Software company PlanPlus has launched a competition for the best financial plan in Canada.

PlanPlus says the winner will receive national and local publicity and an elegant trophy and certificate will be awarded to the winner, as well as to the 1^st and 2^nd runners up. The winner will also receive a free pass to become a finalist in the PlanPlus Global Financial Planning Awards. In addition, each finalist will receive a critique from a distinguished panel of judges.

PlanPlus’ contest is open to all Canadian advisors who hold a recognized professional designation and who are members in good standing of a financial planning association or other professional body. The entries will be scored by five judges (yet to be named) who will narrow down the contestants to two to five finalists. Advisors who make it to this final round will be required to submit the actual financial plan that they prepared for the client. PlanPlus says the financial plans will be ranked according to the "actions, creativity, and professionalism" that they demonstrated in helping the clients meet their goals and objectives.

Solving financial problems

“There are many great financial planners in Canada who help solve the financial problems of their clients every day,” comments Keith Costello, president and CEO of the Canadian Institute of Financial Planning. “Unfortunately the media focus is too often on investments or products and not the value of financial planning advice. We are excited to be a founding sponsor for a competition that focuses on financial planning excellence, congratulate PlanPlus on the initiative and encourage our membership and advisors of other associations to participate.”

The competition entrance fee is $50, and the initial submission must be made via the PlanPlus web site before April 1.

Note: An earlier version of this article stated the winner would receive round-trip airfare and 5-star accommodation to the US Financial Planning Association's (FPA) annual conference in Baltimore, Maryland. In fact, this award will be given only to the Global Awards winners. However, the Canadian winner will automatically be entered into the Global Award regional competition for the Americas region. The winner of the Americas region will receive the airfaire/accommodation award.