Biz of nurturing wealth
As financial services offers intangible services, assuring absolute quality is not easy and it is the quality of Sykes & Ray Equities’s services that distinguishes it from its peer. Saurabh Shah, Head -Business Development, Sykes & Ray Equities (I) Ltd talks about the expansion of the company in detail
Abha Garyali (AG): Sykes & Ray Equities has been doing well in the last few years. What can you say about its success so far?
Saurabh Shah (SS): We have been growing at a good pace even though the industry and the stock markets have been going through a rough patch. I believe that has been primarily possible as the company has been able to understand the worries of its associates and been able to provide reasonable solutions to the same.
AG: When and what inspired Sykes & Ray Equities to adopt the franchise route for expansion?
SS: Company ever since its inception has spread its network through the sub-broker channel (franchise). We as a company have observed that it is best to stimulate entrepreneurs to help us expand our network.
AG: How is the company different from other financial companies? What facilities does the brand offer? What is the USP of Sykes & Ray Equities?
SS: We are in the service industry where nothing tangible is offered. It is the quality of company’s service which distinguishes itself from its peers. At SRE we believe in providing customised service to each franchisee and it has been a key to success and growth.
We as a brand extend our entire support to our franchisees to help him establish himself in his vicinity. This includes branding exercise (which tailored for each franchisee) and training programs for them and their staff.
AG: As a brand Sykes & Ray Equities has to face competition from other brands. What strategies have you adopted to face this competition?
SS: Competition is fierce and it is becoming very difficult for brokerages to survive in such markets. As a company we have taken a consumer (investor) centric approach, where we are concentrating on providing value services which assist the investor in reaping best possible returns keeping in mind his risk appetite. This not only helps in building a better brand image but also help our franchisee it develops a loyal cliental.
AG: What according to you is the scope for aspiring franchisees in this business? Is the future of this industry bright in the years to come?
SS: Only about five per cent of the Indian population is exposed to the capital markets (directly or indirectly). Thus the scope is the balance 95 per cent. There is an acute need for value financial consultants who provide services in the interest of the client and in the interest of generating revenues for themselves.
India poised to be one of the key global economic powers and it would become imperative for people to invest in the growing economy and the simplest route is the capital markets. Thus in years to come the requirement for such individuals/ companies will increase many fold.
AG: How many franchisees do you have presently? What are your future expansion plans?
SS: We are currently present in over 125 cities/towns across the country through a network of 450+ business associates. Our short term goal is achieve 1,000 franchisees. We would largely be targeting smaller cities/towns in the coming times.
AG: What are the qualities and qualifications that you seek for in your franchisees? How much investment is required by aspiring franchisees?
SS: A franchisee has to be entrepreneurial in nature. Ours is a low cost business which provides a platform for an excellent business proposition. The franchisee is poised to earn Rs 3 to 5 lakh monthly over a period of 2-3 years but the franchisee is required to maintain great level of patience and integrity for the same.
In terms of qualification the franchisee must be a graduate from any stream and must have basic knowledge about the stock markets.
AG: How does the company support and train franchisees?
SS: We conduct various marketing programs throughout the year to help boost the client base of our associate. Apart from the scheduled marketing activities we customise activities for our franchisees as per their requirement.
Training is considered of utmost important at SRE. It is very important our franchisees are well trained thus they can provide correct information to their clients and best possible level of service. All our associates are trained at our HO along with their staff. Periodically we organise training programs to upgrade our associates.
AG: What challenges do you foresee for your franchisees? How can they overcome the challenges?
SS: Principal challenge a franchisee faces is of getting differentiate from the peer. It is simply mitigated by practicing the company’s philosophy that ‘nurture the wealth of the retail client’, that is, the customer centric approach I mentioned of.
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