In a profession spanning near a decade within the public relations (PR) house, Shagun Bansali Mehta all the time discovered one factor difficult — managing her cash. She says the topic was all the time a thorn on her aspect, leaving her depending on her husband or her father for monetary choices.
“Everybody says it’s worthwhile to save and make investments cash. However girls typically don’t find yourself making their very own choices in the case of funding. I might communicate to lots of my colleagues and pals, and everybody had the identical drawback. The most important recurring theme we see is that we (particularly girls) should not speaking about cash and monetary wellness sufficient, or we don’t contain ourselves as a lot as we should always in the case of our funds,” explains Shagun.
Shagun and Rishi, Founders of Miss Piggy Banks
Beginning as a weblog
Shagun, based mostly out of Mumbai, took the primary steps in direction of this by beginning Miss Piggy Banks – a curated Instagram deal with and weblog. The web page, began in June 2020, is devoted to educating and making finance easy for ladies.
From April 2021, it grew to become a user-centric finance platform focussed on simplifying monetary recommendation and connecting customers with monetary advisors/planners who’re reliable and curated.
“We needed to assist individuals by means of this tedious and typically irritating means of discovering reliable monetary consultants, who’re inside funds and can information by means of each step of your funding course of,” says Shagun.
As soon as the concept was in place, Shagun roped in her husband Rishi Mehta, who’s a monetary analyst.
Now a workforce of 4, Shagun is within the means of working with net builders to rework Miss Piggy Banks right into a 360-deg built-in platform the place customers can ebook appointments, get steerage, get matched to the fitting advisors all on a single portal itself.
Testing the market
“Over the previous couple of months, we’ve been speaking to a variety of consultants within the finance house, in addition to individuals searching for funding help to know the complexities on this house higher,” says Shagun.
A survey she performed amongst near 500 people throughout the age bracket of 25-40 revealed that many of the respondents (particularly girls) discover it troublesome to entry dependable, reliable details about monetary advisors/consultants.
By the Miss Piggy Banks portal, one can seek for professionals and select them foundation their profiles, academic background, experience, charges charged, funding fashion, and many others. The main points are all talked about towards their profiles on the web site. Customers can click on on the contact to get in contact.
Constructing the bottom
When a consumer reaches out, the advisor is notified through e mail. The advisor then has the choice to reply and arrange a mutually handy date and time for discussions forward.
“Whereas constructing the web site took at the least a month, the outreach to advisors took us a little bit longer since this was a brand new idea. The workforce has been dwell with the web site for a month now, and have over 16 consultants, together with SEBI’s first registered lady advisor,” Shagun proudly shares.
She provides they’ll proceed to onboard new professionals. By the tip of June, they hope to have 10-15 extra advisors to this repository.
“When it comes to income, since we had been testing this mannequin out, initially we didn’t cost a list price to those advisors,” says Shagun.
They now cost advisors a list price of Rs 2,500 for 3 months, after which advisors can renew their contracts in the event that they like.
“We additionally conduct seminars for which the charges are mutually determined together with the advisor and as per the character of the workshop. Because the attain and the traction will increase, we’ll improve the itemizing price as nicely.
In a month on common, we attain virtually 1,50,000 distinctive accounts. We have now had greater than 60 individuals attain out to our advisors within the first month itself,” says Shagun.
Market and future
There’s rising consciousness amongst girls to concentrate on their funds. A Central Depository Providers (India) Restricted survey has stated that of the overall particular person Demat accounts, 76 p.c belonged to male buyers.
However with the emergence of the crypto market, over 15 to twenty p.c of the investments are being completed by girls, and this determine is on the rise.
Talking of their future, Shagun says, “We goal to have a 360-degree built-in web site the place appointments, periods and many others., are booked and performed on our portal. We additionally wish to conduct webinars on our portal, in addition to newbie programs on investing.”