Like the Olympics, just taking part in the SCMP/IFPHK Financial Planner Awards 2012 is already a mark of distinction. It gives contestants the chance to test themselves against the best in the sector and, in doing so, to hone the professional skills and industry knowledge that are so vital in day-to-day dealings with clients.
But for those who advance to the later rounds of the competition, special praise is reserved. At various stages, they will have to demonstrate not just all-round excellence in preparing a financial plan, but also coolness under fire when handling pinpoint questions from an expert panel of judges.
It is the breadth and scale of that challenge that has made participation in the awards an important career step for many practitioners in Hong Kong, with winning one of the categories a coveted ambition.
'These are the only awards that recognise financial planning excellence across three industry sectors - banking, insurance and independent financial adviser,' says Dennis Lau, CEO of the Institute of Financial Planners of Hong Kong. 'By taking part in the competition, financial planners get to measure themselves against other talented individuals and to strive for a higher level of personal performance. It also gives them an opportunity to interact with peers and learn what is happening elsewhere in the industry.'
Now in their eighth year, the awards have won a reputation for stringency and helping to promote best practice within the sector. Organisers have also moved with the times by adjusting the main competition format when necessary, and progressively introducing new features and categories to encourage involvement from university students and the public at large.
Besides developing talent, a complementary aim all along has been to increase general awareness of the need for long-term financial planning and the advisability of following a recommended six-step process.
'We want to emphasise the importance of method and continuity in planning and make sure people have the right perception of the industry,' Lau says.