REGISTRATION GUIDELINES

Transcription

1 7 JUNE 2016 HONG KONG REGISTRATION GUIDELINES Organizers: BMv1.4F

2 ABOUT THE AWARD Now in its tenth year, the annual HKIB Outstanding Financial Management Planner Awards is an award that aims to drive best practice standards for financial planning and wealth management practitioners in the banking and financial services industry. To achieve the purpose of best operational practices and attitudes aligned with clients interests, the Hong Kong Institute of Bankers is joining force with BENCHMARK magazine and CTgoodjobs.hk to develop a more stringent methodology and criteria in order to achieve the following objectives:- OBJECTIVES To increase public awareness of the importance of financial planning and wealth management To enhance the competitive edge of practitioners in the banking and financial services sectors To emphasize the importance of ethical selling and product suitability for customers To recognize individuals who excel in the financial planning and wealth management profession WHO SHOULD PARTICIPATE All financial planning practitioners in the Hong Kong and Macau banking and financial sectors. CATEGORY & ELIGIBILITY According to years of experience as a financial management planner and case nature, participants shall compete in either one of the three (3) categories (A, B & C) shown below: Group A Group B Relevant Experience Financial Management Planners with up to 3 years of experience Financial Management Planners with over 3 years of experience Customer Segment General Wealth Management Customer General Wealth Management Customer Group C Financial Management Planners High Net Worth Customer* Note* Customers with investable assets of over US$1 million (excluding primary residence owned) at a financial institution will be classified into the High Net Worth Customer group in this competition whereas all other customers will be General Wealth Management Customer. 10 th HKIB OFMP AWARDS REGISTRATION GUIDELINES ৷ ENQUIRIES: OFMP-AWARDS@HKIB.ORG ৷ AWARDS@WEALTHASIA.NET 2

3 LANGUAGE Each participant may submit an English or Chinese written financial plan and give an oral presentation in either English or Cantonese. He or she may write the financial plan in one language and orally present in another. The language chosen will NOT form part of the assessment. FORMAT Each participant shall submit a Written Financial Plan of a Hypothetical Case for this competition. The written plan must first be endorsed by the participant s current employer before submission. THE AWARD PROCESS ROUND 1: WRITTEN SUBMISSION Written submissions to a mock case study will be evaluated to see how well applicants provide solutions based on the platform and resources provided by their company and within what are authorized by their regulatory approved licenses. Independence, clarity and research will also be assessed. All written submissions will be judged using a point scoring system under the HKIB TRUST Model, the structure of the plan, suitability, impartiality and completeness. ROUND 2a: CLOSED-DOOR PRESENTATION During the closed-door interviews, finalists in all categories will conduct a short presentation of their mock case study and undergo a question and answer session with jurors. Finalists will be judged on their preparation, presentation, technical skills, and visual aid. ROUND 2b: PEER VOTING - BEST PRACTICE WEALTH ADVISORY FORUM The Best Practice Wealth Advisory Forum is a peer-to-peer conference that encompasses the essential areas of the wealth advisory business. The full-day forum allows applicants to benchmark their skills against the best in the industry and gain insights from expert panelists in philanthropy, socially responsible investments, wealth planning and asset protection. Jurors will be evaluating each contestant on presentation skills, knowledge, practicality, and independent thinking abilities, whereas their peers will judge contestants performances based on stage presence, articulation and industry knowledge. ROUND 3: BEST OF THE BEST 3 Finalists from each category fighting for the Grand Title, will present their case the final time to judges in a closed-door environment, where regulators, senior executives and academics will be judging the finalists on their technical skills and moral standards. 10 th HKIB OFMP AWARDS REGISTRATION GUIDELINES ৷ ENQUIRIES: OFMP-AWARDS@HKIB.ORG ৷ AWARDS@WEALTHASIA.NET 3

4 T.R.U.S.T. MODEL ASSESTMENT CRITERIA Essential Elements Trust Establishment Undergo a meaningful due diligence process on Knowing Your Customer (KYC) for the purpose of understanding the person Scrutinize the source of fund and wealth to confirm the trustworthiness of the customer Conduct an efficient and practical risk profiling that measures the actuality of risk tolerance versus risk perception Gather and build a mutual sense of investment and decision responsibility Recognizing Financial Needs and Life Goal Analysis Understand purpose of life and event planning for different life stages and challenges facing family situations Collect financial and personal data e.g. income and expenses, assets and liabilities, insurance coverage and retirement benefits Determine customer s current wealth stage creation, accumulation, protection or distribution Undergoing Financial Assessment Conduct reality checks on future goals vs. current financial and human capital Net worth and cash flow analysis, current and future inflows and outflows of capital Current asset and liabilities versus future ones such as tax and estate liabilities Evaluate and identify current and future financial gaps Assess the effectiveness of the customer s current portfolio and investment allocation Formulate personal financial strategy and propose solutions and alternatives Structuring Financial Plan The concurrence of the proposed strategy built on the pillars of investment planning, protection planning, estate and succession planning and philanthropic planning Recommend the most suitable insurance and protection products to meet various goals for the customer and his/her family Recommend the most suitable savings strategy and products to bridge or close the gaps for retirement, healthcare, and other life goals Recommend the most suitable investment products and asset allocation strategy to reposition existing assets taking into account of risk management, domicile, time-horizon of goals and objectives, and regulatory requirements Build an effective Investment Policy Statement (IPS) as a guideline for investment decisions and to manage the customer's expectations over time Timely Implementation and Expectation Management Develop a detailed action plan checklist and a detailed review schedule as per the strategy and the purpose of each review and anticipated actions Review goal status and impact on agreed plan and solutions Examine the deviation from the IPS and the changes of risk parameter over time Demonstrate the portfolio review mechanism Describe a mechanism that cross-checks the customer s level of satisfaction Weighting 10% 20% 25% 35% 10% 10 th HKIB OFMP AWARDS REGISTRATION GUIDELINES ৷ ENQUIRIES: OFMP-AWARDS@HKIB.ORG ৷ AWARDS@WEALTHASIA.NET 4

5 THE HKIB OFMP AWARDS T.R.U.S.T. MODEL AWARDS AWARD PROCESS AWARD TYPES NO. OF AWARDS ROUND 1 Certificate of Merit To be confirmed ROUND 2a & 2b Silver and Bronze Awards 21 Best Presentation Awards 3 Best Financial Planning Proposal Awards 3 ROUND 3 Grand and Gold Awards 9 KEY DATES* *Key dates are subject to change at the discretion of the Organizaers with prior notice. Launch Reception/Information Session Entries Open 07 June2016 Early Bird Offer Close 15 June 2016 Entries Close 04 July 2016 Foundation Training (3 hours) 15 July 2016 Experiential Training (7 hours) 16 July 2016 Financial Plan Submissions Deadline 19 August 2016 Round 1 - Result Announcement 15 September 2016 Round 2a - Closed-Door Presentation 13 & 14 October 2016 Round 2b - Peer Voting Best Practice Wealth Advisory Forum 24 October 2016 (tentative) Round 2a & 2b - Result Announcement 03 November 2016 Round 3 - Closed-Door Presentation (Final) 11 November 2016 Awards Ceremony Gala Dinner 13 January th HKIB OFMP AWARDS REGISTRATION GUIDELINES ৷ ENQUIRIES: OFMP-AWARDS@HKIB.ORG ৷ AWARDS@WEALTHASIA.NET 5

6 REGISTRATION FEE COST/PAX HK$ 800 Compulsory SEAT ENTITLEMENT TO THE 10 th HKIB OFMP AWARDS EXPERIENTIAL TRAINING Module (I) Foundation Training (3 Hours) The purpose of this module is to provide the contestants a preview of what to expect when drafting up the submission of the financial plan. The key areas include: The principles of the key pillars leading to a comprehensive financial plan The use of WhiteBOX TM as investment planning tool for Funds, MPF, and ETF (Powered by Morningstar at the courtesy of BENCHMARK) HK$ 1,580 Early bird rate* You can enjoy our *Special Early Bird Rate 33% off the standard rate if you register and pay before 15 June 2016! HK$ 2,380 Standard rate You will pay our Standard Rate after 15 June Module (II) Best Practice Financial Planning (3.5 Hours) This module is to steer participants into thinking about solutions from a 360 degree angle, encompassing the four quadrants of wealth management needs. This section will cover key learnings including: Elaborating the "TRUST" model by drilling deeper through actual implementation of strategies through investment planning, protection planning, estate planning and philanthropic planning Understanding human capital and its relevance to asset allocation Developing asset allocation policy and monitoring based on return, risk and correlation Building a portfolio among asset classes to reach client goals over time through risk management and picking the right asset managers Understanding the role of an advisor on estate planning and how you can help clients achieve effective asset protection, distribution, family governance, tax mitigation and philanthropic endeavors Case studies on using Trust Planning for customers with multiple citizenships, business ownership, and complex family situations Module (III) Practical Implementation (3.5 Hours) The purpose of this module is to put learning into practice. Rather than using a tick-box approach for risk profiling of each client from the different segment, this module aims to dissect clients by understanding their different types of personality and earning their trust for more efficient planning. The key learnings in this module will include: Identifying client core values and asking the right questions Learning clients underlying fear, motivation, biases and preferences based on their personality type and values Understanding clients intrinsic risk tolerance and how that would affect their decisions on the various financial plans Mapping the right wealth management products investment and insurance solutions to their actual needs Case studies covering clients of different personality and behavior and their decisionmaking patterns Demonstration and role playing of different personality types Upon completion of the 10 th HKIB OFMP AWARDS Experiential Training, contestant will have COMPLIMENTARY use of WhiteBOX TM, a co-branded investment planning tool powered by Morningstar with access to full sets of Hong Kong Authorized Mutual Funds, MPFs and ETFs. 10 th HKIB OFMP AWARDS REGISTRATION GUIDELINES ৷ ENQUIRIES: OFMP-AWARDS@HKIB.ORG ৷ AWARDS@WEALTHASIA.NET 6

7 HOW TO ENTER 1. Complete the Registration Form and submit with payment in full. 2. Registration fee must accompany the Entry Form to be processed. 3. Once verified, you will receive the awards hypothetical case and submission guidelines. 4. Please send your financial plan on/before 19 August PAYMENT METHODS By Cheque or e-cheque payable to The Hong Kong Institute of Bankers and attention of Mavis Lam 3/F Guangdong Investment Tower, 148 Connaught Road Central, Hong Kong. By Credit Card (Visa or Master) ENQUIRIES For Entry Application: Mavis Lam For Awards Information: For Paper Submissions: Angie Ng HKIB BENCHMARK For Foundation Training & Curriculum: Joanna Tang th HKIB OFMP AWARDS REGISTRATION GUIDELINES ৷ ENQUIRIES: ৷ 7

8 10 th HKIB OFMP AWARDS REGISTRATION GUIDELINES ৷ ENQUIRIES: ৷ 8