Securities, Wealth Management Advice and Consultancy Services in East Africa

Kunal Bid, Operations Director at BTB Insurance Brokers Ltd and CEO of Bid Securities Limited, talks about some of the services provided to their clients, such as investment in securities, wealth management and consultancy services.

“As a board we decided we already have a loyal base of clientele now and the key was what other services we can offer our clients. The first step was to go into securities, the stock exchange, and offer our clients opportunities to invest in the Kenyan Stock Market. Later, we went to the Uganda, Tanzania, and Mauritian markets to give the clients exposure. We gave them not just exposure, though. Even in the stock broking field, when you as the client wanted to make investments, the brokers themselves who you were interacting with would just take your order. They would not give you that feedback and talk to you about your investments. We saw that as a space that we would be able to fill. We are offering personal wealth management advice now which includes investing in government securities as well. Thereafter, we saw a need for clients to be advised on how to run their businesses in a better and more strategic manner. That really happened when the market started tightening up with the credit crunch after the bank cap was introduced in this country in 2016. We started seeing holes in the businesses that thought they were doing well, especially when it came to cash flow and management of debt books. When things are going well, you can hide issues quite easily. But when things tighten up, problems become very apparent. We recently have been looking at offering consultancy services to our clients to help them streamline their businesses through this challenging economic period. Our latest venture has been into the asset financing space. Our clients had a need for capital requirements within their businesses or just for themselves. They were sitting on securities which the banks were unwilling to accept. So, in this last financial year, we acquired an already existing asset financing business and we have rolled that out now to our existing clients as a solution to help them”, says Kunal Bid.

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