One more sales call….
Caller: Hello Mr. Subra…may I come to see you?
Me: Sure..what is it regarding
Caller: a mutual fund NFO
Me: You know my stand…why are you even THINKING of coming…?
Caller: No sir need a favor…
The caller is a small time mutual fund and other financial products distributor who does some general insurance, life insurance, and some miscellaneous work. Since I know him for about 12-15 years, and he does some odd work for me, this conversation went so far.
So he came and said “I need all the 5 names and 5 cheques from your house – Rs. 1000 each in an NFO.
Me: No way how I am investing in one nfo with 5 applications of Rs. 1k…not worthwhile. It is painful to fill the form, issue the cheque, keep track of the application number,….too painful.
He said: Sir I have taken a target at the highest slab. I am getting Rs. 750 per application – this is more than enough to set off the loss that you will make in case there is loss on listing. You need to just sign, my software has all the details and can print out the form – and since you are Kyc compliant, there is nothing to be attached. So Sir, please 5 cheques, 10 signatures…and I will make Rs. 7000….really nothing to lose for you!! 🙂
Another successful Mutual fund sales call had been closed. Everybody is happy….so let us all be happy!
Anu
I hope you did not give in to the successful sales pitch..or did you??
subra
Of course I did Anu. No harm in helping a few friends – this guy who made some money, his boss who claimed that so many people invested in his scheme, his MD who told his board – see we have had a successful issue, the bankers, the custodians, amfi which says we have so many retail folios, the r&t agents, the courier who brought the allottment letter,….and it cost me nothing. It got me a blog article and a response from you 🙂
What more can get from one transaction?
Rakesh
Wow! Rs. 750 commission for an application of Rs. 1000.
Which MF company is this? Does the agent share the commission with the investors, if yes i would like to avail their services.
Rakesh
Ashutosh
“I am getting Rs. 750 per application – this is more than enough to set off the loss that you will make in case there is loss on listing…… So Sir, please 5 cheques, 10 signatures…and I will make Rs. 7000….really nothing to lose for you!!”
Does this mean you took at kickback from the MF Agent ?