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Deepesh's 12 tips for success as a financial advisor

Deepesh Mehta, Grow Wealth, Bangalore

Deepesh follows up his previous article on WF( Click Here) where he shared a useful checklist to strengthen client engagement, with a more comprehensive piece this time, where he shares 12 recipes for success as a financial advisor - tips that he has been personally implementing in his firm Grow Wealth. In his previous article, he left a thought with us that creating happy investors never happens by accident - it happens when you follow a rigourous process meticulously. Likewise, in this article, he leaves us with the thought that success as an IFA never happens by accident - it happens when you adopt and abide by a comprehensive set of principles and practices - along the lines of his 12 tips.

We as financial advisers do lot of things which we are low priority for us and hence miss out the key part which we are supposed to do. The key areas mentioned below carry the highest priorities for a financial adviser and today we at Grow Wealth wish to highlight to the financial advisory community some of the important things which I believe and also follow which are helpingme grow my business.Here are they.

  1. Read your bible ( books) well

  2. As financial advisers, we do not have a mandatory academic curriculum and hence our success largely depends on experience. But experience comes after few years. But how can you ensure that you do fewer mistakes at the beginning of your financial advisory profession. One such way is to read books relevant to our profession. We need to expertise in three areas of our professions. Hence we read these books


  3. Don't hesitate to take bold steps!!

  4. a) We emailed our family's investment portfolio to our clients - Thus, we created the confidence like how a hotel owner emphasises that on "The owner of this restaurant also eats here"

    b) Going on, we also disclosed the absolute commission that we received from the AMC evenbefore the disclosure of commission norm came in Oct 2016

    c) We fired all those clients who were troubling us which was impacting us negatively.

  5. Go that extra mile!

  6. We went a mile ahead to provide value addition. When interest rates fell and loan became cheaper, we mailed all the existing clients to shift their housing loan from Base rate to MCLR.

    We demonstrated that in the long run, 1% savings in the interest cost will help you to close the loan early.We also sent mailers to clients who are businessmen helping them how to register their trademark, what it costs and how much time it takes. Clients appreciated this.

    We Never, never, never let a client become just another number, just another body, just another time slot being occupied. Show that you care.Give value addition to clients, not just investment advice related to mutual funds-Keep your clients engaged and in touch.

  7. Spend half day a week exclusively for reading and getting updates

  8. Thought-provoking articles from Wealth Forum and other educational and inspirational websites and blogs should be slotted in oneseparatefolder and read them when you are on that half day of the week allotted for reading.

  9. Do your own research, then only advise

  10. I recommend and personally have our own proprietary research &do not depend on free websites for doing research on any mutual funds We created our own proprietary research and we showcased this to our clients that the funds recommended are after due diligence and various filters.

  11. Attend seminars/self development training program and enhance your knowledge

  12. In 2016, I have attended more than 40 trainings and seminar ranging from half day training programs/full day training programs. This is required irrespective of whatever AUM you have today. Also make sure your team members also get trained while working with you.To become really good at what you do, you need to dedicate time to learning more about it"

  13. Keep prospecting all the time

    1. You are like a doctor. The more patients you see, the more money you make.

    2. Block time:Everyday/Every week to prospect.

    3. Make prospecting a habit.

    4. Remember the more time you spend prospecting this year, the more you'll grow next year.

  14. Be creative in your presentation

  15. Once you develop an idea, be creative in your output while presenting the same to clients/team members/prospects. This can likely be done using mind maps. We use mind map software for setting our goals, business development, planning our week etc., which will give a clear picture at one sight. Moreover use stories in communication- Because demonstrated example works well and leaves a huge impact, portray the real-time examples to the clients!

  16. Have a process in place to adhere to AMFI guidelines & norms for intermediaries [AGNI].

  17. Ensure that you have documented the engagement letter which gives the client what service you will and will not provide. Make sure that you are doing a risk profile and maintain every record for every meeting.Guiding clients hand in hand, work effectively on it by having a checklist for better results!! We have one checklist that we follow.Click here to check the same which appeared in my previous article in Wealth Forum (Click Here).

  18. Do not be a permanent bull by selling only Equity mutual funds.

    1. Have debt funds in your product list.

    2. Sell PMS/alternate investments/other structured products to HNI.

    3. Empanel wit OnlineWILL generation portals, help clients to get loans.

    4. Move from the Kaali-Peeli taxi model to the modern UBER

  19. Look good/ dress well.

  20. We hired an image consultant to ensure that I am dressing properly at appropriate occasions like client meet, fund manager meet etc.Create a good impression as it's wisely said first impression is last impression.

  21. Finally, I have faith in the business.

  22. This is not a business which gives simple returns, but a business which compounds at a later stage. Ensure that you do well now, today to reap the compounding benefits later.

Bottom line is client's success is my success.

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