ES: Introduce yourself and what are your business goals.
TWM: We are Tirth Wealth Management, based in Himatnagar - Gujarat.
We have a very simple vision, we want to bring financial prosperity into our clients' lives by supporting them in achieving their life goals/aspirations and helping them in achieving financial security.
We set business goals and keep upgrading them from time to time. At this juncture, we are targeting Rs 1 Cr SIP book by this FY end and have set a target to achieve Rs 1.5 Cr in the coming year & Rs 5 Cr in the next 5 years. For AUM, we are chasing for Rs 50 Cr mark by this FY end, Rs 100 Cr by next year and Rs 500 Cr in the coming 5 years.
ES: Do you regularly plan about business and business targets?
TWM: Yes, we do business planning and set targets for ourselves in terms of AUM, No of E-Wealth Accounts, Net Sales, Gross Sales, etc. Mostly we sit with the NJ Team at the start of the financial year for the planning activity. The Business Planning tool available on the Partner Desk is extremely helpful in this respect.
As far as the current year business targets are concerned, in terms of SIP Book – we have planned to increase it from Rs 35 Lakhs to Rs 1Cr and we have managed to cross Rs 75 Lakhs until now. In terms of AUM, we are a little short of what was planned for the full year.
ES: Tell us about any client event or activity that has had a significant impact on your business?
TWM: Yes, recently we did a Mega Investor Meet. The objective was to do something different from usual, the event was completed successfully, and it also became a defining moment for our SIP Marathon Day.
ES: Tell us about the SIP Marathon Day, how did you conceive the idea and what all went into achieving it?
TWM: The Mega Investor meet was a very good session for all our invitees as always, however deep down we felt that something was missing, as nothing extraordinary happened on that day. On the eve of 22nd Dec 2017, we were wondering what could have made it special, something exclusive to go down into history. And suddenly, the idea of Registering 1000+ SIPs in a Single Day struck me, and instantaneously we finalized the date for execution of the idea: 20 Jan. 2018, we call it the SIP Marathon Day.
Very next day, we started working for the SIP Marathon Day, the most challenging part was to prepare a list of people, whom we could approach for SIP Registration. We first targeted our existing clients and advised them to start new SIPs based on their goals/needs, and then we asked them for references for SIP. Though we had a good client base and it wasn't that difficult to get a lot of references, but here the major game changer was the Mega Investor Meet. In the meet we had asked investors to write their goals on a piece of paper and hand over to us, which eased out the first phase of our work of targeting the existing clientele. The next step was to send them an invite and we used all available communication modes to reach and invite prospects for the big day.
Further, on the eve of SIP Marathon day, we had registered SIPs of investors using PIT for all E-Wealth Ac holders, the rest were physical. We registered almost 547 SIPs using PIT.
On 20th Jan 2018, all went well as planned, and we did manage registering 1000+ SIPs on the SIP Marathon Day. NJ's superior technology was of immense help in the entire process. Out of the total 1000+ SIPs we registered, almost 547 were done on the E-Wealth platform and that too within 5 hrs. Without the E-Wealth platform, it would not have been possible to complete the targeted SIP registrations in a day's time and SIP Marathon Day would have never happened.
Another important achievement we marked, was opening of numerous new E-Wealth Accounts while preparing for the SIP Marathon Day. The total number of E-Wealth Accounts closed at more than double within less than a month.
ES: Your advice to other NJ Partners.
TWM: I think all NJ Partners are doing great in business but to make an event like SIP Marathon successful, it is the Decide and Implement approach, that needs to be followed. We did not think too much about how we are going to do it, rather we concentrated on action, it was for our strong determination and hard work, that made it a huge success.
ES: After SIP Marathon what are your future plans?
TWM: At this moment, we are focusing on our business targets for this year. Although right now we are a little short in achieving our targets in terms of AUM and SIP, however we are confident enough to complete the same by the year end.