Mr. Ajay Bansal
Crorepati Bhava - Pune , Maharashtra
Q : Please introduce yourself and also share your vision and mission or goals in life.
Answer : “I am here to make you Crorepati so that you can impart the best of education to your children as well as Retire Rich to enjoy your golden years. “
This is exactly how I introduce myself to the client.
I am an Electrical Engineer by qualification. I have had over two decades of Corporate Career prior to joining NJ Wealth as a partner in October 2017.
My firm name is Crorepati Bhava. My mission is to have 1000 families embarking on the path of becoming Crorepati.
I am NJ MARS aficionado.
Q : What inspired you to choose the career of a financial advisor / distributor?
Answer : I always had fascination towards financial products & solutions. During my stint in the IT industry, I noticed that while IT professionals were busy working & making money, they hardly had any time or inclination to manage their money. Surely, they needed a Financial advisor. Later I quit my corporate career to pursue my passion in financial products & distribution.
Q : Do you promote the idea of savings through MF SIP to your clients?
Answer : Only MF SIP can create wealth for the client due to (a) Investing in Equity i.e. businesses & (b) Power of Compounding. All that an investor needs to do is to simply commit a monthly investment amount & let SIP do its magic.
Q : How much importance do you give to Insurance in your advisory practice?
Answer : Wealth protection precedes Wealth Creation. Hence while having my first conversation with a client, I walk him through the Financial Planning Pyramid chart in order to make a point that he needs to have adequate insurance prior to investing for his future goals. NJ Sampoorn Suraksha approach comes very handy while discussing his family’s overall protection.
Q : How do you educate and convince your clients for mutual funds, especially the first time investors?
Answer : My first question to a first time investor is how he is going to achieve his life goals. He wants to impart the best education to his children. He aspires to retire rich to enjoy his golden years. And of course, the corpus required will be in Crores. Can he become Crorepati by investing in bank deposits, postal deposits, PPF etc.? This comparison makes him appreciate Mutual Funds as an ideal investment solution for his long-term goals.
Q : Your experience with NJ's technology initiatives in terms of various Desks for Clients & Partners?
Answer : Par excellence. Client feels delighted to monitor progress of his life goals using Family Need Utility. Client Desk is where all details are available to the client – be it Insurance, Bonds, Direct Equity, Will writing or reports e.g. Performance or P&L. As for partners, PIT (Partner Initiated Transaction) is just superb. MARS is a technological marvel which has put Asset Allocation into practice. Similarly, AIS (Automatic Investment Solution) is a wonderful solution for Risk Profiling & helping clients make an informed investment decision. I always feel excited about one initiative or another being launched e.g. e-Dis.
Q : What advantages do you feel NJ E-Wealth offers to both Clients and Partners?
Answer : Over 30 % of my clients are outside of Pune. Yet I was able to on board them (KYC / Non-KYC) by opening their E-Wealth Account online. e Bank mandate ensured SIP set up without delay. Addition of New Bank, changing personal details, changing Bank in live SIP, SIP Revoke, Switch SIP – the list goes on. This translates to better experience for Client & better productivity of partners. Clients can invest in NPS, subscribe to Instaa Cash or buy Stocks or even Gold Bonds using his E Wealth Account. In short, E-Wealth is a one stop shop for a client's financial needs.
Q : How much importance do you give to Asset Allocation & Risk Profile while offering solutions to clients' needs ?
Answer : Asset Allocation is like the foundation of a high-rise building. Only due to strong foundation, the building is able to withstand onslaught of storms, hurricanes etc. Similarly, for an investor to remain invested in all market conditions, it is essential to maintain his Asset Allocation based on Risk Profile. What could be a better solution than NJ AIS for Risk Profiling & NJ MARS for investing in Asset Allocation portfolios.
Q : Winning the trust of a Client is not an easy task. How do you think you can win the trust of Clients?
Answer : By being in Client’s shoes.
Offer him what he needs e.g. ELSS investments should be as per his 80C requirements. While having my first conversation with a client, I walk him through the Financial Planning Pyramid chart in order to make a point that he needs to first build an emergency corpus followed by adequate insurance prior to investing for his future goals. This may probably mean smaller SIP in the beginning but it will go a long way in winning client’s trust.
Q : What suggestion / advice would you like to give to new Partners who have not yet established themselves into the business?
Answer : Conviction, perseverance & learning – This is the mantra of making BIG in this highly untapped industry.
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Always do financial planning to define Client’s Insurance & Investment needs.
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Offer Sampoorn Suraksha for meeting his insurance needs.
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As much as possible, invest in MARS. In fact, this is your USP. MARS has the potential to even attract investors who are in direct plans.
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Empower Client by mapping his goals & investments in Family need utility. But do it religiously.
Q : Can you please share your short term and long-term targets for your business.
Answer : My short-term target is to grow the SIP book to 50 Lacs in next 2 years. My long-term target is to grow AUM to 100 Cr by 2025.
Q: Have you acquainted yourself with the current lock-down situation due to pandemic COVID-19? What are your experiences for business continuity its growth? Did you find it difficult?
Answer : It was not at all difficult as all my clients were on E-Wealth. I was able to cater to their requests. During the lockdown, I have come to realize that online meeting place e.g. Google Meet is going to be a very convenient & productive way for client interaction. In fact, I had an online session for my college alumnus on ‘How to Retire Rich to enjoy your Golden years’ which was attended by fifty odd participants. Of late I have started Client Portfolio review using online meetings. Clients have found it very convenient & informative too.
Q : Share your thoughts on NJ Digital Talks? Whether you and your clients are benefited from it or not. Also, NJ Management has announced another initiative to help partners and clients, share your thoughts on it.
Answer : I always look forward to attending DigiTalk sessions – it is like hearing from the horse’s mouth. I really appreciate the efforts taken by one & all in delivering sessions on very important topics viz. AIS, MARS, Family Need Utility, CRM, Sampoorn Suraksha amongst others. Then there were talks by successful partners – it was very inspiring & motivating. I feel very much benefited & enriched by the sessions. Now it has become a repository to refer to. My clients also shared good feedback on DigiTalk sessions.