Mr. Jay Ved, Mumbai Andheri
Q1. Can you tell us a bit about your family and how they have supported your journey?
Answer : It's truly challenging to summarize this in just a few lines, but I'll try my best. I live in a joint family with my mother, elder brother, sister-in-law, and nephew. My family has been an unwavering pillar of support in every endeavor I've undertaken. I owe my financial discipline and skills to my father, who excelled in budgeting for both short and long-term needs, and my mother, who taught me the importance of saving. Moving on to my extended family-my in-laws-they have shown immense trust in my decisions. In fact, I owe my career in this amazing business to my father-in-law Mr. Kaushik Vora, who introduced me to it. I feel privileged to carry forward the legacy he built. And of course, my wife, Radhika Ved, who is not just my life partner but also my business partner. She has stood by me through every high and low. Whatever we have achieved today is the result of our joint efforts. My greatest motivation, however, is my daughter, Dhvisha, who inspires me every single day. Beyond my personal family, I am fortunate to have a professional family as well, led by our mentors, coaches, and well-wishers-Rane Sir and Vibhash Sir. Additionally, my "Monday Meeting Team" constantly inspires me to push boundaries and aim higher.
Q2. Can you share your first impression of NJ Wealth and how it has evolved over time?
Answer : As I mentioned earlier, we were introduced to NJ Wealth by my father-in-law, so we were already quite familiar with NJ's systems. From the very beginning, it felt like a "one-stop solution" for all our requirements, where client records were managed efficiently and seamlessly. My father-in-law was particularly drawn to NJ's platform because of its robust data management capabilities. In today's business world, where data management is critical, NJ's system allows us to focus on what truly matters-meeting more people and guiding them on their wealth building journeys. Over time, NJ has consistently evolved its platform, introducing various tools and processes that have made our work seamless and effortless. Their constant innovation has not only simplified our operations but also added immense value to our practice.
Q3. What role has technology played in your growth story?
Answer : As the second generation in this business and a part of the Monday Meeting Team, we've often heard stories from senior partners about the earlier days, when physical application forms had to be filled out and submitted to NJ branches. Listening to these stories makes me truly appreciate how blessed we are to have been spared from such manual efforts. This has saved us significant time, allowing us to focus on other important areas of our business. A major part of our growth can be credited to technology. From opening E-Wealth accounts, registering clients' bank details, initiating their investments, or generating various reports, NJ's technological advancements have made every process quick, simple, and seamless. Moreover, technology has provided us with the flexibility to work from anywhere, anytime, enabling us to cater to clients across the globe without any constraints. It's been a true game-changer in our growth journey.
Q4. Can you share a memorable instance where you impacted/ transformed a client's financial life?
Answer : One memorable instance that stands out is with a client we acquired in 2019 through a referral from an existing client. At the time, both he and his wife had stable jobs and were very diligent in following our 8-step mutual fund investment process. He consistently sought our suggestions before making any financial decisions, which demonstrated his commitment to securing their financial future. A few years later, they decided to purchase a home, confident that their stable incomes would make the EMI manageable. However, about two years ago, their circumstances changed dramatically. His wife lost her job, and his employment shifted to a contract basis. The resulting financial strain made it challenging to manage their EMI, leaving them stressed and uncertain about their future. At that point, his portfolio was worth ₹30 lakhs, and he was considering redeeming a significant portion to pay down the principal on the home loan. Recognizing the long-term implications of such a decision, I advised him to avoid acting hastily. Instead, I recommended pausing his SIPs for a few months to ease the immediate financial pressure without depleting his hard-earned savings. Fast forward three years, and his decision to follow our suggestion paid off. Today, his portfolio has grown significantly, and he continues to benefit from the financial discipline we instilled. Not only did he reduce his stress during a tough time, but he also managed to build two valuable assets - his home and a thriving investment portfolio. This experience reinforced the importance of strategic decision-making during challenging times, and the client remains deeply appreciative of the guidance that transformed his financial journey.
Q5. What are your most used tools to run business in an organised manner and manage clients?
Answer : 3 Impactful Tools
1. *Need Plan* This backward planning tool enables clients to adopt a realistic approach to their financial needs. It encourages them to step out of their comfort zone and think beyond their current limits. By identifying and aligning needs with actionable strategies, it helps clients visualize the "big numbers" needed for their aspirations and needs, making them more achievable.
2. *Non-NJ PRU* Many clients remain unaware of their previous mutual fund investments, which are often scattered and unorganized. This tool helps uncover such hidden investments, turning their unstructured portfolios into a well-organized and need-based financial strategy. By matching these investments with their objectives, this tool acts as a bridge between past decisions and future financial clarity, unlocking significant untapped potential. These tools identify immediate, actionable opportunities in a client's financial landscape. By addressing these opportunities, clients can realize substantial results quickly. Whether it's reallocating underperforming assets or addressing neglected financial areas, this tool delivers "big numbers" with minimal friction, boosting confidence in the overall financial journey.
3. *Redemption Gain/Loss Simulator* This is a powerful tool that provides an in-depth analysis of mutual fund performance, even after the funds have been redeemed. It helps clients visualize the potential growth or loss they might have experienced, reinforcing the importance of long-term holding. This tool is particularly impactful for clients who frequently discuss booking profits or make unplanned investments. By showing the tangible benefits of staying invested for the long term, it encourages disciplined investing and discourages impulsive decisions that could hinder their financial growth.
Q6. What are your short-term and long-term goals for your business?
Answer : ST Goal: Achieve a SIP book of ₹2 Cr and an AUM of ₹200 Cr.
LT Goal: Build an automated organization similar to NJ.
Q7. NJ in one word
Answer : NJ's tagline, "Build on Trust", perfectly encapsulates its philosophy. In one word, NJ stands for "TRUST"-a value seamlessly passed on to its employees, partners, and clients.
Q8. MF AUM Target in 10 Years
Answer : As emphasized by Neeraj Sir, our industry is growing at a robust 26% annually. Applying the Rule of 72, we should be aiming to grow 10x in the next 10 years. • Current AUM: ₹150 Cr • Target AUM (10 Years): ₹1,500 Cr With additional effort and focus, we can accelerate growth to surpass even this ambitious target.
Mr. Vibhash N Desai, Mumbai
The story of Monday Meeting started when I joined this amazing business of mutual fund distribution in 2007/08 and met my mentor, Prakash Rane. Initially, we were a group of a few ambitious persons who had joined NJ as partners under Prakash Rane, agency Manager. In the beginning, we were struggling to learn the nitty-gritty of this business and wealth management. We realised quite early that this is a business of building wealth by building relationships - friendship, excitement, and team spirit.
The initial 2 years went by contacting our natural connections and making them understand the benefits of mutual funds and SIP. However, the struggle started when our contacts got exhausted, and business became difficult because of a lack of prospects as well as facing rejections from clients since mutual funds were not that popular and the public in general did not have confidence in equity products.
NJ used to organise monthly meetings of all partners once a month, and Bharat Kachhadia, our then branch manager, used to conduct the monthly meetings. This meeting was attended by a few passionate partners, including a few from our team. Bharat bhai encouraged us to show the 2 presentations to all prospects – Magic of Equity and GAP. We, as a team, followed this instruction and became experts in showing this presentation to all. As mutual funds and SIP were new at that time, we had few successes as well as many rejections on a daily basis.
In February 2010, an idea came to our mind: We should conduct a professional weekly meeting of our partners who want to grow in the business, and we decided to conduct such a meeting every Monday. Our first MONDAY MEETING was held on 22nd February 2010 at the NJ Andheri branch office. We framed the rules of the meeting and decided that we would conduct regular Monday meetings and share our experiences of building this business among ourselves to motivate each other in a positive way. We framed certain rules based on our experience and with the intention of learning from each other.
NJ used to organise monthly meetings of all partners once a month, and Bharat Kachhadia, our then branch manager, used to conduct the monthly meetings. This meeting was attended by a few passionate partners, including a few from our team. Bharat bhai encouraged us to show the 2 presentations to all prospects – Magic of Equity and GAP. We, as a team, followed this instruction and became experts in showing this presentation to all. As mutual funds and SIP were new at that time, we had few successes as well as many rejections on a daily basis.
In February 2010, an idea came to our mind: We should conduct a professional weekly meeting of our partners who want to grow in the business, and we decided to conduct such a meeting every Monday. Our first MONDAY MEETING was held on 22nd February 2010 at the NJ Andheri branch office. We framed the rules of the meeting and decided that we would conduct regular Monday meetings and share our experiences of building this business among ourselves to motivate each other in a positive way. We framed certain rules based on our experience and with the intention of learning from each other.
Some of the rules are as follows -
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Only positive experience sharing was allowed. All negative experiences must be discussed one-on-one with Prakash Rane/Vibhash N Desai.
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The timing of the meeting is to be strictly followed, and everyone must arrive at the specified time. The meeting was for 2 hours.
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Absenteeism is allowed only for family emergencies or if the partner is out of town.
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Every partner must record his daily activities and share his experiences, such as the number of calls/meetings and business done.
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Specific sharing of how you got business and what positive learning you had during the client meeting was shared by respective partners.
Vibhash N Desai, the pioneer of the concept of Monday Meeting, shared the success stories after showing Magic of Equity and GAP presentations. This inspired the other team members to give presentations, and slowly and steadily, the success stories were shared more frequently by all members of the team.
The Monday Meetings have been held continuously since 2010, and every meeting has been conducted without fail to date. We share the best practices and learnings; and encourage our team to read good books. We also believe in the power of group momentum.
The sharing was initially by 1 or 2 experienced partners in 2010, but now around 8/10 partners share their experiences and success stories each week. We also have knowledge sharing from Prakash bhai and other senior partners, as well as invitees from AMCs and sometimes the NJ Surat senior management team. We, as a team, share the excitement, success, and creative solutions that we give to our clients during the week. This positive energy works like a live current for our entire team for the next 7 days, and we again meet the following Monday with new ideas and success stories. We celebrate the success of partners by cutting cakes when they reach a landmark and appreciate innovative ideas they use to bring business. The entire time, I am happy when someone from the team is successful.
Over the years, Monday Meetings have created big, successful leaders like Vishwas Patil, Nehal Parekh, V Srinivas, Venkatasubramanian, Aashish Trivedi and many more. This has been possible due to the able leadership of Prakash Rane and support from respective Branch Managers of NJ Andheri branch, such as Bharat Kachhadia, Shailesh Mathukia, and now the present BM Sarfaraj Yafai.
The success of this experiment of Monday Meeting is unprecedented. A voluntary meeting by a group of independent partners within the branch to help each other in this amazing business of MF distribution was a venture that has built a team, a PALTAN which has grown from 4-5 dedicated partners 14 years ago to a solid like-minded united team of 50 partners who meet every Monday for learning and mutual gain. The sole aim of this selfless team is to excel, help, encourage, and give positive vibrations to its team members week after week for the last 14 years.
Among these 50 partners, there are 19 partners who have an AUM of more than Rs 100 crore, 6 partners have an AUM of more than Rs 250 crore, and 2 among the group have an AUM of more than Rs 500 crore. From a group AUM of about Rs 10 crore in 2010, the AUM now has reached an AUM of about Rs 6800 crore.
Now, the next generation of partners have also joined the business, participated in the meetings and shared their experiences with energy and enthusiasm. We are very optimistic that with the participation of the next generation, we shall build a multi-generational business and, at the same time, help our clients to build multi-generational wealth in a right, systematic and ethical way.
Here, It is very important to mention the support from the NJ team, the wonderful platform of NJ, the software support, training and fantastic hand-holding by the entire team of NJ both in Mumbai and at Surat.
The conference room at Andheri, which we use each Monday, has become a landmark for all of us. The victory cheers at the end of each meeting have become very famous and can be heard in the entire commercial building. Due to the cheers, the next-door offices also know that the Monday meeting at NJ has concluded. We, as a team, look forward to attending the MONDAY MEETING every week with full excitement and enthusiasm.
I recommend that each NJ branch office start such a meeting at their branches. As a TEAM, we would be happy to help any group of partners who want to start such meetings at their branches.
