MP Financial Services, A Mihir Parikh’s Brainchild setting up new benchmarks in the Financial Services Sector.

MP Financial Services, A Mihir Parikh’s Brainchild setting up new benchmarks in the Financial Services Sector.

“Think Big, Think Fast, Think Ahead, Ideas Are No One’s Monopoly” - Dhirubhai Ambani

Personifying his favourite motivational quote by Reliance Founder Dhirubhai Ambani, MP Financial Services’ Founder and CEO Mihir Parikh’s journey as an entrepreneur is set to reach the two-decade milestone in August 2022. Founded in August 2002, MP Financial Services (MPFS) extends a helping hand to those in need of the right tools to make investment decisions.

The foundation stone of investment portfolios is built on clients’ objectives for their financial future and the investment time horizons they have. MPFS helps clients build a diversified portfolio that aims to meet their objectives without exposing them to unwarranted or untenable levels of risk.

MPFS strives hard to consolidate its position as a leading financial services provider with priority to customer services, innovative products combination, technology, and many other services.

MPFS’ portfolio is inclusive of life insurance, retirement solutions, travel insurance, business insurance, group insurance, marine insurance, project insurance, vehicle insurance, health insurance, mutual funds, IPO, company fixed deposits, tax compliance, project financing, auditing, and GST services.

In an exclusive conversation, Mihir shared several aspects of his entrepreneurial journey, business, and leadership with our Editor Purnima Narang. Edited excerpts:

TCM: In your entrepreneurial journey, how did you overcome the challenges?

Mihir: There have been challenges, but when you have the zeal and drive, they can be overcome. By God’s grace, I have not faced much failures as such. I used to feel bad when we weren’t able to help people in their financial planning due to circumstances beyond our control. That was the definition of failure for me. We have tried to further improve our services and offerings to avoid such ‘failures’.

TCM: What do you think your firm’s mission and vision are?

Mihir: The mission at MPFS is our commitment to providing clients customised financial solutions, innovative product mixes and dedicated services and support. While generating wealth and ensuring a stable financial future for them, clients also must experience peace of mind.

Our Vision at MPFS includes attaining standalone excellence in financial services, exceeding customers’ expectations, building MPFS’s brand through innovation, being recognised among India’s best wealth advisors, and attracting and retaining the best human asset to help realise this goal.

TCM: How does your firm differ from the biggest competitors?

Mihir: Looking to a current market scenario where everyone is running after their profit and genuinely not interested in client wealth, our company believes in the value of “Trust”. We set differentiate ourselves from others with the single-minded priority of ensuring the very best for clients only interests , and making all the efforts to help them reach their goals.

TCM: In this journey, what were the failures the team rebounded and learned from?

Mihir: There was a time where we faced issues related to changing technology and the fast-growing online market. But we believe in change, so we upgraded our team with latest technology & working pattern which allowed us to expand our offerings, and perform better than ever before.

TCM: How would you define success for the firm? What are the recognitions it has earned over the years?

Mihir: For us at MPFS, success means happy and satisfied customers. Positive words and references from existing clients are the biggest recognition and we have been blessed in this regard. We have two generations of clients investing with us, which is recognition in itself. Besides We have received many recognitions from various prestigious institutes including Forbes Magazine, Times CSR Awards, ABP Emerging 100, ET Awards, Best Producer Of The Year, and several other awards and recognitions.

TCM: What is your role in the organisation today? Tell us about your dynamic team?

Mihir: As a key person of the company my role is to get innovative products, unique services, doorstep services, latest technologies and make sure that we deliver what we promise. Our main focus is to help clients achieve their financial goals whether it is retirement, wealth creation, children’s education, children’s marriage, or creating an emergency corpus.

Our team is a mix of youngsters as well as highly experienced and dedicated finance professionals who works with the sole mission of ensuring the very best for our clients. Our team has played a vital role in the success MPFS has achieved over the past two decades.

TCM: What are the upcoming technology trends in your industry?

Mihir: Everyone is now having smartphones, iPad, laptops, and they want access everything digitally. The financial services sector is focusing on fast and secure technologies and also delivering all the services digitally. This is going to be the trend in the future when clients would not be required to step out for any financial services needs and they will be able to access any requirement from the comfort of their home or office with the help of this user friendly apps.

TCM: What are the fundamental values of the firm that remained constant over the years?

Mihir: Integrity, trust, personalised services, and commitment are some of the fundamental values we believe in and adhere to. These values have remained constant and it is one of the reasons for the success of our company.

TCM: What’s the most important thing you’re working on right now, and how are you making it happen?

Mihir: We are working on strengthening our digital services and other offerings. In less than five years from now, everything will be in digital mode, and clients will have everything at their fingertips. We are also working on creating a data hub where the client data can be stored securely.

TCM: What is the best advice for a young, first-time start-up CEO?

Mihir: I would advise young entrepreneurs to set their goals first, be passionate about what they are doing, have patience, and create a proper business model.

TCM: What does the future hold for the company in the next five years?

Mihir: In the next five years, we aim to reach the milestone of becoming one of the leading wealth advisory firms in the country and the preferred partner to our potential clientele.