I was at a Zurich awards event ten years ago, where the Event Host and media publisher was keen to impress his powerful friends. Private bankers, investors, art dealers and rich, very rich family principals. The setting was an august room in an auction house. The nominees were assembled and there was a last minute deliberation between the Event Host and a couple of judges, as to who to give an UHNW adviser award to.

The Event Host was in the throws of a steamy love affair with one nominee, a modest success in her field.

After a few minutes of chuckling behind the scenes, the Event Host handed a note to a US cable television anchor, subbing as the evening’s compère. “I am delighted to say this year’s winner is Astrid Hartnell (fictitious name)”.

Up steps the winner, in a low-cut Dior dress, blushing and furtively looking in the direction of the Event Host, a greying fifty year old, serial divorcee with a calamitous lovelife. The crowd applaud somewhat aghast at her standing alongside the rarefied profiles of fellow nominees and industry titans. Those few, like us, aware of the illicit affair, gently offered our “well dones”. The old romantic sat grinning in a corner, as proud as a cheshire cat, thinking he’d bought a few more weeks and months of his steamy romance.

I mention this as a word of warning: there is a reason awards exist, judges judge, sponsors sponsor, media partners partner and event hosts host. That reason often has nothing to do with the efficacy of the awards, however, grand, and everything to do with each individual’s personal and professional priorities. Tread carefully when deciding to enter, particularly if you are asked to part with cash (entry fees, sponsored advertising or hosted tables) and in promoting your success.

Remember those whose business it is to be “in the know”, really know what is going on.