The award, in memory of former IFP president David Norton, is awarded to firms who have the potential to become leaders in the Financial Planning world.

Firms must demonstrate how they have outstanding potential for excellence in Financial Planning combined with business management expertise.

This is shown by a commitment to ‘true’ Financial Planning, identification of the strengths and weaknesses in their company, embracing fee-based remuneration and having a well-thought out business plan.

Previous winners include Fiscal Engineers, BoulterBowen Wealthcare and Page Russell.

Nick Cann, chief executive of the IFP, said: “This is the fifth year of the David Norton award, a competition which has proved a real success. The fact that it helps firms to develop their business through the process of mentoring is unusual yet highly valuable to a large number of firms.

“I’m delighted that all of the expert mentors who kindly donated their time to help last year’s winner have done so again this year. The valuable business consultancy services available to the winners will help a very good business to become an excellent business, setting the highest standards in Financial Planning.”

The prizes on offer are two days of business mentoring from Brett Davidson of FP Advance, a value proposition day with Abbie Tanner of A Business Innovation, a client experience day with Carrie Bendall of Inspire Design Consultancy, a practice management day with Tracey Underwood CFP^CM of Pace Solutions and PR and media consultancy day with Elizabeth Holt of Holt PR.

The deadline for the first stage of the application process is Friday 4 May. Shortlisted candidates will be informed by 25 May.

For more information and to send in your application visit http://www.financialplanning.org.uk/david-norton-building-excellence-awards