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New Model Adviser Awards 2008
Suspicion that commission paid to financial advisers affects their advice has damaged the profession's reputation. A growing number, among them Henwood Court Financial Planning of Aldridge, West Midlands, have abandoned commission driven selling and embraced the principles of values based financial planning to put their clients' interests first.
By reorganising their businesses so that they get paid by their clients rather than insurers and fund managers, they have moved to what has been dubbed the 'new model'.
The New Model Adviser awards, run by Citywire, publisher of New Model Adviser magazine, are designed to honour one firm in each of eight regions around the country that has made the biggest strides in terms of the quality of advice and service it offers.
The New Model Adviser Awards process
Throughout the year Citywire’s Business Intelligence Team travel the UK meeting firms in their offices and taking them through a comprehensive survey which examines, in detail, how their organizations have grown and are performing. In accordance with the NMA Awards methodology, approved by external actuaries AKG, a shortlist for each region is then drawn up based upon points awarded for levels of recurring income, growth of recurring income and qualification levels of directors and registered individuals. All short-listed firms are then taken through a further telephone interview where Citywire looked at client education (through company websites, seminars, newsletters, podcasts etc), transparency of service, implementation of technology from both business efficiency and green standpoints, and involvement in an exchange of best practice.
The overall aim is to encapsulate the mixture of business performance, professionalism and client support that are the hallmarks of the New Model Adviser Community.
Nick Platt, Managing Director of Henwood Court Financial Planning commented: "We’re delighted to have been one of only five nominations within our regional category, among other quality firms who share our values and dedication to putting the client’s needs first. This is our first year of entering these awards, and to achieve so much so quickly is testament to the fact that as a team we deliver to the very high standards set by New Model Adviser. We’re already looking forward to next year!"