Wealth management is one of the prominent ingredients of the BFSI Sector now. It is also one of the most dynamic and competitive segment within the industry that plays a significant part in supporting other participants in BFSI. Recognising the significance of this sector, Apoorva Vora, founded Finolutions Wealthcare LLP in 2013 aiming to support large independent financial advisors or smaller wealth management firms by providing consultation services and knowledge pre-dominantly on products and services function. With over 30 years of work experience in IT and Financial services Apoorva is at the helm of the organization. “I felt the need to start a boutique consultancy firm which should cater to a specific segment within the broad spectrum of wealth management, hence I founded Finolutions,” confirms Apoorva.
Finolution's guiding mantra is- “Don’t find customers for your products. Instead, find products for your customers”
Headquartered in Mumbai, the company’s guiding mantra is- “Don’t find customers for your products. Instead, find products for your customers”. Finolutions takes care of its clients’ wealth business through applicable financial solutions and was therefore named as ‘Finolutions Wealthcare’. “We try to educate our wealth management clients with adequate know-how and solutions through which they can efficiently handle their client’s savings, investments and lending, including legacy planning. We assist them in being process driven and organized when it comes to dealing with financial products. This covers traditional investment options such as mutual funds, portfolio management services, etc.” Apoorva elaborates. In addition to these, the company also renders consultation support in various types of alternatives investments, global products for those looking at their geographical or currency level diversification. “Our services extend to assisting or mentoring early stage businesses, including their fund raising objectives, mainly through acquiring right audiences,” he adds. Furthermore, the company assists in succession planning covering wills and trusts. Its endeavour is to help the clients, remain their backbone and motivate them to carryout family office business for their relationship clients.
While talking about wealth management he also mentions, “In our view, if a wealth manager is unable to provide a comprehensive range of products
and/or services,such wealth managers have a higher probability of facing tough competition from players that are more comprehensive.But to have that bandwidth to serve the clients with wider product / services range is not an easy task. We made that as our space or area of activity for our B2B clients – the Wealth Managers.”
The initial days of a new venture are often challenges and Finolutions also had to go through its own set of challenges. The company tried innovative techniques during its initial days which have helped it to gradually evolve as one of the key players of wealth management section. “I had no business entity in my mind that I could look up to for replicating and improving my business model. I had to think, plan and execute taking help of my previous experiences and of course friends of Finolutions” Apoorva explains. It was critical for the team to understand the pulse of clients’ businesses and plan accordingly. “I realised that small wealth manager’s require education and introduction to the untried and untested aspects of wealth management. We thus put effort to bring comprehensive solutions for our clients,” adds Apoorva.
Serving 20 wealth management firms spread across 12 different regions of India, the company is trying to project new business models for the right clients. Finolutions intends to enhance the periphery of its services by evaluating innovative options for wider and meaningful diversification of the end-to-end client portfolios. Other areas of priorities include stronger presence at selective markets and segments. “We also intend to enhance our capabilities of being a meaningful back-end for our clients by setting up family offices as part of their wealth management offerings,” concludes Apoorva.