Bangalore based IFA Deepesh Mehta crosses 1 crore SIP book.
I had a discussion with him with the intention of finding out what made this achievement possible.
What I understood was that while many IFAs spend time worrying about things like regulation and competition, both of which are beyond our control, there are people like Deepesh who go about business despite the challenges by focussing on things that are in their control i.e changing themselves instead of hoping the environment to change.
What is important for IFAs is to learn from Deepesh and implement a similar approach in their businesses.
What caught my fancy was Deepesh’s positive attitude and his focus on the magic formula for success ; IAP and Education.
I have been laying a lot of stress upon IAPs in every training program of mine because education in my opinion is the magic key for our business success.
Here is what he has to say about his strategy and the role of IAPs in his success.
I started my organisation Grow Wealth in 2007 when I was 21 years old and 2008 recession happened. After the carnage, I started to build back the business and then entry load was banned in 2009 Aug.
This again impacted me. I sat and thought what can be done about this.
Again from 2010-2013 the lumpsum investments gave very little return and I realised that volatility would continue and something has to be done in a big way to make volatility a friend.
I was having a glider and had no engine and realised that I need a jet which has 6-8 engines. This was much needed to fly above all the regulatory changes and market volatility that do happen.
In 2014 my SIP book was 2.5 Lakhs. I decided that I would focus on SIP as one of the engines for growth.
Here are some ideas which struck me to build SIP book .
1) We contacted all the building owners around our office and convinced about doing SIP from rental income. We succeeded.
2) From 2015-2018 I did more than 100 IAPs. In my first IAP I got a SIP of 1.9 lacs from a single client.
3) Then I decided to target families who had real goals like children’s education and retirement. I was less interested in those clients who just did SIP for name sake. Now we have clients who are serious about their SIP.
4) In 2017 as markets became expensive I was sure that SIP would help when markets start to correct. Today as markets corrected,SIP helped us.
*How do you control clients from stopping their SIP?*
I talk about the concept of 100 SIP Installments. Told clients that unless you don’t continue SIP for 100 months you may not get the complete benefit of SIP . We can say that in 2018, not a single SIP has stopped.
We are aware of the regulatory headwinds that would come. However we need to accept this, anticipate in advance and start working on this much before it impact us.
My message to all my IFA friends is, as long as you do good for clients, you do not have to worry about risks which you cannot control.