Mr. Sourav Mukherjee, Kolkata
Mr. Sourav Mukherjee had clear inclination towards the word BUSINESS from his childhood but he never thought of becoming an advisor. He started his career in Network Marketing Business and also took a job with this business with a reason to see a smile on her mother's face. He believe that fortunately the Network Marketing Business became a Game Changer for him. To start with in the field of Financial services He took an LIC agency and after spending 6-7 years he roped into MF advisory when he received a letter from NJ Kolkata Branch for opportunity to become MF Advisor. Sourav believes that hurdles are part of life and business and he is running his business with an attitude that can be described with this single line: BORN TO RULE in WEALTH SOLUTION.
Team e-Saathi presents an interview of a person whose name (Sourav) itself says a lot about him and who wants to do something for nation, like we had an all time great captain of Indian cricket team – Mr. Sourav Ganguly from the city of joy – Kolkata.
ES: Please introduce yourself and also share your vision and mission or goals in life.
Sourav: Myself Sourav Mukherjee from Kolkata. I started my Insurance (only Life Insurance from LIC of India) advisory business in the year 2000 April 10th while doing my graduation in 2nd year. After graduation I started expanding my portfolio one by one stated with general insurance, share broking, corporate F.D etc. Later on I created my company Sun Financial with mission and vision i.e. BORN TO RULE in WEALTH SOLUTION with 2 Principal:-
"What is good to our client will bring good to us.
What is not good to our client will not bring good to us"
"What we get out of our client is irrelevant.
What he/she gets out of us is our predominate concern"
ES: What inspired you to choose the career of a financial advisor / distributor?
Sourav: Frankly speaking, from the days of childhood i had an inclination towards being a businssmen and a business though i did not have any understanding about the word - BUSINESS. But starting an advisory business was took place like a drama.
Actually one of my friend while doing 1st year of graduation offered me a part time business opportunity in network marketing in Oriflame with glittering future. (in those days networking marketing was a new concept). I accepted his proposal and joined with him.
Naturally to expand my network business i used to look for references and by doing this practice i got a reference of one gentleman with details like "He is highly successfull in his field". I contacted him, took appointment and went to meet him at his home. After completion of few formalities he told me that "he is selling product in lakhs and taking money against just a paper only !"
Then I asked him what line of business you are doing? I came to know that his working as a LIC Agent with a capacity of Zonal Manager club member. He said that it’s an easy business proposal for him and he gave me time in the next month for the joining.
Again I followed up him after 30-35 days and when I met him he informed me that he joined the business with his friend before 2-3 weeks. Hearing that disappointmet spread on my face but had to accept that. We discussed further and he shared with me his last month business & networking team figures.
While returning to home(on my bicycle) I firmly decided that I will start LIC business.
This way I entered into the career of a financial advisor. After entering into as a financial advisor I started doing 2-3 plans mixing and delivering clients a new product like chief of a Hotel. Planning, product mixing, creating new ideas inspired me lots. When I reached clients home their warm welcome etc. inspired me today also.
ES: Say something about initial hiccups you faced in establishing the business?
Sourav: Yes, there were challanges when you start a business. But would like to share two which were last bit long with me in those days.
Challenge of Business Stablity considering my Age and lack of knowledge:
I started business after my graduation so i used to feel that clients used to see me with doubt about my stability. I believe my knowledge in financial advisory domain & also managing money at that age was altogether a challenging part for me. But you can prove yourself with times.
But today everything has changed. With my honest and integrated approach towards my clients and a passion from the bottom of my heart has helped me to overcome all these in acquiring clients and their confidence on me.
The other one I faced from my parents. It was about I did not have a job:
My mother felt highly embarrassed when someone come and ask her about me/my job. It was difficult to justify about the career in this field to them made me difficult to pass that phase. I faced the same for more than 3 years. Finally to bring happiness and a much needed satisfaction on my mom's face i decided to start a job. Strategically i decided to look for a job which can be helpful in expanding my business. I looked for a job in Forex Company.
I joined and make mom’s happy I took a plan which also help me to expand my portfolio also. The plan was to get a job in Forex Company. Finally I got it but not in Kolkata but in Bhubaneswar in LKP Forex (Presently know as Thomas Cook).
So if there is +ve will there is +ve way.
ES:What made you to join NJ as NJ Partner ?
Sourav: After 6–7 yrs. of doing Insurance business I started getting enquiries about MF & Equity Investments. For such enquiries I started giving business to one of my firned who was a also an LIC Agent. But providing support to clients for their queries and to provide them services related to their investments was became a difficult job for me.(Actually i learned a good lesson that in our profession the main post sale support is crucial rather than just selling the right product)
Finally I started looking inquiring about how to do business in MF and fortunately during that time period only I received a letter from NJ Main Branch(from Mr. Koushik Ghosh) regarding requirement of MF Advisors. I called him and he explained the NJ model and this way i joined NJ after completion of all formalities.
I was witnessing the growth in the tech support provided by NJ. Partner desk, client desk were evolving day by day which i can’t explain in words, only way is to use it, feel it and fall in love with it. Not only technological development but various type of financial products availability in single window with proper information helps a Financial Advisor to manage his business easily.
ES: Do you promote the idea of savings through MF SIP in your clients?
Sourav: The 1st and foremost reason of promoting the idea of saving through SIP is POMPOM i.e. plenty of money and peace of mind. SIP gives tension free deep sleep at night to both client and advior.
ES: How much importance do you give to Insurance in you advisory practice?
Sourav: A human body required protein, carbohydrate, fat and fibroids in proper ratio. The same thing happens in financial planning. Equity, debt and insurance is required in proper ratio while you do financial planning because equity remains a wealth creation product whereas insurance is a wealth protection product.
ES:How do you educate and convince your clients for mutual funds, especially the first time investors?
Sourav: When I meet first time MF investor I clearly inform and educate them that first you understand the product and then need of the product in your life. if it suits or fulfills your need then go for the same otherwise do not pursue it. Inflation, benefit of rupee cost averaging, power compounding etc. are few things which I discussed with my client not only on first time but also on regular basis. So that client can associate with the technology and its process and benefits.
ES:Your experience with NJ's technology initiatives and how you evaluate it ?
Sourav: I tried myself to keep open in adopting new opportunities, products and services. NJ technology is an opportunities and blessing which both clients and partner have to take benefit of it as much as they can take.
NJ Technology has changed my entire business dimension by providing highly accurate data on a single click. This has helped me to save time, labour and back office staff cost for data management and also in preparing various reports. Client’s servicing is a part & parcel of business which nj platform has made easy for financial advisors. I would say ...
Do Business, Think Business - use only NJ platform.
NJ partner desk hai to life jingalala !
About NJ E-Wealth Account:
Superb tool. NJ E-Wealth Account reduces the cost of investment & provides facility of error free transaction at anytime from anywhere. So i like to say by using NJ E-Wealth Account one can – Karlo sare MF transaction muthime !
ES: Share your business practices.
Sourav: Client segmentation:
I follow one practice of segmenting or say grouping clients in segment/group with an objective to serve them better, to provide proper attention and to do effective time management which eventually helps me to grow my business.
Client segmentation without hurting any client is highly required. Recently I did segmentation of clients considering Revenue Generation and Age factors. I created 4 segment(A to D) based on these 2 parameters. Now i plan to spend time and efforts behind clients is based on these segments only. It is helping me in managing time and to provided effective service to each segment of clients.
Business Assessment:
KPA (Key Performance Area) Review a is a tool/technique i use for the assessment of business growth and performance. On 1st of each month i do review of Business Parameters and based on it i plan and strategies my work for upcoming months inline to meet targets. This practice gives me an competitive advantage for better & effecient business management.
"If client service calls increase then we have to think on it and take necessary action
to reduce the same."
Asset Allocation & Risk Profile:
Very crucial thing. Without having proper understanding of these two parameters we can’t do financial planning properly. So we have to give 100% importance to both the parameters.
ES: Your views on Future of financial advisory business in India: Sourav: Very bright future. Advisory business is becoming though day by day due to regulators is coming out with new rules and changes in laws. But looking at it positively i can say that a good thing that going to happen for the industry is, short term or part time unprofessional advisors will thrown out of market and we will get bigger space to "Rule".
Any NJ partner should not be worried for it because NJ Management and the entire NJ team is there with us to think, we just have to keep faith and strong belief in them. For e.g. MARS is an initiative from NJ to protect our AUM erosion.
ES: Words of caution and advice for new comers:
Sourav: Don’t give up whatever the situation may arise or happen. It is same like a new born baby starts walking. When baby learn to start walking, we know they fall and stand up again and again. But at the end they collect the courage to stand up on their feet and starts walking perfectly. The initial stage of business is also like a baby. We have to take care of it like a mother till the time it grown up like a big tree.
"Hurdles are pillows of our knowledge which makes us strong, durable and
determined to achieve our dream and goal."
One need to have passion for the business with much needed patience. Do not lose focus while you are in growing stage of the business.
ES: Winning the trust of a Client is not an easy task. How do you think you can win the trust of the Clients?
Sourav:It is not an easy task to get client trust. To get this, its continuous process and process is to keep in touch with client on regular basis, working with honesty and confidence what we suggest for them is the best for their future need fulfilment. If any mistake happened due to us then we have to meet client face to face and accept our fault or mistake don’t keep ourselves away from the client to face the reality. Situation will became so cool and easy after face to face meeting.
ES: Your Business Targets.
Sourav: Becoming a top quartile or Platinum partner of NJ by 2020. But personally I want to do something good for the nation which in turn give a meaningful support to the future generation in coming years.
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