In our Marketing Wiz columns, we have been advocating the need for advisors to define their client segment very clearly and then create a sharply focused customer proposition that is tailored to the needs of this segment. If you get this right, sky is the limit for your growth.

One advisor who is living testimony to this is Rajesh Dhruva of Keynote Consultancy, Rajkot. Operating out of a B-15 city in Gujarat, Rajeshbhai has built up a very impressive AuM of Rs. 600 crores in client assets, of which over Rs.200 crores is in mutual funds, over Rs. 250 crores in NRI bonds and over Rs.150 crores in NRI deposits. He serves NRIs from across the world, and focuses exclusively on NRIs. And, his proposition is focused on the big pain point of NRIs across the world: lack of familiarity with FEMA guidelines and need for support on tax and regulatory matters. Read on as Rajeshbhai takes us through his phenomenal success story, which we believe serves as an object lesson in marketing and a brilliant example of flawless execution of a great marketing idea.

Marketing Wiz, a joint initiative between Kotak MF and Wealth Forum, aims to provide you marketing insights that can help you win clients and boost growth. Our endeavour will be to continue showcasing ideas and insights from successful practitioners that can help put your business onto a high growth path. /p>

We operate from Rajkot, Gujarat. In 1998, when we decided to focus on NRI consultancy, we drew up our SWOT analysis. The biggest weakness we put down was location - Rajkot is not exactly one of the biggest NRI centres - all the metros had many more NRI ties than Rajkot. On the flip side, we put down our biggest strength as knowledge and focus. We had very sound knowledge on tax and regulatory matters relating to NRIs, thanks to our CA and legal background. We were convinced that if we focused on our strength, we could convert it into a big opportunity, because very few NRI consultants were in a position to offer the breadth of services we can offer to NRIs.

To counter the perceived location disadvantage, we built a very strong web presence. NRIs are net savvy, and if they get solutions they are looking for on the net, they probably will be less fussed about which city in India the team is operating from. We have 3 websites, each of which caters to a specific NRI need:

Femaonline - this website is an interactive guide to NRIs on all FEMA matters, including help on repatriation issues, assistance to returning NRIs, investment rules. We get around 300-400 hits a day on this site, from NRIs from across the world. We have a team of professionals who address NRI queries. Apart from addressing the key pain points of NRIs, this becomes a very good lead generator for cross selling investment services. I find knowledge of basic FEMA provisions sadly lacking among many NRI bankers - which creates a lot of confusion for NRIs especially on repatriation matters and then they come to us for proper guidance.

NRI banks - this website is a ready reckoner for NRIs on all matters relating to NRE and NRO deposits. Every NRI has some deposits and NRE / NRO accounts - this site gives them guidance on all matters relating to this part of their finances. We also provide comparative charts of NRI deposit rates offered by various banks, to enable NRIs to get the best deal.

NRI Mutual Funds - this website is a ready reckoner for NRIs wanting to invest in Indian mutual funds, and gives apart from performance information, useful information on tax compliance matters, and some key facts that enable NRIs to truly understand the Indian equity story when compared to global markets.

Our web presence is supplemented by seminars that I organize in different parts of the world, where I help the more affluent NRIs navigate through tax, regulatory and compliance matters - not just related to their Indian investments but very often their global portfolios. We have a growing practice for example in the US, where we provide comprehensive US tax compliance services, including FATCA compliance. NRIs need a lot of support on navigating through Double Taxation Avoidance Agreements (DTAAs) that India has with many countries, and we offer them this support.

When we look at NRI investments, while we are very bullish on Indian equity markets, we recognize the value of following a disciplined asset allocation, and look for interesting investments in each asset class. We actively look for dollar denominated bonds, we have a growing real estate advisory practice and of course, we have a strong Indian mutual fund book, which is largely focused on equity funds.

When the Government changed in 2014, we asked our NRI clients to go overweight Indian equity through equity funds, and that has worked well for our clients. When we talk about Indian equity, we relate Indian markets to US and UK, and showcase market performance over 15 years, adjusted for currency depreciation. Many NRIs don't have a full picture of the wealth creation record of Indian equity funds, and I think there is a big opportunity to reach out to them and showcase the India story.

Our client assets today are over Rs.600 crores, of which around Rs.200 crores is in mutual funds (Rss.180 crs in equity funds), around Rs. 250 crores is in bonds and another Rs.150 crores is in NRI deposits. We serve NRIs from across the globe - US, UK, East Africa, Middle East, Far East.

I find NRI clients actually have a genuinely long term horizon and are very bullish on India. There is huge opportunity to reach out to NRIs and offer them a comprehensive solution - not just investments - but a complete package of investments, tax and regulatory compliance support. Our practice has grown because we provide this comprehensive support and because we have an excellent team of 20 people, 9 of whom are professionals - who serve our clients from across the world.

All content in Marketing Wiz is created by Wealth Forum and should not be construed as views of Kotak MF.

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