Mutual Fund distributors have many challenges that they face in their day-to-day professional lives. They must wear many hats as and when they deal and handle their client’s queries. Here are some of the challenges faced by distributors as their plan to grow their business and promote themselves.
Handling Client expectations
While managing client’s portfolio might be less of a hassle, managing their expectations may not be. Many clients have unrealistic expectations from investment returns and interest rates. The only way to handle this objection is by enabling clients to have long-term perspective on their investments. Every distributor needs to be able to show their clients that they add value in every investment transactions done.
Communication gap
Distributors need to understand that staying in touch with their clients is equally important. Don’t get caught up with Research webinars and network meets. Take out time to have a constant flow of communication with your clients. Prepare a calendar flow and stick to it. Use digital platform to send out customized mails/reports to your clients to keep them abreast of the market happenings and most importantly that their investments are safe.
Emotional Engagement
Distributors are rational, whereas client decide based on emotions. In this situation, distributors need to bridge the gap, they need to relate to their clients on an emotional level in order to maintain a working relationship. This means, advisors need to take clients out of the emotional segment and help them to take better investment decisions.
Join a Group
Distributors need to get associated with some groups or networks in order to keep themselves abreast with the changing market dynamics. Associating with some organisations will help them to improve their networks, enable them for better prospects and open more doors for business growth.
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