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| Financial planning and wealth management business have been vital both to the status of Hong Kong as an international financial centre and the well-being of individuals. Thus The Hong Kong Institute of Bankers and Career Times are jointly organizing the HKIB Outstanding Financial Management Planner Awards again in 2011. The objectives of the awards are: |
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To increase public awareness of the importance of financial planning |
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To enhance the competitive edge of practitioners in the banking and financial sectors |
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To emphasize the importance of ethical selling and product suitability for customers |
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To recognize individuals who excel in the financial planning profession |
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| All financial planning practitioners in the Hong Kong and Macau banking and financial sectors. |
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According to years of experience as a financial management planner and case nature, participants shall compete in either one of the 3 categories
(A, B & C) shown below:
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Group A: Financial Management Planners
with up to 3 years of experience |
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Customer segment |
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General Wealth Management Customer |
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Group B: Financial Management Planners
with over 3 years of experience |
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Customer segment |
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General Wealth Management Customer |
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Group C: Financial Management Planners |
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Customer segment |
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High Net Worth Customer* |
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| *Customers with investable assets of over US$1 million (excluding primary residence owned) at a financial institution will be classified into the "High Net Worth Customer" group in this competition whereas all other customers will be "General Wealth Management Customer". |
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| Each participant shall submit his or her customer's GENUINE written financial plan for the competition. The written plan must first be endorsed by participant's current employer before submission. All personal particulars of the customer must NOT be disclosed throughout the competition. |
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| Each participant may submit an English or Chinese written financial plan and give oral presentation in either English
or Cantonese. He or she may write the financial plan in one language and orally present in another. The language chosen will NOT form part of the assessment. |
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Assessment of the submission will be based on the candidates' ability to demonstrate the following 5 key elements in the process of providing financial planning services for their customers:
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rusting relationship |
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ecognizing Financial Position and Goals |
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nderstanding Financial Status |
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tructuring Financial Plan |
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imely Implementation and Management |
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Three Rounds of Assessment
| Round 1: (Written Financial Plan) |
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All candidates are required to submit a genuine WRITTEN financial plan based on a selected category
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| Round 2: (Oral Presentation) |
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The selected candidates of each category will be invited to give an ORAL presentation of their submitted financial plan (visual aids are allowed) and attend an interview with the judges.
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| Final Round: (Written and Oral Presentation) |
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The selected candidates will be required to give a presentation based on a hypothetical case study (information will be released more than two weeks prior to the presentation). |
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Assessment for the written financial plan will be based on the following 5 key elements of financial planning
| Trusting Relationship (10%) |
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Prepare for the meeting: determine the meeting agenda and logistics; review available information about the customer; collect relevant financial and market information |
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Establish trust and rapport: project a professional image; communicate effectively; explain the benefits and the process of financial planning |
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| Recognizing Financial Position and Goals (20%) |
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Collect data about customer's: personal and family information; current financial position such as: income and expenses, assets and liabilities, insurance coverage, retirement benefits |
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Determine, quantify and prioritize customer's financial goals and needs in assets creation, protection, accumulation and distribution |
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Understand customer's: risk tolerance level; investment experience; liquidity concerns; budget; expectation of return |
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| Understanding Financial Status (30%) |
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Analyse customer's current financial status: income, expenses, cash flow; assets, liabilities, net worth; protection adequacy |
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Evaluate any financial gaps to meet customer's goals and needs |
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| Structuring Financial Plan (30%) |
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Customize financial solutions according to the financial gap analysis, the customer profile, market research information, and the regulatory environment |
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Present suitable investment products and financial services to meet customer's financial goals and needs |
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Manage customer's expectations by ascertaining customer's understanding of the financial plan and the risks involved |
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| Timely Implementation and Management (10%) |
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Implement the agreed financial solutions |
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Demonstrate the portfolio review mechanism with a view to achieving customer's financial goals and needs |
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Illustrate the availability of ongoing customer services mechanism to maintain a trusting relationship |
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Assessment for the oral presentation will be based on the following criteria
| Attitude (30%) |
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Able to impress the customer as a responsible, sincere and trustworthy financial planner |
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| Technical Competence - Financial Knowledge (30%) |
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Able to demonstrate to customers the relevant knowledge when explaining the features of financial markets and various financial products, regulatory environment, codes of ethics and the risks involved |
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| Interpersonal and Communications Skills (40%) |
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Able to communicate with customers precisely and convincingly with respect to different background and personalities |
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Able to gather customer's information tactfully |
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Able to resolve customer's doubts and concerns relating to his/her financial planning needs |
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Able to ensure customer's understanding of proposed financial plan, risks involved and related product features |
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| Round |
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Awards |
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No. of Awards |
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Certificate of Merit |
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To be confirmed |
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| Round 2 |
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Trophy |
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18
(Top 6 Winners from each group) |
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| Round 2 |
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Best Presentation Awards |
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3
(Best presenter from each group) |
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| Round 2 |
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Best Financial Planning Proposal Awards |
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3
(Best financial planning proposal
from each group) |
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| Final Round |
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Outstanding Financial Management
Planner Grand Award Trophy |
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3
(Champion from each group) |
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| May 17 |
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Public Information Session |
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| June 10 |
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Deadline - Registration Form Submission |
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| July 8 |
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Deadline - Written Plan Submission |
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| August 5 |
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Round 1 - Result Announcement |
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| August 24-25 |
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Round 2 - Presentation |
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| September 16 |
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Round 2 - Result Announcement |
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| October 14 |
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Deadline - Written Plan (hypothetical case study) Submission |
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| October 27 |
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Final Round - Presentation |
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| November 23 |
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Presentation Ceremony & Dinner (HKCEC) |
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Organizing Committee |
Panel of Judges and Advisory Board |
Supporting Organizations and Sponsors |
The Hong Kong Institute of Bankers,
3/F, Guangdong Investment Tower,
148 Connaught Road Central, Sheung Wan, Hong Kong
Tel: (852) 2815-1552 / Fax: (852) 2544-9946 / E-mail: awards@hkib.org |
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