9 th HKIB. Outstanding Financial Management Planner. The AWARDS. Driving best practice financial planning and wealth management standards

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Abraham Newman
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1 The 9 th HKIB Outstanding Financial Management Planner AWARDS Driving best practice financial planning and wealth management standards

2 OBJECTIVES The HKIB Outstanding Financial Management Planner Awards is an award that aims t drive best practice standards fr financial planning and wealth management practitiners in the banking and financial services industry. T achieve the purpse f best peratinal practices and attitudes aligned with clients' interests, this year, The Hng Kng Institute f Bankers (HKIB) is jining frce with BENCHMARK and CT Gdjbs.hk t develp a mre stringent methdlgy and criteria t achieve the fllwing bjectives:- T increase public awareness f the imprtance f financial planning and wealth management T enhance the cmpetitive edge f practitiners in the banking and financial services sectrs T emphasize the imprtance f ethical selling and prduct suit ability fr custmers T recgnize individuals wh excel in the financial planning and wealth management prfessin

T achieve the purpse f best peratinal practices and attitudes aligned with clients' interests, this year, The Hng Kng Institute f Bankers (HKIB) is jining frce with BENCHMARK and CT Gdjbs.

3 TARGET PARTICIPANTS AND CATEGORIES All financial planning practitiners in the Hng Kng and Maca banking and financial sectrs Grup A: General Wealth Management Custmer Financial Management Planners with up t 3 years f experience Based n the years f experience, he r she can decide t enter a categry that mst fit his/her aspiratin and nature f practice. The Awards are given t individuals wh have demnstrated best practices in financial planning and mass affluent and private wealth management. Grup B: General Wealth Management Custmer Financial Management Planners with ver 3 years f experience Grup C: High Net Wrth Custmer Financial Management Planners with custmers investable assets ver US$ 1millin (excluding primary residence)

The Awards are given t individuals wh have demnstrated best practices in financial planning and mass affluent and private wealth management.

4 AWARD PROCESS Rund 1: WRITTEN FINANCIAL PLAN Rund 2a: CLOSED DOOR ORAL PRESENTATION Hypthetical cases will be prvided t participants (same case fr applicants within the same categry). Each participant shall submit his r her written financial plan fr the cmpetitin. Assessment Criteria f written submissin will be based n the HKIB s TRUST Mdel: Trusting Relatinship Recgnizing Financial Psitin and Gals Understanding Financial Status Structuring Financial Plan Timely Implementatin and Management During the clsed-dr Oral Presentatin, the selected candidates in all categries will cnduct a shrt presentatin f their written financial plan and underg a questin and answer sessin with Judges. Assessment Criteria f Oral Presentatin will be based n: - Attitude - Technical Cmpetence - Financial Knwledge - Interpersnal and Cmmunicatins Skills Rund 2b: PEER VOTING [BEST PRACTICE WEALTH ADVISORY FORUM] The Best Practice Wealth Advisry Frum is a peer-tpeer cnference that encmpasses the essential areas f the wealth advisry business. The full-day frum allws applicants t benchmark their skills against the best in the industry and takeaways frm expert panelists in philanthrpy, scially respnsible investments, wealth planning and asset prtectin. Jurrs will be evaluating each cntestant n presentatin skills, knwledge, practicality, and independent thinking abilities, whereas their peers will judge cntestants perfrmances based n stage presence, articulatin and industry knwledge. Final Rund: BEST OF THE BEST Finalists frm each categry fighting fr the Grand Title, will present their case the final time t judges in a clsed-dr envirnment, where regulatrs, senir executives and academics will be judging the finalists n their technical skills and mral standards.

Assessment Criteria f written submissin will be based n the HKIB s TRUST Mdel: Trusting Relatinship Recgnizing Financial Psitin and Gals Understanding Financial Status Structuring Financial Plan

5 ROUND 1 Written Financial Plan (hypthetical case prvided) ASSESSMENT CRITERIA Trusting Relatinship (10%) Recgnizing Financial Psitin and Gals (20%) Understanding Financial Status (30%) Structuring Financial Plan (30%) Timely Implementatin and Management (10%) Prepare fr the meeting: determine the meeting agenda and lgistics; review available infrmatin abut the custmer; cllect relevant financial and market infrmatin Establish trust and rapprt: prject a prfessinal image; cmmunicate effectively; explain the benefits and the prcess f financial planning Cllect data abut custmer s: persnal and family infrmatin; current financial psitin such as: incme and expenses, assets and liabilities, insurance cverage, retirement benefits Determine, quantify and priritize custmer s financial gals, needs in assets creatin, prtectin, accumulatin and distributin Understand custmer s risk tlerance level; investment experience; liquidity cncerns; budget; return expectatin Analyze custmer s current financial status: incme, expenses, cash flw; assets, liabilities, net wrth; prtectin adequacy Evaluate any financial gaps t meet custmer s gals and needs Custmize financial slutins accrding t the financial gap analysis, the custmer prfile, market research infrmatin, and the regulatry envirnment Present suitable investment prducts and financial services t meet custmer s financial gals and needs Manage custmer s expectatins by ascertaining custmer s understanding f the financial plan and the risks invlved Implement the agreed financial slutins Demnstrate the prtfli review mechanism with a view t achieving custmer s financial gals and needs Illustrate the availability f nging custmer services mechanism t maintain a trusting relatinship

financial and market infrmatin Establish trust and rapprt: prject a prfessinal image; cmmunicate effectively; explain the benefits and the prcess f financial planning Cllect data abut custmer s:

6 ROUND 2A Clsed Dr Oral Presentatin ASSESSMENT CRITERIA

7 ROUND 2B Peer Vting (BEST PRACTICE WEALTH ADVISORY FORUM) OBJECTIVES Finalists f the Awards will gather n Nvember 23, 2015 t shwcase their knwledge and skill sets in wealth management and financial planning. Nt nly cntestants can benchmark themselves against the best-in-class practitiners and vte fr their favrite candidates, they will als learn frm the pl f veteran speakers in the area f estate planning, successin, investment, prfessinal etiquette, and risk prfiling.

Nt nly cntestants can benchmark themselves against the best-in-class practitiners and vte fr their favrite

8 ROUND 2B Peer Vting (BEST PRACTICE WEALTH ADVISORY FORUM) FORMAT The Best Practice Wealth Advisry Frum is a unique peer-t-peer cnference that encmpasses the essential areas f the wealth advisry business. In this frum, applicants can benchmark their skill sets against the best in the industry and get prfessinal takeaways frm expert panelists in tpics, such as philanthrpy, scially respnsible investments, wealth planning and asset prtectin, wealth transfer strategies and retirement. Jurrs majr cnsideratins in evaluating each cntestant will be client engagement and servicing and presentatin skills, knwledge, practicality, and independent thinking abilities. Additinally, peers will judge cntestants perfrmances based n stage presence, articulatin and industry knwledge

In this frum, applicants can benchmark their skill sets against the best in the industry and get prfessinal takeaways frm expert panelists in tpics, such as philanthrpy, scially respnsible

9 ROUND 2B Peer Vting (BEST PRACTICE WEALTH ADVISORY FORUM) ASSESSMENT CRITERIA Prfessinal Image 10% Independence Judges' Discretin 10% Intelligibility and Articulatin 30% 10% Knwledge 25% Presentatin 15%

Independence Judges' Discretin 10% Intelligibility

10 AWARDS: Outstanding Financial Management Planner Awards N. Of Awards Rund 1 Certificate f Merit T be cnfirmed Rund 2 Silver and Brnze Awards 21 Rund 2 and Final Rund Final Rund Best Presentatin Awards 3 Best Financial Planning Prpsal Awards 3 Grand and Gld Awards 9 Tp Nminatins Award 9

Brnze Awards 21 Rund 2 and Final Rund Final Rund Best Presentatin

11 TIMELINE EVENTS KEY DATES Launch Receptin Infrmatin Sessin 5 August 2015 Registratin Deadline 1 September 2015 Written Financial Plan Submissin Deadline 30 September 2015 Rund 1 Result Annuncement 30 Octber 2015 Rund 2A Clsed Dr Oral Presentatin 16 & 17 Nvember 2015 Rund 2B Peer Vting Best Practice Wealth Advisry Frum 23 Nvember 2015 Rund 2 Results Annuncement 27 Nvember 2015 Final Rund Presentatin 4 December 2015 Presentatin Ceremny & Dinner 8 January 2016 Dates are tentative and are subject t final changes by the rganizers

2015 Rund 2B Peer Vting Best Practice Wealth Advisry Frum 23 Nvember 2015 Rund 2 Results Annuncement 27 Nvember 2015 Final Rund

12 As prfessinals excel in financial planning wealth management, jin ur The 9 th HKIB Outstanding Financial Management Planner AWARDS Driving best practice financial planning and wealth management standards

Financial Management Planner AWARDS Driving best

Process Improvement Center of Excellence Service Proposal Recommendation. Operational Oversight Committee Report Submission

Process Improvement Center of Excellence Service Proposal Recommendation. Operational Oversight Committee Report Submission Prcess Imprvement Center f Excellence Service Prpsal Recmmendatin Operatinal Oversight Cmmittee Reprt Submissin INTRODUCTION This Prpsal prvides initial infrmatin regarding a pssible additin t a service.