Power of Networking

Yesterday, I attended the ICAI Startup Marathon, a remarkable event hosted by ICAI that brought together 500+ Chartered Accountants (CAs). ICAI continues to play a pivotal role in fostering financial literacy and contributing to Viksit Bharat (Developed India). Its efforts in empowering professionals and enhancing financial awareness make us proud members.I also learned ICAI has developed "CA-GPT," akin to ChatGPT.

I was truly amazed to see the diversity among CAs, with professionals excelling in a wide array of fields. Early on, I met a young CA who has already launched 3-4 startups and is now spearheading a FinTech venture. Others were actively engaged in valuation, mergers & acquisitions, cybersecurity consulting, and management consulting. Many women CAs are leading initiatives in food audits, MSME support, and even enhancing personal branding.

This diversity underscores one vital fact: Networking is crucial. It broadens our horizons and helps us learn about paths we never knew existed.

Did you know there are approximately 425,000 CAs in India, with 160,000 in active practice across 96,000 firms? Among these, 75,000 are sole proprietorships, and only 21,000 firms have four or more partners. Interestingly, one-third of all CAs are women. These numbers highlight a need for proprietors to collaborate and network more—because 1+1 can truly equal 11.

As someone passionate about partnerships and alliances, I deeply understand the power of networking. It's not just about building connections but also growing your net worth through your network.

As CAs, our primary focus has been delivering world-class service in tax and audit. However, there's another critical area that needs attention—personal financial planning for clients.

We conducted a survey of 100 Chartered Accountants to better understand the landscape of financial planning within their practices:

• Are clients being misled or mis-sold financial products? Yes: 73%
• Is the financial industry becoming more complex with global integration? Yes: 75%
• Is investment planning the need of the hour? Yes: 90%
• Are CAs proactively helping clients demystify this complex financial world? Yes: 30%

Let’s work together to bridge this gap!

I am CA Rishu Arya, a financial coach working with MFA. Founded by Amar Pandit in 2005 and led by our CEO Chitra Iyer, MFA is a niche, life-centered, goal-based investing firm. As we approach our 20th anniversary, we proudly uphold our:

• Vision: To be the most respected firm in the financial services space globally.
• Mission: To provide goal-based investing solutions to our clients, just like we would care for our parents’ money.

MFA is ISO 9001:2015 and ISO 27001:2013 certified, managing $1 billion in assets across 40+ countries.

Our client segments include Chartered Accountants, business owners, senior executives, doctors, celebrities, families with special needs, NRIs, retirees, and independent women.

Let’s connect, collaborate, and build a financially secure future for our clients. Together, we can make a meaningful impact!