Keep calling. Keep trying. Initially, it takes time. If you call 10 people, you will get 2-3 appointments. If you meet 3 prospective clients, you can expect to convert one into client.

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Start with a big vision. Future will throw a lot of opportunity. When you start with a big vision, all your actions align to achieve that vision. Don’t play safe. Think about 15-20 years ahead. Think about thousands of crores of aum. Think about thousands of SIPs. If you start with a small vision, you will never become big. Over 5-10 years, you should target atleast 100 crores of aum. Over 15-20 years, you should target upwards of 1,000 crores of aum. (31st July’18)

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It depends on your preference and capability of investing in business. When you work with a national distributor like NJ, Prudent or others, you get a fantastic software, online transaction platform and backend support at a very reasonable cost. You can focus on client aquisition from day 1. When you work direct with AMCs, you build your own branding but your costs could be higher to set up office, buy softwares, keep more employees. So, the choice is yours.

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SIPs are powerful. You should try to sell as much as possible. As a beginner, try to sell atleast 1 SIP every day, 30 SIPs every month, and 300 SIPs every year. If you sell Rs.30,000/- SIP every month (Rs.1,000/- per Day), you can build an AUM of around Rs.30 crores in 10 years. If you sell Rs.Rs.1,00,000/- SIP every month, you can build an AUM of Rs.100 crores in 10 years. All SIPs won’t run for 10 years. So, for every closed SIP you must sell 1 more SIP to compensate for it.

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Yes, I think so. Mutual funds distribution and advisory business is good if you consider it as a career for 15-20 years. Initial 2-3 years will be challenging as you may have less clients. You have to have 100% integrity. Mutual funds as a product is very good and so the prospects are also very good.

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Talk about financial goals. Explain them about SIPs, STPs and liquid funds. Show them track record of mutual funds.

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You must have patience of 2-3 years. Regulations are becoming tighter day by day. I remain confident that this business has excellent potential. The key is to remain positive even in tough situations. As far as your clients trust you, you should be do well.

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If you wish to work an an IFA, you should have a backup plan for 3 years. If you work 6-8 hours with full dedication, you should do well in this profession. There is nothing wrong in leaving your job and starting on your own but as a matter of good behavior, you should inform your employer about your intention well in advance and be ethical.

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To develop any new business takes time. You should give atleast 2-3 years to do reasonably well. If you work 6-8 hours with full dedication, you should do well in this profession. If you are not serious, 20 years will be less.

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If you wish to start your MF distribution business through a national distributor, you can consider NJ India and Prudent Corporate. They are big and have fantastic platforms. There are others too, like Karvy, JM, Bajaj etc. There is a section in this website giving details of national distributors.

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This business has excellent potential. You must have patience of 2-3 years and remain positive even in tough situations. Hundreds of IFAs have over 100 crores of AUM. In next few years, thousands of IFAs will cross 100 crores of AUM. Industry is also growing fast. So, the potential is big.

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