Regional/Global Financial Planner Awards

Presented by: Angeline Chin

CEO, IFPHK

• Study of Awards offered around the World• University Student Category• Practitioner Category

Global FP Awards

Awards around the World

No consistent approach:• Value of Advice (Australia)• Research (FPA US)• Outstanding Contribution to Industry (Canada)• Case Study (South Africa)• Submission of financial plans based on case

studies (UK, HK, Korea)

Consideration for Regional or Global Awards?

• APAC may want to consider having a competition or make it global if there is interest from other affiliates outside APAC

• Let us look at:

- University Student Level

- Practitioner Level

University Student Category

University Student Category

• Proposed launch date: Year 2010 or 2011• Objectives:

- Honor outstanding university students who show sound financial acumen and knowledge about financial planning

- Raise awareness of financial planning among the youths, especially university students

- Promote the CFP mark equals financial planning excellence- Further strengthen public awareness of the benefits of

financial planning at an early age- Promote the six steps of financial planning process- Introduce financial planning as a rewarding career to

university students

Eligibility

• Open to full-time undergraduate students at any university that is recognized by their local government

• Groups of 3 – 4 students coming from the same university

• The participating affiliates will launch the competition to their local university students

• The top team from each country/ region will be selected to enter the Regional/International Financial Planner Award

• It is proposed that each participating affiliate will take turn to organize the Regional/International Financial Planner Award each year

Format

• The competition will be divided into 2 rounds

- 1st Round – Detailed Written Financial Plan

- 2nd Round – Oral Presentation

1st Round

• All candidates will receive a standard case

• They are required to submit a detailed written financial plan

• The plan should include a thorough analysis and comprehensive solution of the standard case provided

• Written in English using 10-point font, Arial in Microsoft Word

• Not exceed 12 pages (excluding cover pages and appendices)

• Each participating affiliate will provide mentor to their local students – to give advices to the students

2nd Round

• Candidates are required to present their written plans based on the following criteria:

- Must be in English (we think English is better spoken by university students rather than practitioners in most Asian region)

- Not exceed 15 minutes for presentation

- 10 minutes Q&A session

Judges

• High-profile panels of Senior Executives and Heads of Financial Planning Division, Professors etc.

• Each participating affiliate will nominate one judge from their country.

Things to be Done

• Task force to look into the criteria, one person from task force to lead this

• Check the school calendar year of each participating country/ region and then fix an appropriate time for the launch

• Solicit sponsorship• Invite media partners• Recruit CFP professionals as mentor• Prepare the list of judges to be invited• Prepare the case study and the assessment guideline• Develop marketing and publicity plan• Design marketing collaterals and application form

Practitioner Category

Practitioner Category

• The top winner from each participating affiliate will enter the Regional Financial Planner Award

• Option 1 (Case Study and Financial Plan)

• The competition will be divided into 2 rounds:

- 1st round – Submission of written financial plan

- 2nd round – Oral presentation

• Option 2 (Value of Advice)

- 1st round - Submit a positive client story that shows how the advice changed the live of the clients

- Oral presentation

Difficult Issues

• Language is an issue for practitioners as English is not widely spoken in Asia

• Market maturity level: Products provided in different countries/ regions, developed countries may have more choices for clients. Planners and clients are also at different stages of maturity.

Proposal

• Option 2 seems more plausible than Option 1 since language is an issue:

• Planner submit the story of a positive client story

• Present the story in any form the planner sees fit to be assessed by international judges

- short video with subtitles

- animation

- presentation

Action Plan

• How many countries would participate if we have an award? Currently only 7 affiliates have some sort of awards in their countries.

• Do we go ahead and plan for to this with the task force setting up the criteria?

• When would be the likely time we can launch this 2010 or 2011?

THANK YOU!