Whether it’s part of a succession plan or a growth strategy or just an effort to help a new advisor get off to a good start, training a new recruit can be rewarding. It is also an important and time-consuming procedure.

“Hiring a junior advisor is not an event, it’s a process,” says Sue Neal, regional director for downtown Toronto with Investors Group Inc. For the process to be successful, you need to pay attention to details, have a checklist and monitor progress.

While it can be a difficult experience, teaching a new advisor the ropes can bring a new dimension and meaning to your business.

“You will find a lot of joy in sharing with someone what’s worked for you,” says Harv Wiens, an advisor with Sun Life Financial Inc. in Fraser Valley, B.C. It’s particularly rewarding and encouraging when the rookies come back later and tell you how you have helped them gain success in their own careers.

Here are a few points to keep in mind when a new recruit arrives at your office:

1. Introduce your values
To avoid confusion and to integrate the new member more quickly, explain to him or her how your business operates.

One of the first things you should impart to a rookie is an understanding of your team’s vision and objective, says Neal. That gives the rookie an overall picture of the business and helps him or her understand why you do things a certain way.

2. Consider it a partnership
Whether you’re mentoring a new advisor or training a recently hired junior, a teaching relationship works better when you regard the learner as a peer rather than as a student.

“As a mentor, you have to go into it thinking it’s somewhat of a partnership,” says Drew Abbott, a vice president and investment advisor with TD Waterhouse Private Investment Advice in Toronto. The relationship must be based on mutual respect and trust. It’s not simply one person telling the other what to do.

3. Be selective
Avoid taking on too many recruits at once.

Training a new team member or mentoring a rookie advisor requires a significant time commitment on your part and can sometimes take you away from your business, says Wiens. Most rookies are respectful of your time, but you have to be prepared to rearrange your schedule to accommodate this commitment.

Wiens suggests working with only one rookie at a time, unless you have a lot of experience in mentoring or teaching recruits.

IE