Mr. Jaykumar Suresh Patel(Son) & Mr. Sureshchandra Patel(Father)
Q. Please introduce yourself and also share your vision and mission or goals in life.
Answer : SURESHCHANDRA : We have roots in this business since 1988. Initially I started the Financial journey with Life insurance corporation of India (LIC) and later started the Health and General Insurance business with Oriental Insurance Company Limited.
In the year 2006, I joined NJ INDIA INVEST Private Limited .
My son, Jaykumar S.Patel pursued B.E Mechanocal and later joined the business in the year 2015, and since then He have been actively promoting Mutual Funds through Financial planning and mentoring for Our clients.
We have our office at our small home town Killa pardi as well as in Vapi. As of now we have a dynamic team of 8 people at our office and have 3000+ satisfied clients in our kitty ( combined LIFE, GENERAL, HEALTH, MUTUAL FUNDS, FIXED INCOME ).
We are always dedicated to constantly support and mentor our clients for the various products across Insurance, Mutual Funds, Fixed Income Etc.
We have an experience of over 25+ years in this business
Our Business Goal : 100 crore by the end of 2025.
Q. Please tell us anything on your business or processes which you believe makes you stand out from the other IFAs in the industry? How has it helped you in making your business more successful?
Answer : Sureshchandra : Well , The first thing is trust upon you of the clients which comes through years of bond and Second is service as well as the readiness to help them in their Investments & Insurance Gaps.
We focus on serving them to the best and servicing needs employees ! So We have 8 people ready to provide the service on a regular basis whenever needed.
Q. In this Dhanteras SIP Challenge, you registered great success. Please tell us about what your strategy was and the activities you did to make the SIP Login Day successful.
Answer : Jaykumar : Initially we thought of motivating clients for Investments after a rough year due to Pandemic and it was high time to make them realize their Financial goals. So we thought of Celebrating A SIP campaign ( Dhanteras - SIP day ).
We started by making a client list for approaching them for SIPs. After segregating the names we started tele-calling them and explained about the celebration and also about the future opportunities. We even made promotional videos for sharing with clients.
One more important thing we would like to add is all the transactions were completed through E-Wealth and without it wouldn't have been possible. Thanks to NJ INDIA for providing such a user friendly Platform.
Q. Please tell us of your preferred method /strategy to promote SIP investments today which has been giving good results. Can you share any valuable suggestion /piece of advice to our Partners to be successful in promoting SIPs?
Answer : Jaykumar : Well, SIP is one of the most favourite products between the people nowadays. But there are certain ways we have started to promote SIP is through GOAL planning, FAMILY NEEDS MASTER TOOL and explaining about the GAP in their GOALS. This is the most effective way to sell SIP as well as to retain it. Basically it's the future of our business.
Secondly there is Courier activity we do of one pagers which we order from NJ bizmall ( MCS - VIDEOS & IMAGES most effective ).
We also conduct tele-calling methods and Webinars to promote SIP
Lastly, we do promote on Social media platforms ( whatsApp, Facebook, Instagram ) which is alo the most effective ways to reach out existing as well as to generate new Leads for SIP.
This above practices shall surely give you positive results
Q. Lastly, please share any mantra or guiding philosophy or any personal habits that you follow in your life or business to be successful.
Answer : Jaykumar : Five Different lessons from five different stalwarts ( NJ Partners ) of this business in VAPI
1. Sureshchandra Patel ( My Father ) : Put your thoughts into action quickly! Basically work hard and also client centric attitude ! And Keep prospecting, make it a habit!
2. Ashok Shah : Think a lot before taking a decision, but once you take a decision act upon it aggressively.
3. Sanjay Shah : Always be Self motivated !
4. Sandip Shah : Think out of the box Always ( Think differently ) !
5. Dhansukh Shah : Presentation, Public Speaking & Office Management !
Mr. Aashish Trivedi
Viral Wealth Managers - Mumbai
ES: Please introduce yourself and also share your vision and mission or goals in life.
Answer: I am Aashish Trivedi Promoter of Viral Wealth Managers from Mumbai. Commerce Post Graduate from NMIMS Mumbai University. Initially worked for 3 years as an employee in finance dept of Ltd. Co. and thereafter worked 15 YEARS in chemical exports complete shift from finance to chemicals Exports.
Humble start with 5 clients and business of 10 lacs in 2008 to Rs. 114crores AUM in 2020. The journey was roller-coaster. Our vision is to make 1000 families Dollar millionaire by 2035. The Mission statement of our business TAKING CARE OF YOUR FINANCIAL WELL BEING HOLISTICALLY for every client with us. The Goal of Viral Wealth is to reach 10000 families.
ES: What inspired you to choose the career of a financial advisor / distributor?
Answer: Myself being a finance graduate was lacking planning aspect and literally understood from my mentor in this business Mr. Vibhash Desai of VND Wealth who helped me to understand real financial freedom and start journey in this business. The moment I understood the benefit of planning and the potential for growth draws me to start this business. Starting this the business was decision of just 30 seconds and not looked back any more.
ES: Do you promote the idea of savings through MF SIP in your clients?
Answer: The basis of SIP is not new to me. My father was having the discipline of bank recurring deposit for 13 months and every year he used to convert that amount to fixed deposit and continue to recurring to next year. Those days there was no financial advisor who guided my father to start mutual fund SIP! My first interaction to mutual fund investment was through Reliance ELSS NFO scheme in 1995 offered by my friend and neighbour who was a tax consultant. Today none of my family members has any fixed deposit in any bank. All my brothers, sisters and parents have shifted to mutual fund.
ES: Client communications is an integral part of your business. Please share any best practices/services related to communications adopted by you.
Answer: We used to do courier activity in initial days and followed by emails and SMS when there were no whatsapp or social media was popular. It was my ritual of calling minimum of 20 cold calls or leads for meeting and 3 meetings daily was ritual. Even today we are sending min 1 post a day on different topics to all clients to be part of their daily messages to keep them away from media crap followed by 20 calls. Now a tiny URL made it more convenient to reach to all our clients efficiently and reach has increased manyfold with social media.
ES: How much importance do you give to Insurance in your advisory practice?
Answer: Once we started advisory, our presentation starts with financial pyramid and base to that is Insurance. We insist each client without insurance to make their sip start after 2 months and get their health and term insurance done first. Off late those clients where we missed their planning in the initial stage of business are now getting converted to this process.
ES: How do you educate and convince your clients for mutual funds, especially the first time investors?
Answer: The basis of any decision is trust. We show the difference between saving and investment, we always use the principle of Contribution V/S Participation. We explain the basic concept of Diversification, Beating Inflation and Tax Efficient returns mapping it to their Short, Midterm, and long term goals to make it more meaningful. We have started using goal mapping tools on the partner desk for each client we review now. The entire 12 years been process-driven and when we use MOE and GAP formula, clients easily identifies the difference between seller and advisor!
ES: Your experience with NJ's technology initiatives in terms of various Desks for Clients & Partners?
Answer: Think of life without technology in this pandemic situation and that too without NJ EWA? It’s a nightmare. We could open more than 30 new accounts in this lock-down by acquiring new clients online meetings. NJ has vision of 10years ahead of anyone else in this country. Partner desk itself is an Enterprise solution which the world works nowadays. I am able to service more than 1000 families with just 3 employees and ease of click of a button. Many of my clients shifted their other folios and investments to our code just because we had an excellent system. Our system is so robust that even nowise at age 80 can transact seamless through our links on SMS and emails. Phenomenal, I am a big fan of this entire ecosystem.
ES: What advantages do you feel NJ E-Wealth offers to both Clients and Partners?
Answer: Just one word, SIMPLE. Its very user friendly. Due to non-availability of staff, I was compelled to ask my office boy to go for biometric. To our wonders, he could manage with just like any other executive or office due to simple mobile solution. All my clients whether he or she is 18age or 80age can transact just through mobile. All our geographical restrictions are removed. My clients now world over either techie in Silicon Valley or in the Indian Army on China Border can transact.
ES: 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: I consider learning is an integral part of any organisation. One who stops learning stops growing. Sometimes it’s not only business growth but what you become a person over that journey counts. From an ordinary accountant to businessman with 120crores Asset management, handling behaviour, emotions, phases of the client are also one feather in your cap. I am blessed with mentors like Vibhash Desai, Prakash Rane and all our Monday meeting core teams to keep me active by positive weekly interactions.
ES: How much importance do you give to Asset Allocation & Risk Profile while offering solutions to clients' needs?
Answer: Initially when we started advisory way back in 2008, we were new and was presuming that we got investment from the client which is the only allocation to equity for wealth creation. However, managing the client psyche about the stability of the portfolio was ignored then. Hence noting of client emotions and concerns is to be minuted. After MARS evolved from 2013, our lives becomes much easier. There is a periodic evaluation of asset allocation as well as scheme performances by our professional team which makes sure that scheme selected is amongst top quartile ranking. So now whenever we go for the review, we discuss about the overall portfolio and not individual schemes.
ES: Winning the trust of a Client is not an easy task. How do you think you can win the trust of Clients?
Answer: My entire AUM has been built on pure cold calling and generating leads from natural market through leaflets and stall activity. It used to take nearly 3-6 months initially to get a first meeting and 3 years to generate repeat business or referrals. Winning the trust of the client is easy as well as difficult. Easy if you remain true to their need, difficult if we try to push products. We have a history of clients being converted after 3-4 years as well. I was in touch with them by SMS/EMAIL/WhatsApp followed by periodical calls. My initial 5 clients were all strangers and acquired in Natural resources NFO. Now if we look back the referral trail, we have 7-8 level down and cross referral clients available. Mostly from one corporate house or from influential person of the group who keeps on referring us.
ES: What suggestion/advice you would like to give to new Partners who have not yet established themselves into the business?
Answer: New partners must trust themselves first, their decision, and the business they are in now. I cleared my AMFI / NISM exam even without meeting or visiting the NJ office. It was just a word from Mr. Vibhash Desai, I prepared from books and mock test given by him and passed in the first attempt. I met our Agency Manager, Mr. Prakash Rane, after I signed my partner enrolment form in NJ Andheri office. One should have the utmost faith with people you work with. They are blessed that they are with NJ who is known for their business ethics and commitment towards their vision and mission. Knowing the fact that only 6% of the Indian population is a real investor in equity and mutual fund as compared to any other economy, which is there to worry.
ES: Can you please share your short term and long term targets for your business.
Answer: My short term target is to double my SIP book to Rs.2 crores making it to 2% of my AUM by March 2021. Long term target of 5 times growth in SIP and 10 times growth in total AUM Rs. 1000 crores by December 2025.
ES: Have you acquainted yourself with the current lock-down situation due to pandemic COVID-19? What are your experiences for business continuity its growth? Did you find it difficult?
Answer: Keeping self positive, clear vision and conviction of NJ team kept us motivated almost all days. This situation helped us to invent self to learn new techniques, new ideas, ways of handling same work differently. Our learnings from the Monday meeting team helped us to talk to almost all clients, no matter what level they are, making them comfortable and deep-rooted their trust of being in safe hands. Due to pandemic lockdown business affected by the stoppage of SIP and few redemptions. However, goal mapping tool and portfolio review report performance reports helped sailing much comfortable even in such times.
ES: Share your thoughts on NJ Digital Talks? Whether you and your clients are benefited from it or not. Also, NJ Management has announced another initiative to help partners and clients, share your thoughts on it.
Answer: Digitalks is a class apart initiative by NJ rising next level in interaction with masses. We never felt lonely and was eagerly waiting for the next session to be announced just like popular TV serial. We received many appreciations and positive feedbacks on various sessions whether its on finance or otherwise adding value to every life. As I said above NJ’s vision is 10 years ahead of the industry and will be always Top of the table. In the current situation, when the entire world is struggling for getting to make up two ends, we heard success stories of mighty business figures. Thanks to the entire NJ team taking such initiatives and keep innovating. A BIG THANK YOU.
