Humber students win 2015 CIFP Case Challenge East

And while the circumstances of the scenario may be fake, the effort and aptitude the students show is very real, as was demonstrated by Gregory Walsh, Brian Morrow and Stuart Craig who took first place in the Eastern edition of the challenge. The three students from Toronto-based Humber College Institute of Technology and Advanced Learning were successful at creating a suitable financial plan for “Phil,” a recent widowed father with two young children whose finances were in disarray.

The competition was intense and the scenario full of information to consider, according to the trio, who are in their school’s post-graduate financial planning program.

In addition to trying to create an appropriate financial plan, it was important to consider that the team’s “client” had gone through a string of bad luck and some very sad circumstances, says Walsh.

“We really wanted to look at things from his perspective, focus on his goals and take everything off his plate,” he continues.

In fact, the team began their presentation by addressing the judges as “Phil” and telling their client they would work to put his mind at ease. They recommended that Phil settle his wife’s estate first and then work on creating a reasonable budget to take him out of debt. The team also emphasized that they work with Phil on his own estate plan so his children would be taken care of should anything happen to him.

This approach worked for the team, though it was a very close competition, acknowledges Anthony Williams, vice president of academic affairs for the CIFP and one of the judges for the event.

The trio’s ability to grasp the situation, prioritize Phil’s needs and present reasonable and prudent solutions were what helped them take first place, says Williams.

The idea of empathy was an important theme during the competition as Williams noted when addressing the teams prior to the awards presentation. He reminded the aspiring financial advisors that though the technical aspect of financial services is important, characteristics such as being empathetic and compassionate will help them build trust with clients and, in turn, contribute to building their business.

Ahilan Balachandran, a Toronto-based sales manager for Sun Life Financial Inc. and another competition judge, agrees the students must understand the importance of a personalized, human approach to working with clients.

“You need to know the right questions to ask the client – thought-provoking questions that get to the heart of what the client thinks,” he says.

The competition’s standings were rounded out with London, Ont.-based Fanshawe College in second place and Kitchener, Ont.-based Conestoga College Institute of Technology and Advanced Learning in third place. The other participating teams were from Halifax-based Nova Scotia Community College, George Brown College, Centennial College, and a second team from Humber College, all in Toronto.