The SCMP/IFPHK Financial Planner Awards 2008 reached its climax last night with the top awards being handed out at a presentation dinner at the JW Marriott Hotel. After three rounds of scrutiny by regulators and judges from top financial planning firms, ipac financial planning senior vice-president Sheila Dickinson was named Financial Planner of the Year 2008. She beat 343 financial planners from banks, insurance companies and independent financial advisory firms. Open to practicing financial planners from the fields of banking, insurance, and independent financial advisory, the competition, held for the fourth consecutive year, recognises financial planners who excel in professional knowledge and demonstrate acumen in personal financial planning. 'Sheila demonstrated outstanding industry knowledge, thorough analysis and excellent presentation skills,' said Jeff Walker, a final round judge and chief executive of The Prudential Assurance Company. 'Her case studies were well organised, substantial and succinct; her oral presentation was articulate, convincing and impassioned.' Another final round judge and chairman and chief executive of wealth management platform provider iFast Financial, Lim Chung Chun, said: 'What set Sheila apart was her eloquence, her ability to be persuasive, and her good understanding of the right long-term investment process.' In the individual industry categories, Galen Chan Chi-kit, a premier relationship manager at HSBC, and Michelle Chan Suk-han, a senior wealth management manager at Bank of China (Hong Kong), jointly won the banking sector award. Cathy Wong Siu-fong, a senior financial adviser at Manulife, was named the insurance industry winner. The four winners were awarded round-trip tickets to Australia, and passes to attend a national financial planning conference there. The event was presided over by Financial Services and Treasury Bureau secretary Chan Ka-keung. In the corporate category, trophies were also awarded to companies in each of the three fields with the most number of financial planners who received awards. In the banking sector, the award for Hong Kong's Best Company for Financial Planning Excellence went to HSBC, which took home nine awards. Manulife (International) and Convoy Financial Services received the best company awards for the insurance and IFA categories, with 38 and 20 awards respectively. A new award - My Favourite Financial Planner - was introduced this year, to encourage consumer participation. An internet poll allowed consumers to choose their favourite financial planner from nine top financial planners from the main competition, after watching a two-minute video they made. Ricky Lee Lap-ki, an associate director with Convoy Financial Services, won this award, receiving 133 out of 701 votes cast between September 8 and October 7. 'We are happy with the response to the competition, and the high standard of financial planning quality demonstrated by the contestants this year. It shows that the standard of financial planning has continued to improve,' said Angeline Chin, chief executive of the Institute of Financial Planners of Hong Kong, a co-organiser of the awards with the South China Morning Post (SCMP). SCMP editor C.K. Lau said: 'Recent events in the financial sector have reminded all of us how important it is for consumers to be given the right type of advice, and for providers to be transparent in the sale of financial products. I am glad that we are able to play a part in promoting the provision of sound financial planning advice.' The competition kicked off in March, when competitors had to submit a real-life financial planning case. Entries were assessed by panels of judges from the financial planning sector and the city's regulators on whether they demonstrated the six steps of financial planning. These are: establishing client-planner relationships; gathering client data and determining goals and expectations; determining the client's financial status by analysing and evaluating client information; developing and presenting the financial plan; implementation; and monitoring the plan's progress. They were also evaluated on whether they provided relevant personal information about their clients; offered sufficient discourse; understood their clients, investment goals; and analysed their clients' situation adequately. Judges looked at whether they assessed a plan's risk, gave appropriate advice based on the client's investment objectives, and the overall style and clarity of the plan. There were three rounds of judging. The first round involved written plans. The top 70 contestants then advanced to the second round, where they made a verbal presentation to the judges acting as clients. The top scoring financial planner from each of the three industries then wrote a financial proposal for a hypothetical scenario which this year involved a couple who were planning for their retirement and their daughter's educational needs. These plans were presented to a panel of nine final round judges at the Hong Kong Bankers club in Central last month. Besides the four industry winners, 32 first round winners received certificates, and 38 second round winners were awarded trophies. In the university category, held for the second time this year, students from Chinese University took the first prize. George Lam Ka-shing, Junes Shek, Wong Siu-hong and Anna Shiu Man-yee won a HK$8,000 scholarship, a trophy and certificates. As part of their prize, Ms Shiu and Ms Wong also spent a number of weeks shadowing financial planning professionals at work at insurance firm Manulife. Two teams from Polytechnic University took the second and third places, receiving scholarships and trophies. Teams from the Hong Kong University of Science and Technology and City University took the two consolation prizes. A total 479 students in 126 teams took part in the awards this year.
