Mihir Parikh, Founder of MP Financial Services, has over 16 years of experience in the field of insurance and financial advisor. His company provides complete insurance and investment solutions to its growing network of clients.
In a candid interview, he tells his inspiring story, shares his views on the industry and offers advice to retail investors who seek to gain from opportunities in the market…
What motivated you to set up your insurance consultancy and investment firm?
Starting a business is something that many people think about at one time or another during their lives. In the year 2002, after, my father’s sudden death, I was forced to support my family. At that time, my grandfather who was an ex-Branch Manager LIC guided me; he suggested that I should start a financial advisory firm.
I ventured into the insurance sector as an advisor, with my mother as back-office support. The initial years were a bit of a struggle but it taught me that in this business, clients need to have complete trust on their financial advisor.
Over a decade later, in 2005, my wife motivated me to scale up my business and I did. From then on, there was no turning back. What began with one back-office employee has grown into a robust team of 20 peoples.
How have you seen the insurance and investment landscape change over the past decade and since the turn of the millennium?
Over the last decade, the insurance industry in India has witnessed rapid growth. Many foreign companies have expressed their interest in investing in domestic insurance companies.
There has also been considerable product innovation and growth in online selling of various products and distribution channels, coupled with targeted publicity and promotional campaigns by insurers. Innovation has come not only in the form of benefits attached to products but also in product delivery mechanisms through various marketing tie-ups. All these efforts have brought insurance closer to the customer as well as made it more relevant.
The industry is still evolving and expanding with greater penetration and technology innovations in the offing.
What advice and cautions would you share with retail investors, in general?
I always advise investors to set financial goals before they invest in the market and then follow a disciplined investment approach. Other pointers I share with my clients are: Never try to time the market, especially when it is going through ups and downs; have a realistic expectation while creating a broader portfolio; monitor your portfolio regularly and don’t completely rely on someone else
I believe that following these simple norms could help investors to stay invested in the market for the long term and enable them to generate good returns
Where do you see your company headed over the next few years? What will drive this direction?
We plan to focus on creation of jobs for youngsters who want to pursue a career in this industry. We are also aiming to be amongst the top wealth advisors in the country in the coming years. Most importantly, our clients will always be our top priority; with uncompromising integrity, we will continue to deliver personalized services which assist them to make smart investment and financial decisions and thereby preserve their trust
MISSION of M P Financials
We commit to provide “customized solutions & peace of mind” for our clients through our “innovative products & par excellence service supports”.
Vision Statement of MP Financial Services
Our vision is to set the standard of excellence among countries best wealth advisors by being innovative, being financially strong, and exceeding customer expectations.We will attract and retain the best employees to help us achieve this goal.