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John Cremer

Three competitors tell us what it takes to win the Financial Planner Awards

The morning after hearing he had won through as one of the three finalists in the SCMP/IFPHK Financial Planner Awards 2007, Michael Donovan  was already back in competition mode.

He had taken a first look at the hypothetical case study set for the final round, thought about material he might need from the company's support staff, and touched base with a senior colleague who had agreed to act as coach and adviser, who also happened to be the overall winner of last year's competition.

It was  clear  that Mr Donovan, a senior vice-president with ipac Financial Planning, was determined to leave nothing to chance.

'A significant amount of work goes into preparing,' he said. 'And, in particular, I will be working on my presentation skills.'

Mr Donovan  has a good idea of what it will now take to carry off the top prize.

The first prerequisite will be to examine the case study from every angle to come up with a comprehensive strategy that covers all the client's goals and objectives. In doing this, Mr Donovan will bounce ideas off colleagues and, if necessary, turn to in-house paraplanners for research assistance.

His recent success in the second round, he believed, ultimately came down to two things.

'The secret was time management and ensuring engagement with the judges,' he said. 'I did a couple of role plays beforehand to see how the plan came across, to make sure I was presenting clearly and concisely.'

The case he chose involved a client who had children, properties in different jurisdictions, and an international lifestyle.

This made it necessary to address not just investments and tax implications, but also issues relating to estate planning and powers of attorney.

With limited time available, Mr Donovan's aim had been to spend 20 minutes going over his recommendations and the reasons for them, leaving 10 minutes to answer any questions.

'It is all down to ensuring your clients - in this case the judges - have a clear understanding of the strategy involved and how it will help achieve the financial goals,' he said.

He conceded that the prospect of taking part in the final round would be quite daunting.

'We will have to prepare a different financial plan and present it in front of perhaps 10 judges, as well as the cameras,' he said. 'But I still feel confident in my abilities.'

The first and  second rounds of the competition were judged by a panel of 24 senior practitioners in the financial planning sector, such as Steve Lo Sai-wo,  senior vice-president for ING Financial Planning.  In the final round, their fates will now be decided by an elite 12-person  panel, composed of top management personnel from different financial institutions in Hong Kong. The overall winner will be announced on October 29.

Fellow finalist Teresa Lee Kin-king, a customer relationship manager with HSBC and winner of the banking category is also upbeat. She said that taking part in the competition had boosted her professional confidence and reminded her of the importance of good teamwork in such an endeavour. 'I have had full support from my employer, especially my line manager and the training department,' Ms Lee said, while also crediting her colleagues for their 'tolerance and guidance'.

She said that one of the most challenging aspects of round two had been finding a way to stand out from other experienced financial planners. She was conscious of being up against contestants who were among the elite of the profession.

'I intentionally spent more time preparing and practising for the Q&A session, so as to impress the judges,' Ms Lee said.

Her strategy going into the final round will be to practise constantly. The most difficult part, she felt, would be to come up with a unique solution, which exceeded the judges' expectations, and at the same time, highlighted benefits the banking industry offered.

'My plan is to put myself in the shoes of the [client] and come up with a creative solution,' Ms Lee said. 'In addition, I will be looking to make a more interactive presentation in the final round.'

Meanwhile, Leo Lam King-yip, senior executive financial manager with AXA China Region Insurance  and winner of the insurance industry category, is also doing everything possible to peak at the right time.

Thinking back, he said the key to doing well had been to use simple language, avoiding unnecessary technical jargon, and to assume the judges were clients not that familiar with the principles of financial planning.

In his previous presentation, he had also tried to make good use of graphs and tables to illustrate comparisons and explain key aspects of putting together an asset portfolio.

'I think the judges liked that because graphs are an easy way for clients to understand the benefits of different plans and see the effects,' Mr Lam said.

He was well aware the case study for the final round would be complex, but saw this as an opportunity to learn more about broader issues  not necessarily covered in the course of his day-to-day consultations with clients.

In the build-up to the final round, he intended to give '105 per cent' to ensure he was fully prepared. 'My direct boss is very experienced in this field and will give feedback and valuable hints about where to focus and where not to,' he said.

Finalists/industry winners

Independent sector Michael Donovan, senior vice-president, ipac Financial Planning

Insurance Leo Lam King-yip,  senior executive financial manager,  AXA China Region Insurance

Banking Teresa Lee Kin-king,  customer relationship manager, HSBC



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HSBC

Finalists dig deep to be number one