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After a brief stint in the Armed Forces, I had a very humble beginning in the financial advisory profession, 17 years ago. When I look at the 4 pillars of Dependability - Consistency, Integrity, Responsiveness and Diligence - what strikes me is that these are exactly the same pillars on which I steadily built my practice - consistently and diligently, to bring it to a level today where I serve over 1650 clients with assets under advice in excess of Rs. 100 crores.
Consistency
11 years ago, I had the privilege of attending an advisory workshop in Lonavala, conducted by Mr. Gaurav Mashruwala. His insights on how to run an advisory business left a deep impression on me. I must confess, from that day till today, I have consistently and diligently adopted the principles he taught us in that workshop. He has been hugely instrumental in shaping my practice.
17 years is a long time in any profession, it's a long time over which one engages with a client. You can't build such long term relationships unless you are truly consistent in your approach. I have had the privilege of seeing clients who began with portfolios of 1 lakh with me, and who steadily built it up to over Rs. 1 crore over the years, through market appreciation and regular additions to the corpus. This cannot happen unless you actually practice the 4 pillars of consistency, integrity, responsiveness and diligence.
Integrity
I remember in my early days, I chose to work closely with an AMC that paid much less commissions - but I worked with them because I believed in their ethical practices. This AMC has now become an industry major. Clients can see from our actions, more than from any words we might say, about how ethical we are and how much we value integrity. Integrity is about earning absolute faith of your clients.
Integrity means taking portfolio actions when you are convinced it is in the best interests of your clients. You have to think and act like a tactician in a battlefield - you take actions that you believe will help you achieve the mission. You build conviction, and then act decisively. I recommend clients to switch only when I think it makes sense for my clients. And when I am convinced, I do not hesitate to recommend a switch.
Integrity means never taking short cuts that compromise client interests. Integrity means bringing yourself to a situation where clients never doubt your intentions. This is achieved by your actions, more than words. The rewards of integrity are "word of mouth" publicity from your clients. Clients will recommend you only when they trust you implicitly.
Responsiveness
Responsiveness for me goes beyond the business. It means helping people in whatever way I can, through whatever means are available. I am active on a number of social forums. I try my best to see that the needy get help from these social platforms, wherever possible.
With clients, responsiveness is about being there when they need me most. Its about reassuring them that my Hello line is always open, to answer any queries, to dispel any doubts. Responsiveness is about being sensitive to the needs of families who have lost their main brear earner. It is about giving them the confidence and reassurance in their hour of distress.
Diligence
Diligence to me means firstly keeping myself abreast of all economic and market developments, to enable me to discharge my fiduciary duties to my clients properly. I try to participate in interactive sessions on the economy, finance, policies and programs of the Government - all factors that influence markets. Diligence means recognizing that learning never ends. Diligence means being aware that investors have entrusted you with their hard earned money and that you have to do everything within your command to steer their portfolios ably through stable as well as turbulent times.
At the end of the day, what matters most is being investor centric and ethical in your practice. That is what is going to make you, me and all of us Mr.Dependable.
All content in Mr.Dependable is created by Wealth Forum and should not be construed as views of Religare Invesco MF.
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Javahar credits his advisory approach, which has brought him considerable success, to Gaurav Mashruwala's workshop which he attended 11 years ago. Javahar picked up useful insights from there and diligently leveraged these learnings to build a business where he serves over 1650 clients with assets under advice of over Rs.100 crores across all financial assets. Javahar takes us through his experience with embracing the 4 pillars of dependability that this column talks about - consistency, integrity, responsiveness and diligence - and showcases how he has built a successful practice by becoming Mr.Dependable to his clients.