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Milind Chitnis uses his rich experience of handling about 1200 SIPs to explain how he handles anxious clients who see recent SIP data and believe they might have been better off in FDs. He explains he has three kinds of clients and he deals with them slightly differently. His older clients who have been with him for years don’t tend to worry much because they’ve already seen a few market cycles and are generally confident of not losing their investments.
His newer clients fall into two categories. The first is clients who come through a friend or relative’s reference. He explains that for these clients it is best to ask them to speak to the person who referred them because discussions around personal experience from a trusted person are always understood better than an advisor showing more data and numbers. With his newer clients who have no point of reference, he makes sure to stress the importance of his 1000 day rule wherein he doesn’t accept clients who want to invest in SIPs for less than that amount of time.
For all his clients, he stresses the importance of managing their expectations right in the beginning to help avoid majority of the conversations around anxiety caused by short-term slow returns.
It is really good experience to listen from A learned person like you.
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