Tracing the journey of Goa-based finance advisor, Jennifer Mendes, who has one of the largest SIP clientele in Goa
A risk-taker in her personal life and a pioneer in her field, Business Goa caught up with Jennifer Mendes, Goa’s ‘Financial Doctor,’ who has been championing the cause of Mutual Funds in the State for over 20 years. Jennifer Mendes is one of the top Mutual Fund Advisors in the state based in Mapusa, with consultation services also available in Calangute, Vasco, and Margao.
Jennifer ventured into MF distribution in 1999 and today has built a very impressive retail clientele base with a huge AUM of `455 crores. Although hailing from a family of Kolkata-based Goans from Saligao, Jennifer was born and brought up in Mumbai and is the eldest of eight children. Her upbringing was intertwined with the noise and hustle-bustle of Mumbai. Realising that the fast-paced Mumbai life was not meant for her, she and her husband decided to move to Goa in search of a better quality of life in 1987. “People thought that we were insane because we were giving up our careers in Mumbai and moving to a completely new place. Although we had to start afresh, we were happy with our decision,” recalls Jennifer. Her husband, Prof. Mathew Mendes, who taught Western music, also gave up his music career in search of new avenues that the State had to offer.
After having three wonderful children, Jennifer willingly gave up her bank job to care for them. She believes in fully immersing herself in any activity she undertakes and decided at that point that her children were her priority. After moving to Goa, Jennifer started the second innings of her career by becoming a Postal RD agent and slowly began expanding her network and offerings.
Jennifer’s foray into Mutual Funds was based purely on chance and instinct. “In June 1999, I got an invite to attend a seminar on MFs. Though it was meant for CAs, I was curious to know more about mutual funds. This seminar changed my perspective on investing completely. I realised that FDs and Recurring Deposits won’t earn good returns over the long term. I found mutual funds very wealth-creating and started researching into them.” So fascinated was Jennifer with Mutual Funds that she immediately applied for an ARN.
Jennifer realised that convincing people to invest in MFs was much harder than it seemed. Her main challenge was bringing about a shift in investor’s perception towards Mutual Funds. “Convincing people to invest in FDs and postal savings was much easier than Mutual Funds as investors were looking for guaranteed returns. Initially, I started with lump sum investments in MFs and later on focussed more on SIPs. As people were willing to make regular contributions to RDs, I explained to them that SIPs too can be paid by installments every month which will generate much better results than RDs.”
When Jennifer approached clients, she realized that they were not comfortable talking about their wealth. She says that banks, on the other hand, have an advantage because they are privy to customers’ balances. “Banks have an edge over the customer, but as an advisor, it is difficult to make a client trust us initially. For this, you need to have patience, good listening power, the ability to understand clients and to gauge what they do not tell you,” observes Jennifer.
To overcome this hurdle, Jennifer started showing her MF portfolio to prospects. “I have been showing my personal investments to my clients and how I was able to buy a bungalow with my MF investments,” says Jennifer.
When asked what is her success mantra she says, “My clients are now like friends. Focus on building relationships with your clients and talk in the language that the client understands.” Her effort paid off as her clients started to invest through SIPs. Slowly, as the word spread she started getting referrals from her existing clients. Today, with the help of her husband and son, Schubert, she has expanded her practice to all corners of Goa.
Jennifer’s goal is to make Goans financially independent. She believes that Goans are risk-averse and a slight push in the right direction will set them on the path towards achieving their financial goals. Investing in mutual funds herself, she has been able to afford property in the heart of Mapusa city and lead a very comfortable life. She wishes the same for all Goans. Jennifer also says that in her field, digital is the way forward. It saves time, cuts the cost of travel and can optimise work potential from the comfort of her office. She still, however, believes strongly in the power of human connection and would not give up her face to face meetings with clients for anything. But going digital would help her attract more clients and reach a much wider audience.
Going forward, Jennifer wants to focus on attaining a bigger wallet share from her existing clients and continue to work as a consultant for anyone who would like to avail of her services. When asked where she invests her personal money, Jennifer says that all her money is in a mix of equity and balanced funds.
Jennifer strongly believes that MFs not only create wealth but are also liquid and hence score hands down over property. MFs are a financial supermarket for all investment needs and there are funds for even the most risk-averse investor.
She signs off with a warning, “Those who ignore MFs will do so at their peril because MFs are an idea whose time has come”
