As the financial advisor’s role becomes more complex, many rookie and intermediate advisors are turning to mentors for support and advice.
Mentoring is a process in which a relatively inexperienced advisor forms a learning relationship with a more experienced professional.
“It involves showing and guiding,” says Rosemary Smyth, a Victoria-based business coach for financial advisors. (Mentoring differs from a coaching process, in which you articulate your vision and formulate a plan to realize it.)
“A mentor helps you develop skills and knowledge that will enhance your professional and personal growth,” Smyth says. “Mentors tend to show you specific things — how to do cold calls or set up a sales funnel, for instance — and the ‘mentee’ almost shadows the mentor.”
Mentoring is not only for newcomers, Smyth adds. If you change firms, for example, a mentor can help you settle into your new environment.
By working with a mentor, you can:
> Benefit from the mentor’s experience
An experienced business mentor knows what works and what doesn’t. He or she can answer your questions and provide advice about everything from dealing with difficult clients to navigating office politics, while helping you to avoid costly mistakes.
“When you have a mentor you don’t have to reinvent the wheel,” Smyth says. “Their strategies are proven to work and they provide a jumping-off point for discussions, even if you adapt them for your own purposes.”
> Get feedback
A good mentor will offer constructive criticism about your performance and suggestions for improvement, Smyth says. “It’s very helpful to get prompt feedback on how you’re doing and discuss what’s working and what isn’t. It saves you from wasting time doing things the wrong way.”
The relationship also allows the mentee to bounce ideas off the mentor, who acts as a sounding board, says Clay Gillespie, managing director with Rogers Group Financial in Vancouver. “That’s critical for the success of both the individual and the firm,” he says.
> Become accountable
One major benefit of having a mentor is that someone holds you accountable for what you say you’ll do.
Most people aren’t very good bosses of themselves, Smyth says, so it helps to have someone hold them responsible.
“A mentor will say to you, ‘It’s Friday. How did your calls go this week?’ When you know that’s coming, you’re more likely to follow through on your commitments.”
> Receive moral support
Mentors have been in your shoes, so they understand the challenges you face. They can provide a much-needed boost when you’re having a tough day, Gillespie says, and praise you when you do well.
“Mentors can also bring a fresh perspective to situations and help you see things in a new light,” he adds. Hearing about your mentor’s experiences will help you realize that the struggles you’re experiencing now will make you a better advisor in the future.
> Network
A mentor can introduce you to key people in the advisory field and provide an entrée to industry associations, which will help to boost your professional profile as well your information base.