Proactive Accountancy Firm Offering a Different Level of Service to Local Businesses

Accountancy Firm

The financial and business consultancy is undergoing a solid growth, which is mostly connected to the rapid adaption of the developed companies to the new realities of business, transformation in the production and communication technologies, and more. However, the financial consultancy is gaining a high demand among the organizations for it ensures long term profitability by improving the company competitiveness through the developed environment within the client company. One such trusted organization is Financial Hospital, which always keep eye on making new developments and beyond it.
In an interview with Insights Success the Founder and CBO of Financial Hospital, Manish P. Hingar, has shared his insights regarding the company offers.

  1. Kindly brief us about your company
    Financial Hospital is a company, which deals with fee-based advisory services in the domains of wealth and taxation, as well as distribution of various wealth products, since 2004. With a team of 150 employees and a customer base of 60,000, we have built a strong and trustworthy foundation for ourselves in the Indian market.
    To stay up to date, we have ensured that we move to the digital space with financial solutions and our other products. Developed in-house, our products, like Minty App and, can be used by our customers from all over the globe to seek advice on tax related issues, or even to invest online, in a completely paperless fashion.

Last but not the least under the leadership of CA Manish P. Hingar, Financial Hospital has been recognized as “25 Fastest Growing Financial Consultant Companies in India in 2017”. Financial Hospital has also been featured in many well-known magazines such as The CEO Magazine, The Secret Diary of the CEO (Outlook Business) & The Masterspeak (Outlook Business) and so on.
“Our mantra to success is simple; always carry that perfect smile & half your problems will disappear. Don’t take life too seriously, rather make it fun”

  1. Briefly tell us about the CEO/Founder of the company. What is his contribution in making the company?

CA Manish P. Hingar – the CBO (Chief Belief Officer) and Founder of Financial Hospital – was one of the pioneers of the revolution which introduced wealth advisory services in India. He started the company in 2004 with a small setup, and now has expanded with offices spanning across India. His background as a Chartered Accountant has lent him the vast knowledge of the field, which added to his profound experience as a wealth and tax advisor has made him an evangelist in the domain. The trust that each and every one of Financial Hospital’s clients has in him has been the foundation for the success of the company till date. For the employees he is a mentor and paves the way for the company’s success in each of their minds. All in all, he is the guiding light for Financial Hospital, steering the way to greater and greater heights.

  1. Share your point of view on the current scenario of the Industry and its future.

The Indian market is full of new opportunities and challenges. People now respect knowledge and are ready to pay the required fee for wealth and tax advisory. We anticipated this happening a long time back and prepared ourselves for it. In India, only 3% of the cumulative wealth is being taken care of by wealth advisors. After the SEBI guidelines for Registered Investment Advisors, this idea of seeking advice for wealth management is now taking shape.
Online, paperless investment is the next big thing which we will see in the near future and our products and online solutions are ready and raring to grab this blue ocean market. We are now working towards Artificial Intelligence (AI) and machine learning, to make our solutions more customer centric and easy to use without human intervention.

  1. During the journey towards growth, what are the challenges the company has faced? How and why do you consider yourself as the fastest growing company?

For any organization, I believe that true success lies is in accepting failures, learning from them and rising up with more clarity. The biggest challenge I have faced is the adoption of the IT culture in our organization. To shift from unorganized to organized, from a one man army to having many clusters, is a very difficult and challenging task for anyone and where many companies fail.
The fastest growing company doesn’t mean only acceleration in revenue numbers, it’s all about adoption and creation of new solutions which are futuristic, customer centric, marketable and scalable. The products we design are very customer friendly and we hope they will be the next big thing you see.

  1. What are the innovative strategies that you are working on to thrive in the competitive market?

Artificial Intelligence and machine learning in the advisory and distribution spaces is next big thing. How would you like a product which can guide you to save more taxes while filing your Income Tax Return? How about a system which can learn from your financial history and tell you what you need to do to make your retirement more secure and achievable?
I believe that innovation is not a one-time event or a group meeting of senior managers. It’s ingrained in the culture and environment you give to your employees, so that they can participate and give creative ideas to the company. We run a program called “Known-sense Finance” where our employees can participate and give us new and creative ideas for product development or for some new marketing strategies.

  1. Which strategies do you follow to stay competent? How are you shaping yourself to become the fastest growing company?

Learn, unlearn and relearn is our mantra to stay relevant in the market always. Challenging your assumptions and working beyond your boundaries will always keep you ahead in this fast and ever changing market.

  1. What are the benefits and support your clients is getting from your company in this fastest growing competitive world?

In today’s market where lots of new and complex investment products (for ex. REIT – Real Estate Investment Trust, INViT – Infrastructure Investment Trust, AIF – Alternate Investment Funds) have come into the market, a customer expects timely and right advice, so that they can park their money in a safe way and optimize their returns and risk. We at Financial Hospital provide unbiased and professional consultancy for their wealth and taxes along with paperless solutions through our software and mobile app with real time updates about the market.

  1. How do you work on your long-term relationship with your clients? Kindly brief us about the most satisfactory experience with a client.
    We only work on building relationships with clients based on unbiased and ethical advice. Once a sense of trust is instilled, these relationships automatically become Long Term.
    A few things which help us provide the right advice –
  • giving a true opinion on the suitability of their existing investments considering the features, ROI and taxability
  • ensuring optimum utilization of their funds in low to moderate risk, and
  • Hand-holding them through quarterly reviews.
    Another important measure we take is ensuring the longevity of the team and low churning of their Relationship managers. This along with allowing the client accessibility to the entire hierarchy – till the MD level even – instills a strong level of trust and strengthens the Client- Planner bond further.
  1. Kindly brief us about your strategies to tackle the competition in your sector. What steps are you taking to ensure that you continue to grow and develop

We have always looked at the Competition in a positive way nudging us continuously to perform better than our peers. In all our products and services we have always strived to give an additional Midas touch to delight our customers. Our in-house IT setup is one of the biggest strategies, where we see ourselves as having an edge. It has given us the liberty to customize solutions as per the market changes, which is the most critical factor in being ahead in the race. An in-house training setup is another strategy which is going to give us the edge in terms of quality delivered in the wealth advisory industry.

  1. What can be expected from your company in the upcoming years?

You can expect a global presence and more and happier customers in the coming years, with the best paperless and real-time solutions for them. By 2023, we wanted to be known in India as the most trustworthy wealth and tax advisory firm.

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