Building an identity as a financial advisor 

Mathew P Joseph, a 13-year MDRT member from India, believes that cutthroat competition is present in every walk of life, as it is in the financial service sector. He says, “From a small town in South India, I relied on my wide-eyed ambition and fire in the belly to come to the North, roll up my sleeves and get going in a seemingly alien land.” 

Joseph believes in building trust by providing value, focusing on retail customers, and pitching only small-ticket products. “While nobody would expect hands-on service for such products, I would ensure that clients are satisfied and understand what they are about to pay for,” he adds. He trusts this honesty reflects back at him through referrals. 

With time, and incomes growing commensurately, the needs of the clients have evolved, allowing Joseph to pitch products making sense at that time. Staying in close touch with the clients is imperative in gaining their trust, and he never pitched a product the client might not need. 

Unique Selling Proposition (USP) and how it has helped over the years 

Joseph feels nothing works in isolation. He says he understands his clients better because he has been offering them small-ticket products. The small-ticket items are mostly Systematic Investment Plans (SIPs) and mutual funds which are highly affordable small-ticket monthly investment plans offered by most Mutual Fund houses in India, and these plans get people into investment and wealth creation mode.  

Joseph says, “Once clients start appreciating the power of compounding, I usually pitch them long-term wealth creation insurance plans as well as mutual funds as a basket offering. Due to the continuous interaction because of the SIP plans, it becomes easier to pitch higher ticket items to most of my clients.” 

He adds, “I usually do not go by a set script. My clientele is diverse coming from varied backgrounds and regional cultures do play a role when speaking about money or investments per se. But the core of my pitch is usually about asking clients what their plans are for a second income and whether they have thought about having a contingency fund for sudden needs in life. This becomes a conversation starter and has always helped me close my clients.”  

Joseph recalls that a few years back he had done an on-site promotion in a public service undertaking, pitching tax-saving instruments to service class clients. Many of those people would become self-employed or business-class individuals with a larger net worth in years to come. Today, they are some of the biggest clients he has because of his relationship with them and his reputation of being a solutions provider. He says, “There are many such incidents, most of which boil down to one single point – never push products, work with your clients and they will stick with you forever.” 

“The idea of helping create a contingency fund for service class people struck the right note. I made it a point to educate people on retirement planning,” he adds. His focus has always been on wealth creation for the client, offering retail products to align with the client’s current needs. 

Marketing your personal brand as a financial advisor 

Joseph believes it is imperative to come across as a trustworthy person, rather than be seen as a hawk. Being known for not offering unnecessary products, he says, “It is a carefully cultivated image through real deeds of building trust and providing value. I guard this image with my life. It is also important to understand the pace at which the new age client is changing, and also the mediums through which they consume information.” 

Joseph emphasizes the need for a market-ready tech platform and how that helped him to achieve his Court of the Table and Top of the Table back-to-back, as he was ready for the remote working model even during the pandemic. A constant presence on social media with updates and regulatory information has also helped him build his brand. He also monitors his website and mobile application closely to keep in touch with his clients, though he still believes physical interaction is the best option. 

He believes that basic qualities such as persistence, perseverance, humility, and integrity are paramount for any financial advisor. Seeking positive attention and approval should be second nature in the profession. Being invested in the profession and nurturing it is the best way forward. On a parting note, Joseph uses the age-old adage, “Don’t follow success, follow excellence!” 

Contact: MDRTeditorial@teamlewis.com