financialalert Advisory Practice of the Year Award 2005
Lyford Asset Management Ltd - finalist

The aim of the award is to promote and recognise Advisory business excellence.  Lyford Asset Management Ltd was selected as finalist.  Lyfords are the only finalists to have been awarded in the Wellington region. A wide range of companies applied from insurance only, to investment only advice practices, to the more comprehensive financial planning practices such as Lyfords. 

The financialalert Advisory Practice Award� is different to the Certified Financial Planner of the Year Award�" which Alison Renfrew CLU, CFP won in 2004.  The financialalert  award acknowledges that advisers do not operate in isolation, but rather as part of a team.  Regardless of the calibre of an adviser's investment, insurance and/or financial planning knowledge, they can excel only if their colleagues (other advisers and support staff) also excel such that the business as a whole deliveries quality advice to clients� said Graham Rich managing director of financialalert.

The financial services industry has very little regulation and there are a number of poor advisers operating.  Since 2002 Lyfords has adopted international best practice standards and each year has been independently audited against these standards.  Being selected as a finalist is a recognition of our excellence.

The award for the year 2005 was the inaugural financialalert Advisory Practice Award�.  The judging panel consisted of the managing director of Business Health (Australia), Terry Bell, financialalert 's publisher Graham Rich (former financial planner and founder of Financial Planning Group (FPG) research house), and retired financial planner Roger Moses, one of New Zealand's most experienced financial and investment planners (founder of Reeves Moses Hudig & Co Limited).

There were three phases to the judging.  First, a Business Health Check questionnaire was completed assessing each practice's strengths and weaknesses versus a global database of peers, an important benchmark against which to assess the progress of each practice to date and into the future. 

Next, each business was independently audited by the Manager of Business Health, Terry Bell, an independent Australian organisation specialising in researching and advising the financial services industry.  Business Health has run the  Australian Best Practice Award since 2000 in association with the Institute of Financial Advisers magazine.

The third phase was a 1,500 word assignment.  Each phase counted towards the overall result with greater emphasise on the independent audit.