Cetera Financial Group announced today that it has selected 61 independent advisors and advisory firms as winners of its Business Plan Challenge.

A total of $6.7 million has been awarded, allowing advisors to implement their vision and proposed initiatives to grow their businesses.

The award amounts vary, according to Larry Roth, chief executive officer of Cetera Financial Group. “We didn’t set this up in a way where we expected each award to be a specific amount, so the range of awards was pretty broad,” he said.

Entering the challenge were almost 400 applicants across six firms; Cetera Advisors, Cetera Advisors Networks, Cetera Financial Specialists, First Allied Securities, Summit Brokerage Services and J.P. Turner & Company.

Each proposal was subjected to multiple levels of review at both the individual broker-dealer level and by the Cetera Financial Group management team. The reviewers considered each applicant's targeted markets, business development opportunities, forecasted financial projections and past financial performance.

One winner, Amy Jensen Wolff, owner and founder of AJW Financial in Edina, Minn., specializes in women who are recently divorced. Her business plan comprised several different components such as creating an equity plan for key team members to participate in ownership of the company, optimizing technology systems, and creating an engaging work environment for firm employees.

The firm is also rolling out a concierge service to assist clients with major financial decisions, such as buying a home or car after a divorce. “Often, that can be very intimidating if our clients haven’t done this on their own before,” said Wolff.

In some cases as part of the concierge service, Wolff or a team member may accompany clients when they make big-ticket purchases to give them support and provide another set of eyes or opinions to help them feel comfortable. “Having somebody by their side is very helpful,” Wolff added.

The funding for each award will come from the advisor’s individual broker-dealer, with the support of RCS Capital, Cetera Financial Group’s parent company, according to the release.