Mr. Dinesh Jain
Financialazadi.com - Pune Main, Maharashtra

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Q : Please introduce yourself and also share your vision and mission or goals in life.

Answer : My name is Dinesh Jain. My native place is Orissa. I did my MBA from Chetana Institute of Management, Mumbai in 2005 and got placement in INDIA BULLS ( a brokerage house at that point of time) as a Relationship Manager and thereafter worked with MAN FINANCIAL (A derivative broker at that point of time) as well. By end of 2006 I realized, being with a stock broker, either I can work for my company or for my client but nor for both.

Then at the start of 2007 whatever happened became a turning point in my life and I joined www.personalfn.com (A Financial planning and Mutual fund research based company) and is a sister concern of www.equitymaster.com and Quantum Mutual Fund.

In personalFN, from the role of relationship manager i got promoted to the role of a branch manager heading their Kandivali branch, mumbai. At that point of time, the major source of income for personalFN was upfront commission. And then suddenly sometime around 2009, entry load was banned because of which personalFN brought down the number of branches(from approx. 10) to only one at Mumbai. And then at personalFN we got into fee based financial planning where my primary role was to meet the client, understand their requirement, collect the fee, make the plan and review it on a regular basis. And I used to visit pune quite often to service our client. Somehow I started liking (after staying in Mumbai for around 8 years) pune and thought of starting it on my own.

So as a freelancer my journey started in around 2012 and I joined NJ for mutual fund and from 2014 onwards I started doing insurance as well with NJ.

My website is www.financialazadi.com

My vision/mission/goal in life is to spread financial awareness as much as I can.

Q : What inspired you to choose the career of a financial advisor / distributor?

Answer : During my stint with personalFN as a Fee Based Financial Planner, I realized the importance of financial planning in an individuals life and also saw how under penetrated it is . Also I realized whenever I used to meet a client and taking them through the concepts of investment/insurance I was actually enjoying the entire process and became passionate about personal finance. That’s how I choose the career of a financial advisor/distributor

Q : Do you promote the idea of savings through MF SIP in your clients?

Answer : Yes off course. MF SIP is the most simplest and powerful way of creating wealth. Over a period of time, forget about the return, but the amount of money which client accumulates through SIP over a period of time is mind boggling.

I always tell my client that “If they are thinking that whenever they have sufficient amount of TIME and MONEY, then they will do xyz thing” then they are completely wrong because the amount of free TIME and the amount of MONEY which you are dreaming for will only arrive in your life when you take some action and get into the habit of savings. So SIP is a fantastic tool which help them in doing savings on a regular basis

Q : Client communications is an integral part of your business. Please share any best practices / services related to communications adopted by you.

Answer : In todays face paced world, when clients attention is being taken away by magazines, newspapers, whats app, youtube etc its very much important that you are in constant touch with the client. When I say constant touch its not necessarily has to be related to business only. The following things I do to keep in touch with my client.

1. Wishing them personally on their birthday or sending a whats app message. NJ CRM ensures that you do not forget the birthday of the clients

2. Sending them a regular short video or an image related to personal finance.

3. Sending them your own written blogs on a regular basis. Bcz when you write, it brings more clarity in your mind and it helps to create your own brand.

4. Sharing articles/video on specific event which is hot at that point of time. If possible, to extent, I try to ensure that instead of just sharing some one else content, its better that I spent time, make my own content and share it.

5. Using a good CRM tool, segregate your client like retired client, middle age client, young client. There are different ways in which you can do the segregation and the above one is just an example. And then share the content which are specific and relevant to them. For Example: if you want to share about monthly income generation through SWP, then it might not be an immediate need for a young client but a retired client will require it. Such kind of targeted communication is the ned of the hour bcz clients are getting anyway bombarded with so many things. When you do targeted communication, then the chances of your client opening your video or reading your content increases because they know that you send only such things which will add value to their life.

6. Whatever communication you send, it should have a fixed day and time. It should not be sent depending on your mood.

Q: How much importance do you give to Insurance in your advisory practice?

Answer : INSURANCE is the most important element of my advisory practice. By being a CIA with NJ, I got an opportunity to learn the important thing about TERM PLAN, PERSONAL ACCIDENT POLICY, CRITICAL ILLNESS POLICY , HEALTH INSURANCE, CAR INSURANCE and that also of different companies by attending the monthly meet of insurance as well as company specific product training .

This knowledge has really helped me to give a customised insurance inclusive of all the above policies to my clients.

And the good thing is when I present the proposal giving comparision of different policy through “Sampoorna suraksha Proposal Writer”, client really appreciate it.

With the help of NJ system, I have been able to do some group health insurance policy as well for few corporates plus I have done some Keyman Insurance policy as well.

The clients are really happy that they can access all their insurance policy details through their client desk, can download the policy copy, renewal notice, income tax certificate etc.

Q : How do you educate and convince your clients for mutual funds, especially the first time investors?

Answer : Whenever I meet first time investor, instead of selling return I show them the risk of how much can they loose in the short span of even 3 to 5 years but if they remain invested for 10 years +, how can they make money. This I showcase them with the help of live demo with actual NAV of few mutual fund schemes which has been running since year 2000 and how the mkt value have fluctuates and how if they would have remain invested through those ups and downs, how wealth would have been created.

So the idea is whenever I bring first time investor, I ask them to invest only those money in equity funds which they require after 10+ year.

Once they get used to mutual fund, then I do promote the concept of liquid fund which they really like.

Q : Your experience with NJ's technology initiatives in terms of various Desks for Clients & Partners?

Answer : whenever it comes to NJ TECHNOLOGY INITIATIVE, I just feel wow. There are end number of features which NJ is giving us but I am only naming those which I am frequently using.

PARTNER DESK:

1. PIT System – This is the most loved initiative not only for me but also for my clients. Sitting at the comfort of home, client can execute the transaction just through sms without any internet connection.

2. Inter AMC switch – I have not seen any market player who is offering inter AMC switch. Just within the click of a button, money gets moved from one AMC to other AMC.

3. STP to different AMC by keeping liquid fund of only one AMC – IF I had to do STP in 5 different mf scheme of 5 different companies. Then earlier I had to park money in the respective liquid fund of those AMC. But now through NJ, I can just park the clients money In just one liquid fund and STP transaction can be done from that one liquid fund to equity mutual fund of other AMC.

4. Stock SIP – There are many clients who come for direct stock also. For them also, I promote the concept of SIP in direct stock as well.

5. AIS (automated Investment Solution) – A beautiful tool to show the trade off between risk and return of different MARS portfolio.

6. Paperless investment in NPS

The biggest USP of NJ for my client is they can execute most of the financial products online using the system of NJ and on top of that almost all those products can be seen in the client desk at one place. So this gives them a sense of control.

Q : What advantages do you feel NJ E-Wealth offers to both Clients and Partners?

Answer : E-Wealth has been a complete revolution not only for me but also for my client. After realizing the stupendous power of E WEALTH, I decided around 2 years back that I want to bring my 100% business to E wealth and this has actually happened. Also I decided to onboard only those client who wants to come through E wealth account. And after telling them about the benefits of NJ E WEALTH, none of my prospect have never said NO .

For a partner, E wealth saves a lot of TIME which can be chanellized to some other revenue generating activities.

For clients, it’s a one stop shop from where they can transact in mutual funds, direct stocks, IPO, FPO, Sovereign Gold Bond, LAS, NPS etc just by sitting from the comfort of their home.

Q : Self evaluation and assessment is something we all should do regularly. How do you assess your own self and/or your business? Are there any specific parameters you refer to?

Answer : This is a very critical question. As a human being we always over estimate what we can achieve in one year but under estimate what we can achieve in 5 year or 10 year. I have read one book called ATOMIC HABIT which says that if you do just 1% improvement everyday, then in 365 days, you become 37 times better bcz of power of compounding. 1% everyday seems to be nothing but just see how it can help you in the long run.

So what I do is , I always try to find out if there is any way I can improve my efficiency even by 1% on a daily basis. So I have automated/systemized the things as much as I can like I have created google sheet for collecting data for opening e wealth account or for taking inputs for doing insurance, have made videos on how to transact in capital market, how to do different kinds of transaction in e wealth account, am in the process of making a comprehensive video on CLIENT DESK. So all these things actually saves a lot of time.

Now I maintain my TO DO LIST with the help of CRM which keeps my mind free.

I have clearly understood the difference between GOALS and SYSTEM. Even I had read somewhere GOALS are good for giving direction but it’s the SYSTEM which helps you to progress.

So just keep on refining your SYSTEM, goals will automatically be achieved.

 

Q: How much importance do you give to Asset Allocation & Risk Profile while offering solutions to clients' needs ?

Answer : Asset Allocation is THE future. Only those advisors will have complete control over their well being as well as the their client’s well being who does asset allocation and are not dependant on the whims and fancies of the markets.

I have been doing the asset allocation but it was not system driven but now with the help of MARS, I am standardizing the process

What I have also understood is RISK PROFILING is not about asking 10 question to client and depending on the answer, you put them in some risk bracket. Also clients are aggressive in bull market and become conservative in bear market. The best way to understand the risk profile of the client is through conversation with the client directly.

Without asset allocation and risk profiling, never onboard a client and now with the help of AIS, this has become quite easy and system driven now.

 

Q : Winning the trust of a Client is not an easy task. How do you think you can win the trust of Clients?

Answer : Its takes time to built the trust with the client but can be broke in seconds unknowingly. The following simple techniques are useful to win the trust of the client which I am using it.

1. Be a good listener. Just sit and hear your client. Make notes and once you reach your office/home ensure that you update that notes in your CRM. When you listen to him, you will see their pain points which will give you an opportunity to offer solutions.

2. Revert to their phone calls/sms/emails – Whenever a client is trying to reach you, you might be busy also and we tend to send auto sms saying “I will call you back” but many a times that call never goes back. So before you wrap up your day, just spend half an hour, go through the call history, go through sms, go through whats app and email and ensure whether the response has been given or not properly. If you think, you might take a day or two for the response, then just sent a message/email to them saying you will revert back by a particular date and ensure that you actually revert.

3. Just call them to say Hi/Hello – Its not necessary that you should only call them when there is SIP renewal, insurance renewal, portfolio review etc. Other than that also, just give a call to them saying Hi and tell them that the call was given just to enquire how are the things . Trust me, such calls really creates magic.

4. Be a problem solver: Do not project your self as a mutual fund or insurance advisor. Rather be a problem solver and help the client by going out of the way. Clients do have queries related to how can they transfer their EPF from one company to another, how can they dmat their physical certificate, seeking help in filing their IT return, seeking help in insurance claim settlement although they might not have taken insurance through you. Misbah Sir has shared a story during one of his pune trip in 2013 giving example of a hotel in one of the foreign country. The beaty of that hotel was irrespective of the rush/season, whoever entered the hotel used to get the room. How was it possible ? So what that hotel owner has done was he has done tie up with other hotels of that city and if there was no room available at his hotel he used to check with nearby hotels and depending on the availability , he used to send the customer to those hotels for stay. Similarly its not necessary that you have to offer all the financial products, but you should have the basic knowledge about the products and you should be able to guide your customer from where can they get the solutions.

 

Q : What suggestion / advice you would like to give to new Partners who have not yet established themselves into the business?

Answer : There is a saying that “The best way to learn is to by seeing the mistake done by others instead of learning by making the same mistake by self”

1. Systemize/institutionalize your advisory process – Either have your own system or adopt the AIS (automated Investment Solution) and MARS of NJ

2. Start using a CRM tool – This will help you to maintain your LEADS, CLIENTS, TO DO LIST, MAILING LIST etc

3. Whenever in front of a client, just talk to him about his future goals and aspirations. Do not discuss about funds, economy, market

4. Have your own website – This is a must especially in post COVID world

5. Do not use gmail with your client, rather use your corporate email id.

6. Have your own google business page, its absolutely free. And start taking rating and review of your client about your services because “you are not what you are rather you are what google says you are”

7. Do not have many strategies for client acquisition , rather have a few strategy but ensure that you execute them for the next 365 days religiously. If you are in linked in – ensure that you are putting a post once every week for the next 365 days. If you using MCS – ensure that your client should get it by every Saturday without any fail. If you are a good writer, ensure that you are writing your own blogs at whatever frequency you had decided. If you are using facebook for marketing, ensure that you use it for the next 365 days. Point is do not get disheartened if you do not get result in short term and if you do something consistently for one year, there is no reason why you will not get the result.

8. Do not restrict yourself to mutual fund. Must include insurance in your product portfolio

9. Put consistent effort (with patience and faith) for next one and half year and you will never look back in your life.

Q: Can you please share your short term and long term targets for your business.

Answer :

1. MF AUM of 100 crore by March 2022 and Health Insurance book of 1 crore by March 2024 and ensuring that every single rupee of business happen online.

2. Write a comprehensive book on Health Insurance and get it published by June 2021

Q : Have you acquainted yourself with the current lock-down situation due to pandemic COVID-19? What are your experience for business continuity its growth? Did you find it difficult?

Answer : Initially when the lockdown started, it was bit difficult for initial 15/20 days but thereafter I started following the same routine which I used to follow before COVID-19. I am really thankful to the ROBUST TECHNOLOGY system which NJ had given because of which business continuity was never a problem. MF and INSURANCE was anyway online but the good thing was during lockdown I was able to open PMS account online in a very smoother manner. Incast, lockdown was an opportunity in disguise as I was able to do many things which earlier I was unable to do so like:

1. I finally wrote an e book on ’16 tips on how not to get tricked while buying health insurance”. By writing this book with the help of GOOGLE DOC, I realised how easy it is to write the book.

2. I got active in quora.com and am ensuring that I spent around half an hour to 45 minutes daily answering the questions .

3. Got active in Linkedin and am writing post on a regular basis.

4. I am updating my blog also on a regular basis

5. I learnt how to make video by recording the screen of your computer.

Q: Share your thoughts on NJ Digital Talks? Whether you and your clients are benefited from it or not. Also, NJ Management has announced other initiative to help partners and clients, share your thoughts on it.

Answer : NJ Digital Talk is a very good initiative from NJ.

1. It gives an opportunity for partner to interactive with very senior people of NJ and that also from different geography to share their views and that also quite frequently. For Example: Prior to COVID, we used to get opportunity to hear Misbah Sir may be once in a year but see the beauty of NJ Digitalk, he has already delivered atleast 3 session in the last 3 month

2. The session are getting recorded, so now whenever I have any doubt I refer to those detailed recorded session be it related to MARS, PMS, Partner Desk etc.

3. Also during lockdown since we are not meeting client hence its important for us as a partner to engage them. So digital sesson is very good initiative to engage with the cline ton diverse topics.