Meet Mr. Malay Jivani, Keshod - Junagadh
Equity remained a favorite subject of Malay since childhood and made him took Financial advisory as a business for lifetime. It was tough task ahead for him to work and sell MF in an area he lives due to less financial awareness and low interest among investors. But with strong commitment, conviction and his dedicated efforts without loosing hope made him well known personality in Mutual Fund Business. And much to surprise of all in the same area where Mutual Fund is a less known investment product.
Bringing this interview or Malay here on E-Saathi, we hope that our readers will surely get some inspiration - that with strong commitment and dedicated efforts you can always fly your flag high.
What inspired you to choose the career of a financial advisor / distributor?
Since my educational life, equity has been my favorite subject. It was during that time only that I had decided for a career in equity and equity related instruments. After education, I started my profession in an investment advisory business in the insurance industry. After building a decent client base and earnings, I started searching for a good company to build my career in my favorite subject - equity. It was opportunity that I got associated with NJ to build my career.
What made you to join NJ as NJ Partner?
I remember that in 2007 for the first time I got introduced to NJ and its' systems. Mutual funds and especially SIP was explained to me and I was very impressed. After some thinking, I took the decision to join NJ. After joining NJ, my business is grown very well under the guidance of Mr. Prashant Kakad and Mr. Ketan Pandit.
Setting the financial advisory business takes some time. How did you handle the challenges on the financial front in the initial period of the business?
Financial Advisory business depends on Skill, Intelligence and the most thing is Trust. In initial period, I faced the problem of conviction in the products. People were doubtful about the returns that were being delivered and often asked is it giving us that much returns? But slowly clients got convinced and now all are having faith in SIPs. What helped me in this business was that I had already set up my profession in the insurance industry. My clients fully supported me and NJ Team also cooperated with me in setting the mutual fund business. With blessing from all, I am happy to have achieved my goals and also managed to handle the challenges on the financial front in the business in short time.
What kindly of initial challenges do you face in your financial advisory/distribution career?
In my small town Keshod, I faced lots of challenges in my business in initial stage because of nobody knew about Mutual Funds & SIP. To tackle this problem, I decided to create awareness in people about the product and started doing seminars on a regular basis for mass awareness with support of NJ. This helped me overcome the initial challenge of the business.
How you promote the idea of savings through MF SIP in your clients?
My strongly promote the idea of systematically investing by asking investors avail the Triple “C” benefits like Convenience, Cost and Compounding. While it is easy and convenient to invest on a periodic basis, SIP investment are also spread over a time period, thereby averaging a cost of purchase. Investing smaller sums at regular intervals allows beating market volatility and benefiting from the enormous power of compounding over the time.
Client communications is an integral part of your business. Please share any best practices / services related to communications adopted by you.
Client’s communication is the big thing for us. We actively continue to connect with our clients by using BizMall's attractive products. We regularly send to clients, attractive fliers, one pagers to give a latest updates. We also distribute fliers through local news papers. For more awareness we also hold stall activities in consumer fairs. Through this activity today I am famous for mutual fund synonym = “MALAY JIVANI”
What are the important characteristics you think necessary to get success? How can we strengthen these characteristics in ourselves?
As a Financial Advisor, a very important characteristic is to build up a trust and long term relationship with clients. To realize their goals with positive approach. And we also try to sustain our clients trust as per our slogan “Trust to Growth”. I think if you are in financial advisory business then you have to be positive. If at times, even if clients reject your proposal give them positive reply because in future, if he wants to come with you then he can easily come without any kind of fear or inhibition. So, “BE POSITIVE” is also an important characteristic and believe me trying to be positive it’s not too tough at all.
What do you consider your best achievement thus far?
In my business my best achievement is that all clients are fully supported and trusted on me without any doubt because of my honesty and efficiency for them. That made us No.1 in Saurastra. And it’s a big pleasure for me. 'Good things are coming down the road, just don’t stop walking'.
How do you educate your clients especially the first time investors?
I explain my clients the concept of financial planning for future and need based goal planning. I also explain to how it will work and show returns comparison with products like FD, Bank Saving, Insurance. I highlight the returns potential of equities to give inflation beating returns. I explain the financial planning generally through the NJ Dynamic Calcy.
What advantages do you feel MARS offers to both Clients and Partners?
The market timing strategy implies the ability to get into and out of Equity and Debt assets at the right time. MARS is a more peaceful investment option within Mutual Funds for the Client. As an advisor and also my client are happy at a time of rebalancing because they now believe in my advisory being much more focus on their investment.
Say something about NJ TADA? How you see it? Would you offer this to your client?
TADA is the best concept of both, clients and advisors. Through TADA we save time and in our busy life schedule, time is precious for everyone. We can now manage transactions easily because of it being a paperless work. For me, it is the best offering provided from NJ and I like giving this best offering to my clients. My clients also happy for this new technology. In current market scenario, technology is very important and how can it be that we are not accepting it?
Please share with us the ways you promote TADA to clients who are not technology savvy or very educated.
We often give our clients the example of smart phone and ask them they are using whats app, FB messenger, Hike messenger, etc. for what? Only to save time we use these smart apps. Same way TADA helps us save our pure time. With paperless work we are also helping an eco-friendly concept. We gave the message that all transactions like Switch, Redemption, Purchases, etc. can be logged in the same day. Further, since in physical mode any transaction cannot done without client signature, there are physical barriers so clients had to accept TADA being a time saving, comfortable and paper less work. This is how we educated our clients.
Please share your best practices / activities related to portfolio management.
At the time of primary investment, we design the client portfolio with equity & debt schemes as per client’s short term and long term goals and then we have regularly reviews of the portfolio. We believe in Asset Allocation as an important part of financial planning and I do take care of the same while planning with clients. I am using one tool provided by NJ in Partner desk which is known as Risk Profiler for doing so. Further, I also have added advantage of being in a small town, where we know more about the client's background, what personal wealth he has? And where it is allocated? What is his risk appetite? Etc . So, all this information make things easy while planning. On the strategy front, we recommended a very common mutual fund strategy of Buy and Hold as per the investor's goal.
Can you please share your long term targets for your business?
Our future target is to reach Rs. 200 Cr. of AUM & Rs.50 Lac of SIP input value by the year 2020.
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