One of my RIA clients had been trying to fill an operations role for more than a year without success. As I asked questions about the role, and what would be expected of the person, I kept hearing, “If it’s a more experienced person, they’ll do this. But if it’s a less experienced person, they’ll do that.”
They were using the veil of “flexibility” to widen the candidate pool, hoping to stumble across the right person. But would they even recognize a good operations person if they applied? The firm was trying to hire for a new role in a department that hadn’t existed before. So, one of the first things I did for them was define the characteristics of a good operations team. These traits are universal and can be summed using this acronym: OPTIC.
O – Ownership: A great operations team has and takes ownership of the reporting data. They take full responsibility for the accuracy and reliability of performance data. They know where it flows, its impact, and they stand behind it. When there’s an operations issue, people in the firm know who to talk to about it.
P – Purpose: The team understands the larger reason for operations and how it fits into the firm. They have a vision for what operations will be doing, and they make decisions to support that goal. They also understand and support the firm’s goals and vision. This allows the operations team and the firm as a whole to make long-term decisions with a view towards the future rather than what’s happening right now.
T – Timeliness: To be effective, an operations team need to ensure that important information is up to date and available when needed. This shows that the team has an understanding of the larger business needs, and they’re able to appropriately prioritize their work. Communication is also a key. If there’s a delay in pricing or updating transaction information, a successful operations function will let everyone know about it. Additionally, if an advisor needs something, they’re communicating with operations in a timely manner to request it.
I – investigate: This is a two-pronged characteristic. A healthy operations team will investigate any discrepancies and reconcile account information, as well as dig deep and figure out why performance reporting is off. This is part of keeping the data clean. The other prong pertains to curiosity and ties into the purpose I mentioned earlier. That purpose, along with curiosity, helps team members question how things are done and source ideas for how to improve as a firm. Maybe they notice that a time consuming report is rarely viewed by clients or they identify a new software that can unlock better service for clients. In all cases, curiosity is crucial.
C – Consistency: A good operations function provides what the firm needs, the same way each time, to the point that it might become “invisible” because it works well and doesn’t require thought. Everyone knows what to expect. However, this is a two-way street because it also requires advisors to be consistent.
In today’s competitive landscape, building a high-performing operations team isn’t just a matter of filling a role—it’s about building a foundation of ownership, purpose, timeliness, investigation and consistency (OPTIC) that aligns with the firm’s overall vision. By establishing these core values, firms can not only ensure smooth, reliable operations but also foster a proactive and collaborative environment that supports long-term growth.
In part two of this article, I’ll be digging deeper into what each of these characteristics really means.
If your wealth management firm needs help starting or building its operations team, contact me for an introductory consultation.
