Mr.Rakesh P. Parekh & Mr. Jayant Doshi
True Value Investment Services Private Ltd. - Bharuch
Mr. Rakesh Parekh started his career in the year 2006 as a Stock Broker and that was his first step in his journey of wealth creation for his clients. He said the time period : 2006 to 2008 had given a best lesson of his life. He experienced how the stock market washed out hands of his clients. He and his clients understood the fact about equity investing and learning from it made him to go for Mutual Fund product. After addition of MF into his product offering he has never look back in the business.
Later he partnered with his friend Mr. Jayant Doshi and bring him on the board into this journey. Both are the firm believer in the asset allocation principle for portfolio management. A thorough professional approach and a visionary, it comes as no surprise that the company's vision is to have HAPPY Families. We are currently managing an AUM of Rs. 50 cr. and want to reach at Rs.150 cr. mark by 2020.
We wish our best for True Value Investment Services Private Ltd. and are also glad to bring this interview.
ES: Please introduce yourself and also share your vision and mission or goals in life.
Rakesh:Hello e-Saathi readers !, I am Rakesh Parekh from Bharuch and running a investment advisory firm under the name
Later my friend Mr. Jayant Doshi joined with me in this business as we shared the same vision and understanding about the advisory business. We came under one roof to offer the best in class services to our clients and both working with vision to make healthy financial families as many as we can.
ES: What inspired you to choose the career of a financial advisor / distributor?
Rakesh:In the year 2006 I have started my carrier as a sub broker with leading stock broking firm in India, and started acquiring clients area surrounded around the cities Ankleshwar & Bharuch. I used to get new client day by day easily because stock market was in bull phase at that time, clients were also too aggressive for investing in stock market via Intra-day Trading, F &O with a very short time horizon. But in 2008 bear phase started and stock market collapse due to global issues particular in US due to many reasons. That collapse in market made so many clients - stop trading forever and also investors who have invested without so much understanding have lost money and for many others money stuck. At that time I realize that stock market is not a casino and I have to educate my clients that equities are for long term and buying an equity shares is like buying a business, if u don’t understand how to choose right stock or right business then invest through equity mutual fund.
ES: Do you promote the idea of savings through MF SIP in your clients?
Jayant: I think systematic investment Plan (SIP) is an eight wonder of the world, it’s a wonderful idea to create wealth in long run.
ES: Client communications is an integral part of your business. Please share any best practices / services related to communications adopted by you.
Both: Do meeting with client on regular basis. Use technology to upgrade them. We always appreciate technology backbone provide by NJ to its Partner and clients. NJ's technology initiatives for clients in terms of desk & mob apps are mind blowing and it is a need of the time. Say for e.g. NJ E-Wealth Account – it is the need of the time, NJ brought it to the market at very right time - a platform provides commendable benefits to investors with hassle free investing life. One should leverage these initiatives as a part of communications & marketing strategy.
ES: How do you educate your clients for MF, Insurance and a topic like asset allocation, especially the first time investors?
Both: We always recommend SIP to new mutual fund investor, and educate them how SIP will benefit in long run, its help to bet an inflation , rupee cost averaging in long run, you can start with small monthly installment , Profit earn on investment is tax free, investor can invest additional amount anytime. We also give understanding of the insurance. Life insurance is very important for the human life. We believe that each and every human having economic value must have life insurance so we do advice our clients to have it.
As far as asset allocation is concerns we believe it's a very important task. Risk profiling is a first step towards financial planning, after risk profiling you can suggest products and also you can share your view on asset allocation.
ES: Do you follow client segmentation practice. If yes, also share any differentiation made in service offerings to these client segments.
Rakesh: Yes, I am classifying my client base as per the criteria like Aggressive, Moderate and conservative and sell product accordingly,
“Client segmentation is must for every partner, you cannot sell every product to each client.”
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?
Jayant: Everyone has a need for future and everyone has to plan, our role is to identify customer need and advice them accordingly. Now a day’s interest rate on savings is big concern in our country, so day by day our role as an adviser is getting bigger. There is a huge opportunity available in India though regulator environment is not so flexible for IFA but I believe we can grow easily and can increase our market share.
ES: According to you what one should look to win the trust of clients?
Both: Many people think and believe that it is not that easy to build the trust of client but we believe that its an easy task. You just need to do your business very sincerely. Having said this if we highlights some of the parameters that one should follows to achieve and maintain the trust of client from the perspective of business, building relationship and providing services. Below is the list of few parameters:
- Following Ethical Practices,
- Regular Client Meeting,
- Giving Solution According To Their Need,
- Giving Good Services For Non Financial Transaction,
- Frequently Review And Re-Balancing Existing Portfolio
ES: Suggestion / advice you would like to give to new Partners?
Both: Congratulation to all new partners for choosing carrier as IFA. Mutual fund industry is very big and its going to be bigger and bigger in next few years, come with a long term business vision and stay here with focus and don’t take it as a part time job.
The most important thing is giving your 100% to the business. Sell more & more SIP, Set long term targets – for e.g. How you see yourself after coming 10 years?. Attend monthly meeting and motivational program regularly organized by NJ. Use tools and mobile application provided by NJ.
{s}
[[script type="text/javascript"]]
$(document).ready(function(){
new DiscussionBoard("divDiscussionBoard", "392", "http://www.njwebnest.in/esaathi/index.php/discussion").load();
});
[[/script]]
{/s}