A training exercise was undertaken recently for the wealth managers (WMs) of Sahastradhara KGFS (from 18th to 20th March) and Dhanei KGFS (from 25th to 27th March). The training involved the wealth managers who had joined recently; and also the WMs who had completed 6 months tenure in KGFS allowing them to refresh their skill-sets.
The trainees were first exposed to assets, liabilities, income and expenditure, and cash-flow of a household and what are the initiatives a household could take in order to improve income, reduce expenses, pay-off high interest borrowings and build assets.
New Inductees during training at Dhanei KGFS
Our focus was mainly on the Wealth Management module for both the new inductees and the refreshers. Discussions were held as to the fears, goals and aspirations of households, and how a Household Diagnostic Report (HDR) is generated out of Customer Management System (CMS). Participants were shown a demo on Life Wealth Envelope (LIWE), showing the comparison of best and worst cases that a household might face and how the worst cases could improve by availing insurance products.
WMs explaining the HDR during the training at Sahastradhara KGFS
A sample Branch Index was also shown to them that helped understand the importance of:
- Collecting comprehensive and accurate data in CMS
- Based on HDR what products need to be prescribed to the household
- Quality of internal controls (Audit)
For the WMs to understand the concept well, an exercise was conducted involving three teams. Each team was given a household data to analyze the financial position and asked to come out with their Household Diagnostic Report (HDR) by drawing pie charts and make recommendations on suitable insurance and investment plans. The teams discussed the entire financial position of the household and as to how the surplus money could be deployed to achieve their goals and aspirations.
We also introduced modules related to Post office products, Public Provident Fund (PPF), National savings certificate (NSC), Kisan Vikas Patra, Time deposits, Recurring deposits, Monthly income scheme, RBI bonds to create awareness on products that are safe, liquid and give a reasonable return. A special module on Mutual Funds was introduced for the trainees to understand the concept of mutual funds and the various categories of it.
An absorbing game was also introduced to emphasize how teamwork plays a very vital role in an organization’s success. The participation was total with everyone realizing the essence of team spirit and togetherness.
Game in progress at Dhanei KGFS
Finally the training ended with an open house where WMs were given space to share their suggestions/feedback.
Chandrachudan V, Seethalakshmi, Deepti George, Rajesh E of IFMR Rural Finance training team contributed to this post.