How this adviser clocked 1,533 SIPs in a single day

By Ravi Samalad |  01-11-19 | 
 
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About the Author
Ravi Samalad is Assistant Manager - Editoral for Morningstar.in.

Systematic investment plan (SIP) drives are catching the fancy of advisers. From small towns to mega cities, advisers from the length and breadth of the country are on a mission to achieve new heights in clocking bulk SIPs in a single day.

Delhi-based Dhiraj Suresh Aggarwal, founder of Taxpoint Consulting, beat his own target by clocking 1,533 SIPs on October 9, 2019. Last year, he had logged in 1,272 SIPs in a single day.

To lay the foundation for achieving this goal, Dhiraj and his team reviewed clients’ existing portfolios and discovered opportunities where they can step-up existing SIPs and fill gaps in order to diversify portfolios.

Next, they launched a SIP drive in their annual event Aahvahan by introducing a noble cause of planting saplings for each investor who sign up for SIP by collaborating with an NGO.

Aahvahan was an educational event filled with learning and fun. It hosted a fashion show for kids aged 2-12 years, had games, and a session on how to achieve life goals.

The event was well received by clients. His team planted 700 saplings in Delhi.  “We had spread the message that we will plant one sapling for each investor. This was also a good way to get people thinking about the environment.”

Dhiraj believes that the Mutual Funds Sahi Hai campaign has helped create awareness about mutual funds, particularly SIPs, in remote corners of India. “People want to start investing but they don’t know how to go about it and whom to approach. The event was an ideal platform to get people to actually start investing. We also got 50 first-time mutual fund investors for whom we performed KYC,” says Dhiraj. His team logged in most of the SIPs through BSE StAR MF.

Initial journey

Dhiraj started his practice in a small way in 2006 and gave a formal shape to his business by incorporating Taxpoint Consulting Pvt Ltd. in 2011. He also earned his Chartered Accountancy degree in 2011.

Over the years, Dhiraj discovered that he should expand his offerings. Tax saving schemes offered by fund houses were a natural fit and he started building on the mutual fund business.

Sowing the seeds of growth

Just like a sapling takes years to transform into a tree through nurture and care, Dhiraj believes in building his practice step-by-step by putting in place proper processes, systems, building his customized technology and support staff.

He generally avoids chasing lumpy investments and believes in building his MF book through systematic investment plans which are sticky and tied to client goals. Currently, he has SIP book of Rs 22 lakh.

Learning curve

Dhiraj believes in keeping himself abreast about different aspects of his profession through education. He has under his belt certifications on Concurrent Audit of Banks, Corporate Social Responsibility and Certification on Fraud and Forensics, a testimony to his quest for learning. He also has a degree in Law.

Road ahead

Dhiraj started his mutual fund business in late 2015 and currently manages assets under advisory of about Rs 8 crore. By March 2020, he aims to achieve AUA of Rs 10 crore and in the next two years reach Rs 50 crore. “I have not broken even on the mutual fund business yet. I have two resources for the MF vertical. The margins have shrunk in mutual funds so I would focus on strengthening my service, IT and putting in place processes to build scale to achieve Rs 50 crore AUA in the next two years,” says Dhiraj.

In his next event, he aims to clock 2,000 SIPs.

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