Anant Sharma: Hi YUKTARTH, first of all, you are very welcome to our interview and I hope you are doing well. And many congratulations on your achievements of making 20 crore AUM with us in just 24 months, which is a very short span of time. And thank you very much for participating in this journey with us. so my first question is, as you have been successful and you have worked in very senior positions in some leading banks, what were the factors that promoted you to work as an MFD?
Yuktarth Shrivastava: Thanks, Anant, and it feels good as you said. I understand this because I am from the asset industry; definitely I know that this is a good place to achieve as we had thought. Touchwood we are on track. And as per your question, what was the reason? If it is analyzed deeply, then obviously there is a progression that most of the time, as a fresher, when we pass out from studies, our primary goal is to do the work that we have learnt and understood in a better way, something that can be called our own. So you can roughly understand that 2 years ago I was at the same crossroads, and I chose this path because I felt that how can I deliver in a better way the things that I have learnt and understood over the years to the ultimate beneficiaries. So you see that when you come into the role of an MFD, one thing becomes certain in customer meetings, being the face to the customer, one such person would decide to be an MFD. Because what happens is that in corporate, as you move up, your customer interaction or end user interface keeps decreasing; your camp moves up, but within the company, within the corporate, you explain to your teams, interact with them, but check the ground reality of end users even on a very big profile. Sometimes big businessmen go and stand in their showrooms or big car dealers go and give the car, but that regular interface with customers ends, and I felt that it is my passion; I always like to be in touch and interact with the clients. Because of which I felt that by forming MSD I would be able to do it in a very better way.
Anant Sharma: You have said a very good thing: that you want to stay connected. Because only through that we get to know about the client’s need. And then we are able to give them suitable products. This was a very good reason, due to which you transformed into an MFD. As we discussed, you have achieved an AUM of 20 Cr. in a very short time. And if we talk about the last quarter, then for the sake of it, you have done the highest growth sales with us. I have a request to you: What advice would you like to give to all our current partners? What was your strategy from the point of view of client acquisition, What was the technique due to which you grew so well in such a short time? And how would you promote the business? So that our current partners can also benefit.
Yuktarth Srivastava: In some businesses, the statistics and integrity may be different, but as far as any kind of product related to the financial business is concerned, I think it is very important that the end user is in direct touch with you, and my thumb rule has always been to go one for one. So, if you have a customer, a client who is satisfied, to whom you have provided services, you should take a reference from each of them and if they are happy with your plan and have got good results, then they happily give references. And I have felt in this referencing that it grows more strongly.
Because if you think that when some people enter the business through some advertisement, they distribute pamphlets, I think that in the case of stores and retail work, like if someone has opened a new hotel, then he will send pamphlets in all the newspapers and orders will start coming. But this work of MFD of financial products, if there is a satisfied person who has worked on your services and advice and has got results, then he can recommend you well.
Anant Sharma: Your words proved one thing: if we take a client-centric approach with patience, then going forward, if the current client is satisfied, he will give us references, which will increase the scope of business, number of clients, and AUM.
For example, you have achieved so much AUM in a very short time as an IFA, MFD. So, if we talk about Nivesh, what was the role of this platform that may have helped you in increasing your AUM? Can you highlight it a little?
Yuktarth Srivastava: Yes, it is a tremendous and very crucial contribution. The business of finance is on paper most of the times. Today, a gardener comes and plants a flower pot and leaves, You can see its growth physically, but how can this growth be shown to the customer, For that is where Nivesh comes to the picture. It is a very good portal; it helps a lot to onboard the client and then into cross-selling, seek references, and as many other branches as possible in a client interaction. Because it is very important that we remain updated and are able to present ourselves to our customers in a very good manner. The portal of Nivesh is very helpful because on this portal there is a list of recommendations of mutual funds, it shows the client holding report, it shows the client transaction report, and the good thing is that it gets constantly upgraded, and this is not an easy thing to do.
Because there are so many AMCs, you get access to a single platform that you can design mutual funds of any number of AMCs in the way you want for your clients. A few years ago, there used to be a big challenge that when the time for taxation came, the client used to get upset. The client did not understand the OTP; they did not know which number was registered where. Definately, I would say that for whatever credit you are giving me, I help to equally share it with Nivesh.
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