The AFA and foundation award partner Zurich today announced a new chapter in the Adviser of the Year Award Program (the Award program), with the best individual adviser and best advice practice now to be separately recognised.
In launching the inaugural Advice Practice of the Year Award and revamped Adviser of the Year gongs, AFA CEO Brad Fox said that the changing financial advisory landscape and the evolution of new business models had prompted a review of the existing award methodology.
“The original Adviser of the Year Award was established by the AFA and Zurich in 2003 and since then we have seen Australia’s leading advisers participate in the Award program,” Mr Fox said.
“But one of the big changes we have seen in recent years is the growth in new business models, with the principals of many successful and innovative advice practices no longer being client facing advisers themselves.
“At the same time, practice consolidation has seen an increase in specialist advisers who perhaps don’t own part of the practice and aren’t so much focussed on the growth and day to day running of their practice overall,” he said.
In recognising this changing dynamic in advice practices, the Award program will now assess and acknowledge the best individual adviser and the best advice practice as separate awards.
Mr Philip Kewin, Zurich’s GM Retail Life & Investments also announced that a significant addition to the judging criteria for both awards would be an assessment of the efforts made by award candidates to improve the financial literacy of their clients, prospects, and the community overall.
“Low financial literacy and engagement with the financial services system continues to be one of our biggest challenges, arguably more so than the widely reported underinsurance problem,” Mr Kewin said.
“Advisers play a pivotal role in making Australians more financially informed and better equipped to make important financial decisions.
“ Their ability to do this – and let it be known that they are doing this – will be instrumental in reinforcing the value of advice amongst the wider community, and in helping lift the profile of advisers as true professionals.
“The AFA and Zurich both felt it was important enough to pull out as a standalone criterion in the awards,” said Mr Kewin.
Both awards will be judged by the same panel, comprising Brad Fox and Michael Nowak from the AFA, Rebecca Sheils (Beddoes Institute), Graham Peatey (Encore Group), Peter Sobels (Riskinfo) and Kristine Wade and Andy Marshall from Zurich.
Award applications open9 June 2014 and close 8 August 2014 with the winners announced at the AFA National Conference, in Cairns 11–14 October, 2014.
More information, including application forms, can be found at www.adviseroftheyear.com.au
