18th October 2016
Mr. Devang R Shah., Dev Investments - Vadodara
Mr. Devang R Shah did his graduation in Chemistry and masters in Applied Chemistry. He has a job experience of 4 years as an R&D executive in HNGL, Vadodara. He comes from a strong financial background and had a well set ancestral financial business at Bhadarwa, Savli Dist, Vadodara. His first step into the new era financial advisory started with an LIC agency in the year 1999 in his wife's name, then slowly & gradually his business expanded to MF, Share Broking business & other financial products.
Team e-Saathi takes pride in sharing with its readers an interview of a partner who was a R & D Executive at a time and became successful financial advisor.
ES: Please introduce yourself and also share your vision and mission or goals in life.
Devang: I did my graduation in Chemistry and masters in Applied Chemistry. I have worked as an R&D executive in HNGL, Vadodara for four years. I have inherited financial business sense from my forefathers and I ventured out into the modern advisory business with an LIC agency in 1999. We later established a firm DEV INVESTMENTS in 2005, and expanded into MF, Share Broking & other financial products.
Our Vision is to guarantee 100% satisfaction to our clients by building a long lasting and healthy business relationship with them, by enabling them fulfill the Financial Needs of their lives, and we aim to achieve this through use of technology, hardwork & dedication.
Dev Investments enriches – Trust & Expertise in the field of Financial Services.
ES: What inspired you to choose the career of a financial advisor / distributor? And Let us know challenges you faced in the initial days.
Devang: I was lucky to be born in a financial advisory business family. I have been helping my father in business since long. My father and a friend Mr. Alpesh Patel, inspired me to get ahead with this business.
After quitting my job, I started with life insurance business. It took almost 1-2 years to set it up. Self interest & support from NJ team, has helped me become a proficient financial advisor today. Earlier there was no office, but I had a zeal to grow. Now I have my own office with a motivated staff, which helps me in achieving the desired targets. And 80% of my clients are working on the E-Wealth platform.
ES: What made you join NJ as an NJ Partner?
Devang: I joined NJ as a partner in 2005, mainly because of the Technological and Marketing support, which helped me expand my overall business. NJ actually turned me into a Wealth Advisor from a traditional financial advisor.
ES: Share your views about SIP & also explain about your strategy for client engagement.
Devang: Yes, I do that. It is the first step of savings. I strongly believe in, "A penny saved is a penny Earned". I recommend SIP to fulfill financial goals of my clients. We have created many examples of achieving financial goals of our clients through SIP.
On client engagement front I would like to share: We organize investor meetings at regular intervals and explain the importance of earning by proper investment planning. We also add a tinge of personal touch by wishing and greeting our clients on every festival & family occasion. We also use leaflets, which we source from NJ Biz mall. MCS facility is one of the best tools to educate my clients effectively.
ES: How much importance do you give to Insurance in you advisory practice?
Devang: Securing lives of clients, is the priority. If clients have an adequate life insurance cover, it would help them concentrate on creating more wealth, by not disturbing their financial plan.
ES: How do you educate and convince your clients for mutual funds, especially the first time investors?
Devang: I educate the first time investor by providing him knowledge on the working and benefits of mutual funds, by giving him a GAP presentation. I also explain to him Goal based planning, which helps me to further convince him easily.
ES: Your experience with NJ's technology initiatives in terms of various Desks for Clients & Partners?
Devang: I always appreciate new technology initiatives by NJ. Client Desk helps clients save their time by viewing all their investments on a single window. Partner Desk saves my time and various reports in Partner Desk makes my work easy. E-Wealth is a boon for me as it took my business to greater heights. I'd like to share that my major business has moved online. So, now I can give more time to my family.
ES: Can you share any incident /event which has had a lasting impact on you or on your business as a financial advisor /distributor?
Devang: In NJ PBC 2008, I was appreciated for Highest GAP SIP Account Added for 2007-08, Winner in West-Zone and 1st Runner Up All India, and was awarded by AMFI Chairman Mr. A. P. Kurian. There was a feeling of achievement and pleasure in receiving the award and the event has established a lasting impact on me.
ES: How do you assess /see the future of financial advisory business in India? How can we as Partners be ready / prepared to make the most of it?
Devang: Financial Advisory business has its own set of challenges to face, in India. With an increase in the client base, there is a need to implement smart and effective investment tools, technology & constant efforts to achieve the desired goals & benchmarks.
ES: How much importance do you give to Asset Allocation & Risk Profiling while offering solutions to client's needs?
Devang: Asset Allocation is the key to achieve financial needs. I highly appreciate NJ's initiatives towards this, by providing NJ MARS.
ES: Winning the trust of a Client is not an easy task. How do you think you can win the trust of Clients?
Devang: It is very difficult to win the trust of a client in the first meeting itself. To win the trust of a client, I focus on building a good long term relationship with him. Whenever I meet a client, I talk more about the concept of the product and its correlation with their financial needs.
ES: Could you please share short and long term targets for your business.
Devang: Any business will never give profits in the short term, it is difficult to survive in the tough competition. Long term target for our business is we are looking at Rs 100 Crs AUM by 2018.
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