My training takes me across the country and meet many IFAs. Of course I meet employees in banks, mutual fund, IFA, …and thus an amazing range of people. Here is a brief summary of some amazing learning…

  • Obviously all of them started as Life Insurance agents – well most of them anyway
  • They took to Mutual Funds to pick up the funds which were being left on the table for shorter duration
  • Most of them sold for commission..BUT none of them sold a 30 year product as a 3 year product
  • Selling 30 year policies as a 3 year pay is purely a post 2001 phenomenon
  • Many of them have done a variety of money making activities – like booking scooters, cement, etc.
  • Most of them have smart well qualified children
  • Children torn between the asset accumulation business and
  • the Advisory business
  • Most of them are wondering what to do with their business
  • The children want to do some Advisory business…but not all are so competent
  • The children do not realize that even the advisory business is Sales oriented
  • Some with Rs. 800 crore aum want a strategy to take it to Rs. 20,000 crore aum
  • Some crib about SEBI, some crib about not being able to grow fast enough
  • some use a lot of technology, some use no technology at all
  • the ones at the top of the pyramid are in self actualization mode
  • Many realize that they are terribly over paid
  • Many are in denial about trail continuing for the rest of their lives
  • The average income of an IFA is Rs. 12000 a month. This is a stupid number. Average makes no sense.
  • the mean, median, mode and avg without the top 100 distributors could be better indicators

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