AXA has recognised five practices across five states in its inaugural Value of Advice Awards.

Planwell Financial Group, Rothgard Financial Partners, PSK Financial Services, Sage Financial Group and Minerds Bell Consultancy Group were recognised in the awards.

"We felt it was important to recognise the work being done by our practices, particularly during this difficult economic environment.

"For an adviser, the true test is by putting yourself in the shoes of your client and recognising how you, as their trusted adviser, have understood their situation, considered various options and enriched their financial wellbeing," said national manager AXA and Charter Financial Planning, Paul Williams.

Williams said in evaluating the winners AXA was not necessarily looking for the smartest strategy an adviser may have devised or the largest client, rather a great example of how advice has made a significant and material change to a client's financial future.

The winners of the inaugural AXA Value of Advice Awards are:

Neville Crane, Planwell Financial Group - Victoria
Gino Saggiomo, Rothgard Financial Partners - Queensland
Josef Stadler, PSK Financial Services - New South Wales
Craig Todd, Sage Financial Group, Western Australia
Andrew Harris, Minerds Bell Consultancy Group, South Australia

Crane said his firm's philosophy is centered around giving quality advice, and pointed out that running a good business was more than just about winning awards.

Planwell saw its risk business improve throughout the GFC as its advisers met the needs of clients who wanted added protection from the market fallout. And while investment dollars had slowed, the firm is now beginning to see money flow into investments as markets continue their rebound.

Commenting on the firm's growth strategy next year, Crane said: "At the moment we're continuing what we do - we're endeavouring in the next year to give good old fashion service."

The winners were selected by a national judging panel which included members of AXA Financial Advice Network's management and the Authorised Representatives' Association.