Financial Planners are advised to start preparing their applications for the Institute of Financial Planning's David Norton award which is set to open on 25 March.
The David Norton 'Building Excellence' award  seek the Financial Planning firm with the most potential to become an excellent Financial Planning firm.
Previous winners of the award include Cooper Parry Wealth, Fiscal Engineers and BoulterBowen Wealth Care.
Previous candidates have commented on the length of time they spent on the process so it is worth getting a head start.
They have also said how much they learnt from the process and the application, even if they did not win the eventual award.
2011 winner Shane Mullins of Fiscal Engineers said: "Don't underestimate the time commitment in submitting a serious entry and have a clear vision of what you want you firm to look like in the future, what you need to do to get there and then to demonstrate how you are progressing with bridging the gap. Striving for excellence is key, even if you have some way to go."
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The process involves providing information on the financials, business income and structure of your team and questions on your views on the importance of Financial Planning. If candidates pass this stage there are then further questions and evidence required such as sample clients reports.
The winning firm must clearly demonstrate a commitment to 'true' Financial Planning, a well thought out business plan and a fee-based remuneration system.
The prizes include mentoring from Brett Davidson at FP Advance, marketing consultancy from Abbie Tanner at A Business Innovation and PR consultancy from Holt PR.
For Accredited Financial Planning Firms, a new award has been launched this year for the best-performing Accredited Firm. Applications for this will open on 1 June.
Visit the IFP website for more information at http://www.financialplanning.org.uk/david-norton-building-excellence-award

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