Elevating Excellence in Financial Advice - RECAP

Financial advice firms continue to evolve in an environment shaped by regulatory change, shifting client expectations and rapid advances in technology. Many advisers believe excellence is the pursuit of perfection. Michelle Hoskin, founder of Standards International and The Business and Operations Management Network, offered an alternative during her recent webinar Elevating Excellence. Excellence is not perfection. It is the commitment to potential and the consistent practice of elevating how your business works every day.

This blog distils the insights she shared during the session, supported by her twenty-five years of working with successful financial planning businesses across the world. It outlines the real areas that prevent firms from achieving excellence and offers practical ideas to help advisers create stronger, more balanced and more effective teams.

Why Excellence Matters More Than Ever

Financial services can be rewarding even for firms that are only operating at a basic level. That creates a false sense of comfort. Michelle’s message throughout the session was that excellence comes when advisers stop placing the client at the centre of every decision and start giving the same attention to the business itself. When the business becomes the centre of focus, everything strengthens. Client outcomes improve. Team cohesion improves. Growth becomes deliberate rather than accidental.

Excellence is the outcome of intention. It happens when a firm operates by design rather than default. That requires teams to understand their roles, embrace change and contribute to a shared vision.

Five Learning Outcomes Advisers Can Apply Immediately

Remove operational complexity

Most firms experience the same recurring operational challenges. Michelle highlighted that these patterns repeat because advisers often treat symptoms rather than root causes. Removing complexity begins with identifying what repeatedly slows progress. Typical examples include unclear processes, inconsistent ways of working and a lack of documented standards. For ideas on simplifying operations, you can explore the resources area at Timeline, in particular the insights and resources section at this page.

Understand beliefs and behaviours that shape your culture

Everyone brings beliefs shaped by experience. Some beliefs encourage confidence and growth. Others hold people back. Advisers often carry beliefs about not being ready, not being clever enough or needing more exams before they can lead. These beliefs shape daily decisions in ways that limit progress. Authentic environments help people show up as themselves and perform at their best. For broader professional guidance, you can explore leadership content from the Chartered Insurance Institute.

Use the six human needs to understand people

Michelle referenced Tony Robbins’ six human needs. These needs help explain why individuals respond differently to change or challenge. Understanding them improves communication, reduces conflict and helps leaders support their teams with more insight. Advisers can explore the six human needs on the Tony Robbins website.

Adopt teamship for sustainable collaboration

Teamship, a concept developed by Keith Grint, describes a working environment where people feel psychologically safe, valued and supported. Michelle encouraged firms to make teamship a guiding theme for the new year. It strengthens communication, trust and shared accountability across the business.

Focus on the five elements of excellence

These elements underpin the work of Standards International with advice firms. They include business planning and communication, team engagement and productivity, operations and technology frameworks, service innovation and client proposition, and brand strategy and marketing. Many firms focus mainly on service and client work. The other elements receive less attention and weaken over time. Excellence is achievable when all five are maintained with intention. Advisers can explore best practice frameworks at Standards International.

Who Is Really Running Your Business

Michelle encouraged advisers to reflect on who is truly in charge of the business. Many firms are owner-led, yet the business often reacts to individual expectations rather than structured standards. Without defined standards, decisions change from day to day. An action praised on one day may be criticised on another. This inconsistency creates confusion, frustration and performance issues.

A business powered by standards instead of expectations delivers consistent results for clients and for the team. It also becomes easier to measure performance, recruit effectively and maintain quality. For firms working to meet wider professional expectations, guidance on competence and standards is available from the Financial Conduct Authority.

The Critical Role of the Business and Operations Manager

Michelle reinforced the value of an operational leader. This role stands between strategy and delivery. The business and operations manager becomes the conductor of the firm, ensuring every part of the business works together. Without this role, advisers remain absorbed in client work and have little space to step back and look at the business as a whole.

For firms that are not yet ready for a full-time appointment, interim support through the Business and Operations Management Network can build momentum before a permanent hire.

Technology also supports operational clarity. Firms using modern planning tools such as Timeline benefit from consistent planning, structured workflows and clearer investment processes. You can read more about the platform at this page.

Identifying Signs of Perfection Paralysis

Perfection paralysis happens when progress stalls because teams wait for the right moment or perfect conditions. Delayed decisions, slow-moving projects and frequent claims of being too busy are common indicators. Excellence does not require perfection. It requires movement. The most effective time to begin is now, with small steps that build confidence.

Trust, Communication and the Need for Psychological Safety

Trust is fundamental to excellence. Michelle’s trust equation highlighted that trust depends on credibility, reliability and personal connection, and that trust collapses when self-interest outweighs collective interest. A team will only trust its leaders when it knows that business priorities and people are placed above individual preferences. Leaders have a responsibility to create a safe environment where team members feel free to test ideas, share concerns and be themselves.

Taking the First Step Toward Excellence

Excellence begins with honest assessment. Michelle encouraged advisers to review every part of their business as they enter the new year. This is an ideal moment to refresh systems, clarify roles and realign responsibilities. Firms with a plan grounded in the five elements of excellence create a strong foundation for future growth, team stability and consistently high client outcomes. For advisers supporting clients directly, helpful material for consumer guidance can be found at the Money and Pensions Service.