Uday Sangaonkar’s Rise from LIC Agent to MutualFund Distributor with NJ Wealth

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Uday Sangaonkar’s Rise from LIC Agent to MutualFund Distributor with NJ Wealth

Panaji-Uday Sangaonkar, a prominent Mutual Fund Distribution entrepreneur from Goa, recounts his
remarkable transition from being a LIC agent to becoming a successful mutual fund distributor. Sangaonkar
attributes his substantial business growth and client-centric strategy to his partnership with NJ Wealth.
Sangaonkar’s journey into the financial services industry began as a LIC agent, focused solely on insurance
products. However, his association with NJ Wealth opened his eyes to the world of mutual fund investments.
“When I was a LIC agent, I was aware of only insurance. After my association with NJ Wealth, I have completely
changed my thoughts – insurance is a protection, and mutual fund investment is a wealth-building product,” he
shares.
Gradually, Sangaonkar began distributing mutual funds part-time while working as a LIC agent. The decision to
commit fully to mutual fund distribution in 2016 was driven by the long-term potential and growing client trust
in his Guidance. “Those clients who trusted me have delivered fantastic returns, and my earnings went up to
the level of a salary, so I took the decision to quit my job and focus on mutual fund distribution full-time,” he
explains.
Sangaonkar’s commitment and client-centric approach have paid off remarkably. Today, he boasts over 700
customers and nearly 90 crores in Assets Under Management. “I consistently educate myself, communicate
with clients, and organize educational programs. The support and resources provided by NJ Wealth, such as the
Google Meet platform and staff education, have also been invaluable,” he says.
Sangaonkar’s own success story with mutual fund investments, which allowed him to build his dream home,
has been a powerful tool in conveying the long-term benefits to clients. “I always show my dream house photo
and emphasize defining needs before investing. If the need is clear, and they are committed, every investor will
make money and fulfill their dreams,” he asserts.
Looking ahead, Sangaonkar plans to expand by setting up an additional office in Madgaon, Goa, to cater to the
growing demand for financial education and trusted guidance in the region. “In South Goa, there are places
with fewer trusted mutual fund distributors. I want to fill that gap and aim to acquire a minimum of 500 clients
under this new branch,” he says.
Sangaonkar’s partnership with NJ Wealth has been crucial to his success. “The root cause, boon, or backbone
of my business is NJ. Without their support, I don’t think I would have reached this level,” he acknowledges.
The training, education, resources, and trust provided by NJ Wealth have been instrumental in Sangaonkar’s
journey.
As Sangaonkar looks to the future, his focus is on enhancing client relationships, expanding offerings, and
solidifying his position as a leading mutual fund distributor in Goa. With a clear vision and the backing of NJ
Wealth, Sangaonkar is poised to continue his impressive growth and transformation.

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