Whether you are a new advisor or have years of experience, a mentor can be an invaluable resource to help you manage and grow your practice. “Mentors can help you stay on track and improve your performance, no matter how long you’ve been in business,” says Aiman Dally, CEO of Toronto-based Copia Financial Solutions.
An experienced advisor acting as a mentor can provide you with practical advice as well as emotional support, says Fred Rovers, financial advisor with Edward Jones in London, Ont. He or she can also help you get through difficult situations.
Here are some steps toward finding and working with a mentor to grow your practice:
> Determine why you need a mentor
Typically, your mentor should be someone who has solid experience, preferably in your field, and is successful, Dally says.
First, determine what you hope to gain from your mentor. Do you need someone who can guide you through every step of the way, or just to be there as a sounding board? Or perhaps you want a mentor to assist you in a specific area of business development.
“For me,” says Nadira Lawrence-Selan, marketing and public relations consultant with Hathleigh Consulting in Woodbridge, Ont., “a mentor is someone who knows what I am doing and [someone] I can trust to give me the best possible advice and guidance whenever I need it.”
Rovers believes mentors who have been through various market events can provide you with valuable advice on how to deal with similar situations over time. And a mentor can share experiences and lessons you can apply to your own practice.
“The fundamentals of building a business or prospecting never change,” Rovers says. “The destination is the same,” he says, “but the road is not the same.”
> Finding a mentor
In looking for a potential mentor, start with people you know, such as your current or former colleagues, Dally says.
“Dig deep into your network,” says Lawrence-Selan. “If you really don’t have anyone who fits the bill, don’t be afraid to ask [colleagues] if they know anyone who might be able to help you.”
You might consider asking professionals such as lawyers or accountants you work with, she adds. You can also form relationships at industry events or, as a last resort, look to social media such as Linkedin,
You might choose to work with more than one mentor or a network of colleagues that you can contact whenever necessary, according to Rovers. This, he says, is a somewhat more formalized process, in which you can meet to discuss topics such as changes in the market or the industry.
> Form a partnership
You might be lucky enough to form a business partnership with a mentor, Dally says. In this case, the mentor can work hand in hand with you to grow your business.
“The key is not to lose your independence, if you want to own your own business,” Lawrence-Selan says.
Dally points out that the partnership can be informal and structured in such a way that it is not a legal partnership. Such an arrangement might work best with someone who is retired or no longer actively practicing as an advisor.