The role of Business and Operations Manager are becoming ever more prevalent in financial planning. Michelle Hoskin, CEO Standards International and The Business and Operations Management Network, talks about why paraplanners should consider the role in a career move.
Gone are the days when success was defined solely by an adviser’s ability to bring in new business! Today, operational excellence is just as important as technical knowledge and client relationships.
As firms grow, expand services, and face increasing regulatory demands, the need for strong, strategic, and process-driven leadership has never been greater.
Business, operations and practice managers are the clear fire power within successful financial planning and advisory firms. They ensure that pretty much everything gets done and runs as smoothly as possible. Their role often spans the death and breadth of the business, from compliance to technology, people to processes, which means the planners and advisers are freed up focus on what they do best: advising.
For paraplanners, the opportunity is huge! We believe this shift presents an exciting career move which will play to the strengths of so many, who feel that Paraplanner is just not hitting the mark! . With their deep specialist expertise, analytical skills, and attention to detail, many paraplanners already possess the foundations required to thrive as Business, Operations and Practice Managers or even as Chief Operating Officers (COOs). But is this career transition a natural fit? We say, Absolutely!
The Rise of Operations Management in Financial Planning
It’s no secret that financial planning is facing more complex challenges than ever before. I believe that there are three key factors driving the increasing importance of having dedicated, trained and qualified expertise in these roles:
1. The weight of regulation
Regulatory frameworks have become more intricate and demanding, requiring firms to maintain high standards of compliance.
- In the UK, the Financial Conduct Authority (FCA) enforces strict compliance requirements, from Client File Reviews to Consumer Duty rules.
- Mishandling regulatory processes can lead to severe penalties and reputational damage.
With the right person at the operational helm, they will ensure that the firm is always ahead of these compliance hurdles, implementing robust systems to keep everything in check. Without them, firms risk regulatory breaches that could cripple their business.
2. Technology is reshaping the industry
Goodbye paper-heavy processes and manual administration….remember those days?
- The rise of CRM systems, AI-driven financial modelling, and automated compliance checks means firms need someone to manage and integrate these technologies seamlessly.
- According to a 2023 study by NextWealth, 84% of advice firms are either undergoing digital transformation or planning one within the next five years.
Business and Operations Managers are the architects of efficiency, ensuring firms adopt the right tech solutions without disruption – although we appreciate that it’s a minefield of options out there now, but that’s another story!
3. Client expectations have changed
Today’s clients demand:
✔ Faster response times
✔ Seamless online access to their financial plans
✔ A high level of personalisation
Planners, advisers and paraplanners alone cannot meet these growing demands without a strong operational backbone. We truly believe this, and have been championing this role for many, many years! This is why the Business and Operations Management is not just about managing processes – it’s about enhancing the entire output of the firm both internally and externally
Why WE believe paraplanners are the perfect fit for operations management
For paraplanners who want to move beyond technical report writing and strategy formulation, a transition to Business and Operations Management makes complete sense. And here’s why…
2. Paraplanners already think differently!
Paraplanners:
✔ Love to understand and thrive then they see the bigger picture.
✔ Naturally have high standards and take incredible pride in the work that they do.
✔ Are naturally process-driven and detail-oriented
✔ Understand compliance and regulation inside out
✔ Already know how to work with people to create and deliver the best possible outcomes!
As paraplanners, you already solve operational challenges every day. Moving into a more integral roles within the business allows you to apply this problem-solving mindset on a larger, more strategic scale.
2. Career growth and leadership opportunities
While paraplanning is without a doubt a rewarding role, it can feel like a career with limited upward mobility. Business and Operations Management, on the other hand, provides:
✔ A clear leadership pathway – Many Operations Managers go on to become COOs or even Managing Directors
✔ More influence over business strategy – You won’t just be supporting advisers—you’ll be helping to shape the direction of the entire business.
✔ Greater salary potential – Operations Managers and COOs command significantly higher salaries than paraplanners (Glassdoor data suggests an average of £55,000+ per year, with COOs earning £90,000+ at established firms).
3. Making a bigger impact
Paraplanners play an essential role in individual client cases, but those whose focus is ‘business first’ have the opportunity to improve the business as a whole.
✔ Want to get more involved in the strategic direction of the business – Now you can! ✔ Want to create more efficient workflows across the whole business? Let’s do it!
✔ Want to have your hand in shaping the culture of the business for the benefit of clients and team? You get to lead the change.
✔ Want to really spreads your wings and see how far you could really go? Now is your time!
Instead of being reactive, responding to planner and adviser requests, you’ll be proactive, shaping how the firm operates on a larger scale.
We have a so many success stories for those who have made that change!
Meet Becky!
Becky is the Department and Business Manager at Dodd Wealthcare based in Carlise and until recently was an integral part of the paraplanning team. But she knew deep down that her passions and skills lay elsewhere. Despite paraplanning being her route into Financial Services she felt that her skills would be better used at a more strategic and operational level within the business. After a discussion with her senior leadership team – Becky started to make the move. Upskilling and exploring how her knowledge and expertise could be best used with her new focus on the Business and Operations Management of the business – she started to make some real change and she loves it.
Describing her move, Becky says: ‘Having worked in a Paraplanner role for 10 years, I was eager for a new challenge and transitioning into Business and Operations Management felt like the perfect next step for my skills and interests. With the support of senior management and the 12 Week Business and Operations Programme, I’m embracing the opportunity to build my knowledge and expertise while using my own ideas and creativity to set standards and really make this role my own. I’ve not looked back!’
Her journey proves that paraplanners can thrive in operations leadership.
The skills that make a great Operations Manager (and why paraplanners have them!)
✔ Attention to Detail – Paraplanners already work with complex data and documentation, making them meticulous and thorough.
✔ Compliance and Risk Management – Understanding regulatory frameworks is second nature to paraplanners.
✔ Technology and Process Optimisation – Most paraplanners are used to using CRM systems, cashflow modelling tools, financial and compliance platforms daily.
✔ Problem-Solving Ability – Paraplanners don’t just identify issues; they propose solutions – an essential trait for business and operations leadership.
✔ Strategic Thinking – While paraplanners focus on individual cases, stepping into a Business, Operations or Practice Management role allows you to apply your knowledge on a firm-wide scale.
How to transition from paraplanning to Business and Operations Management
If you’re a paraplanner thinking about this career move, start now by:
- Taking on additional operational responsibilities: Volunteer to oversee compliance projects, technology rollouts, or process improvements.
- Developing leadership skills: Being part of a dedicated Network, like the Business and Operations Management Network can support growth through community, top tips, dedicated resources and a career pathway that also supports expanding your knowledge of business management.
Final thoughts
It’s never easy navigating any industry or profession. However, the need for strong operational leadership is growing and I have seen that over all these year working with firms. Business and Operations Managers are no longer a luxury – they are a necessity.
For paraplanners looking for a more strategic, high-impact role with leadership potential, stepping into operations management is one of the smartest career moves you can make.
You already have the skills. You already have the mindset. Now, it’s time to take the next step.
Standards International recently opened its next intake of the ‘Excellence by Design’ Business Operations Programme.
Main image: loewen-yjGSDYyW8HY-unsplash
