Former President of Indore’s Insurance & Investment Advisors Association Rajesh Kulwal has logged in 311 systematic investment plans (SIPs) in a single day on January 10th. What is even more noteworthy is that he executed all these SIPs physically.
Kulwal claims that it is the highest SIP executed by any adviser in Indore so far. “We cut a cake on January 10th. I wanted to do something different. This was possible after 3 days of intense effort,” says an elated Kulwal.
They began this exercise by sharing the account statements with all the families through email and sought their appointments for meeting. Together, they reached out to 160 families through phone calls and personal meetings over three days. Of 160 families, 140 families signed up for new SIPs.
“We didn’t sell SIPs just for the sake of achieving a target. We had a conversation with clients about their goals to find out if they had to commit more investments to achieve their goals. Many of them were keen to start new SIPs to meet their individual goals,” explains Kulwal.
Kulwal says that his clients are well versed with the benefits of SIPs and were forthcoming to commit new SIPs when the husband wife duo met them. They had set out to get 300 SIPs and ended up getting 311 SIPs. With the help of four team members, they filled all these applications in their office and submitted them at the R&T office at 12.30 pm. By the cut off time, they were able to get time stamps on all 311 SIPs the same day. With this addition, his total SIPs now stands at 1,500.
Rajesh along with his wife Mamta hold their individual mutual fund licenses. Mamta earlier dealt in insurance and joined him 15 years back. “I could not have achieved this without the help of my wife,” says Kulwal. They collectively advise on assets worth Rs 35 crore in mutual funds and most of their clients are self-employed.
Going ahead, the duo aims to set a new record with the help of technology.
Like Kulwal, many IFAs have set out on ambitious targets. When Bhusawal-based Rupesh Jain’s son Ronak came home to spend his holiday from Mumbai, Ronak asked Jain how his business is doing. “My son enquired about how many SIPs I had. I said 2,600 to which he suggested that I should work towards achieving 3,000 SIPs. I accepted this challenge,” recalls Jain.
But Jain could not have achieved this feat without the active support from his team. He shared his vision of initiating 500 SIPs on January 1, 2018. His lean two-member team accepted this challenge and they started working towards it from December 1. Jain thought that technology would be of great help to punch in these transactions. When he met his clients for seeking investments, his clients were hesitant to do online transactions. “I operate in a small town and investors are not comfortable doing online transactions. I wanted them to execute the transaction on January 1 and many of them said that they would be travelling to celebrate the new year. But they were willing to give a cheque to start SIPs,” recalls Jain.
Jain reached out to all his clients and managed to get commitment from 210 clients. Some clients started more than two SIPs, which helped him get 407 applications. When many of us were partying on the night of 31st December, Jain and his team members worked till 10 pm to complete the applications. On January 1, 2018, his team sent all these applications at the R&T.
Jain currently has an SIP book of Rs 70 lakh which he aims to take it to Rs 1 crore by March 2019.
