Nomination Evaluation
An outside consulting firm will review and score entries and select the finalists for the four IMPACT Award categories. Entries will be reviewed first to ensure that they meet all eligibility requirements, and then will be scored on criteria including business metrics and essay responses.
Each of the four forms requires general business metrics for your firm. Note that since Pacesetter firms have been in business less than 10 years, we are requesting business metrics for the last three years versus five years with the other categories.
Additional information on each award is below:
Charles R. Schwab IMPACT Award
There are three evaluation criteria for the Charles R. Schwab IMPACT Award: business planning, client loyalty and mobilization/impact on the industry. Please be sure to highlight specific examples of the individual's work in the responses in each section.
Business Planning
This section should represent how the nominated individual developed and executed the firm's vision. Entries should include examples of how the firm targets clients and its unique value proposition to the marketplace.Another key component is the nominee's role in leading and influencing the firm's success. Responses can include the development of firm strategy and business decisions, the client service offering or the portfolio philosophy.
Client Loyalty
This section will be used to evaluate how the individual has led the firm in creating and implementing best practices that have resulted in client retention and loyalty.Mobilization/Impact on the Industry
This section should detail how the individual, either as a participant or leader, has made a contribution to public awareness of the value of independent advice and has made a meaningful impact on the industry. The industry activities identified should represent involvement in distinct communities and groups. Higher points may be awarded based on the extent that the individual personally worked to promote adoption of best practices by mobilizing the industry (e.g., public speaking, research, and education initiatives).
Best-in-Business Award
Sections included in this award are: business planning, practice management and employee development, and client loyalty. Please be sure to highlight specific examples of the firm's work in the responses in each section.
Business Planning
Entries should provide information on the firm's vision and strategy, target clients and its unique value proposition to the marketplace. Responses to the question on the firm's business strategy should identify particular characteristics or aspects of that business strategy that are best-in-class.Information on any merger/acquisition transaction should provide context for the growth metrics as well as indicate the primary strategic reason for the merger/acquisition.
Information on the succession plan for the firm, its clients and ownership can provide context for understanding the firm's business strategy.
Practice Management and Employee Development
Responses in this area should describe the firm's best practices in practice management and employee development. Answers can focus on one topic, such as training and professional development, or can be comprehensive in describing the firm's philosophy on employee development and the specific programs and initiatives developed to support that philosophy.The metrics collected in this section provide context for the organizational complexity and composition of the firm. Questions regarding the presence of dedicated management and programs and benefits offered to non-partner staff provide further perspective.
Client Loyalty
The metrics collected on client loyalty will be used with detailed answers to evaluate this section.Responses to the question about tools or resources for gathering client feedback should be included in describing the process. Answers may include the frequency and format of the client feedback as well as how the firm uses the information gathered.
Responses on recognition from client communities should highlight the impact the firm has had, either in relation to independent financial advice or any other activities, affiliations or awards that signify meaningful contributions to those communities.
Answers about best practices in client retention and loyalty should identify programs, techniques or other methods that have been adopted by the firm.
Best-in-Tech Award
Three criteria will be evaluated for this award: technology strategy, operational efficiencies and practice management, and client servicing. Please be sure to highlight specific examples of the firm's work in the responses in each section.
Technology Strategy
Entries should articulate the firm's strategic plan for the role and use of technology in delivering client service and advice.Respondents are encouraged to summarize how the firm structures its approach to technology decisions. Answers should include key questions or issues that the firm discusses with respect to technology upgrades, additions and/or changes, and indicate how the firm ultimately selects and implements the technology. Also describe the roles of people involved in the technology decision-making process.
Responses in this section should address how the firm has created a best-in-class approach to technology. Explain in detail how the firm's approach to and implementation of technology have had a positive impact on the firm in areas such as clients and their service experience, security of firm and/or client information, the financial or operational performance of the firm, or any other area where technology has made a difference.
Operational Efficiencies and Practice Management
Questions in this section cover how the firm has deployed technology to achieve improvements and efficiencies for the firm and its employees. Responses should highlight how technology assists in accomplishing efficiency goals.Client Servicing
In this section, a firm should provide context for client retention, loyalty and commitment with regards to their use of technology to service clients.
Pacesetter Award
Three categories will be evaluated: business planning, practice management and employee development, and client loyalty. Please be sure to highlight specific examples of the firm's work in the responses in each section.
Business Planning
Entries should provide information on the firm's vision and strategy, target clients and its unique value proposition to the marketplace. Responses should identify particular characteristics or aspects of the business strategy that make the firm stand out and demonstrate how its plans have influenced the firm's ability to achieve accelerated growth.Information on any merger/acquisition transaction should provide context for the growth metrics as well as indicate the primary strategic reason for the merger/acquisition.
Practice Management and Employee Development
Responses in this area should address how the firm has created and implemented a practice management and staffing plan that supports accelerated growth. Specific details can include recruiting strategies, training and development initiatives, or other practice management techniques and processes that the firm has used to sustain and drive its growth.The metrics collected in this section provide context for the organizational complexity and composition of the firm. Questions regarding the presence of dedicated management and programs and benefits offered to non-partner staff provide further perspective.
Client Loyalty
Briefly summarize tools or resources for gathering client feedback. Submissions may include information regarding the frequency and format of the client feedback, as well as how the firm uses information gathered.Additionally, respondents are asked to address how the firm has implemented and maintained best practices in client retention and loyalty during a period of accelerated business growth.