Mr. Ali Hanif Tumbi who hails from city of bridges- Surat, was a successful businessman working in the Textile Industry. The values and thinking he cultivated from his childhood - To do something for the welfare of the society - became the deciding point for his life. A person who was running a successful business in textile industry decided to foray into Financial Service Industry and the reason for doing so he described in his own words: "The main thing that inspired me to choose the advisory business was I always wished to work for the welfare of the society. I believed that creating my own wealth in isolation is not a good idea, instead taking the society along towards wealth creation was what I wanted to do." After spending so much time as an financial advisor, today his son has joined him to run his venture
Being an advisor when it comes to Mutual Fund as an investment product - his statement reflects the conviction and confidence that he has in MF Product: "What I see & understand about Mutual Funds is that, this product never lets an investor money into loss if invested in well managed schemes"
Team e-Saathi wish all luck to Mr. Ali Hanfi Tumbi, who has started his journey into financial service industry by keeping "Welfare of Society" at the center of his mission and vision.
ES: Please introduce yourself and also share your vision and mission or goals in life.
Answer: I was a successful businessman running my own textile business, but then I realised the need to do something for the welfare of the society especially our Muslim Community. I wanted to spread knowledge about the importance of investing & correct investment products. I wanted to make mine as well as other communities financially literate and make them wealthy enough so that they don't have to depend on others. My objective is helping the society create wealth & ultimately I too create mine.
Vision: To make my people financially literate and make them wealthy enough to enable them fulfill their goals.
Mission: Our mission is to provide fast track financial solutions to people & thereby enable them enjoy a secured, happy and peaceful retirement life.
ES: What inspired you to choose the career of a financial advisor / distributor?
Answer: The main thing that inspired me to choose the advisory business was I always wished to work for the welfare of the society. I believed that creating my own wealth in isolation is not a good idea, instead taking the society along towards wealth creation was what I wanted to do.
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?
Answer: I had a good image in public as a trustworthy man. However, in the initial years of my business when I started promoting Mutual Funds among people, they did not believe in me & the long term wealth creation concept which I wanted them to visualize. I never gave up & repeatedly pitched the Mutual Fund Concept every now & then, be it a social get together, or a prayer hall, or wherever I used to find a group of people, my only job was to make them realise the beauty of the product & long term wealth creation. What I see & understand about Mutual Funds is that, this product never lets an investor money into loss if invested in well managed schemes.
ES: What made you to join NJ as an NJ Partner ?
Answer: The Technology & support given by NJ, to grow our business beyond our imagination inspired me to work with NJ.
ES: Do you promote the idea of savings through MF SIP in your clients?
Answer: Yes, I always promote MF SIP for regular saving & wealth creation.
ES: Client communications is an integral part of your business. Please share any best practices / services related to communications adopted by you.
Answer: I meet my clients on a regular basis either at their home or office. I like to be in touch with them so that I know what is going on in their personal or professional life. This gives me an idea as to how to go about guiding them right for their investments.
ES: How do you educate and convince your clients for mutual funds, especially the first time investors?
Answer: I always guide my clients in a very simple manner. I explain to them, that in order to beat inflation & earn real return over & above inflation, Mutual Fund is the only option available, which will create their overall wealth in the long term.
ES: Your experience with NJ's technology initiatives in terms of various Desks for Clients & Partners?
Answer: NJ has an excellent technological platform which also motivated me to join NJ. I create wealth for my clients with the latest technological support provided by NJ from time to time.
ES: Please share with us any standards / best practices related to client segmentation. If yes, also share any differentiation practice adopted by you in offering services to these client segments.
Answer: My segmentation process is very simple. I bifurcate the investors on the basis of generation gaps, young generation & senior citizens. Young generation has a larger time period for their investments so I suggest them to take exposure towards equity schemes & senior citizens have a smaller investment period, so I suggest them to go for Income Funds.
ES: Can you share any incident /event which has had a lasting impact on you or on your business as a financial advisor /distributor?
Answer: There is no special one but let me share with readers that whenever I offer any investment product/advice then it is most of the time based on the financial/goal planning only. The most important thing happens is that my clients remain invested to their investment & keep patience for till the time goal achieved. The time when they complete their investment tenure for which they have planned & objective of investments gets achieved - that always be a happiest moment for me and its gives me peace of the mind & happiness for lifetime.
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: If you do your work with full honesty, there lies a big scope ahead in the financial advisory business in India but if you misguide your clients, then you will not survive longer. And one Important thing I always tell my clients is "JEENA YAHAAN MARNA YAHAAN" by which I mean, the best part of my life is to guide people, make them financially literate, self dependent and create wealth for them.
ES: How much importance do you give to Asset Allocation & Risk Profiling while offering solutions to clients' needs?
Answer: Asset Allocation is very important & without proper asset allocation I do not advise to invest. So whenever I meet a client for his financial planning, asset allocation is at the top.
ES: Winning the trust of a client is not an easy task. How do you think you can win the trust of your Clients?
Answer: It is very tough to gain the trust of your clients, but when you are working with full honesty since the beginning, you gain that trust from your small number of clients. Then good word of mouth does it all, and slowly & gradually an advisor becomes successful.
ES: What suggestion / advice you would like to give to new Partners who have yet not established themselves in the business?
Answer: I will tell this thing again & again that if you work with full honesty, guide your clients in an ethical way, you have a long way to go & there is a good opportunity waiting for you in this industry.
ES: Can you please share your short term and long term targets for your business.
Answer: My target for the next 10 years is Rs 5 crores SIP book & Rs 1000 crore of AUM under my management.