Capability is not an issue for you. You carried a lot this year. You always do. You know you’re ready for a bigger role, more strategic, more leadership, and a seat at the table, where decisions are made.
And now you're waiting.
Reviews happen in November, numbers come in January, and you've told yourself that's when you'll find out where this is going. So you keep your head down, do the work, and let the process play out to see if you get the answer you’re hoping for.
If that sounds like you, I want to ask the question I ask almost every leader I talk to this time of year. Who's deciding what you'll own next year, and have you told them what you want it to be?
The plan comes before the review
Here's the order most firms work in. Right now, leadership is building next year's plan: budgets, headcount, which initiatives get funded, and who owns them. The review and the pay conversation come after that, and they mostly reflect what the plan already decided.
The scope you'll own next year is usually settled before anyone asks you about it.
I spoke with a senior leader recently whose business had just been merged into a larger part of his firm. He'd built most of it himself. He was clear that the new combined role could be exactly what he wanted, with more scope and a bigger problem to solve. But he hadn't said that to anyone in a way they could plan around. He was waiting for the November conversations to tell him which way it would go.
The problem with this approach is it’s reactive and the sequence is out of order.
Leaders who walk into planning season with a defined mandate give their manager a plan and vision to fund: the scope, the team, the authority, and what it produces for the firm next year.
Leaders who wait get whatever someone else thinks they should get once the plan is set and the funding and shape of the team is already decided.
And their year-end conversation explains a decision that was already made about their trajectory without their input or discussion.
That’s hoping and waiting to be picked as a strategy for reaching your next level of leadership and comp.
A better strategy is using your expertise to lead the firm and your career forward. Here’s how you can do that.
What to do before planning closes
This week, write one page on the mandate you want next year. Say what you'd own, the team and authority it needs, what you'd hand off so nothing falls through the cracks, and the value it adds for the firm. Then book 30 minutes with your manager before planning closes and walk them through it. Ask what would have to be true for that to be in the plan. And have a conversation about it.
In this market, no one is getting handed anything. The people who are moving ahead are leading their firm and their careers forward with ideas and plans that create growth for both. That’s how one of my clients was just named to the C-suite last month and another was formally made co-head of a new business. They didn’t hope someone would pick them for a bigger opportunity. They created the opportunity for themselves and the company.
If you want a clear read on what the next level requires from you specifically, book a 30-minute Introduction & Assessment with me:
Key takeaways
At most large financial firms, next year's budgets, headcount, and initiative owners are set during planning, which runs before the year-end review.
The review and pay conversation usually reflect decisions the plan has already made.
A leader who brings a defined mandate into planning gives their manager something specific to fund.
A defined mandate covers the scope, the team and authority it needs, the handoffs, and what it produces for the firm.
The time to raise next year's mandate is before planning closes, while the funding and shape of the team are still being decided.
FAQ
When are promotion and scope decisions made at banks?
Mostly in Q4, during annual planning and the review cycle. Budgets, headcount, and who owns which initiatives are set in planning. Promotions and pay are usually communicated in January, but the inputs are decided weeks or months earlier. Timing varies by firm.
Why does planning matter more than the year-end review?
Planning decides what each leader will own next year. The review mostly explains outcomes that follow from that plan. A leader who waits for the review is often hearing about a decision that was already made.
What should I bring my manager before planning closes?
A one-page view of the mandate you want next year: what you'd own, the team and authority it needs, what you'd hand off, and what it produces for the firm. It gives your manager something concrete to plan and argue for.
How do I ask for more scope without sounding like I'm asking for more pay?
Lead with the problem you want to own and what solving it produces for the firm. Pay and title follow from the scope. Ask your manager what would have to be true for that mandate to be in next year's plan.
What if my business was just merged or reorganized?
Act sooner, not later. Right after a change, mandates are still being decided, and leaders who say clearly what they want to own are easier to plan around. Waiting to see how it settles usually means taking what's left.
Is it too late if planning has already started?
Usually not. Plans are often still moving through November. A short conversation now still gives your manager information they can use, and it shapes the year-end discussion even if the plan is set.
About Brian Rella
Brian Rella is the founder of EverNext and a leadership advisor to VPs through C-Suite in financial services. After 25 years at Wells Fargo, BGC, Bloomberg, HSBC, JP Morgan, and UBS, he helps senior leaders own the mandates their firms most need and be recognized and rewarded at the next level.