Strategizing Wealth, Maximizing Opportunities: The Journey of Manju Mastakar  

Manju Mastakar, Founder and CEO of Armstrong Capital, is a true inspiration in the world of wealth management. Starting as an assistant accountant at 19, Manju turned challenges into opportunities, building Armstrong Capital into a trusted financial powerhouse.  

Manju’s leadership during the 2008 financial crisis, embrace of fintech innovations, and client-centric approach have set new industry standards. As a pioneer in robo-advisory and AI-driven financial planning, Manju transformed traditional investment practices into a fully digital model.  

Beyond business, Manju mentors aspiring finance professionals and champions industry reforms as a board member of the Mutual Fund Distributor Association of Karnataka. Recognized with the Moneycontrol Nari Shakti Award in 2024, Manju’s impact and influence continue to inspire.  

Q. Give a detailed description of the Founder/CEO/Management’s contribution over the company and the industry?  

I embarked on my professional journey at the tender age of 19 in 1997 as an assistant accountant at a Chartered Accountant firm. My first assignment placed me in the office of a stockbroker where I was responsible for completing accounts. Little did I know that this initial step would set the stage for a remarkable career.  

Throughout the years, I diligently progressed through various roles—first as an accountant, then advancing to back office operations, dealer, portfolio manager, and finally, wealth manager. I found my passion in advising clients about investments in stocks, derivatives, currencies, and commodities. Despite lacking formal education in finance, my determination drove me to self-educate. I spent countless hours in libraries, conducting research on stocks and developing insights that I could confidently share with clients. My efforts did not go unnoticed; over time, I earned recognition within the organization, paving the way for my upward mobility.  

However, the financial world is filled with challenges. In 2008, the subprime crisis hit, leading to a widespread recession that resulted in my job loss during the retrenchment process. Instead of viewing this setback as a defeat, I opted to turn it into an opportunity. I began working from home, offering advisory services and managing portfolios for clients. One of my investors believed in my vision and seed-funded me with USD 10,000. This support allowed me to secure office space in a business center, hire an assistant, and officially launch my own organization.  

With no co-founder to share the load, I took on every role—advisory, execution, transaction processing—navigating through the challenging pre-digital era of India where paperwork was abundant and information was scarce. The advent of digitalization and online transactions in 2014 marked a significant turning point for us. We became early adopters of the industry’s fintech infrastructure, seamlessly transitioning our clients from cumbersome physical operations to an efficient digital platform.  

Our business experienced exponential growth as we embraced technology, which allowed us to utilize our time more effectively. I reinvested profits into building a robust IT infrastructure, gradually leading our operations towards automation. We developed a robo-advisory model for financial planning, achieving 100% digital onboarding, transactions, advising, and monitoring by 2020.  

With 27 years of experience in the field of Finance, I have witnessed firsthand the transformative changes that have shaped our industry. My journey has been marked by my ability to adapt and embrace these changes, leading to the implementation of innovative ideas that have benefitted numerous clients and institutions alike.  

Throughout my career, I have had the privilege of mentoring the younger generation of finance professionals who interned with us. Guiding them has been one of the most rewarding aspects of my work. Additionally, my role as a lecturer in various colleges has allowed me to share my knowledge and passion for finance, inspiring the budding minds of tomorrow.  

Having served on the board of the Mutual Fund Distributor Association of Karnataka, I have tackled various challenges faced by our community. My advocacy efforts have extended to addressing significant regulatory issues with SEBI, where I championed several initiatives aimed at fostering a more robust and transparent financial landscape.  

The impact of my work transcends the individual relationships I’ve built; it resonates throughout the industry. I remain committed to driving progress, empowering the next generation, and advocating for a finance sector that serves the needs of all stakeholders. Together, we can continue to transform challenges into opportunities and innovate for a better future.  

Recognizing my contributions, I have recently been honored with the Moneycontrol Nari Shakti Award in 2024 for being the number one woman managing the highest assets in mutual funds. This accolade stands as a testament to resilience, hard work, and the indefatigable spirit of believing in oneself.  

My journey in finance has been anything but conventional, yet it serves as a powerful reminder that with perseverance, self-education, and a willingness to embrace change, anyone can achieve their dreams. I hope to inspire others—especially women—to pursue their passions relentlessly and to forge their own paths in whatever field they choose. The journey may be challenging, but the rewards of dedication and determination are truly boundless.  

Q. Your leadership has transformed Armstrong Capital into a thriving organization. What was the biggest turning point in your entrepreneurial journey?  

One of the most defining moments was the realization that rules alone don’t drive success—trust does. In the early days, I believed that having structured guidelines would prevent mistakes. However, as we kept adding rules after every misstep, we created a rigid environment where people were afraid to take initiative. It stifled creativity and growth. Over time, I shifted my approach to empowering my team, giving them the confidence to make decisions. When we placed trust in our associates, they became more engaged, proactive, and innovative. This transformation was a game-changer for Armstrong Capital, allowing us to scale while maintaining a culture of ownership and excellence.   

Q. Leadership comes with challenges, especially when team members fall short of expectations. How do you handle disappointment?  

Inevitably, there will be moments when our faith in an individual is tested. When disappointment arises, I believe the first step is to pause, reflect, and approach the situation with perspective. Instead of reacting immediately, I remind myself that for every setback, there are countless others who will exceed expectations and surprise us with their growth.  

At the core of every human being lies a fundamental need to feel valued. True leadership is not just about setting goals and driving results—it’s about recognizing the effort, potential, and intent behind the actions of our team members. This goes beyond just understanding their work; it means appreciating them for who they are, what they stand for, and the impact they aspire to create.  

Q. How do you balance structure and flexibility while leading a growing company?  

It’s about building a culture of accountability rather than control. A structured foundation is essential, but overregulation can kill creativity. I’ve learned that empowering people and trusting them with responsibilities is far more effective than micromanagement. That’s why we’ve cultivated a work environment where feedback is constructive, mistakes are treated as learning experiences, and success is recognized. Leadership is about guiding, not dictating—it’s about enabling people to think, innovate, and contribute meaningfully.  

Q. Passion and profession don’t always align. How did you turn your passion into a sustainable business?  

Passion is a great starting point, but business success requires skill, strategy, and adaptability. I started my career with a deep passion for financial markets, but I knew that knowledge alone wouldn’t build a business. I had to master client engagement, market research, and business development while ensuring we remained profitable. I also realized that if passion alone isn’t enough, the right partnerships can make all the difference. For example, if someone is great at financial analysis but lacks marketing expertise, teaming up with a strong business strategist can elevate their venture. I believe in surrounding yourself with people whose strengths complement yours—that’s how you transform passion into a long-term, thriving enterprise.  

Q. Ms. Manju, you often talk about the difference between disruptive leadership and transformational leadership. Can you elaborate on this?  

Manju Mastakar: Leadership is about driving change, but the way that change is implemented determines whether it will be sustainable. Disruptive leadership focuses on quick wins and short-term impact—it shakes up existing structures, challenges norms, and accelerates change, often causing instability or resistance within teams.   

On the other hand, transformational leadership builds long-term success. It is inclusive, strategic, and sustainable, focusing on bringing people along on the journey rather than enforcing top-down change. Transformational leaders inspire, engage, and instill trust, fostering a culture of collaboration and innovation. While I embrace change and disruption when necessary, my core leadership philosophy is vision-driven and people-centric. When your team understands and believes in the transformation, they are more likely to contribute, adapt, and grow with the organization.  

Q. You strongly believe in the principle, “Whatever you can measure, you can improve.” Can you elaborate on why measurement is so crucial in business and career growth?  

Absolutely! Measurement is the foundation of continuous improvement. Many people focus on working hard, but success isn’t just about effort—it’s about efficiency, accuracy, and impact. If you’re not tracking your performance, how do you know if you’re improving? Whether it’s a business measuring financial growth, an investor tracking portfolio performance, or a professional assessing career progress, data-driven insights are key. What gets measured can be analyzed, optimized, and scaled for long-term success.  

Q. In your experience, what distinguishes top performers in an organization?  

There are four key factors that determine success:  

• Responsibility: High achievers take ownership of their roles. They don’t wait for instructions—they take initiative and drive results.  
• Accuracy: Being detail-oriented and maintaining a high level of precision ensures efficiency and trust in your work.  
• Problem-Solving: The ability to think critically and resolve challenges independently makes you an invaluable asset to any organization.  
• Innovation: Those who constantly seek better, faster, and smarter ways to work stand out as leaders in their field.  

Q. Entrepreneurship is often about going against the norm. How do you stay resilient during tough times?  

Success isn’t about never failing—it’s about never giving up. I’ve always believed in recruiting people with a “yes” mindset—those who embrace challenges rather than avoid them. As an entrepreneur, you have to push through obstacles, make difficult decisions, and adapt quickly. That said, there’s a fine line between perseverance and knowing when to pivot. If your business is running on borrowed funds just to survive, it might be time to re-evaluate. But as long as you have a clear vision and a solid strategy, keep pushing forward—breakthroughs often come right after the hardest struggles.  

Q. What legacy do you hope to leave behind?  

I want to be remembered as a leader who built with trust, inspired with action, and transformed with vision. I hope Armstrong Capital continues to stand as a symbol of ethical wealth management, where clients feel secure and valued. More importantly, I want my journey to inspire more women to lead in finance, proving that with resilience, strategy, and an unwavering belief in oneself, success knows no limits.  

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