In my previous blog, http://bit.ly/2LCPijq I spoke about the emerging need for innovative distributor engagement and how visionary BFSI companies are realizing the importance of innovating to touch distributor hearts.
Here are a few interesting examples to demonstrate how companies went beyond business as usual to strengthen distributor relations.
Let me begin with Motilal Oswal, a renowned asset management firm. The company took 20 of its distributors to Omaha, USA to attend the AGM of Berkshire Hathway which was addressed by the popular investor Warren Buffet.
Yet another well- known company carried out a contest for distributors to select advisors who would attend the annual wealth conference in Paris. Mutual fund companies believe that such initiatives will help distributors meet their counterparts and in turn this will facilitate exchange of ideas, opinions and views with distributors and investors around the world.
It’s encouraging to see how mutual fund companies are adding so much value to the distributor relations and making a genuine effort to win share of heart.
While BFSI companies are trying various ways to bring innovative engagement for their distributors, Edelweiss decided to recognize their invaluable role by celebrating 31st March as Financial Advisors’ Day. The day was celebrated across 23 locations where the company broadcasted a series of digital content and conducted ground level activities across branch offices to emphasize on the immense value of financial advisors. By doing so, Edelweiss is recognizing the investor community and their contribution as wealth contributors of the nation.
The fund house also conducted an event at Mumbai which was attended by 80 financial advisors. Radhika Gupta, the CEO, Edelweiss MF recited a heart touching poem titled ‘Kamal ka dost hai woh’ which was a heartfelt ode to the financial advisors.
When the aim is to establish an emotional connect with distributors, one of the most effective ways is to go bring them an intangible experience. Various thought leaders found value in the ‘emotional connect’ approach and collaborated with us to leverage music as a strategic tool.
SBI MF carried out a grand event in the Pink City for its top financial advisors. The event named as ‘The Confluence’ was carried out with the objective to facilitate interaction and exchange between the IFAs amidst a musical evening where the renowned singer Swaroop Khan enthralled audiences with famous numbers from the folk and Bollywood genres. To set the adrenaline rushing even higher, motivational speaker, Vishal Khandelwal, founder, Safal Niveshak, ranked amongst the best value investing blogs worldwide, spoke on upcoming trends in the mutual fund industry. The financial advisors left with a memorable evening as the souvenir.
Axis MF took the musical approach to not just strengthen distributor relations, but also fortify the financial advisor community. Axis MF collaborated with us to conduct a singing talent hunt across the community for the financial advisors and their families.
The unique talent hunt was an opportunity for advisors to exhibit their latent singing talent. Karan Datta, Chief Business Officer, Axis MF stated that “An IFA’s daily life is about markets, schemes, performances, client servicing, operations and more. The objective is to recognize the continued and valuable contribution of the intermediary community towards the mutual fund industry, in going beyond just business.” The winner of the talent show won the opportunity to sing and record a song. The initiative was welcomed by the financial advisor community with great enthusiasm and was an instant success at Axis MF.
When you want to make a genuine difference, you need to think with a difference. Thought leaders of BFSI companies are making a whole-hearted effort to forge stronger bonds with their distributors.They know the need is to evolve with the ever -evolving market and change the game before the battlefield gets tougher.
If you are seeking innovative ways to win over your distributors’ heart, fill in your contact details and we’ll help you explore solutions that enhance business outcomes.