Mr. Tryambak Nayak
Durgapur , West Bengal
ES: Please introduce Yourself
Tryambak: I, Tryambak Nayak from Durgapur, West Bengal, I am a Platinum Partner of NJ and currently managing Rs 35 crore AUM and an SIP Book of Rs 41 Lakhs.
Vision- Success With Satisfaction is my Vision.
Mission – Is to make two hundred clients of Rs 6 crores net worth each.
ES: What inspired you to choose the career of a financial Advisor/ Distributor?
Tryambak:Warren buffet once said: “You need to be an investor to be wealthy, not wealthy to be an investor” and the magic of compounding inspired me to become a financial advisor / wealth Creator.
ES: Setting the financial advisory business takes some time. How did you handle the challenges on the financial front in the initial period of the business?
Tryambak: I started my business at the end of 2008 when my father had just retired from central Government's PSU Service. It was a financially challenging period for me and I can recall that my trail income for the first three months was Rs. 110/- only. I am the only son of my parents and got full financial support from my father at that stringent time of my business. My father realized that my keen desire was to do business instead of service, he also showed a very positive attitude and whole heartedly helped me cross the hurdle. This is not out of place to mention that my father though not a businessman and practically had little exposure to this sector, but he advised me a number of times to go ahead with my business with sincerity, honesty and hard-work and in no event I should be dislinked with NJ.
ES: What made you to join as an NJ Partner?
Tryambak: This was a coincidence. After completing my graduation, I had done a post graduate diploma course in sports management from IISWBM, Kolkata. Thereafter, I joined two clubs as sports manager. One of which was Mohun Bagan Sail Football Academy for training junior footballers, but somehow I was not satisfied with the job. Ultimately I left the job and was in search of some other Profession. That time a cousin brother of mine who took a franchise of stock brokerage, advised me to become a distributor of mutual funds. On his advise, I studied and took the AMFI exam, but could not succeed in that attempt. However, in the exam hall I met someone who prepared for the exam under NJ's training. Thanks to him that I got to know about this organisation and under its guidance, I could clear AMFI and ultimately became an NJ Partner and needless to mention that NJ is the architect of my career and has played an intricate role in leading me to where I stand today.
ES: Do you promote the idea of savings through MF SIP in your clients?
Tryambak: Yes, SIP is the best option for everyone. For shorter term, I promote Liquid Fund SIP, which is very helpful in meeting emergencies or for making other payments like insurance premiums.
ES: Client communications is an integral part of your business. Please share any best practices / services related to communications adopted by you.
Tryambak: According to client profile, I put him/her into groups and accordingly I share know how through news/videos, pictures etc. NJ MCS has helped me a lot and the material is appreciated by my clients. Apart from this, I conduct yearly seminars with my clients.
ES: How much importance do you give to Insurance in you advisory practice?
Tryambak: Insurance is an important aspect of financial advisory, without insurance planning, financial planning is not possible. After a lot of misselling in the insurance sector, people realized that many traditional insurance policies, especially money back policies are not at all fruitful. I believed in insurance firmly and advised my clients to first take Term Plan, thereafter Health Insurance and last but not the least SIP. I believe that the above are the three main pillars of Financial planning.
ES: How do you educate and convince your clients for mutual funds, especially the first time investors?
Tryambak: It is an Art. Clients judge us through our body language and cross questioning. If we are able to answer them with proper Logic and Confidence, the clients would surrender into your experience and knowledge within a very short time. I never try to sell products to my new clients, I always give emphasis on knowledge sharing.
I explain the following to my clients:
1) Debt funds for short Term and Equity Funds for long term.
2) As horizon increases volatility decreases.
The GAP Presentation of NJ is very informative for first time clients
ES: How do you evaluate NJ's Technology initiatives?
Tryambak: My Experience with NJ's technology initiatives in terms of various desks for clients and partners is really superb. NJ is offering the most superior business platform in terms of technology.
In one word, it is simply fantastic. A Partner can manage his business from his home also. Partner Initiated Transaction is great move in this direction. I have executed transactions using PIT, on one hand it saves time and on the other hand, it eliminates all geographical barriers.
ES: Can you share any incident /event which has had a lasting impact on you or your business as a financial advisor /distributor?
Tryambak: Just After Few Months after starting this Business, my working zone was practically a non urban place in a coalfield area under ECL.
One Night when I was coming from durgapur to my native place at my two wheeler through an open road of very little traffic density, I Was attacked by a group of armed miscreants who had snatched my two wheeler and other many important goods and tied me with a tree. After being free when the incident was disclosed and reported to local PS. I think though the incident at the very starting period of my business was a very frightening & Life threatening nature, but on other hand this came to me as a blessing since it acquainted me at my working zone very quickly.
Next event was a film show named “Guru” Directed by Maniratnam and main actor was Abhishek Bachhan, Most likely the film was made basing upon the biography of great Dhirubhai Ambani and this film made me confirmed to adhese to a personal business instead of any so called service.
Thirdly, Which has a lasting impact on me and my business was attending a session of a monk named sukhobohananda at NJ PBC 2015, which may be regarded as a changer in life. Before attending swamis session, I was restless & Impatient to a remarkable extent but onwards. His Book “oh Life, relax Please has become a great changer for me.
ES: How do you assess /see the future of financial advisory business in India?
Tryambak: As awareness about investing and financial planning is increasing among the mass, the advisory business will only grow. There are possibilities of many regulatory changes taking place in this industry in the future, which we advisors must be prepared for and to keep ourselves updated, being connected with NJ, will be the greatest advantage.
ES: How much importance do you give to Asset Allocation & Risk Profile while offering solution to clients' needs?
Tryambak: I strongly believe in asset allocation and risk profiling, I strongly promote MARS among my clients for Asset Allocation. We have about Rs 10 Crores AUM of MARS Portfolios, which means 20% of the AUM comes from MARS and we have 300 MARS Accounts.
ES: Winning the trust of a client is not an easy task. How do you think you can win the trust of Clients?
Tryambak: Honesty & Integrity are the two most essential ingredients of developing and maintaining trust. I have ever missold, from the start of my business until now. Customers feel the vibration of our honesty and sincerity. Knowledge is of course a prime factor but what is more important is how the funds of the customers are treated. I try to think that clients' money is my fathers money and accordingly, I serve my clients funds in a way I would serve my father’s funds.
ES: What suggestion / advice you would like to give to new Partners who have not yet established themselves in the business?
Tryambak: We have set certain parameters for improvement, which are as follows:
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Sales should be done spiritually. I have pointed out earlier also, that clients' funds should be managed in a way that you would manage your father's money.
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Always set a target and it should be realistic. Set periodical targets and evaluate what % of the target has been achieved within the stipulated period.
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Please give emphasis upon knowledge sharing among co-partners and clients. If this is done properly business will automatically develop.
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Allocate 10% of your income to NJ Biz Mall
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Read at least one newspaper (Preferably financial) daily
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Read at least 2 good books on self improvement every year
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Avoid Social Media in the first half of the day (8 AM to 2 PM)
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Increase your interaction with clients and try your utmost to grow their investment which will automatically enrich you through further sales & references.
ES: Can you please share your short term and long term targets for your Business.
Tryambak: Currently we are managing 300 consistent clients out of our total 1300 clients. By 2020, we target for 500 consistent happy clients. And by 2025, we target to serve 1,000 consistent clients. We do not belief on targeting for AUM and live sip. If we can build good consistent clients, AUM will automatically be achieved.