ES: Please introduce yourself and also share your vision and mission or goals in life.
Nalin Kumar: My name is Nalinkumar S Patel, I am a full time insurance advisor, associated with LIC since 1987. I am an MDRT member from the last 20 consecutive years. I have been a Galaxy Club Member for two consecutive years. I joined NJ in Dec 2016.
My mission is to insure each one of my clients and create wealth for them from other asset classes. My Goal is to reach 1 Cr SIP book by 2020.
ES: What inspired you to choose the career of a financial advisor / distributor?
Nalin Kumar: While I was in M Com 1st year, I was running a small electrical equipment shop alongside. One day my neighbour took an insurance policy from an LIC agent. Being a commerce graduate, I knew about some benefits of insurance, but I wanted to know more. So I called the same agent for my own policy, after some time I met the agent, and got myself insured. Then I decided to become an LIC agent to help the society as well as do something for my bright career.
In the first year of my career as an LIC agent, year 1987, I did a business of Rs 1.21 cr sum assured, and became the top agent of my branch and was also ranked among the top 3 agents of Ahmedabad Zone.
In 2014, I had same experience with mutual fund product. One of my friends Mr. Janak Parikh suggested me to start an SIP and within two to three years I could see the value of my investment was increasing at a fast pace. I realized that I could extend the opportunity to my clients also. So in the year 2016, I started my career as a Mutual Fund advisor with NJ.
I would like to thank NJ for providing me with such a nice platform and appreciate the support of people at NJ, for which today I stand at an AUM of Rs 16 Cr and SIP book of Rs. 22 lacs in just 1.5 years time.
ES: What made you join NJ as an NJ Partner?
Nalin Kumar: A friend of mine, Mr. Jayesh Vyas, was already working with NJ since 3-4 years, he was doing great in business and likewise for his clients' wellbeing. So Jayesh's success story was the source of inspiration for me joining NJ.
ES: Do you promote the idea of savings through MF SIP in your clients?
Nalin Kumar: Yes! Very much. In fact when I joined NJ, I started an SIP of Rs 1.5 lac of my own and then I decided to take my SIP book to Rs 1 cr by 2020. Thanks to NJ, it was because of their continuous knowledge & support, that within a period of 1.5 years I was able to reach an SIP book of Rs 22 lacs..
ES: Client communications is an integral part of your business. Please share any best practices / services related to communications adopted by you.
Nalin Kumar: First of all meeting people is at the core and the most important task in the service industry, and in our business it's very important to meet our clients and understand their needs. I personally feel that a cup of tea with the client gives us a lot of clarity on his thought process and also gives a perspective of his overall financial background. Other than that I send monthly communications from my end with the view to spread financial literacy, sometimes I also order marketing material from BiZmall, which is a very good marketing support from NJ.
At times, I do client meets of 50-100 clients at one place, where I jointly address them. Until now, with NJ's help, I have addressed around 300 clients in the group format.
ES: How much importance do you give to Insurance in your advisory practice?
Nalin Kumar: I feel it is important for the client to first get insured upto his/her HLV(Human Life Value) and then only one should plan for Wealth Creation. Wealth Creation and Protection are both integral parts of financial advisory.
ES: How do you educate and convince your clients for mutual funds, especially the first time investors?
Nalin Kumar: As stated above, I do group client meets and familiarize my investors with the concepts and importance of Saving and Investing.
I am also using the Sales Kit given by my Unit manager, which contains all the details of MF, Investment, SIP, taxation, funds, etc. Sometimes we do joint calls with my Unit Manager and the client.
ES: Your experience with NJ's technology initiatives in terms of various Desks for Clients & Partners?
Nalin Kumar: NJ offers wonderful technological platforms for clients as well as partners. My investors are really happy to have everything on their fingertips.
ES: What advantages do you feel NJ E-Wealth offers to both Clients and Partners?
Nalin Kumar: NJ E-Wealth is a blessing for me as well as for my clients. It saves a lot of my time and money that used to go in redundant tasks, which ultimately helps me in meeting new people and getting more business. As far as clients are concerned, this platform helps them to transact even if they are on the go, that's the biggest advantage I feel they have got. With a very good initiative like Instacash, they feel the sense of having a savings account with a little extra return than what they were getting earlier.
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?
Nalin Kumar: We all are together going to have a bright future ahead, looking at the awareness that is being spread by regulators like AMFI. I feel more and more number of investors will come into Mutual Funds for their bright future. For the next decade or even more, I feel only “Mutual Fund Hi sahi Hai”
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?
Nalin Kumar: I sit with my DO/Unit Manager to set a yearly plan for my business, which gives me the direction I have to move on, and then I track the status of my progress regularly, to look for and correct deviations, if any.
ES: How much importance do you give to Asset Allocation & Risk Profile while offering solutions to clients' needs ?
Nalin Kumar: I feel it's important to generate returns but it's equally important to also protect the downside. I feel products like Balance funds, Dynamic Equity funds and MARS are the best products to suggest to clients.
ES: Winning the trust of a Client is not an easy task. How do you think you can win the trust of Clients?
Nalin Kumar: Trust only comes with time. I never do business the way I want, I always do what the customer needs. It's our ethics that will let the customer trust us over time.
I always put my self into the clients' shoes and think about their money as if it's mine before investing.
ES: What suggestion / advice you would like to give to new Partners who have not yet established themselves into the business?
Nalin Kumar: As soon as you get into the business, the target should always be getting more. It will give you a vision and a direction to work on and stretch yourself, so Think Big and Achieve Big. Trust your NJ/Branch/BM/UM, with their support and your continuous efforts, your growth will know no bounds.
ES: Can you please share your short term and long term targets for your business.
Nalin Kumar:
Short term: SIP book of Rs 50 lacs by March 19
Medium term: SIP book of Rs 1 Cr by Dec 2020
Long Term: AUM of Rs 100 Cr by 2022