy worked and now as things stand, he There were times when I got cautious with the quick and not only recovered the lost asset but added more than a high returns. But nobody could control and gave attention 100 crore since then. to probable side effects as the money flow was very strong. Neither I nor my clients had any idea that markets Summing up his journey, Patel says, \"Give your 100% to can badly crash also,\" he paints the euphoria prevailing this business with a long-term perspective, acquire then. knowledge, have patience, be ethical and build trust; positive results will always entail.\"

Striving Success Stories Amit Rathi more can be done in financial distribution,\" explains Rathi. He grew knowledgeable and understood that a mutual Kolkata fund is a product which gets set in every client's financial planning. Knowledge gained thus far empowered him Amit Rathi, 42, a Kolkata-based mutual fund distributor and there was no looking back for Rathi as his real journey caters to nearly 1800 clients - mostly retail. Founder of had taken off. ARPY Asset Private Ltd, he commands an asset size of ` 70 crore with a monthly SIP book of ` 50 lakh. He began focusing on asset allocation and gave impetus to build a strong SIP book while keeping clients' interest A commerce graduate, Rathi started handling his father's on top most. \"Making clients aware about mutual funds business accounts in 2001. A fresh college pass out, and the benefits is important when you onboard clients. I Rathi wanted to do something where investment was low tell them that wealth creation is a long-term journey and but income was sustainable. \"While managing my father's needs to be goal-based. Post that, a continuous flow of business accounts I was exploring other opportunities,\" communication and hand holding is a must to generate says Rathi. trust and confidence,\" says a confident Rathi. The young Rathi tried his hands in the medical field and Since he was on a trail-based model from the beginning, took agency of wholesale medicines in 2004. He the complete upfront abolition in 2018 was a non-event remained in the medicine business for one-and-a-half for him. His continuous marketing helped him gain years, before developing a disliking about this business investors' trust and referrals kept flowing in. as income was paltry against the effort he was putting in. He quit the medicine business and got into stock trading Thanks to his asset allocation, the 2020 pandemic did not with an acquaintance. There he got to know there was hit his asset as much as the market fall. His AUM slipped brokerage involved whenever shares are bought or sold. from ` 33 crore to ` 28 crore. He tactically used the market crash to shift investors' assets from debt to equity. \"I thought about sub-broking and earning brokerage in \"During the pandemic period I added more clients and 2006. I made a couple of clients. But when the market increased my SIP book. I believe in India's growth story crashed in 2008, I could see it was not working,\" says an and tell my clients to invest in equity to reap the benefit of intrigued Rathi. He acknowledges that he did not have the the country's growth,\" he explains. knowledge and understanding about how the market worked. So far, Rathi's fund distribution was not tech-savvy. But the pandemic ultimately made him use the technology to It was in 2010 that somebody suggested that he get into service and onboard clients. \"Until 2020, I was not mutual fund distribution. \"But for that I had to study and comfortable using technology. But the situation clear the exams. It was difficult to prepare and clear demanded its adoption, which my team did. This helped exams in my 30s,\" he says with a sheepish smile. us get clients from states like Sikkim and Assam also Meanwhile, he continued with his sub-broking as the apart from West Bengal. Going forward technology will market had revived by 2010-11 and did not think much help fuel future growth,\" says Rathi. about fund distribution. Summing up his journey so far, he says, \"One needs to be In 2014, Rathi got his ARN and started mutual fund up to date with the knowledge while keeping clients' distribution. In the initial three years, he mainly sold debt interest first. Continuous communication with clients products through lump sum investments. He attended a along with patience and an ethical approach without mutual fund conference which was an eye opener for him looking at the brokerage sheet help immensely to seeing so many successful distributors. \"I was inspired succeed in this business.” and learnt that even with trail I can do good over time,\" he says excitedly. In 2016, he cleared his CFP. \"Completion of \"Everybody's growth is interlinked. I carry on with the CFP was a turning point in my career as I realised that a lot concept that if clients grow so will I and thus the country,\" signs of Rathi.

Striving Success Stories Amit & Darshana Shah money. This way they would have remained in the rat race but never create wealth. This was the gap which I wanted Kolhapur to fill,\" Shah points out his thought process. Darshana Amit Shah, 37, a Kolhapur-based mutual fund According to Shah, they did not start mutual fund distributor and founder of Vision Money Mantra, distribution thinking that it would be the major source of manages assets worth ` 150 crore of his 3000+clients, income. \"We did not start this business thinking about the some of who are settled outside India. This business was brokerage part at all. Right from day one I believed in the inspired and mentored by her husband CA Amit Shah. financial well-being of my clients and the growth was just Vision Money Mantra caters mostly to retail investors and the outcome,\" he says. has a monthly SIP book of ` 1.2 crore. Since Shah had his practice as a source of income, the A CA by profession, Shah sensed that interest on 2018 complete upfront ban did not bother him. He readily traditional investments would slip further and there was a accepted the regulatory change and moved ahead. \"At need for modern avenues to get higher returns. His wife that point, we aggressively improved our volumes as showed interest in mutual fund distribution and Shah fully there was no other alternative to grow with shrinking supported her. The duo started their fund distribution in margins,\" Shah adds. 2014. When the 2020 pandemic hit the country, it was the first Finding clients and taking investors into confidence was time that he and his team actually experienced a steep not an issue as Shah in his 10 years of practice had built a market fall. \"For a few days, I was a bit jittery. I feared how strong client base. The real challenge was how to make my clients would react looking at the market crash,\" Shah them understand about mutual funds. \"Initially, it was a bit quips while admitting his apprehensions. But thanks to tough to convince clients. Since they were from a the continuous financial education that he had inculcated traditional investment background, acceptance level for in his clients from the beginning, his investors did not mutual funds was low,\" recalls Shah. panic. This kept Shah's worries at bay. They had a slow start. Their primary goal was to educate The asset allocation strategy which Shah always stuck to clients which took nearly a year. Shah knew that if clients did not let his AUM fall in line with the market crash. His were educated, it would be relatively easier to continue assets slipped 15% from ` 100 crore to ` 85 crore against long-term relationships. Existing clients from his CA the market crash of nearly 35%. \"I realised these are the practice helped him get the initial push. \"In the first year times one should capitalise upon. Our team approached (2015) we had an AUM size of only ` 2 crore. This grew to clients using technology and took them into confidence. nearly ` 60 crore by 2018, as investors matured and We recommended additional purchases while taking references poured in,\" he says. In 2018, they formed market fall as an opportunity to create long-term wealth to Vision Money Mantra Pvt. Ltd. which most of the clients readily agreed. This we believe was a show of trust in us,\" says a confident Shah. Shah considers mutual funds can create long-term wealth and address various financial goals. \"Compared with In the next five years, Shah aims to reach an AUM size of direct stock investing, mutual funds are relatively safer ` 1,000 crore while doubling his team strength to 50. He and investors get exposure to all asset classes,\" he plans to open more offices in his region to cater to many explains. more investors and improve on the technology deployed. Vision Money Mantra four-step strategy includes - Summing up his mutual fund journey, he says, \"Ability to educating clients, investment planning, help them with effectively communicate with a client-centric approach, investment and hand hold in the form of continuous hard work with futuristic approach and technology-driven service. \"I could see that people were working hard to team work while being ethical and honest did help us earn money but they were not good at managing their come this far.” \"I always believed that if I take care of my clients, they will take care of me,\" he says with conviction.

Striving Success Stories Archana Uddhaorao sessions in several gram panchayats and held camps to Barabde assist people to open bank accounts and get PAN,\" reminisces Archana about her initial years. Amravati Learning from her personal experience, from day one she ArchanaBarabde, 42, an Amravati-based mutual fund looked after what her clients were getting and never even distributor, manages assets worth ` 200 crore, serving thought of brokerage. In the post 2008 period when the 250 families. Besides this, she has a monthly SIP book of market was sluggish, she focused on financial literacy about 1 crore. With the sole aim to make women programs and pushed SIPs among investors. \"I could financially self-reliant, she aims to have a women compare the stock market and my life, both had ups and distributor in every gram panchayat of the country. downs. But if one remains positive and is determined to achieve the goals set, then anything is possible, she says Her desire to make a change in the society emanates with confidence. from the positive effects of her mother and father's work. Her father was employed with rural cooperative society \"Like an ant, I kept working. I mainly dealt with families and was a pioneer in resolving the region's poor farmers' and educated women to be self-reliant when it comes to financial needs while her mother was a teacher. However, finance-related decisions. That has always been my everything changed when Archana got married as per the mission,\" she says with pride. She opines that a woman's customs and traditions of rural Vidarbha in 1997 when work is not only to look after the house but also to be she was in higher secondary. Within a year, Archana aware of money matters. \"In order to avoid a financial became a mother. \"I was a child mother,\" she quips. crisis, it is important that women should be financially learned,\" she adds. Her husband, a couple of years later met with an accident and was bed-ridden. The family had no income source. As Continuous customer hand holding coupled with a young woman with a kid, unwell husband and no source educating clients from time-to-time helped customers of income, her condition was steadily deteriorating, strike a balance between protection and capital recalls Archana. \"Given the absence of financial support, I appreciation. As a result, her clients did not panic during was forced to take up any work which came by and the pandemic induced market correction phase. She pipped in the 'Rudra Avatar' to secure my son's future,\" believes this has been possible because of the absolute she explains. trust her clients have in her and her guidance. Using her financial knowledge, she commenced She regards the capital market as her Guru. Her son, business with stock trading. Soon, she got her ARN in Prabhu, 23, after clearing all the requisite SEBI mandated 2007 and became a mutual fund distributor. Her father's exams, has started helping his mother in her thriving trusted friend circle assisted her with the initial push. Her distribution business. AUM of ` 25 lakh had reached nearly ` 1.5 crore just before the 2008 crash. \"I made my clients do the profit Once upon a time a confused and struggling Archana of booking as the returns were quite good. And it turned out 2008 is now a confident single parent and entrepreneur to be a successful strategy,\" she smiles. with a 21-member team. She takes pride in calling herself a 'Social entrepreneur' and believes in Arthakranti. She Back home, things worsened. Owing to constant mental believes that she would be successful the day when harassment, in 2010 she decided to separate from her everyone in the rural region is on the path to being husband. Calling this period (12 years) 'Van Vaas', she financially self-reliant. recollects how shattered she was both emotionally and financially. Summing up her journey, Archana says, \"I am like a small bird spreading awareness about financial planning. For She focused on her financial distribution journey with me, this is not a business; it is a cause I believe in. I remain impetus on literacy programs as awareness was a learner and offer my 100% to benefit my clients while negligible in the rural belt. \"I started taking awareness guiding them patiently. This is my mantra of success.\"

Striving Success Stories Ashish Khandelwal & his younger brother joined him and within 2-3 years he Ashish Kumar Sarda started handling the general insurance business which provided Khandelwal time to re-focus on mutual funds. Kolkata \"It was in 2014 that I entered a full-fledged mutual fund Ashish Khandelwal, 39 and Ashish Sarda, 42, co-founders distribution. Today what I am is only because of mutual of Kolkata-based Balaji Nivesh, manage investors' assets funds,\" he says. By this time he was quite experienced too worth ` 110 crore. With a base of 1500 clients - mostly as he already had witnessed the 2003-07 market rally, the retail, their SIP book is ` 1.25 crore. Sarda comes from a 2008-09 crisis and the struggling market till 2013. He cloth business family background while Khandelwal's started meeting clients and conducted several father was an official in a state-owned insurance awareness programs which helped him get clients and company. Passionate about mutual fund distribution, the thus referral business. duo has an ambitious aim to achieve an AUM size of ` 5000 crore in the next 5 years. Sarda, meanwhile, was mainly into insurance selling with relatively less exposure to mutual funds. The duo met in a Both had nearly a two-decade journey in the insurance mutual fund conference in 2018. \"It was a casual meeting sector. Khandelwal did not wish to be in the distribution but we figured out that our thought processes match,\" sector but was inspired by his father while Sarda, against says Khandelwal. his family's wish, was interested and wanted to do something in the financial world. After being in the Amid the Covid Crisis in May, 2020, they finally tied up and insurance sector, both ventured out and added mutual started working together. \"Today where we are is solely funds into their product basket over the period of time. because of our association. Had we been separate, we could not have reached this far,\" the duo say. Both Khandelwal started his career by distributing chit fund consider putting clients' interest first before anything and products. Since the company's business fundamentals complement each other in various ways for growth. were too unrealistic, he quit and became a sub-broker of mutual funds. Later on, he joined a foreign bank with a During that period, there was panic all around as the monthly salary of ` 3000 and worked for 6 months. market had a huge impact of the pandemic-related restrictions. Sarda and Khandelwal were busy attending \"I was working 12-15 hours a day and realised that if I work calls of investors and spent time handholding clients this way for myself, I will earn more,\" says Khandelwal. In during the tough time. 2007, he got his ARN but did not pursue mutual fund distribution in a focused manner. Instead, he was more \"With continuous communication we managed to into insurance products. Before the 2008 market crash, navigate the clients and were successful in convincing his mutual fund assets reached nearly ` 3 crore only to dip them to invest more while adding more clients during to 50 lakh during the crash. such times,\" they say happily. They proudly add that there is no room for mis-selling to investors in this business if \"Many investors redeemed and there was a sharp mark- one wants long-term prospects. to-market loss. Basically, I was selling products looking at the past performance, which was a mistake. I had no idea Currently, they are focusing on building up a team and how to handle investors during a crisis,\" Khandelwal promoting freshers and other distributors to join the openly admits. mutual fund business. They believe if the team is big and well equipped with training and experience, new highs The 2009 entry load ban further dented his morals. can easily be achieved in this business. \"Already the market had a great fall and I was being pulled up by investors. The entry load ban further demoralised They sum up their success mantra briefly, \"One should me,\" reminisces Khandelwal. He remained focused on have a long-term commitment in this business without insurance selling and was doing intermittent SIP going for short cuts, if any. This needs patience, hard investment of clients during 2009-13. In the meantime, work, honesty while keeping clients' interest first.\"

Striving Success Stories Haridas Manohar did I. I would give an example to my clients of bamboo's Komatwar tree growth which initially grows deep down the soil for 3- 4 years before growing upward,\" reminisces Komatwar. Nanded And it worked. Haridas Komatwar, 48, a Nanded-based mutual fund Hardly a year had passed since the crisis, entry load distributor, manages investors' assets worth ` 85 crore. abolition came in 2009. \"There was a sudden drop in With nearly 1000 retail clients his monthly SIP book brokerage. However, Sebi had allowed distributors to stands at ` 50 lakh. He strongly believes that once charge some remuneration from investors, which I did adequately insured, investors need not look beyond and managed to pass that phase,\" he says. mutual funds to achieve their financial goals. But it never occurred to him that he should be out of the A law graduate, Komatwar started his career with the mutual fund business. \"I was confident that continuation insurance industry as a distributor way back in 1995. of this business will do good to me,\" he adds. Seeing his father's busy schedule being a government official, \"I never wanted to have a life where I can't have With this belief he stayed put and kept on learning during time for myself and family,\" he quips. He developed an the next 4-5 years as markets were sideways. \"It helped inclination to do business and sold insurance products. me become mature and my investors too learned about market behaviour. I had a strong belief in India's growth It was in 2002 that to save tax outgo he invested in a tax story which kept on pulling me ahead. I encouraged my saving mutual fund. \"By 2005, I saw the amount more than clients to invest more during such dull market times,\" trebled. I was curious to know what this product is all recalls Komatwar. about,\" he recalls. He started reading about mutual funds with a wish to be a part of this industry. The launch of direct schemes in 2013 was an opportunity for him to sharpen his skills. He added more discipline in In October, 2006 he added mutual funds in his distribution his work while being client-centric. \"I knew that if my business and opened his office the day he got his ARN. \"I clients grew so would I,\" he pinpoints. had been planning for it since 2005 and created a kitty to have a sustainable office set up and other operations for a By 2014, Komatwar had understood the win-win benefit minimum of three years,\" he says with a smile. of trail in the long-term. He wasted no time in shifting to the trail model. \"So, when the complete ban on upfront Since Komatwar already had a large base of clients in his commission came in 2018, I did not feel the pinch,\" he insurance business, finding clients for mutual funds was smiles. not difficult. The only initial challenge he faced was making people believe in the wealth creation journey During the 2020 pandemic when the market tanked through mutual funds. \"Being in a small town, lack of sharply within a month, his AUM slipped from ` 45 crore awareness about mutual funds is an issue,\" he opines. He to ` 38 crore. \"Let me admit that I was shaken within. devotes time to make people understand the benefits of Thanks to my clients, whom I have always suggested mutual funds. long-term investment, who did not panic,\" he says happily. \"The quicker than expected bounce back in the While onboarding clients, Komatwar always repeatedly market further strengthened my clients' trust in me,\" says suggested that the investment horizon should not be less a confident Komatwar. than 7-10 years to create wealth. \"I have studied the market since 1991. I could see various cycles. That's why I Summing up his success mantra, Komatwar, says, \"Think pitched investors to come to mutual funds with a long- investors' interest first, work for their goals, keep making term horizon,\" he says. This continuous guidance to them literate and mature. This business is of relationship investors right from the beginning helped Komatwar building with a personal touch. If I keep thinking good for during the 2008 crisis. \"My investors did not panic nor people there is no looking back.\"

Striving Success Stories Manoj Dake According to him, his 'real journey' started in 2012. By then he was more knowledgeable, experienced and Satara understood how to grow business while maintaining a client-centric approach. Referrals were pouring in from Manoj Dake, 40, a Satara-based mutual fund distributor his existing clients and he improved his services to clients and founder of Money Care Financial Services, manages to help build strong long-lasting relationships. investors' assets worth ` 51 crore. He caters 750 clients - mostly retail and runs a monthly SIP book of ` 27 lakh. The launch of direct schemes in 2013 did not worry Dake. With a firm belief that managing clients' money is a big He says, \"Forget direct or regular schemes, investors in social responsibility, client's well being is Dake's top my area did not even know about mutual funds. Even priority. today a lot needs to be done to make people aware. Thus far there is no impact of direct schemes on my business,\" Dake graduated in 2002 and pursued his higher he explains. education. His father's friend, who was into mutual fund distribution, suggested that he take a look at the fund For him, mutual funds are the best suitable wealth business before taking any decisions of moving out of the creating investment tools to help people live their dreams city for a job. \"I worked with him for 6 months and and achieve financial goals. Before the complete ban on developed a liking for it,\" says Dake. He got his ARN and upfront came into existence in 2018, Dake was already entered into mutual fund distribution in January, 2008 just following a trail-based model. This helped me eschew a few months ahead of the global financial crisis. any sudden impact of an upfront ban on his remuneration. \"Within a few months of my entry, the market crashed. During the 2020 pandemic when markets lost over a third When the condition did not improve for two years I got a of the valuation, Dake took this as an opportunity. Though feeling that probably we took the wrong way,\" recalls his AUM dropped from ` 22 crore to ` 17 crore, he Dake. However, more than him, his father was worried. remained unperturbed and kept on reaching out to clients Since Dake's earning was very minimal, his parents were using technology. worried how he would continue his livelihood. The 2009 entry load ban made future prospects dull. Since Dake did \"Having seen the 2008 crisis, I was equipped enough to not have much assets, he did not feel the pinch of the navigate this situation. Trail-based business turned out to regulatory change. be very helpful as I was getting my regular remuneration. Further, I convinced nearly a fifth of my clients to invest \"I did not have any liability then and my parents could more. Using technology platforms and continuous support the family financially. Though my father communication to educate my clients, I managed to get developed the inhibition, somewhere I was confident that an additional investment of nearly ` 4 crore,\" Dake says this business will grow, just that I need to give it time and with excitement. patience,\" says Dake. His client-centric approach and quick actions in uncertain The initial clients were mainly from his father's strong times helped him not only more than double his AUM but social circle. \"They did not ask me to redeem. I started his clients were also happy seeing their wealth grow. attending mutual fund meetings to understand and learn more about this business. The officials from the industry In the next five years, Dake sees his business growing to helped me boost my confidence that things will be alright touch an AUM of ` 500 crore. He is focusing on expanding if I stay put,\" explains Dake. and hiring people in order to use his time more efficiently. Thus began the learning phase for Dake as the markets Dake coins his success mantra as, \"Patience with remained range bound for next 4-5 years. \"I realised that Persistence. You need to work hard, change with the time markets tend to have ups and downs and should be taken and keep yourself updated. Challenges and hurdles will as opportunities to create long-term wealth,\" he says. always be there; rather than crying foul one needs to be prepared for the same and move ahead.\"

Striving Success Stories Prakash Lohana reduce competition resulting in more business for me,\" he says. The decision to continue worked. Baroda The 2009-13 phase, when the market remained sideways, Prakash Lohana, 42, a Baroda-based mutual fund Lohana kept on crafting his knowledge and gained more distributor caters 200 clients - mostly HNIs. His investors' experience about behavioural finance to navigate clients. asset is worth ` 485 crore and has a monthly SIP book of \"This was the best phase wherein I learned a lot which ` 2 crore. He believes that mutual funds are more like helped me build my business,\" he admits. solutions to achieve life's various financial goals than simply a financial product. The launch of direct schemes initially appeared a threat but Lohana emerged unscathed. \"It is a myth that clients Founder of Ascent Financial Solutions, Lohana had an save in direct schemes. The damage due to mistakes is accidental entry into financial distribution. His retired much more,\" he explains. He proudly says that only a father was into distribution of post office and insurance handful of 4-5 clients have left for direct. \"On the other products. Lohana was pursuing his CA studies then. Due hand, every year I get 4-5 clients who shift from direct to to his father's deteriorating health which could hit the me,\" he smiles with confidence. main income source, he discontinued CA and took a plunge to handle father's business in 2002. \"I did not wish Since Lohana was already into the trail-based model, to be in this business. But I realised our family's financial which he considers real income; the complete upfront health could be in doldrums if I don't,\" recalls Lohana. ban in 2018 was a non-event for him. \"I have not seen the brokerage structure of the AMCs,\" he laughs. In 2005-end, Lohana, in his mid-20s, entered Mutual Fund distribution. His young age was a challenge initially. \"My A firm believer in asset allocation strategy, Lohana's age did not give confidence to my clients. They advised nearly 50% of the overall investors' assets were into debt that I should whiten my hair to look aged,\" he laughs. But at the beginning of 2020. The sharp fall in March due to soon they realised I had the knowledge and thus trust got Covid eroded more than a third of market valuation. built up slowly, he adds. However, it did not impact Lohana much as AUM declined only 20% from ` 300 crore to ` 240 crore. \"We shifted our Being naive, Lohana sold the top performing schemes in clients' money to equity during the fall which proved a the initial years. His AUM grew to ` 15 crore within two great strategy,\" explains Lohana. His learning from the years. However, when the 2008 crisis hit the market, his 2008 crisis came handy during 2020 as he was well assets dipped to ` 6 crore. prepared to tackle such a crisis. \"The 2008 crisis taught me that returns were made not Managing clients' money is a big responsibility, he says. due to my expertise but the market rally. My clients would \"My decisions and actions can impact lives. I am always not find mutual funds worth investing if excessive aware of this and thus tend to stick to investment basics volatility dented their investments with me,\" he explains. without going reckless,\" Lohana outlines his strategy. He could not work this way. \"A self introspection suggested that I need to change the way I work and Summing up his successful journey so far, he says, shifted to asset allocation and financial planning,\" he \"Keeping clients' interest always on top is a priority. One reminisces. He completed his CFP and studied financial should keep working with integrity, ethics and focus on planning. clients' retention. You don't have to do much effort to add new clients as existing clients' referrals will follow. Entry load abolition in 2009 made Lohana worried. \"There Embrace challenges and be technology friendly, success was a time when I thought this business had no future,\" will just be by product.\" he recalls his dilemma. However, a rational thinking made him see the challenge as an opportunity. \"I realised the \"Believe me, there are no shortcuts to success in the load abolition will weed out the unfit distributors and mutual fund distribution business. You just need to stay put with patience,\" he signs off.

Striving Success Stories Sajal Roy Roy always made sure that he did not give a rosy picture to clients. \"I took the pain to explain right at the beginning Kolkata to my investors that they should be prepared for a volatility-driven market which can go downward also,\" Sajal Roy, 52, a Kolkata-based mutual fund distributor and says a mature Roy. This had a great impact as his clients founder of Anjali Investments, has an AUM of ` 400 crore. understood that patience is the key. With a monthly SIP book of ` 1.2 crore he caters around 700 clients. The 2009 entry load ban impacted Roy's income from mutual funds but that did not stop him. \"Since I was into A Cost Accountant and an MBA in finance, Roy had an other financial products also, I could manage my inclination to the financial market at an early age. \"I have finances. I was clear that one can't do anything with been interested in stocks since I was 18. Along with my regulatory changes and I need to focus on my business studies I would take care of relatives' investments in stock with a client-centric approach,\" he adds. According to markets,\" he says. him, load abolition capped the prevalent mis-selling in the industry. He started his career with a broking firm in 1996. He quit the job to start his own venture in 1997 and began with The phase of sideways movement in the market during fixed income and insurance products. He got his ARN in 2009-2013 was quite a learning period for Roy. \"We 2002 and started his mutual fund journey as an advisor. understood that markets do not always go up and down, it is range-bound as well. It made me mature and learned, Roy takes the challenge to educate clients before on so was the case with my investors as they behaved boarding them. \"Nearly 95% of the clients I added were patiently,\" explains Roy. new to mutual funds. I explained to them the benefits of mutual funds in the long-term,\" recalls Roy. The launch of direct schemes in 2013 did not perturb Roy. Rather, over the years several direct investors came to For him, mutual funds are tax efficient products and fit in me,\" he says with confidence. But he realised that value every investor's goals. \"Mutual funds can be tailored addition while offering services to clients is important. according to the needs, goals and taxation requirements of clients,\" explains Roy. Being from a business family, he says that integrity is in his blood which does not let him mis-sell products to The Indian bull market began in 2003. During this phase clients. I do my work with integrity as this is a long-term while consistently spreading awareness among clients, business with no short-cuts,\" Roy says with a firm Roy was also educating himself about the industry and conviction. the market. Being on a trail-based model, the complete upfront ban \"I was learning from my mistakes and adding value to my did not have any knee-jerk impact on Roy's business in knowledge,\" he says. It was a great going for him and his 2018. During the 2020 pandemic crisis, he could handle clients as the market rallied. Roy's distribution business his clients better having learnt from the 2008 crisis. \"I was growing quite well. Everything looked set for a better connected with my clients and communicated that falls in future. the market are opportunities to create wealth. Majority stayed put,\" he says. But the scenario dramatically changed as the 2008 crisis unfolded. \"There was panic all around. I too was troubled Summing up his success story, Roy says that his passion to see such a steep fall in the market,\" reminisces Roy. \"I to help people grow their wealth with dignity, integrity learnt about asset allocation strategy and that we need to and client-first strategy helped him grow. \"If you think stick to it. I started convincing my clients that they need to about your investors, keep this business in your heart, stay put and reap the long-term benefits,\" he adds. read a lot and keep learning with dedication and honesty, success will be yours,\" he signs off.

Striving Success Stories Shashi Bhushan investments for long, he found their investment value had Singh increased manifold. Patna \"I realised that the longer the tenure, the higher the return. I was learning from my mistakes,\" he smiles. He started Shashi Singh, 66, a Patna-based mutual fund distributor attending AMCs' seminars and acquired knowledge. manages assets worth ` 25 crore. With a monthly SIP Markets had entered the bull run by 2004. It was great book of ` 6 lakh he caters 200 retail clients. For him, going during for Singh. mutual funds are ways to honour the rights of every individual to fulfil life's financial dreams. When the 2008 Crisis hit the market, it was first of a kind of great fall Singh found himself in. Since, he was witness Singh had the family pressure to get a job after his to various past market cycles, he knew this phase would graduation in 1977. However, he always wished to do also get over. \"When the market cracked, I explained to business which was resisted by his family. \"A family, my investors that moving out with losses is not wise. If where members are in jobs, do not want their children to they stay put with patience, their assets will grow. get into business,\" he recalls. Fortunately, the majority of my clients did not quit,\" says an excited Singh. An avid reader, he tried his hands at learning the medicine business with one of his father's acquaintances. Later, the The 2009 entry load ban impacted his income from young Singh thought of getting into contractor ship. \"I mutual fund distribution but he did not think of leaving could see there was corruption everywhere. My soul did this business. \"Since I had the income from my job and not agree to pursue this,\" he adds. other financial products, I could manage my finances,\" recalls Singh. In 1980, he landed up in a government job and his dreams of doing business remained unfulfilled. In 1991, Singh's Singh initially perceived the launch of direct schemes in younger sister's husband expired. \"My sister's husband 2013 as a threat to his existence. \"I thought it would harm had an insurance policy which helped in securing her us a lot. But there was no impact as I had developed trust finances. My sister asked the insurance officials to see and confidence in my clients,\" he says with confidence. whether I could get into the insurance sector,\" says Singh. In 2015, Singh had a personal loss. His wife, detected He liked the business proposition. Since he was in a with cancer, passed away. It was an emotional stress for government job, Singh took the insurance agency in his him. However, he decided that the distribution business wife's name and started working in the financial world at should not be left unattended as he had given over two the start of the 90s. Meanwhile, the economy was decades to build it. \"I was to retire in 2016, so I applied for opening and various private players entered the financial ARN and shifted the entire assets under my name and market. Singh took this as an opportunity to expand the continued the journey,\" says Singh. financial distribution business. Having seen so many market crises, the 2020 pandemic In 1997, he got into mutual fund distribution under his was not a concern to him. \"Most of my investors had seen wife's name. \"Since I was in the job, I did not want any the 2008 crisis, so navigating them was relatively easier. I unnecessary conflicts. So it was all in my wife's name and just recommended that they stay patient. Today they I was the actual worker,\" he explains. During those days thank me for hand holding them which has only financial literacy was low and Singh too was learning. strengthened the trust,\" he says with conviction. Initially, he was encouraging investors to withdraw sums Summing up his journey, Singh says, \"One needs to build whenever there were some returns. But this way neither the trust to grow this business with honesty, hard work. If he could create wealth for his clients nor for himself. I take care of my clients nothing but sustainable growth When he met clients who had not touched their will be the outcome.\"

Striving Success Stories Shashi Bhushan When the Lehman crisis hit in 2008, Verma took a Verma conscious call to meet every client and address concerns to boost their confidence. \"It was time to stand with Kolkata clients and hand hold them. You can't afford to leave your investors unattended during crisis times,\" he asserts. He Shashi Verma, 49, a Kolkata-based mutual fund adds that his learning during Dot Com burst helped him distributor manages assets worth ` 141 crore. He caters navigate the situation in 2008. 1350 retail clients and runs a monthly SIP book of ` 65 lakh. He says mutual fund is in his blood and considers it a Full of positivity, Verma always took challenges as solution to achieve any financial goals. opportunities. Similarly, when entry load was abolished in 2009 and he could see many distributors going out of A commerce graduate, Verma pursued his CA studies. business, Verma, who maintained a client-centric Seeing schedules of his elder brother, also a CA, and his approach, consulted clients for fees which they readily father's life being in the same company whole life; a agreed to. \"If you keep adding values to clients' lives they young Verma did not find such jobs as his cup of tea. \"I did won't mind if you charge,\" says Verma. not wish to have a monotonous life and wanted something of my own,\" he says. Post Lehman as markets traded sideways, Verma conducted nearly 100 awareness sessions. He had a His father and elder brother had reservations against his special focus to cater to people from the weaker strata decision of doing a business. They showed stiff whose financial planning, he felt, was immensely resistance when Verma discussed the financial important. His continued integrity while serving clients distribution business. \"I requested my father for three helped him do away with any impact of the direct years. If I don't succeed I was ready to do what they schemes. wanted,\" he recalls. Nearly two years before the complete ban came on To begin with, Verma chose life insurance in 1997 to upfront, Verma was already on trail. \"Trail is a win-win initiate his career before adding health insurance. \"I situation for all and it helps to sustain a long-term noticed that people did not give priority to health business\" he says with conviction. expenses. From day one, I had the concept of overall financial planning for my clients to secure their health as When pandemic hit in 2020, his assets dipped to ` 67 well as wealth,\" explains Verma. Within two years he crore from ` 84 crore. Unperturbed with the fall and with a ventured into mutual funds for clients' wealth creation firm belief in India' growth story, a seasoned Verma and completed his product basket. grabbed the opportunity and reassured his clients about the temporary nature of such falls. His impetus on making The biggest hurdle he faced was poor financial literacy. \"I clients educated helped him not only retain investors but had difficulty not only in finding clients but also he managed to get more investments through increased convincing them. I used to be thrown out of offices and I number of SIP and did the optimum utilisation of STP would promise myself that these people would come to feature to invest in equities. take my appointment,\" he chuckles. Being optimistic, Verma was happy to promote a new product which had Verma believes that his legacy of good work for clients the potential to create long-term wealth. should continue whether he is there or not. Already he has built up a team to look after the business and a few Then came his first taste of market crash - the tech bust of years down the line he wants to be more in the consulting 2000. Despite being a newcomer, he had a little bit of role. understanding of market behaviour. \"I told my clients to be patient and use the crash to buy more. I learnt that during \"This profession is for the long-term and demands falls, the easiest way to invest it is through SIP and STP,\" discipline, ethical approach and regular client servicing. he says. As the market bounced back in a few years and There are absolutely no shortcuts to be successful,\" entered the bull phase, clients' trust on Verma increased. Verma signs off while outlining his journey thus far. By now he was settled and business grew.

Striving Success Stories Tanmay Sarkar, Sekhar Chandra The trio had fully realised that they were into the servicing & Tapan Bhattacharjee industry and clients' interest is above all. Being on a trial model, they emerged unscathed from the complete Kolkata upfront ban of 2018. Tanmay Sarkar, (36) along with Sekhar Chandra (57) and “Trail was a win-win situation for everybody. We focused Tapan Bhattacharjee (59), is the co-founder of NuEdge on need-based for clients and our fund picks were not the Corporate Private Limited. The trio had the mutual fund direction of brokerages involved,\" outlines Sakar, his distribution background with Sarkar being a Area company's business strategy. Manager at a national distributor, Chandra and Bhattacharjee also working in the Mutual Fund industry. Before the 2020 pandemic hit the market, NuEdge They founded their company in 2017 and currently have Corporate AUM stood at ` 67 crore which slipped to ` 42 an AUM of ` 120 crore while serving over 1000 retail crore within a few months. Being experienced clients with a monthly SIP book of ` 50 lakh professionals, they had the knowledge that markets are bound to be volatile with steep corrections at times. Sarkar completed his MBA in 2008 amid the global financial crisis. Chandra and Bhattacharjee started their \"Our job is to stand with our clients whether it is bad or Mutual Fund career in 2006. They learned the basics and good times. Learning from our past experience, we got experience of the market. It was here that they first handled the 2020 crisis in a confident manner by hand met their future partners in 2013. holding clients and boosting their confidence,\" they add. All the three wanted to venture on their own. In mid-2017, According to Sarkar, continuous education of clients is a they discussed it together and it was clicked. \"Our must to succeed in this business. \"It is relatively easier to thought processes matched to start this business. control their behaviour during a crisis,\" he adds. They Coming together as an institution would make our proudly said that not a single client redeemed during the business long-lasting,\" they say while acknowledging pandemic and they made sure investors use the dips to each other's contribution. invest more. They witnessed the previous market crisis and regulatory The trio worked on the principle that when they are changes which impacted the distribution dynamics. onboarding a client, they are essentially adding many Thus, they were equipped to deal with future challenges. more clients. All three directors of the company have separate roles. Bhattacharjee looks after back-office operations, Chandra “If we offer good service to clients and he/she is satisfied, takes care of HR & Admin while Sarkar is into sales. he/she would bring in referrals in due course of time. And that's the way to grow this business,\" pinpoints Sarkar. Since all were well settled, it was difficult to come out of the comfort zone as families had slight reservations They do not consider themselves successful at this against this movement. \"I had seen the growth of national stage. \"Our journey so far is just a tip of the iceberg. There distributors as I worked with them. I knew this business is still a long way to go. We need to work more and had a bright future and to do this we must come out of our expand our client base,\" they said. Their aim is to reach an comfort zone,\" says Sarkar. AUM of ` 500 crore in the next four years and are aggressively taking the SIP and lump sum route to grow. Finding clients was not a task as they had their existing clients who helped in adding referral businesses. \"From Summing up their journey, they said, \"One needs to have day one, we decided to take the positive aspect of the patience with a long-term futuristic approach while future changes in the industry and keep moving ahead. maintaining full faith in the business, hold on to your We had a firm belief that long-term perspective in this belief and be client-centric for long lasting and business will take us to new heights,\" they added. sustainable success.\"