Why Recognition Matters: The LUMINARIES Program in Action

ThinkAdvisor launched its LUMINARIES program last year to showcase the powerful, innovative ways the financial services industry is making a difference. What the program has demonstrated to date is how many advisors and firms are expanding financial wellness in their communities and nationwide — and how creative and moving these efforts truly are.

We received a large number of nominations from those working on programs to improve the financial education of K-12 children and young adults, for instance. To ensure that the students have a safe place to learn, one advisor regularly brings large groups to study at his office.

Other advisors work to improve the lives of underserved communities, such as formerly incarcerated individuals who are starting businesses and first-generation Americans facing hurdles when opening financial accounts.  

These initiatives exemplify that the industry can change how it views and improves the financial health of both clients and the wider community of prospective investors. As we proudly showcase the 2022 LUMINARIES winners, announced on Nov. 17, it’s worthwhile to keep this in mind and to review several other key benefits of this exciting program. 

Related: Meet the 2022 LUMINARIES Winners

First, regardless of the size of the advisor’s business or a firm’s asset level, all nominations are considered carefully and fairly. In other words, they have a similar chance of becoming a finalist and winner. This is because the criteria for judging LUMINARIES entries focus on replicable, scalable efforts and “must-know” success stories that can help other advisors and firms. 

Does the nominee serve as a powerful example of industry excellence and offer best practices? Firms of all sizes and specialties should be able to learn — and find practical guidance — from what these standout individuals and firms are doing. 

Overall, the size of an organization does not matter when it comes to what the judges are looking for: industry players who take creative and inspiring approaches. A compelling effort that supports a small (or large) business can be replicated elsewhere, regardless of its size, by adapting its exemplary approach to a different context.  

Second, in order to spotlight such powerful stories and examples, we ask all nominees to share detailed, comprehensive information about how their innovative approach is making a difference in the industry and in the wider community. This is the foundation of our merit-based program. 

To be competitive, nominations must provide details on initiatives and impact. It is by making this uniform (and demanding) request of all nominees that we are able to give our judges and readers compelling information on what individuals and firms are doing to make a positive impact and push the industry in new directions. It’s a process with a clear purpose.

Third, the program is evolving and thus is updated each year. For instance, we change the award categories to reflect industry trends and development, which we believe inspires different individuals and firms to participate in the LUMINARIES each year.

We also update the questions on the nomination form, so that we can obtain better information each year for our judges and to share in our coverage.

Finally, the structure and features of the LUMINARIES enable us to showcase the powerful steps advisors, leaders and firms are taking to positively impact the industry and the wider community in which it operates.

Consequently, the program’s finalists and winners serve as an inspiring standard for the advisory business — by providing powerful and replicable examples of what, why and how the industry can excel, and what it takes to produce dynamic and far-reaching results. 

We appreciate feedback on the LUMINARIES and look forward to staging this important awards program for many years to come.

(Illustration by Daniel Hertzberg)