Mr. Jitendra Shah
Surat
ES: Please introduce yourself and also share your vision and mission or goals in life.
Answer: Born in Kolkata, studied in Chennai, doing investment advisory business in Surat. I did BSC(Maths) from CHENNAI UNIVERSITY, and shifted to Surat in 1990. I was into manufacturing of fabrics for 15 years and was running a full fledged industry. I was not really satisfied running the industry and was wanting to do something different, so I joined the financial field through NJ in 2006.
ES: What inspired you to choose the career of a financial advisor / distributor?
Answer: My brother was in close contact with Mr Niraj Choksi, as they were in the same rotary club. He took me to meet Niraj Bhai seeking guidance on what career I should pursue further after I had closed the textile industry. Neeraj Bhai told me “Don’t search for any jobs, as you have been doing business all your life you should start an investment advisory business”. He explained to me in detail that I will not only be creating wealth of my own in this business, but will be creating wealth for others in the society too, by educating them to invest in the right way. I was fully convinced and went ahead with the career of a financial advisor.
ES: 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?
Answer: The initial two years were very tough as when I had started my advisory business, people had little knowledge about mutual funds and to add to it, the markets crashed to an all time low in 2008 when it fell from 21000 to 8500. It was very tough to convince people at that juncture, as the people who invested felt that fixed deposits was the best option to invest in. I had a good reputation in my previous textile field and my clients felt that I will not be guiding them in the wrong path. I had told them that bad markets will come and go, stay invested for a long time and the benefits will come. I am glad they listened to me and are reaping huge benefits because of their trust in me.
ES: What made you to join NJ as an NJ Partner?
Answer: I had known NJ before I had joined them. I knew about their ethical practices, latest technology updates and their support. There could not be a better choice to start investment advisory business other than with NJ.
ES: Do you promote the idea of savings through MF SIP in your clients?
Answer: Yes definitely, there cannot be a better way for the investor to grow his wealth other than through an SIP. It makes the investor more disciplined, systematic and each installment takes him a step forward towards his goals. I always tell my clients when you invest in an SIP, you can Sleep In Peace.
ES: Client communications is an integral part of your business. Please share any best practices / services related to communications adopted by you.
Answer: I communicate regularly with my clients through SMS, WhatsApp and emails. I send them birthdays wishes too. It is not possible to meet all clients when you cross 2000 clients, so I hold client meets often to stay in touch with them. MCS images and videos are also an effective way to stay in touch and creating your own brand, and is a good way of continuously updating clients.
ES: How do you educate and convince your clients for mutual funds, especially the first time investors?
Answer: I always educate my clients that for getting inflation beating returns, mutual fund is the best option. I show them the comparisons of returns generated through fixed deposits, gold, ppf or an lic which gives a return of 7-8% annually, whereas an equity mutual fund gives returns of about 15% over a period of 10 to 15 years.
ES: Your experience with NJ's technology initiatives in terms of various Desks for Clients & Partners?
Answer: Since there is a lot of work and so little time, technology is the only solution to this. Ours being a highly service oriented business, NJ technology is simply a great way to expand our business through e-wealth, Client Desks and Partner Desks.
ES: What advantages do you feel NJ E-Wealth offers to both Clients and Partners?
Answer: Until a few years back, we could not even dream that our client sitting in the comfort of his home would be buying mutual funds online through us. It's all because of NJ E-Wealth that this is possible. Clients are able to buy liquid funds online and withdraw online regularly, it would not have been possible for us to give him this facility in physical transactions on a regular basis.
Another advantage of NJ E-Wealth is MARS, it's really difficult for us to face clients in a down market and giving them their valuation reports showing poor returns. MARS has helped us overcome this and we can show the clients moderate returns even in a low market.
ES: How do you assess /see the future of financial advisory business in India? How can we as Partners be ready / prepared to make the most of it?
Answer: Government norms are going to get stricter and tougher, the tough will survive and weak will perish. NJ with its ethical practices and sound technology will help NJ partners to survive and be ahead of other individual advisors.
ES: Self evaluation and assessment is something we all should do regularly. How do you assess your own self and/or your business? Are there any specific parameters you refer to?
Answer: Self evaluation and assessment is the most important to grow your business. Business targets cannot be reached without proper planning. If you have a goal for a particular year, you should evaluate per month what you should achieve to reach that goal, further evaluate per week and per day the target required to reach your goal. Your daily sales targets will keep you on your toes and will motivate you to reach your yearly sales target. Continuous evaluation of your business is a must and should be done regularly.
ES: Can you please share your short term and long term targets for your business.
Answer: My target for 2020 is an AUM of 200 crores and a live SIP book of 200 lacs.