What does it really take to grow from a paraplanner into a partner at a thriving wealth management firm? For Stuart Coombe, Partner at Old Mill, it’s been a mix of hard work, curiosity, and a genuine love for helping clients.
In this conversation for IFA Magazine’s podcast, IFA Talk, Stuart shares how he went from growing up on a dairy farm in East Devon to becoming a partner at Old Mill, one of the South West’s most respected firms. Along the way, he’s seen the profession change massively, particularly for those coming up through the ranks.
Falling into finance
Like many in the profession, Stuart didn’t grow up dreaming of financial services. “I grew up on a small dairy farm in East Devon,” he explains. “But my parents sold much of that up when I was pretty young, about 10 or 11, so there was no family business for me to go into.”
Originally, Stuart had planned to go into teaching. “I was going to be an English teacher,” he says. “I had an English Literature degree lined up. I was planning to do a PGCE… but in that gap year, I ended up working for what was Exeter Investment Group in their unit trust admin team, and that was brilliant. It was a great learning curve, and I enjoyed it so much. I decided against university and stayed there.”
What followed was a few years in investment and fund management, but Stuart found himself craving a more direct relationship with clients. “I just like the interaction with people and seeing directly the impact that you can have as an advisor on your clients.”
Becoming a paraplanner
In the mid-2000s, Stuart decided to make the move into independent financial advice. But first, he wanted to build up his knowledge, and that’s what led him to Old Mill.
“I joined Old Mill as a paraplanner, rather than as an advisor, as I realised there was a huge difference in my knowledge and the more transaction-based advice I was giving compared to genuine, holistic advice,” he says.
It wasn’t exactly an easy start. “If I’m honest, it was quite a baptism of fire, not least because the credit crunch was happening during my probation period,” he adds. “But I loved that paraplanner role. You’re turning chaos into order. But ultimately, I wanted to be the person sitting in front of the client and giving that advice.”
Making the move into advice
It’s a transition that many in the profession still wrestle with, moving from the technical focus of paraplanning into the client-facing world of financial advice. For Stuart, the shift felt natural, but not without challenges.
“I think I just always wanted to be an advisor,” he says. “I’m naturally a people person, and I wanted that regular interaction. I’m a massive supporter of the paraplanner role and the value it brings to firms.”
He adds that while the roles are very different, the leap may not be as daunting as many believe. “The biggest jumps really are the fact that the buck stops with you and getting used to the fact that you’re signing off the work… but if you do the right things, you work hard and you’ve got the people skills, it’s not quite such a big jump as people make out.”
And it’s not just about technical skills. “You need to put your ego to one side and concentrate on what the client is telling you… If you’ve got that, then I think we should be doing more to encourage people to take that jump.”
The role of professional development
If there’s one theme that runs strongly through Stuart’s story, it’s a desire for knowledge and a natural curiosity.
“I think it was 30 when I became Chartered and a Fellow,” he says. “I’ve always been a massive advocate of learning… I started consuming as many exams as I could to get Chartered.”
Beyond the headline qualifications, Stuart has taken it further. “I’ve also taken other exams where there’s no real benefit in terms of title… but just because I think knowledge puts you in a better position.”
For young advisers who might be doubting themselves, he says confidence grows with time — and solid technical understanding. “If you have good technical knowledge, then you can answer confidently. Your own confidence is raised… and your client relaxes.”
He adds: “It shows you go above the minimum needed to be an advisor, that you take the profession seriously… The best advisors I’ve worked alongside have always been those who have a thirst for knowledge.”
Mentoring the next generation
Stuart now plays a key role in mentoring newer advisers at Old Mill. His message to aspiring planners? Believe in yourself, be prepared to learn, and don’t assume others have some secret you don’t.
“People can sometimes think there’s magic genetics involved in terms of making a good advisor,” he says with a smile. “But everyone starts somewhere. I was nervous at one of the first meetings that I had. You go way outside your comfort zone… but it’s all valuable experience.”
He encourages paraplanners to shadow experienced advisers, sit in on meetings, and see how different styles can still be effective. “You’re always going to be at your best if you are your true self as an advisor, rather than putting on a personality.”
And, crucially, “once you’ve been to several of those meetings, you realise it’s probably not as daunting as you first imagine… the nerves can be suppressed, and you believe in yourself.”
The future of advice
When asked what excites him about the future of the profession, Stuart highlights both technology and the rise in professionalism.
“Some of the technology is impressive… trying to get rid of some of the day-to-day headaches and behind-the-scenes work that advisory firms all have to put up with,” he says.
He also sees a growing demand for niche specialisms. “I think having a niche can help your clients identify what you’re good at and also help you focus your work and what you like doing.”
And while AI gets all the attention, Stuart isn’t worried about being replaced. “I don’t think the robots are going to quite take over. They might make work a little bit easier, but I think there’s going to be an increased demand for advisors in the future.”
With shifting demographics, wealth transfer, and ever-changing tax rules, he sees a strong future for those entering the profession. “I think it’s a great opportunity for current and future advisors to bring real value and peace of mind to their clients.”
Final thoughts
Stuart’s journey from paraplanner to partner shows just how much is possible with a combination of curiosity, humility, and a desire to do right by clients.
Whether you’re a paraplanner wondering about the next step, or an aspiring adviser looking to build your confidence, his message is clear: back yourself, keep learning, and don’t let fear of the unknown hold you back.
“It’s no different from anything else,” he says. “You just keep getting back on that horse and going again.”
About Stuart Coombe
Stuart comes from an East Devon dairy farming family and has been in the financial services industry throughout his working life.
Stuart specialises in providing holistic financial planning advice to rural and farming clients in order to help them reach their individual goals, whatever they may be.
