Wanted: A few great advisors

(March 15, 2004) It’s back! The Advisor of the Year Award (AOTY) is entering its sixth year and now is the time to start getting your case study ready.

Every year it seems the competition gets tougher, as advisors who enter AOTY raise the bar in the industry, says Darin Diehl, editor of The ADVISOR Group.

“Judges tell us selecting a winner has become increasingly challenging and exciting as more advisors enter impressive case studies on wide-ranging financial planning issues,” he says.

“This is a great opportunity for advisors to be recognized for the hard work they do and for making a difference in a client’s life,” says Diehl. “Past winners have told us winning the AOTY is very gratifying for them and confirms their value to their clients.”

Take last year’s winner from the Prairies, who says the AOTY Award can enhance your personal confidence as an advisor.

“I think many advisors at some time may have a doubt creep in as to whether they are on par with their peers and whether they are doing the best they can for their client,” says Pat Horning, CFP at Assante Financial Management in Regina. “Winning the AOTY Award helps to confirm your personal value and the value that you provide to your clients.”

Horning says the peer recognition is an added bonus as well, as peers from other firms have offered their congratulations. But perhaps more important is what the award can bring to your client relationship.

“This award can also help establish your credibility with your existing client base. Many clients like to know that they are dealing with one of the best advisors in the industry,” he says. “That is no guarantee for increased business, but it may assist in the long term, enhancing referrals and improving retention.”

And don’t underestimate the impression an award like this can make on your clients.

“Any recognition that increases your profile within your community or target market is good,” says Cathie Hurlburt, Assante Financial Management, and winner of the 2003 AOTY for the B.C./Territories region. “The AOTY Award gave my clients ‘bragging rights’ about their advisor (me) and as a result we have seen a significant increase in referrals in the last year.”

Case study entries can cover the entire spectrum of financial planning, from insurance solutions, to business succession planning, to getting clients out of debt, to tax and estate planning. The entry deadline for this year’s contest is June 25.

Horning has some advice for this year’s entrants: Embrace the human element.

R elated Stories

Click here to read summaries of winning case studies from years past Inside edge: Making the case 2003 Advisor of the Year Awards: Saluting our honourable mentions Click here to find out what you have to do to enter this year’s contest

“I believe that an entry for the award should start from a personal perspective as opposed to a financial perspective,” says Horning. “The financial benefit may be long term as opposed to immediate. The personal gratification is immediate and very rewarding unto itself.”

Hurlburt stresses that submissions must clearly demonstrate the benefit to the client.

“Be sure to answer the questions asked on the entry form,” says Hulburt. “Remember that the judges will read more than your case — make it concise but don’t skimp on the back-up details and analysis. You will have to be sure to highlight the benefit of your advice — don’t make them figure that out! ”

There is one award up for grabs in each of five regions across the country — Atlantic, Quebec, Ontario, Prairies and B.C./Territories. The awards will be presented at Advisor Forum as the trans-Canada conferences stops in each of these regions.

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To find out more about this year’s contest, and for entry details, click here.

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Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com

(03/15/04)