Future Generali

How to get rural India, where income is unstable, to appreciate financial management?


Rakesh Wadhwa:                                                

Concept of wealth management in rural India - you don't even know what the next month’s income will be. So how do you really convince your customers? How do you convince, your audience? To appreciate what you're trying to tell them.


Bindu Ananth:

It starts with walking away from a product frame and saying what do you want to do? And people, irrespective of income are incredibly passionate, obviously about building a better life for themselves, for their kids. I mean, we are always so struck by the level of ambition that people have around the children, education of the children. There is some regional variation, but by and large, that's the number one sort of priority for families. So you want to start with that. If you start with saying, Hey, I'm here to sell you a mutual fund that produces a very different dynamic than tell me what you mean want to do in the next five years, the next 10 years.

And then our role is really to say, okay, What do you need to do to make it happen? Unfortunately, the way we are doing finance today in India is to sort of throw a lot of products and jargon and, buy this ULIP, blue-chip fund. And, we often take an analogy with, health, to see that it would be like the doctor's seeing, here is antibiotic ABCD and E Why don't you decide what to do. It's a little bit, kind of analogous to that. You were supposed to be the expert. What the person gets about is their health or their goal life goes as the case may be, and we have to help figure it out, how to make that happen. And so if you establish that credibility with the customer to say, that's what you've trained to do and you are not here for a pitch transaction, I think you will succeed.

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