Striving Success Stories III

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 10 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 Bandhan Kumar Dutta, Gaurav Kshirsagar & Rajesh Patidar, Gowri Shankar, Niyesh Sanghi, Rama Kishore Chaganti, Saket Rathi, Sashidhar Kadali, Subir Jha, Sumeet Singh and Vinita Kejriwal. 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 Bandhan Kumar down from 2.25% to a meager below one per cent. It was Dutta a setback but what could you do as it was a regulatory decision,\" he says. Kolkata It was here that his diversified portfolio of products Bandhan Dutta, 52, a Kolkata-based Mutual Fund greatly helped him sustain his livelihood. \"If you don't have Distributor (MFD) manages investors' assets worth ` 55 a diversified product offerings you can't grow,\" he outlines crore. He has nearly 2000 clients - predominantly retail; his business strategy. But despite the hard times, Dutta and has a monthly SIP book of ` 9 lakh. A management never gave up on mutual funds. \"Regulatory changes and student, Dutta got introduced to the financial market other challenges will keep coming up; that does not mean during the early 90s. He developed a fair understanding one should stop mutual funds - one of the most beautiful that the financial market industry is the one he can pursue and transparent financial products,\" he opines. his career in. Serving clients on a regular basis is a very important Dutta began his career working in a financial firm. But aspect of this business, he adds. \"If clients' portfolios are soon, following suggestions from other intermediaries, not properly taken care of, they may find reasons to leave he got into the financial distribution business against his you,\" says Dutta who considers his customers as king and parents' wish who wanted him to do a job. ensures he is available for their service anytime. \"Today, customers are smart and know about mutual funds. This \"Being a single child of my parents, my decision to start was not the case when I started. So, you can't afford to go my own business sounded too risky. In our culture risk complacent once you onboard a client. You need to offer taking is rare. Those days I had various job offers but I continuous services and add values to sustain,\" he declined as my inclination towards financial products explains. pulled me,\" he laughs recalling his start. Dutta upgraded himself with technology enhancements Dutta's wife extended full support to him in his venture. and is completely digital. \"Use of technology has made \"She told me to go ahead with what I want to do. It life and servicing clients easier. I remember those days increased my confidence and my financial journey took when I had to do the tedious work of filling physical off,\" he adds. forms. That is past now,\" he smiles. To begin with Dutta, who always believed in selling Given his over two decades of experience, Dutta was not various financial products; started dealing in debt perturbed during the 2020 pandemic resulting in a crash instruments. In 1998, he added mutual funds in his in the financial markets. \"I knew it was just a part of the product basket. He felt that customers needed all kinds of market cycle and we need to stay put and keep working products and mutual funds can help in substantial wealth without worrying about the results. Show must keep creation. going on despite ups and downs,\" he says with a firm voice. t was a smooth sail for him in the first 10 years. \"Commission was pretty okay then, markets were also Being a sportsman and interested in cricket and football, rallying, so it was all good till 2008,\" recalls Dutta. The Dutta says, \"I may fail today but tomorrow I will rise. One Lehman Crisis came as a big jolt to him. \"I was used to the should not bother about the ups and downs as they will previous cycles of the market. But the severity of the 2008 continue. Just concentrate on work and be in the game all crisis was too much and impacted professionals like us. the time.” But I had no other options but to keep working and I sailed through it,\" explains Dutta. \"To be in this business, you must be honest, keep adding values, treat customers as God, have patience and do the But the entry load ban of 2009 did not go well with him. \"It hard work relentlessly,\" he sums up his two decades was a major blow to my business. Commissions came journey.

Striving Success Stories Gaurav Kshirsagar & calling potential investors whom we had met earlier Rajesh Patidar without knowing whether they will join us or not,\" reminisces Kshirsagar. He is obliged to his existing clients Indore who helped them with referrals. Gaurav Kshirsagar and Rajesh Patidar, both 38 years old \"Existing clientele helped us a lot by proposing our names are co-founders of Indore-based mutual fund distribution to new investors and convincing them on our behalf,\" he firm Investologist Financials and manage investors acknowledges. This offered the initial push to their new assets worth more than ` 110 crore. With a financial venture. Both admit that their togetherness is a big force industry background for the last 14 years, the duo cater to in building the business. \"Had we been doing this over 200 families - mostly HNIs with a monthly SIP book of separately, possibly we could not have grown. Our joint ` 45 lakh. efforts really worked well,\" they say while acknowledging each other's contribution with respect. Kshirsagar was into wealth management, handling HNIs, NRIs and corporates from the beginning of his career Being in the industry, they could foresee upcoming while Patidar had the expertise in corporate and business changes in the brokerage-model. \"We were into trail banking along with a stint in wealth management. After already as we knew changes were coming. We planned working for 7 years in Mumbai at various private banks our future business on the basis of trail. This way clients and brokerage houses, Gaurav shifted to his home town benefit and we are not at loss either,\" says Kshirsagar. This Indore in 2013. It was here that he met his future partner helped them eschew the sudden impact of an upfront Rajesh as both worked in the same private bank. ban in 2018. Further, they understood the importance of technology and from the start they focused on it. Being \"We gelled with each other and discovered we both had digital when it comes to on boarding clients, transactions the same thought process when it comes to servicing the or services has been a major strength for their growth. clients. We never sold a wrong product to our customers This immensely helped the duo in overcoming the 2020 while being in jobs despite the target meeting pressure pandemic. from the bank,\" elaborates Kshirsagar. This helped them build trust and confidence among investors. \"It was quite natural for everybody to panic as the market sharply corrected. Since we had the experience of the Right from the beginning of his professional career, 2008 crisis, that helped in 2020. Technically, we did not Kshirsagar was into mutual funds and learned the face any problem as we were completely online. Though practicality of boarding, acquiring and building physical meetings had stopped, we used video calls to relationships with clients. Patidar, on the other hand, regularly connect with clients and address their queries honed his skills in handling institutional clients. Both had and explain what was happening to help them stay put,\" a dream to start something of their own. Mutual Fund, for says Kshirsagar. With a bounce back in the market within them, is a potential financial product which offers a few months, trust and confidence of clients over the alternatives to saving accounts to long-term wealth banker duo just got amplified. creation. \"In fact, investors have no reasons not to invest in mutual funds,\" says a confident Kshirsagar. Kshirsagar adds, \"If one has no skills but is ethical, that's good for the business. If you are skilful but have no ethics, In April, 2017, Kshirsagar quit his job while Patidar quit a it would be disastrous.\" year later and both tied up in 2018. Though their parents were concerned as both were at senior positions with fat According to them, keeping clients' interest first leads to a packages, they did not resist. win-win situation for all. \"Since the fund distribution business has a long gestation period, one should not be Over a decade of relationship with their clients helped the dependent on this for income for the first 3-5 years. duo as their investors wanted to remain with them. So Meanwhile, one should try to understand the they began with quite a decent asset size of ` 6 crore. But forthcoming changes in the sector and mould the faced the initial challenges of onboarding new clients. business accordingly much before it actually happens,\" \"The first six months we just devoted our whole time in they sum up.

Striving Success Stories Gowri Shankar mutual fund investments,\" explains Shankar. He claims he is not a marketing person and does business solely on Hyderabad referral basis. Gowri Shankar, 56, a Hyderabad-based mutual fund According to him, a mutual fund is such a beautiful distributor manages Mutual Funds Assets worth ` 94 financial product (Sarvaroha Nivarini) that one can't go crore. In addition he also manages sizable assets, in wrong with it even if a scheme does not perform during Direct Equities, Fixed Income, Gold and Senior Citizen some phases. \"You can't stick to a stock for long but you Products. He runs Mutual Fund SIP book of ` 48 lakh can remain with a fund for much longer, and it won't while catering to nearly 400 clients - mostly retail. Despite disappoint in the long-term,\" he says with conviction. being a Certified Financial Planner (CFP) he preferred to Further added with features of diversification, he says, be in Distribution and adding value to his clients as his mutual funds can help any investors meet various interest was in the financial market and Financial Products financial goals. \"In fact, there is no need to look beyond as Vehicles to reach each individual's specific Goal and mutual funds for all your financial needs,\" he says Objectives. confidently. Familiar with the early 90s boom in the stock market, he When the upfront commission was banned in 2018, started his business as a sub-broker, with a Member of Shankar did feel a bit disappointed. \"I was feeling bad the Hyderabad Stock Exchange. When the membership about it but at the same time I had the realization that trail was opened in 1995/1996 he was admitted as a is the way forward. Though initially I had difficulty in Professional Member of the Hyderabad Stock Exchange. accepting this model,\" he admits honestly. He understood Soon he brought in several other financial products in his that Shankar feels that he needs to increase focus on SIP product basket ranging from Foreign Exchange (as RBI mode of investments as currently most of his assets are Licensed Full Fledged Money Changer) Corporate through lump sum mode. He understands well that lump Deposits, NCD's , Capital Gains Bonds, life and general sum investments have their own advantages and insurance (Zen Insurance Brokers) , among others. disadvantages while investments made through the SIP route are stickier and stay longer. It was in 2008 that Shankar got his ARN to start mutual fund distribution. \"I was not serious about it. It was a slow The 2020 pandemic was a difficult phase for Shankar. He start,\" he admits. He started with tax saving mutual funds. admits that he was able to hold on to his investors till \"Since I was into everything I forgot who I am,\" laughs September, of the year but it became tough to hold them Shankar. After completing his CFP in 2013, he beyond a point. Where Shankar lags is his inability to concentrated on mutual funds as a business. convey his conviction to clients. \"I have a firm conviction in mutual funds but possibly I am not able to convey the Since Mutual Fund was a new product in his basket, same effectively to my clients,\" he smiles. Shankar had a few initial challenges. \"I faced resistance from investors who were of the view that returns from He proudly says that only a few clients quit. \"And those mutual funds are minuscule. It was difficult to convince who stayed, their trust and confidence increased on me them as they had seen high returns from direct stocks as markets handsomely rewarded them. This way they and did not take mutual funds seriously,\" he reminisces. might have a feeling that I was more like a guardian of their investments,\" he chuckles. Meanwhile, he had his own personal investment through SIP since 2010. \"Already my own investments were 4-5 Continuous engagement with clients is the base of years old, so I shared my investment experience with building this business for him. \"Client First approach and them. Reluctantly, they agreed but started investment high ethics are absolutely important. There is no two with a small sum of ` 5000,\" he smiles. Over a period of ways about it,\" says a confident Shankar. My aim is to time his clients saw the benefits of how with small have happy clients; assets and commission will just be installments of money good returns can be had. \"Thus, by-products, he adds. Shankar briefly sums up his slowly other clients of mine and the referrals I got started success mantra, \"Keep interest of clients first, work hard and be focused without finding short cuts for growth.\"

Striving Success Stories Niyesh Sanghi 5. Digital Journey: From day one Sanghi knew that mutual fund distribution Hyderabad could not be done physically given the income involved. \"Distributors can't survive without being completely 1. About Wealth Munshi : digital. We ensured we are end-to-end digital when it Wealth Munshi, a Hyderabad-based Financial & Wealth comes to on boarding investors, service them and do the Advisory firm founded by Niyesh Sanghi, manages transactions,\" he says with a conviction. By adopting mutual fund assets over ` 575 crore. Wealth Munshi technology, he aimed for three things with the same offers around 14,450 bouquet of curated financial arrow - efficiency, better services and low costs. Among products offered to retail & corporate investors across the the initial challenges, Sanghi says the first challenge was globe. to develop a complete digital platform which is paperless. 2. On Wealth: \"When our Digital Platforms & APP were ready, we For Sanghi, mutual fund is one of the financial realised investors were still physical forms friendly. In fact instruments where people can not only create wealth but we trained few our Investors to install & use our wealth can stay wealthy also. Wealth is Like Friendship Keeping it munshi app , skype , gtalk etc for the first time. It was hard is Harder Than Making. \"With risk mitigating diversified for them to imagine that everything would be online. So, portfolios along with asset allocation, mutual funds offer we faced a mindset challenge initially,\" he smiles. Apart a great alternative to create wealth,\" says Sanghi. from these, the constant regulatory changes created a bit According to him, risk management is more important of a challenge as these actions did not let Sanghi focus on than managing funds. business. \"But we realised that these regulatory changes were good for us in the long run. This also ensured only 3. Team: serious players should look for mutual fund business,\" he Sanghi, 45, is the force behind Wealth Munshi which was elaborates. founded in 2017. Backed With a solid research team, he believes in long-term business and ensures a customer- 6. Behavioural Investing: centric approach. He considers nurturing and educating During the 2020 pandemic when the market had a steep investors on a regular basis helps build trust over a time decline, Sanghi's thrust on investor education came to the period and adds longevity to the Advisory business. rescue. \"It was quite an alarming situation as everything looked uncertain. On the contrary, many of our Being from a business family background, Sanghi says, investorswere educated to invest heavily, and all \"Finance has always been in my blood and I was naturally benefited,\" he says with confidence adding, 'if investors inclined towards doing business. But I always thought to are educated they don't panic and behave in a mature help others grow their wealth and change the lives of way.' This is more of a behavioural management families and make them have a positive approach.\" It was business. If we don't manage investors emotions, they here that he realised the financial distribution is the way might end up taking impulsive decisions only to regret forward. later.\" 4. Experience: 7. Vision 2022: Sanghi has been into the financial sector since 2001 and Wealth Munshi's entire mutual fund business is solely witnessed various market cycles over the last two referral-based, points out Sanghi. \"We deeply believe that if decades. Sanghi observed that people wanted to create clients win, we are bound to win. It's mutual, we all grow wealth but did not know how. together. If investors are happy, introductions will come in,\" he explains passionately. Wealth Munshi is all geared up to Further, there were many investors who had invested into follow the franchisee model to add a new growth various instruments which were not performing. \"I had a dimension. With an aim to grow the mutual fund business feeling that there was a need for a guide who could hand exponentially in the coming years. Summing up his journey, hold investors and help them reach their financial goals,\" Sanghi says, \"There are no short-cuts to success. If one adds Sanghi. understands the investors emotions with a lot of integrity and honesty in this business, there is no looking back.

Striving Success Stories Rama Kishore kept investment related books, showing presentations Chaganti and videos while customers had millet-based healthy food. Sole purpose to start the restaurant was to promote Hyderabad mutual funds,\" explains Chaganti. Rama Chaganti, 37, a Hyderabad-based mutual fund This idea worked. Onboarding of new customers in distributor manages investors' assets worth ` 36 crore. mutual funds increased. Within two years of opening the He has a monthly SIP book of ` 20 lakh and caters 130 restaurant Chaganti's AUM jumped to over ` 30 crore. All clients - mostly HNIs. With a firm belief that mutual funds was going good for him as he was getting customers are capable of creating long-term wealth for investors, whom he did not know earlier. Chaganti is passionate about his distribution business. However, when the 2020 pandemic hit the country, he After graduating in 2004, Chaganti joined the stock had to close the restaurant. \"Due to other internal issues, broking industry. Fascinated by direct investing in stock the restaurant, unfortunately, got closed in June, 2020 markets, he did not pay attention to mutual funds. \"I never and since then there is no on-boarding of unknown took mutual fund distribution as a serious business,\" he investors through that venture,\" says Chaganti. Now he is says. Though he got his ARN in 2011, he did not give heed contemplating another unique strategy to add new faces to mutual funds as a business. in his clientele. \"I am thinking of putting up a financial library. Though it is still at an ideation level,\" he says. \"I thought direct equity is a serious business but the volatility changed my mind. I had to secure my monthly Since his operations were completely digital, he did not revenues and needed stability,\" Chaganti elaborates. This see much impact due to the lockdown from the business made him focus on mutual funds and in September, 2016 point of view. \"Earlier, I would meet my clients regularly. he entered full-fledged mutual funds. Amid pandemic-related restrictions, I simply had to change the way I was engaging with my clients by having Chaganti always wanted to start something on his own. virtual meetings and video calls,\" he adds. \"Since I did not have any prior experience, I kept working to gain practical knowledge,\" he says. Once independent, Continuous engagement with clients with regular and Chaganti faced some initial challenges. For a stock timely services is a must in this business for Chaganti. He market enthusiast, a payout of half a percentage was not always endeavours that over a period of time, his clients an easy thing to accept. \"On-boarding clients was a mature as he feels mature investors help the business challenge initially. Less commission structure despite grow. For him knowledge and integrity is of utmost working hard was a mental challenge for me. This importance. business was testing my patience,\" he adds. “I always concentrated on clients' interest first and their For the first two years till 2018, his AUM was below ` 2 well-being. My work is more like a behavioural crore. The upfront ban in the same year did not impact management of my investors,\" he outlines his business him much as his investors' base and assets were quite strategy. Chaganti is confident that if he remains low. A direct stock market background was somehow customer-centric and keeps adding value in his services, creating a psychological barrier for him in the fund he would reach the milestone of ` 100 crore assets within distribution. Despite this, \"It never occurred to me that I five years. should leave this work. I knew I had to build this business which has a long gestation period,\" explains Chaganti. According to him, the secret to success in mutual fund distribution is 'better understanding of the product, It was here that he got a unique idea to start a restaurant meeting clients regularly, understanding the market under the tag 'Health and Wealth' wherein he aimed to cycles and making clients understand that'. \"In absence of make his customers aware about mutual funds and its these, business may not sustain and success may remain benefits. \"It was like an office-cum-restaurant where I a far cry,\" signs off Chaganti.

Striving Success Stories Saket Rathi The phase from 2008 to 2013, marked by a weak and volatile market along with regulatory changes helped Kolkata Rathi gain knowledge and experience. In between, he completed his business management studies. \"I learned Saket Rathi - (Rainbow Securities Pvt Ltd), 35, a Kolkata- that patience is the key. Clients whom I handled during based Mutual Fund Distributor (MFD) manages assets that phase are still with me,\" he says happily. worth ` 107 crore. He caters over 1500 clients - mostly retail and runs an SIP book of ` 60 lakh. With a firm belief The strong relationship that he built helped Rathi eschew that mutual funds can fulfill one's all financial needs, Rathi the impact of direct schemes in 2013. \"I am a service primarily focuses on services to investors. His clientele provider and endeavour to make happy clients. Once you ranges from a chaiwala to office boy and from a salaried do that you know your investors won't leave you,\" he says person to High Networth Individual. honestly. Rathi valued every penny since his childhood. He lost his Later on, as the debate between upfront and trail father when he was barely 10 and grew under the care of intensified, Rathi realised that trail-based model is the the joint family. He stepped into the distribution business one which is sustainable and beneficial from the long- just after his graduation at a very young age of 21. term perspective. Before the upfront ban came, he was already on full-trail model in 2017 and thus faced no \"I joined my maternal uncle's firm Rainbow Securities Pvt impact. \"We understood there was no longevity in upfront Ltd in 2008,\" he says. He admits he knew nothing about and trail would benefit all,\" says an experienced Rathi. mutual funds back then. He kept on learning under his uncle's guidance Mr. Rajendra Bhutra. \"Since I had Meanwhile, he kept on adding technology by upgrading theoretical knowledge of the financial markets, I soon his business which is now largely technology-driven. \"We picked up the practical nuances of the mutual fund are quite strong digitally. Our portal is completely cloud- business,\" he adds. based enabling my team and clients to do the transactions from anywhere,\" says Rathi with a great Hardly a few months into the fund distribution Rathi faced conviction. the 2008 Crisis. \"I could see only negative returns in the investors' portfolios,\" he reminisces. However, he took His strong online presence did help smooth sail the the bad times as a great learning curve. \"I think I was lucky impact of the 2020 pandemic. In terms of transactions he to have the bad experience right at the start which did not face problems. However, a 30-35% fall in markets practically taught me a whole lot of things,\" smiles Rathi. did worry his clients. Equipped with the 2008 experience, Rathi wasted no time in upscaling his engagement with All his investors whom he got invested in 2008 made clients and hand held them firmly. good gains by 2010 which instilled confidence in a young Rathi. \"It was quite good that I gained experience first and \"Only one client redeemed. All others stayed put,\" says a attained results later,\" he remembers. As his business proud Rathi who adds that 2020 yet again strengthened gained traction, the 2009 entry load abolition worried his clients' confidence and trust in him. He recalls that Rathi. \"It was a big disappointment. Seniors and officials when he joined the firm the mutual fund assets were from the fund house advised us to be in the game about ` 10 crore, and during his last 14 years journey the irrespective of the circumstances,\" he recalls. asset base has increased more than ten fold. He stayed put and focused more on engagement with According to him, \"This business needs a lot of clients and built a customer base. \"It was tough as our passionate hard work as efforts bear fruits much later. income had nose-dived. But we could see some stability Anybody who has the patience and is ready to do hard coming in within a year and we were back on track,\" says work while accepting challenges with an outlook of 15 Rathi with a proud smile. years can not only sustain this business but will emerge successful as well,\" Rathi outlines his successful journey.

Striving Success Stories Sashidhar Kadali According to him, \"There was absolutely no panic. I told them if they have to create wealth they have to go through Hyderabad the ups and downs. I can't even recall one redemption then,\" he says with a smile. The stay put call went well as Sashidhar Kadali, 51, a Hyderabad-based mutual fund within a year markets bounced back. distributor manages assets worth ` 250 crore while catering to 200 clients - mostly HNIs. With a monthly SIP When entry load abolition came in 2009 within a year of book of ` 60 lakh, Sashidhar finds no alternative to mutual market turmoil Sashidhar was concerned for a while. \"It funds. According to him it is 'The Investment Avenue' was a little difficult initially as suddenly the income capable of fulfilling all financial goals of customers. dropped. I was a bit skeptical \" he admits. However, within 2-3 months, things started settling and his worries Sashidhar, who studied in a remote town of Andhra subsided. Pradesh, got his first job at a financial services firm in 1994. After 8 years in the financial sector he moved to the Another reason behind his venture's sustainability was his banking sector in 2002 looking after clients' investment low cost business model. He has a One Man Show, has and wealth management. Being in the financial industry no staff and has a small office. \"I keep my expenses for nearly 14 years, Sashidhar realised that he could do minimal. This lets me stay afloat despite such regulatory much better if he was independent. changes which impact brokerages,\" he explains. This turned out to be true when upfront was banned in 2018 \"I felt the conflict of interest while in jobs. And when I was and as the move did not impact him much. In fact, before asked to do something which I did not like, it did not go upfront got abolished, Sashidhar was already on a mix of well with my nature. In fact, when you work for someone, trail and upfront model. you don't have complete freedom to do what you want to do,\" explains his dilemma. In 2007, he quit the job and According to him one can't afford to digress from ethics. began his financial distribution under his company \"Maintaining trust and confidence with a client-centric InvestWise, formerly known as WealthCare. With full approach is a must. You can't build a business empire on independence, Sashidhar was happy now with availability the basis of lies and false promises. If my intent is right, of time, he could fully focus on clients requirements. clients obviously will make money and have good investing experience,\" opines Sashidhar. Sashidhar, being from a financial background, did not face much of a challenge initially. His clients whom he has The relationships he built with clients on these served since 2000 came along with him. \"My clients' parameters helped him eschew the impact of direct investments with me did well during 2002-2007 as the plans. He stresses upon the fact that if clients trust you, market boomed. They moved their investments with me there can't be any looking back. which offered me the initial push,\" he recalls. During the 2020 pandemic, once again Sashidhar could Within a year of his venture, the 2008 global financial navigate his clients. \"Though there were questions, I saw crisis unfolded. But for the seasoned professional like no redemptions - everything was intact,\" he says calmly. Sashidhar, it was just another market cycle as he had witnessed a couple of such situations earlier. He just told his clients if they shift this money to some other avenues like debt or banks' deposits, it would take “Though market fall was severe, most of my clients were longer to go to previous highs. \"Why not stay invested already 6-7 years with me till then. They were mature, here only for just two- three years?,\" he asked his clients. understood the markets and had the confidence that the This worked well as all investors not only reclaimed market would bounce back. I explained that their previous highs but emerged much wealthier. investments are for the long-term and they should not worry about short term fluctuations.\" elaborates He puts his success mantra in simple words - be client Sashidhar. first, be honest, do good hard work and keep costs low, he sums up his journey.

Striving Success Stories Subir Jha new clients and focused on doctors' fraternity and increased his reference-based business. Hyderabad The 2009-13 period offered a great learning curve to him. SubirJha, 39, a Hyderabad-based mutual fund distributor According to him, dull periods are the best time for has investors' assets worth more than ` 200 crore. With a accumulation. As investors got the option of direct 1.45 crore monthly SIP book, he caters 140 clients - scheme investing in 2013, Jha understood the potential mostly affluent families. Jha believes mutual funds are an threat of this in the days to come. extremely transparent, democratised financial product and a great investment vehicle for long-term wealth \"I knew one could not run this business on non- creation for any investor. transparency. Customers have far better tools to manage their portfolios and go direct. This is where the business He started his career when he joined a private bank in calls for a consistent value proposition for clients as 2006. This turned out to be his first and last job. He challenges from direct will remain,\" acknowledges Jha. realised that there was a gap in wealth management in a large institutional set up, since there was a greater focus He feels that sticking to investment basics irrespective of on product and not necessarily on how that aligned with a market movements is the key. \"What you communicate client's needs. That did not go well with him. and recommend to your clients shows consistency in your thought process,\" he adds. \"Rather, it needs to be exactly opposite where we should find the right product according to the clients' needs,\" he He believes that distributors have to remain relevant by says. adding values in their services. \"We need to keep reiterating with confidence and conviction that we exist Amid the impact of the Lehman Crisis, Jha witnessed with a reason and have a value in investors' life,\" Jha priority being given to products which were not actually elaborates. the best for clients. There was an increasing disconnect between what I was taught and the practical aspect of it, His strength lies in handling his clients' portfolio from the says a perturbed Jha. behaviour point of view. \"We believe in the principle of behavioural finance and stay unperturbed by highs and \"I always wanted to do something good and right for the lows of emotions attached with investments,\" says a customers,\" he says. It was here that he took the decision confident Jha. to quit his job in 2009 and started on his own. As is the usual case, Jha did not have a strong book to begin with. Technology has been quite helpful for him as he considers technology as the heart and soul or value proposition. \"Corporate background helped me in the initial days. My \"Especially in times of pandemic, technology helped us existing clients who joined me were extremely generous and benefited us. Now, every second client of mine is and they encouraged me with referrals,\" Jha recalls. from outside Hyderabad. I believe that the tech platform has allowed us to have such a reach,\" he admits. Jha gives credit to the practical learnings he had while being in the bank. \"I developed a process-driven approach AUM size and business viability are important for Jha but whether it was on boarding clients or servicing them,\" he that can't and should not be the primary target. explains. “I do not want investment decisions to be a function of When entry load abolition came in 2009 as he started, it business decisions. This is the core of my business. was not a deal breaker. \"It was very early days for me, so it Rather than looking after AUM, I am more concerned was not a problem,\" Jha says. He concentrated on getting about focusing on a client's financial well- being. Once you do that, rest follows,\" he explains.

Striving Success Stories Sumeet Singh Engaging with clients, hand holding them during uncertain times and building trust over a period of time Hyderabad became Sumeets' strong learning pillars for growth. He says that he is more into behavioural management of Sumeet Singh, 45, a Hyderabad-based mutual fund clients and wealth is just the by-product of that. distributor caters to HNIs and manages assets worth ` 120 crore. With 25 clients he has a monthly SIP book of “AUM has never been a focus for me. What brokerage I ` 18 lakh. For him, mutual funds are the easiest and most get is definitely not the primary function of what I am effective way to participate in India's growth story. selling,\" he says with conviction. An IT professional, Sumeet switched to the financial When upfront got banned in 2018, Sumeet emerged sector in 2003 looking predominantly at the wealth unscathed as by that time he had already moved to a mix management part for affluent investors. It was here that of upfront and trail. \"So, it did not really impact us. one of his clients, who Sumeet served for 7 years, Moreover, we were sitting on a pretty decent asset by suggested he should start the distribution business on then so the upfront ban did not matter to us much.\" says his own. \"Initially, I had a great laugh at the suggestion. Sumeet. But later thought it was worth trying,\" Singh reminisces. However, the biggest knee jerk reaction came in 2020 He discussed this proposition with some of his other when the world was grappling with the first wave of Covid clients who had nearly ` 50-60 crore of assets put Pandemic. \"During the second half of the year, we fell together. They encouraged Sumeet that they would be from ` 150 crore to ` 70 crore as two of my investors with him. \"Because I was a bit worried about how many pulled out quite a sizeable chunk for their needs,\" he clients would I be able to move with me and have a decent points out. income to begin with,\" he says. \"We were aware that in our business model the primary In 2014, Sumeet decided to quit his job. \"Initially, the risk is concentration of assets. If a few clients change business had its own share of challenges. Upfront their preferences it can rock the boat,\" he acknowledges. income not being there was a little discomforting. I cut To fix this, he focused on the need to have a little more down the fancy expenditure and postponed some of my number of clients while reducing the investment upcoming personal expenses,\" says Sumeet. threshold to ` 2.5 crore from the earlier ` 5 crore. Right from the start, he considered the client-centric \"We have started implementing this strategy to add approach as the most important factor. \"I knew unless my diversity in our client base. I feel that keeping ` 5 crore as clients make money I would not,\" Sumeet says threshold to onboard a client probably will make it too confidently. He further adds that one should never rigid,\" he explains. He hopes by the end of 2022, he will underestimate the clients' acumen and his understanding regain the level he fell from. of wealth management. \"They have created that wealth which we are simply trying to manage,\" he says. According to him, one should know his strength and comfort zone to do this business. \"Our business is all His learning during the 2008 crisis immensely helped in about winning the trust and confidence of clients. It will handling clients after he turned independent. \"The not have the longevity that it should have if clients' biggest takeaway for me was Asset Allocation strategy. It interest comes later,\" he says. was a major eye-opener as a financial professional. I could understand that one should stick to basics Summing up his journey, Sumeet says, \"Ethics are irrespective of the market movement,\" he explains. undoubtedly mandatory. You can't fool the investors for Though theoretically I had acquired all the needed long as clients can figure out what you are up to. One knowledge, when facing the same practically helps needs to be patient, focus on client acquisition without eventually in becoming a mature professional, he admits. bothering about commission. If you get your acts together and get your mojo right, you will meet your goal.\"

Striving Success Stories Vinita Kejriwal \"Given my conservative and humble background, we are always taught to be in limits. So, always sticking to the Kolkata calculative approach does turn difficult at times for me being a woman in this business,\" she laughs. Though this Vinita Kejriwal, 41, a Kolkata-based Mutual Fund behavioural challenge will remain there, Vinita says all Distributor (MFD), manages assets worth ` 170 crore. these years' experience has made her at ease with such With an SIP book of ` 85 lakh, she caters 700 clients - dealings. \"Now my clients know that I know my work as I mostly retail. A Chartered Accountant and a Certified have an industry background and experience,\" she adds. Financial Planner (CFP), Vinita is the founding director of her company Vinsan Financial Services Private Limited. According to her, this business is all referral-based. \"If somebody gives me a reference, it means that the client A keen, cheerful learner and never wanting to give up, she has completely tried and tested me before sharing my is aggressively passionate about mutual funds and feels name to newer prospective clients. Trust builds up over a there is no other alternative for wealth creation. She time,\" she adds. Her continuous hard work resulted in worked in a mutual fund industry for 7 years before reaching her first milestone of ` 100 crore AUM in 2018. quitting in 2012 and got into the mutual fund distribution Right from the beginning, Vinita's business model was business in 2015 after completing her CA. trail-based, so upfront-ban in 2018 was a non-event for her. However, she was conscious of the challenge posed \"It was a risky decision to leave a stable job and start by direct schemes. To address that, she made sure to something which is not easy,\" she quips. And about 10 remain strong in servicing clients. years since her decision paid off well and she proudly says that one should at least take one chance in life. Being technologically driven from the start, the 2020 crisis did not bring up any major service-related issues. However, it was not an easy start for her. \"I had to build up Though her AUM dropped to ` 95 crore from ` 140 crore, from scratch,\" she says. With continuous strong support she was always optimistic that the economy would turn from her husband, who is also a CA, Vinita is among the around and so would the equity markets. \"My team and I few female distributors who do a lot of business-related were available 24 hours for our clients attending to their travels. calls and conducting webinars,\" she reminisces. Being a woman in a men-dominated field in itself is a task. For Vinita, patience and perseverance are very important \"It's male dominated sector, where you have to deal with to be in this business. \"There are no short-cuts to growth. I men when it comes to financial planning and can't afford misselling as I believe in long-term investments,\" admits Vinita. Moreover, she stepped into relationships. It's a volume business and demands an distribution in her early 30s, quite a young age. And when extremely ethical approach. I can't be reckless with my she dealt with elderly clients, it was natural for them not investors' money. I may grow slow but growth has to be to have a blind trust in her. steady,\" she says confidently. Finance is typically seen as a man's world. And accepting She gives importance to collective team work. \"From Day a woman's advice is not always easy for men, which Vinita One, I believed that a good team makes you more understood. The way out to deal with such a situation was efficient and helps grow the business,\" she says. to have an immensely balanced and cautiously calibrated Currently she has a team of 5 people and has a dream to approach. grow her company more into a professional kind with a corporate culture. “I need to strike a balance while dealing with them. When you present yourself and pitch sales, a calculative Summing up her success mantra, Vinita says that her approach is quite always a challenge,\" she chuckles. She mission has always been to promote SIP culture as a habit points out that in this business 'you can neither be very among people. \"Honesty, dedication and sincerity are informal with your clients nor remain formal and develop indispensable parts of this business. Though there will be relationships with clients'. challenges and struggles, one should not ever give up,\" she signs off.

STRIVING SUCCESS STORIES