The search is on again for Singapore's top financial planners.
Candidates who reckon they have a chance at clinching a prize at the 2019 FPAS Financial Planner Awards must submit their entries by Nov 30.
The awards, which are in their second year, are organised by the Financial Planning Association of Singapore (FPAS) with the aim of raising the professionalism of the industry and to recognise outstanding advisers who demonstrate excellent planning skills and uphold best practices.
Winners will be announced at a ceremony on April 5 at The Fullerton Hotel Singapore.
FPAS president Edy Hartono noted: "Singapore is facing a greying population and it is critical that Singaporeans plan well to live well.
"FPAS will be showcasing the winning financial plan from the banking, insurance and financial advisory industries. We hope to have greater awareness among Singaporeans to start their financial planning early."
One of the judges, Sunday Times Invest editor Lorna Tan, said advisers play a crucial role in enhancing their customers' financial health and securing them a more sustainable future.
She noted that there is room for improvement in the quality of financial advice given to clients here, particularly in the way national schemes like the Central Provident Fund can be integrated in the planning. "Poor planning can affect a family's financial security adversely through inadequate funding of future needs. I hope the competition will result in customers receiving holistic and impartial advice."
The competition is open to licensed financial planners from the banking, insurance and financial advisory industry sectors.
Participants will select one of two case studies provided by the FPAS and submit a comprehensive financial plan. It should address areas relevant to the given scenario and financial goals, including liquidity, risk management, retirement and estate planning.
They will also undergo an oral presentation that will show how they analyse a client's financial situation and their recommendations, risk analysis, suitability of advice and understanding of the customer's goals and objectives.
Besides individual prizes, there is an award category for the company with the most nominees.
The panel of 15 judges comprises experts from the finance industry and regulatory bodies.
They include Ms Rachie Hui, chief operating officer at Institute of Banking and Finance; HSBC Bank head of wealth Deepak Khanna; PhillipCapital managing director Luke Lim; Tokio Marine Life chief executive James Tan; Providend chief executive Christopher Tan; QBE Insurance (Singapore) chief executive Karl Hamann; and Mr V. Maheantharan, director at the Institute for Financial Literacy.
The FPAS was set up in 1998 to ensure that Singaporeans have access to responsible and appropriate financial planning advice by raising the professional standards of the industry through education and a shared code of ethics.
Go to www.fpa.sg for more details of the awards.