Mr. Nirmaldas Doshi
Umalla (Bharuch)
ES: Please introduce yourself and also share your vision and mission or goals in life.
Nirmaldas: Mission: To occupy a position in the list of top 50 NJ partners pan India.
Vision: I want to give 200 families a crorepati status in the next 5 years with the help of systematized financial planning, superior technology and right advice.
ES: What inspired you to choose the career of a financial advisor / distributor?
Nirmaldas: My earlier experience in capital markets taught me that direct equity isn't suitable for long term investors, because the investor often takes investment decisions on the basis of his emotions. Human psychology is such that it prompts the investor to react when there are tremors in the markets and take decisions based on impulse, than prudence.
However, I firmly believe in the asset class, Equity is capable of generating exceptional returns in the long term & mutual fund is the only product which helps get the best out of equity, through it's unique features like professional management, diversification, transparent dealings and disciplined investment strategies.
Hence to bring the best on the table for my investors, I decided to enter the Mutual Fund Advisory space.
ES: Setting the financial advisory business takes some time. How did you handle the challenges on the financial front in the initial period of your business?
Nirmaldas: In the initial stages, people had doubts about the product, firstly because they were the conventional FD investors, and secondly, because at that time, markets had just recovered from a bear phase and hence the short term returns from Mutual Funds were not very exciting. So, the major challenge for me was to explain to the investors that the power of Mutual Funds cannot be assessed through short term returns and they need to have patience and invest in Mutual Funds for the long term.
ES: What made you join NJ as an NJ Partner?
Nirmaldas: Before joining, I had compared NJ with other distributors and AMC's on a technological platform. The superior System, Mobile Apps, Web Services, Software, Helpdesks, etc., offered by NJ were beyond comparison. In 2013, only NJ had the vision to go digital, and it was working towards it with the TADA platform, now known as E-Wealth. I had seen the system, it was very smooth to operate, both for the Partner as well as for the Client, and since I belong to a remote town, I needed a system which could solve queries at a centralized level, thus leaving me with some extra time so that I could meet more and more clients on a personal level.
ES: Do you promote the idea of savings through MF SIP in your clients?
Nirmaldas: According to me, “ SAMRUDHDHI NU BIJU NAAM SIP ', meaning “SIP is the second name of Prosperity”.
ES: How much importance do you give to Insurance in your advisory practice?
Nirmaldas: I believe insurance is a critical part of the overall financial planning of an investor, and all investors must be adequately protected with insurance at least against life and health risks. Therefore, I suggest all my clients to buy a term plan & a mediclaim along with their routine investments.
ES: Your experience with NJ's technology initiatives in terms of various Desks for Clients & Partners?
Nirmaldas: As mentioned earlier also, the primary reason behind me joining NJ was it's superior technological platform. Although all technology initiatives adopted by NJ are extremely helpful, yet I feel the Partner Initiated Transactions (PIT) and the Call and Transact Facility have helped me a lot in generating more business.
ES: Can you share any incident /event which has had a lasting impact on you or your business as a financial advisor /distributor?
Nirmaldas: On 25th Oct. 2017, the auspicious day of “ LABH PANCHAM”, we held an event to promote SIP's among investors and we called it the “SIP Day”. Thanks to the trust that my clients placed in us, that we were able to successfully register 129 SIPs in that one day, with the help of NJ's E-wealth platform. It was one one of the most impactful and memorable days of my career as a financial advisor.
ES: How do you assess /see the future of financial advisory business in India? How can the NJ Partners be ready / prepared to make the most of it?
Nirmaldas: I think in India, Advisory business has just started and we have a long way to go. To be prepared and make the most of the opportunities lying ahead, I am focusing on the Online Business model. One of the major factors behind my focus towards the Online platform is due to the operational effectiveness, redundancy gets eliminated, the query level is almost Nil, and these benefits extends enough scope for business development.
ES: How much importance do you give to Asset Allocation & Risk Profiling while offering solutions to clients needs?
Nirmaldas: Asset Allocation and Risk Profiling is an indispensable part of the Financial Planning process. Hence, while advising I keep in mind, that each client has a different risk appetite and their portfolio Asset allocation must be done as per their risk appetite.
ES: Winning the trust of a Client is not an easy task. How do you think you can win the trust of the Clients?
Nirmaldas: We are in a service industry, so according to me, service plays a vital role in Winning the trust of a client.
ES: Can you please share your short term and long term targets for your business.
Nirmaldas: For short term in 2-3 years, SIP Book of Rs. 1 Cr. For Long term in 6-7 Years, SIP Book of Rs. 5 Cr.