Teamwork helps Chinese University participants win the day
After three testing rounds of competition, a four-person team from Chinese University was crowned this year's champion in the student category of the SCMP/IFPHK Financial Planner Awards.
Accountancy majors Joanne Man Yuen-ting and Dai Yuanyuan teamed up with quantitative finance specialists Frank Lee Chi-cheung and Karen Lau Chi-nga and impressed the judges with the quality of their written plan, video submission and presentation on a topical issue.
Reflecting on their success, they believe it came down to good collaboration and a ready exchange of ideas. The competition gave them an opportunity to apply their textbook learning to a real-life situation calling for a diverse range of practical knowledge and communication skills.
'We tried to be client-focused and to see things from the judges' perspective,' Lau said. 'I guess that's what differentiated us from the crowd.'
The task was to devise a comprehensive financial plan for a client with competing priorities. In this case, the subject was an advertising copywriter with limited capital, a liking for overseas travel, plans to set up his own studio, and ambitions to marry and buy a home.
Inevitably, there were varying opinions and insights among the four on how to deal with tax, investment and other issues the case raised. 'But we had clear objectives and timelines in our discussions and made sure each of us understood the material thoroughly,' Lau said.
Lee described the whole experience as unforgettable, not to mention the hard work and nervous moments along the way. 'I now have a much better understanding of the importance of good financial planning early in life,' he said. 'The earlier we plan, the more prepared we are for different needs later on.'
