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Jennifer Mendes’s MFD firm has grown from 90 cr AuM in 2012to 1030cr now – 11x in 11 years, far outpacing the industry’s 7x growth in this period and way ahead of most MFDs across the country.
You don’t need huge sales teams or complex and costly technology to achieve the kind of scale that the Mendes family has achieved. The mother-son duo continue to be the only client facing members in the team offering portfolio guidance to over 4000 retail clients. They are ably supported by strong service teams across their 3 branches in Mapusa, Margao and Vasco and sensible and well executed processes that ensure highest levels of client engagement.
The Mendes mantra for success and scale as an MFD is as follows:
1. Have passion and conviction in your profession –know that you have the capability to make a huge difference in the lives ofretail savers and go about doing this with missionary zeal.
2. Have fire in the belly driven by your conviction– attitude will give you altitude. Else all you will see is obstacles and roadblocks.
3. Clarity on your chosen segment – they chose retail middle class families and have stayed with this segment for 4 decades
4. Client centric process (goal-based investing)over product centric approach (don’t run after NFOs and flavour-of-the-season products). This involves a one time initial onboarding effort but far less of ongoing time discussing products and markets, thus enabling scale.
5. Hard work and relentless execution: Schubert puts in 10-12 hours of work each day, engaging 20 clients every day – whether on phone or in person, to ensure that all clients feel well served. He is in touch with all A category clients once a week, without fail.
6. Work with clients to a level where they start seeing corrections as opportunities rather than threats – do this and you will have enough time to build wallet share from existing clients as well as bring in new clients.
Schubert has set himself a target for the next 10 years of financially empowering 100,000 middle class savers. Do good for your clients and the rest will take care of itself.
The Mendes Family does not cease to amaze. What a focused, driven and achievement oriented family. The Mutual Fund fraternity is indeed very proud of your accomplishments. Best wishes for a wonderful future.
Hi Schubert, Jennifer mam, & Professor. What a journey - from VOW to WOV. Congratulations to you all. I just cant believe it. From Rs.90 Cr to Rs.1030 Cr in 10 years flat, that too managed by TWO Seniors. I can now understand the amount of sweat and toil that would have gone in to this journey. Like how Professor has said, it is truly with the help of Divine Providence. Way to Go Team Schubert. More than learning a few things about the MF industry, I am now polishing my English from Shubert. You can also double up as a part-time English lecturer Schubert. Truly inspiring. May you reach the ONE LAC client base shortly. God Bless.
Focus, tenacity, ethical advice, hard, hard work, strategising, client interaction, portfolio management, adapting to digital systems, team development & management would have all contributed to growing to 1000 Crores. No mean achievement indeed.
For those of you who have watched the video and may be curious to know more about the article I refer to that Prof Mendes penned back in July 2012, you can copy-paste this link on to a new window to see it: https://www.wealthforumtv.com/Advisorspeak280712.html. Its an old article which we pulled out from the archives - formatting is off, but the text of the article remains in place.
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