The lockdown has not had a major impact on Shiva Prasad Konduru’s working schedule. His office is on the ground floor and he stays on the first floor of his private apartment in Warangal, Telangana. The only difference is that his office now wears a deserted look, with no clients and relationship managers of AMCs waiting in his office.
Client interactions have moved to zoom, WhatsApp video calls and phone calls. “While the work is not disrupted, I prefer having in person interactions with clients. It is easier to convince them by showing charts and other information. But we are adjusting to the new situation,” says Shiva.
Amid shrinking revenues due to commission cut and mark-to-market losses, the lockdown has reinforced the need for advisers to be equipped with technology. Technology not only helps manage operations remotely but is also an enabler to build scale, acquire clients from any geography, reduce paper and cut costs.
Many advisers who are using stock exchange platforms, MF Utility and sub- broking platforms are not finding the going tough. That said, the acceptance of online has not been widespread across the country yet. Many IFAs continue to use the physical mode.
On the business side, the WFH has not impacted daily workflow. Shiva has onboarded most of his clients on NSE MF II platform through which he executes transactions.
Shiva now plans to transition all his clients, especially elderly clients, to avoid signature mismatches and help him streamline processes.
Advisers are putting their extra time to productive use. From conference calls with fund managers to interacting with peers over zoom, advisers are keen to pick up new skills during this lockdown. “We had a zoom interaction last week where over 500 IFAs joined. Every week we take turns to give presentation on a particular topic. This helps us learn from each other,” says Shiva.
Due to the market meltdown, IFAs say that some of their clients who had migrated to new age online and mobile based investing platforms have started seeking their guidance on their direct investments.
Like Shiva, Mumbai-based Ritesh Sheth has been an early adopter of technology. He uses NSE MF II, CAMS 360, KFinKart and other tools to manage client transactions. Almost 70% of his clients transact online. Thanks to the option of online KYC, he is also able to onboard new clients seamlessly.
Bengaluru-based Registered Investment Adviser (RIA) Mimi Partha Sarathy has been using back office online software for over a decade now for preparing consolidated client portfolio reports. She also uses AMC portals to execute transactions. Most other transactions are done through online bank transfers, be it additions to some investments, insurance premium payments and PPF contributions.
The Flip Side
Technology also has its disadvantages. Some of Ritesh’s clients started checking their mobile application frequently and panicked after seeing their portfolios bleed. “I had to ask them to delete the app. I assured them that we will get over this once life comes back to normalcy,” says Ritesh.
One of his clients even went to the extent of redeeming his investments in losses directly through AMC website without consulting him, thinking that the world is perhaps going to end. “After he saw the market recovering, the client want to invest again,” adds Ritesh.
Upgrading Knowledge
Ritesh is also using the additional time he has due to lockdown to pick up some new skills. He says time management is key for balancing, work, health, personal life and upgrading skill sets.
Productivity
Advisers say that one takeaway from the lockdown is that their business could operate remotely without a need for physical office.
Since Mimi has a lean team, her team has adjusted to the new work schedule smoothly. Employees were asked to carry their laptops and other hardware home. Mimi had planned in advance for this possibility since the curfew imposed on March 22.
Her day begins at 9.00 am on the group WhatsApp chats for planning the day ahead. Client interactions happen through conference calls on Zoom, e-mails and phone calls. “Since my office is also part of the property in which my home is situated, I am in office every day. Clear discussions on the task on hand, financial plan discussions, allocation of work, calls with clients, fund managers are scheduled. We are also using this time to spend time on sharp analysis and reviews of investment portfolio details, new products, etc. There is indeed so much to do and learn from this event! Our entire team is on job and actually working more than regular days and are actually happy that they are all engaged and doing something so very productive,” says Mimi.
Mimi also teaches Yoga, which is her mantra of keeping fit. She makes it a point to practice Yoga every day even if it is for 20 minutes. She usually takes her calls with clients and fund managers while walking on her home terrace, which she says is a great way to do work and stay fit at the same time!
Learning
Soon after the lockdown announcement, Milind Shah of Arthmitra Gurukulam realised that this period could provide a great opportunity for peer-to-peer learning. He subscribed to a package on Zoom by paying $100, which allows up to 500 people to join his webinar. Since the lockdown came into force, he has conducted 36 webinars on topics like working from home, selling debt funds, manging client expectations, social media marketing, business development, technology tools, addressed by leading advisers from across India. The webinars are conducted every day at 6.30 pm.
Share with us how you are adapting to the new way of working.
