Individual solutions count

In his fourth year as a judge for the SCMP/IFPHK Financial Planner Awards, it doesn't take Danny Tse long to sort out the best of the first-round entries from those that are just a touch too average.

'What I look for are plans that analyse the client's situation and make recommendations based on that,' says the executive director of Athena Best Financial Group. 'Some participants still have a tendency to use their company's standardised tools. The more experienced consultants make a real effort to come up with individual solutions.'

This, he explains, is a common characteristic of the top financial planners. They will allow room for discussion and will not try to push clients into choosing from an artificially narrow range of investment products.

Another first-round judge, certified financial planner Anne Chu, looks for comprehensive and clear entries. She deducts marks for unnecessary use of industry jargon, pointing out that the essence of good financial advice is to ensure the client has no doubt about any recommendations - or what they mean. The plan should also deal effectively with all key aspects including retirement, investment, protection and sensible diversification.

'In some of the cases I read, the rationale was OK, but the presentation made the difference,' Chu says. 'It is very important for the client to easily understand what is being recommended.'

Winners from the competition's first round