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I had to have a laugh the other day when someone pointed out to me that a crowd - albeit a small one - proposes to launch a business excellence award for financial planners.
They apparently have been bagging the Financial Planner of the Year Awards (which we organise through Good Returns) saying that they did this in the early 1990s but they couldn't get it to work.
The Financial Planner of the Year Awards are the pre-eminent awards in New Zealand. They are a success and have great support, if they weren't they would not have been going for six years and getting bigger and better each time.
Also they are endorsed by the Financial Planners and Insurance Advisers Association and the top award is for the CFP of the year. As readers will know the CFP is the top international designation for advisers.
When the awards were established we spent a lot of time looking at how other planning awards are run around the world, plus we looked at awards such as ones for bankers and accountants. A key point is that when someone seeks advice they are looking for a person who is qualified and with whom they can build a relationship.. Naturally a top planner will run a good business.
An investor picks an adviser on a personal basis - not on their business.
There is an old saying "imitation is the best form of flattery" and there has been a lot of that from this crowd in the past year or so.
An email I received on Friday seems to sum it up: " You copy cat. Fancy taking one of Graham's ideas that failed and making it work!!!"
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Mike,
The Awards are designed to recognise the best in the industry and clearly planners who are at the top of their game have a CFP or in some cases a CFP and a CLU. These are higher qualifications than being just an associate.
Likewise the Young Financial Planner of the Year Awards recognises the up-and-coming leaders of the profession.
Sure there are some people who are unhappy at the moment. Financial planning is a competitive industry and that has been illustrated to us every year we have run the awards.
As for the supposed misconduct issue you will find that it is no more than a storm in a tea cup. I think the Prime Minister would describe it as a "beat up".
To me professional misconduct is things like stealing peoples' money or not disclosing an interest in an investment product.
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Speaking of laughable Phil, how representative is the current format to the number of professional Finnancial Planners ? It's also a bit of a giggle one of the joint winners was judged guilty of professional misconduct. If you stopped laughing and asked around you will find a large crowd would sooner see a business excellence award. This award would be more meaningfull as it recognises all the staff within a practice who contribute to the success of the Financial Planner. Answer me this Phil, how many CFP's stood for CFP of the year in the last awards ?