Celent Model Wealth Manager Awards
Introduction to the Model Wealth Manager Awards
What is Celent Model Wealth Manager?
The Model Wealth Manager Awards recognize a financial institution’s effective use of technology in specific areas. Model Wealth Manager case studies demonstrate how wealth managers improve performance and meet market demand.
The vision for Celent’s Model Wealth Manager is to answer the deceptively simple question:
“What would it look like for a wealth manager to do everything right with today’s technology at their disposal?”
How does the Model Wealth Manager program work?
Our approach is to seek examples of best practices in technology usage in different areas critical to success in wealth management. We invite financial institutions to nominate their technology initiatives across the following categories:
- Client Experience
- Initiatives aimed at enriching the client journey and experience, across digital channels (e.g. online, mobile, social, etc.) and physical channels (e.g. branch, etc.), for wealth management clients.
- Products / Platform
- New products (or significant improvements to existing ones) for retail, HNW and family office clients, as well as innovation in their delivery.
- Initiatives aimed at improving the capability to innovate and experimenting with new technologies (e.g., blockchain, robotics, machine learning, voice/language processing, artificial intelligence, etc.) that demonstrate promise to transform the business.
We will review all nominations and recognize a number of them with a Model Wealth Manager award. We reserve the right to revisit the awards during the judging process and may decide not to recognise any initiatives for a particular category. We also reserve the right to introduce additional awards.
Why should our firm consider applying?
A Model Wealth Manager award presents a number of PR opportunities for the winning firm. Celent announces all the winners and issues a press release. Winners can also issue their own press release announcing their award and highlighting why they were recognized as a Model Wealth Manager winner.
Furthermore, Celent analysts will write detailed case studies of each winning initiative. These case studies will be included in Celent’s Model Wealth Manager reports, thereby generating further exposure for the winning firms and their initiatives.
Applying to the Model Wealth Manager Awards
Eligibility to Apply
Who is eligible to apply?
The awards are available to wealth managers, globally. Any firm can apply, irrespective of whether it has any prior relationship with Celent. Celent does not charge any fees to firms or vendors to participate in the Model Wealth Manager process.
I represent a technology vendor, can we apply?
For initiatives that rely on technology vendor solutions and expertise, the award often leads to an even stronger relationship between the winning firm and its vendor(s). While not explicitly awarding vendors, Celent recognizes their contribution to the initiative. In response, vendors often issue their own PR statements celebrating achievements of their clients.
In that context, vendors may help firms to submit the nomination form, but the entire process belongs to the firm.
How do we apply?
The nominations window is now open. We will be accepting nominations through 11月16日. Winners will be notified in late January – early February and announced publicly in 2018年春.
Can we submit more than one application?
Yes, absolutely, we encourage you to submit all the initiatives that you are proud of.
We made a number of improvements to our platform, should we submit them as separate initiatives?
If the improvements relate to the same solution (e.g. different functionalities to your digital platform), we would recommend submitting a single application and highlighting them as key features why you believe your platform merits an award. We expect competition to be fierce, and by fragmenting your platform functionality into discrete components, you run the risk that none of them individually will be strong enough to win. Remember, it’s about quality, not quantity.
We have supplementary materials (e.g. charts and diagrams) that should help you better understand our initiative, can we submit those?
Yes, please upload the material to the Additional Material section of the nomination form.
How will I know you successfully captured my submission?
We will send an email confirmation to the manager and, if applicable, vendor contacts listed on the submission. If you haven’t heard from us within a few days of your submission, please contact us at firstname.lastname@example.org.
What happens with the information we submit as part of a Model Wealth Manager nomination? Will you treat it as confidential?
Yes, all information shared with Celent as part of the Model Wealth Manager submission will be treated as confidential. If your nomination wins an award, we will work with you to publish a case study of your initiative, but you will always have full control over what gets published. We may use anonymized data from your submission in other research but nothing that could be directly attributed to you.
Do you publish a list of nominees?
No, we will never disclose the fact that you submitted a Model Wealth Manager nomination, unless we recognise you as a Model Wealth Manager award winner.
Judging Criteria and Evaluation Process
How will you evaluate our initiatives?
We will judge the initiatives on three criteria:
- Measurable business benefits
- We seek to recognise initiatives that have a clear and sustainable impact on the business — those that most clearly advance your firm’s business objectives. Therefore, this category is weighted most heavily. Project size and scope matter, and we will pay particular attention to quantitative success measures.
- Degree of innovation
- This measure draws attention to initiatives deemed particularly innovative for their use of technology in improving sales or service results, reducing risks or costs, or improving business processes.
- Technology or implementation excellence
- We will use nine different key IT best practice criteria to evaluate the nominations. Each best practice is considered important to the success of a technology project. Initiatives are evaluated for their IT/business coordination, expansion and effective use of distribution channels, and implementation and integration excellence, to name a few. We will recognise initiatives that effectively demonstrate the use of best practices throughout the initiative.
Do we have to be a Celent client to win?
No. We will not give preference to clients in the selection process and will ensure that we were not directly involved in the creation or deployment of any of the initiatives that will be recognised. To do otherwise would mean compromising Celent’s values and risking our reputation we have taken such great care to build.
Do you have any tips from past experiences that can help us win?
Naturally, the main factor determining a nomination’s success is the strength of your own initiative. Remember, we will only award “live” initiatives which are already delivering business benefits, although we will also accept advanced stage pilots, as long as they have measurable results.
- Focus on essential points, but don’t skimp on detail. It is surprising how many entries suffer from lack of clarity. Please do not expect us to understand internal acronyms or team names. Your initiative might be brilliant, but if we can’t understand it, you won’t win. Clarity of your submission is crucial!
- If applicable, don’t hesitate to involve the vendor when submitting your nomination form; however, make sure that you (the manager) are actively engaged in and own the Model Wealth Manager process.
- The final success factor is the strength of competition. As with all the awards, it’s all relative, and Celent appreciates that it’s not something you can do much about. It can be the case that we have many entries in one theme category and yet be starved of quality entries in others.
When is the deadline for submission?
The deadline for 2019 Model Wealth Manager is 11月16日. The application window is open for approximately 3 months, which should give you plenty of time to prepare a quality nomination.
When and how will we find out the results?
We expect to notify the award winners by February 2019. We will send an email to the individuals with contact details on the submission form. If there is a vendor involved and contact details are available, we will copy the vendor as well.
We will also email all nominees who did not win the award, typically a couple of days after we communicate results to the winners.
What happens if we win a Model Wealth Manager Award?
Privileges and Responsibilities of Model Wealth Manager Award Winners
We are excited to win! What happens next?
Winning the Model Wealth Manager award gives the institution a number of privileges including:
- A case study featuring the award-winning initiative included in the Model Wealth Manager series, available to all Celent research subscription clients.
- A press release issued by Celent announcing and congratulating all the winners.
What do you expect from us in return?
Celent will ask all Model Wealth Manager award winners to:
- Support Celent in writing the case study about your initiative.
- Send at least one senior representative familiar with the initiative to the award ceremony to discuss the initiative and accept the award.
Do we need to comply with a specific timeline?
Yes, we will ask all Model Wealth Manager award winners to observe the following timelines:"
- Acknowledge within 24 hours the receipt of our email informing that your initiative won the award. Unless you inform us otherwise, this acknowledgment will confirm that you are happy to accept the award and oblige with the winner’s responsibilities.
- Identify relevant executive(s) for case study interview(s) within one week of the original email.
- Confirm the executive that will accept the award.
- Approve the case study for publishing – as early as possible, but no later than two weeks prior to the awards ceremony.
We will confirm specific dates for 2019 when we send you the winner’s email.
Case Study Support
Who will be writing the case study?
A Celent analyst will be responsible for writing the case study. The analyst will be identified and introduced to you via email informing that your initiative has won the award. He or she should be your first port of call for any additional questions you might have about the Model Wealth Manager program. Of course, if you are an existing client, your account manager will continue to serve as the primary point of contact at Celent.
What support do you need from us to write a case study?
The information you will have supplied in the application form will serve as a great starting point for the case study. In addition, we ask all award winners to support us by:
- Helping us arrange one or more interviews with relevant FI executives familiar with the initiative to get more details.
- Supplying any available visuals (e.g. screenshots, charts, etc.) helpful to illustrate features and benefits of the solution.
- Reviewing the draft and managing any necessary internal approvals to allow us to publish the case study in the report.
The whole process should not take much more than a couple of hours of your time.
What does the case study cover? What questions can we expect during the interview?
The case study is typically 3-6 pages long and covers the following topics:
- Brief description of the company, usually from corporate literature.
Brief synopsis of the award winning initiative.
- Pain points or business opportunity – why did you launch this initiative?
Market and competition, or anything else relevant to understanding the case study.
- What was built/ developed?
How? Over what period?
Who was involved?
What is unique about the solution/ initiative?
What were the biggest challenges?
- Results and Lessons Learned
- Quantitative and qualitative information of what the company achieved because of the initiative.
What are the future plans – e.g. geographic expansion, new functionality?
What were the most critical success factors that made this initiative successful?
The interview questions would broadly follow this outline.
How much control do we have over the case study? How do we ensure we don’t disclose anything confidential?
While the analyst is “putting pen to paper”, you are always in control over what specific information you share, and you decide what should be included in the case study. We are not asking to disclose anything that’s confidential and would not publish anything before your explicit approval.
When will the report with our case study be published?
We expect to publish the Model Wealth Manager reports 2018年春.
Will we get a copy of the Model Wealth Manager reports?
Yes, if you are a Celent research subscription client, you will be able to access all Model Wealth Manager reports just like any other Celent report. If you are not a client, we can share the report featuring your case study upon request.
Do you have an example case study available?
Yes, you can view an example case study from Celent’s Model Bank Awards here
When will the winners be announced publicly?
Celent will publicly announce all Model Wealth Manager award winners during the award ceremony. We will issue a press release on the same day and the reports featuring the case studies will be published shortly thereafter.
Can we issue our own press release announcing that we won the award?
Yes, Celent supports and encourages the Model Wealth Manager award winners to issue a press release announcing this achievement. However, in order to ensure accuracy and consistent messaging across all of our winners, we ask that each company wishing to issue a release send it to Celent’s PR team at email@example.com for review and approval.
When can we go public and announce that we won the award?
We ask that you keep the news under embargo until we publicly announce all Model Wealth Manager award winners. If you want to issue your own press release, we recommend doing so on the day following the award ceremony.
We like the case study, can we use it for our own marketing purposes?
Yes, but you must purchase redistribution rights from Celent first. Please contact your Celent account manager or write to firstname.lastname@example.org.