When the career insurance agency system was in full bloom a few decades ago, a word of wisdom, encouragement or help in solving a problem was just down the hall at the manager’s office or that of an experienced colleague. But with financial advisors increasingly setting up their own practices, that kind of advice is not as easily available. Now it’s up to the individual advisor to find a mentor — someone who can act as a sounding-board and provide advice.

A mentor/mentee relationship can often be compared to that of a master/apprentice rapport, in which students aspire to hone their skills and perform their jobs more proficiently while working under the guidance of an experienced teacher.

Why do advisors seek out mentors? Jim Ruta, president of Expert Institute, explains: “People say, ‘If I could just be like him, or do what she has done in her life, I would love that’.”

Mentors can offer sober second thought or a new creative angle toward boosting your business. They can impart a tried-and-true process that can help you deal with difficult but potentially lucrative clients.

Working with a mentor presents an opportunity to learn from those with more and varied business experience. And you can learn not just their successes, but their mistakes as well, in hopes that you will find ways to adjust your strategy accordingly.

> Look outside your industry
While a mentor is often found in your own area of expertise, Ruta suggests you look outside your personal sphere as well.

“I have had mentors over the years who are not necessarily in my business,” Ruta says. “There are people who I respect and whose businesses I respect, and some of the skills you need in business are not just related specifically to our business.

“For example,” he continues, “I have a very successful lawyer who is a mentor of mine. I find that he is a good sounding board for ideas, and he gives me a perspective I didn’t even think about because he’s coming from the legal side.”

> Use more than one
And you can have more than one mentor, especially if you are looking beyond your line of business. Sometimes, Ruta says, several voices providing advice can be helpful. Some financial service firms even build a number of mentors into their advisory groups, he says.

Just as mentors come from various industries, they can also come in a wide range of ages. Ruta, for example, has four mentors, including one he has had for 20 years, who is 84. “He has a grip on things and a perspective after 60 years [in the business] that I just dream of getting.”

Ruta, who has partners in their 20s, also looks to his daughter to give him ideas about dealing with members of the millennial generation.

This is the first part of a two-part series on mentors.

Next: Finding and recruiting a mentor.