Mr. Pankaj Modi, Bhavnagar.
Mr. Pankaj shares something more that just his surname with our PM; he is an outstanding speaker in addition to being a very successful, international trainer in HRD. Given his rich experience in HRD, Mr. Pankaj took to wealth management practice to help his clients and indeed himself to grow and prosper. Following an organised approach to the business, Mr. Pankaj has today also become a very successful Partner. We are glad to share the views of this inspiring and dynamic personality from Bhavnagar with our readers.
We learned that you have been associated with Printing business earlier so what inspired you to choose the career of a financial advisor / distributor?
From the very beginning I intend to choose my customers whose financial background is healthy. But, in printing industry hardly there were 3 to 5 % of the people who actually wanted to be updated with time. Then I came in HRD Training field. I realized that Money management is the profession which I am good at. Then I started my career with LIC and General Insurance. After meeting Prashant Bhai, somewhere deep I felt that this is the right way for me in order to grow in a proper manner. I started working as a mutual fund advisor with NJ. Then I started running without looking back & here I am in a never before position now.
What made you to join NJ as NJ Partner?
Being an International Trainer of HRD I could see that the vision of NJ is fruitful for me and my customers to stay one step ahead from others. NJ’s technology, moral support, personal intimacy with partner, constant updation are the things which any IFA would require in order to grow. And I think it was my correct decision to work with NJ.
What kind of initial challenges did you face in your financial advisory/distribution career.
For me, primary among the initial challenges were of the “unawareness of the clients” and the “understanding of the volatility” in the markets and business.
Do you promote the idea of savings through MF SIP in your clients?
Being HRD Trainer, I observe the human life very closely. From that I can figure it out that SIP is the only way available to get wealthy for any class of a people in an easy manner. And hence I promote SIP actively.
How do you go about planning your business?
I follow a simple 5 step process in my business which is “VISUALIZE. ANALYSE. ORGANIZE. REALISE. SUMMARIZE.”
What do you consider your best achievement thus far?
I have attended all PBC events till Now. I have also introduced my next generation in this business to serve my clients even better.
How do you educate and convince your clients for mutual funds, especially the first time investors?
I work on Need Base Planning concept for my every client because I believe personally that there is no planning possible without Goals or proper vision. After getting the family details I make them realize their needs and then I plan for them.
Please tell us your approach to selecting mutual fund schemes for your clients for investment.
First of all I decide the scheme type (Large/Mid/Small, Balance or Debt) as per risk appetite and the duration of investment. Then the scheme selection is based on long term performance track record in each scheme type. I also make sure that a proper mix and diversification of schemes is given in portfolio.
What advantages do you feel MARS offers to both - Clients and Partners?
When a client asks me, what 'new' you can offer us as a 'better product' compared to other advisors, I always reply 'MARS'.
How do you see TADA benefiting your business?
I believe that in future, only TADA will help protect our business. TADA is critical to ensure that our Operations and Back-office work becomes easier while saving Time and Service efforts.
How do you keep yourself updated and skilled for the role as a financial advisor?
Keeping self trained, updated and skilled is important for any financial advisor. I do so by keeping a continuous watch on my client portfolios and by following few good industry websites like café mutual and others.
What do you find as the most challenging part of the financial advisory and how do you manage it?
To break the mind blocks of the clients and to convince them to have PATIENCE in both bull and bearish run.
Can you please share your short term and long term targets for your business?
My long term target is to make 1,000 Cr. AUM by end of year 2025.
{s}
[[script type="text/javascript"]]
$(document).ready(function(){
new DiscussionBoard("divDiscussionBoard", "329", "http://www.njwebnest.in/esaathi/index.php/discussion").load();
});
[[/script]]
{/s}