- You are an FPA practitioner member or FPA Professional Practice
- You provide advice face-to-face (in-person or virtually) on a daily basis to clients
- You have a clear compliance record
What the judges are looking for
- Lives the ‘client first’ principle
- Examples of how you provide advice through the use of modern technology and digital delivery to provide advice to consumers
- Part 1: Written submission to be submitted through the FPA Awards online portal – a judging panel will review the applications and select finalists
- Part 2: Finalists to present to the judging panel.*
*An audit may also be required to take place at the finalist’s place of work as part of the finalist review process.
Written submission requirements
The written submission must answer the questions below. Submissions can be provided using presentation/video technology by providing a link, but should not exceed 30 mins in total.
Q1. Describe the innovation you have made to your interaction and services for clients in your practice which could include all or some of your complete advice process (max 500 words)
a. Identify what problems you were trying to solve
b. How did you identify how long/much does your advice process take/cost and what savings did your innovation bring to your business?
Q2. How did you design your innovative advice process and identify the best solutions for your business? (max 500 words)
Q3. Describe the following:
a. Your practices tech stack/process
b. What you considered when choosing the right solutions, and who else did you work with?
c. What investment were you prepared to make and how long do you think it will take or has it taken for you to reap the benefits in your practice?
Q4. From a compliance perspective:
a. How does your process enhance meeting the FASEA standards?
b. What cyber/data security measures have you put in place?
c. Have you used offshoring (of providers) or outsourcing of services? What contractual implications did you address here?
Q5. What challenges did you have to overcome in developing your advice process and how did you overcome them? (max 500 words)
Q6. How did you test your process with your clients? (max 500 words)
a. What has been their reaction to your advice process and advice delivery?
b. How has it helped you source new clients/deliver affordable advice/manage your review process?
Required supporting documents
- Please submit a demonstration video or presentation showing your advice process and what is delivered to a client
- Description/representation of innovation as it applies to the FPA financial planning process. Please refer to the 6 steps outlined on pages 6-7 in the guide, Choosing a financial planner. View the guide
The presentation will be conducted during the week commencing Monday 11 October 2021. The finalists will be asked to present their innovative advice process including a live demonstration.