Building a business academy for financial Services
Much has been sung about the virtuosity of planners, advisers with their technical mastery, their negotiation finesse, their ability to craft legacies for their clients. But what of the unsung heroes? The powerhouse of administrators, paraplanners and the practice/business managers?
For too long, financial academies have honed only one craft: the art of advice. But the foundation of a successful financial planning firm is not merely its financial expertise – right? It is indeed the strength of its business, the resilience of its operations, and the vision of those who steer it.
Over 25 years, I have seen this be the case for every firm and network I’ve worked with. And so, a new dawn beckons – one where academies do not merely breed advisers but build leaders and empower its business success teams to achieve not just financial acumen, but business excellence.
a firm is not built on advice alone. It is built on strategy, execution, and operational excellence
A new academy for a truly new generation
Imagine an internal academy, forged not in the singular pursuit of passing exams, but in the wider mission of crafting future-ready professionals who understand the business of financial services. An academy where learning does not end with an adviser’s qualification, but where business and operations professionals have a dedicated path to mastery – one that recognises their role as the lifeblood of the firm.
At the heart of such an academy is not just knowledge, but wisdom. Not just instruction, but intention. An academy where:
- Future financial planners are not only taught the intricacies of investment and regulation, but also the architecture of a thriving business.
- Business and operations managers – the ones who ensure the gears of a firm turn with precision – are given the same investment in education as the planners and advisers they support.
- A dedicated career path exists for business professionals, guiding them from foundational support roles through to the C-suite leaders, ensuring that those who wish to develop an exciting and sustainable journey can do so with support.
Because the truth is this: a firm is not built on advice alone. It is built on strategy, execution, and operational excellence. To ignore this is to raise professionals who can navigate markets but not manage a business to perfection!
The framework of excellence
Every great academy is built on the shoulders of standards – on frameworks that ensure learning is not a fleeting exercise, but a lasting structure. In our work supporting firms from the boutique to the grand, we see one truth resoundingly clear: the academies that endure are the ones that operate within a sustainable structure.
A structured academy:
- Defines responsibilities – Professionals learn the full scope of business operations, understanding their role in the firm’s ecosystem and how their responsibilities evolve as they grow.
- Provides strategic insight – Beyond technical learning, it equips individuals with strategic thinking, decision-making, and business acumen.
- Offers an end-to-end career pathway – A clear route for business and operations professionals to progress, ensuring that no role is left undervalued, no ambition unsupported.
It is a common gap we see in firms attempting to establish internal academies or business schools. Often, they focus solely on technical development while overlooking the broader business mechanics that sustain long-term growth. What happens after the academy? How do we ensure these young professionals – whether advisers or business managers – continue to thrive, rather than find themselves adrift after their training?
In a recent article I read, It posed the question: Do academies owe young advisers a better duty of care? The answer is unequivocally, yes. Not just young advisers, but all professionals stepping into financial services. Because the measure of a great academy is not just how well it educates in the moment, but how well it sustains a career.
The three core gaps in financial services academies
As you might know, I am a relentless advocate for excellence in business and operations, and I usually see three critical gaps in the development of financial services academies:
- A lack of structure beyond exams – Many academies focus on qualifications but fail to embed the skills needed to manage, lead, and build businesses.
- No dedicated pathway for business professionals – There is a clear route for planners and advisers, but what of those in operations, compliance, finance, and marketing? Their journey deserves structure and strategy too.
- An absence of sustainability – Training should not just be a front-loaded experience. It should be a continuous evolution, ensuring professionals are not only equipped but also nurtured throughout their careers.
I found myself writing this one day, and I think it sums up my message… “A good academy doesn’t just teach; it builds. It doesn’t just prepare for exams; it prepares for business and life. And most of all, it doesn’t just create employees; it cultivates future leaders.”
A legacy of leadership
If we are to truly support the next generation of financial services professionals, then we must go beyond teaching them how to advise – we must teach them how to build.
Whether they aspire to establish their own firm or rise within an existing one, they need the tools, the frameworks, and the strategic acumen to ensure their success extends beyond mere technical competence.
This is the future of financial services: a profession where academies are not just about the adviser, but about the business. Where business and operations professionals are not merely facilitators but leaders in their own right. And where the unsung heroes – those who design, deliver, and sustain the very heartbeat of financial firms – are finally given the recognition, investment, and structured career path they so rightly deserve.
The time for this evolution is now. The firms that embrace it will not only survive the shifting tides of financial services but thrive within them. The question remains: will yours?
