The contest aims to find the Financial Planning firm with the most potential to be a great Financial Planning firm.
Previous winners of the award include Cooper Parry Wealth, Fiscal Engineers and BoulterBowen Wealth Care.
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, an engaging customer proposition, 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.
Steve Gazzard, operations director at the IFP, said: "This competition is about identifying firms who know Financial Planning is the answer, who have made progress towards their ultimate goal, who accept they are on a journey and appreciate recognition for what they have achieved.
"It's great to see and hear firsthand how firms are making a difference to their clients' lives and how the six-stage Financial Planning model is being implemented across the UK."
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Accredited Financial Planning Firms are not eligible to enter the awards but they have their own new Accredited Firms award which will open for entries in June.
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."
For more information visit http://www.financialplanning.org.uk/david-norton-building-excellence-award 

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