Canara Robeco has launched Goal SIP – an end-to-end solution that not only promotes goal based SIP investing, but stays with the investor through the multi-year journey, nudging them all the time to stay focused on their goals rather than on markets, thus enabling successful investment outcomes.
A specially designed application form captures name and purpose of each goal that an investor is beginning their SIP for, apart from all other details usually provided in such forms. Account statements are also specially designed by the fund house to report each Goal SIP by its name, its purpose and progress on achieving each goal.
Periodic reminders and updates on each Goal SIP through account statements act as reinforcements of the investor’s commitment to achieve each goal – thus prompting winning investment behaviours.
In the first 3 weeks since launch, the fund house is already seeing a big difference – average ticket sizes of Goal SIPs are almost2x of its regular SIPs. Goal SIPs help investors move from an initial experimentation stage of their SIP journey to a more committed goal based approach which automatically results in larger allocations.
Goal SIPs enable persistency – and thus more successful outcomes for investors. They enable distributors to build larger and stickier SIP books with bigger ticket sizes and longer tenures. They help AMCs enhance longevity of assets and therefore better profitability over time. Goal SIPs area win for all 3 stakeholders – investors, distributors and AMCs.
Goal SIPs have the ability to take millions of new SIP investors who have come into MFs over the last 4 years to the next level of their investment journeys – from experimentation to making mutual funds an integral part of their financial lives.
Marketing gurus talk about driving trial as step 1 and then driving usage as step 2. Goal SIPs can be a great way to achieve step 2for the industry which has done remarkably well in recent years on step 1.
Beyond Goal SIPs, Gaurav and his team have continued their efforts in delivering value to distributors through differentiated engagement – including engagement with senior management of their RTA to resolve service issues and have both on the same page, and more recently delivering a series of well received growth focused training sessions in conjunction with OSAT.