How to choose a mentor

Mentors can be an invaluable resource to help you manage and grow your practice. The key is to choose the right mentor — someone you can trust to give you good advice and guidance when you need it.

Typically, your mentor should be someone who is successful and has substantial experience, preferably — but not necessarily — in your field. He or she should be someone who can guide you through your career, serve as a sounding board or assist you in various areas of your business.

Therefore, depending on your specific needs, the role your mentor plays in the development of your practice can vary over time. You also can have more than one mentor.

Trust is important, says Oliver Murray, CEO of Bridgehouse Asset Managers in San Diego, because “you would be telling them about your plans in confidence.”

The mentor you choose must have the time and commitment to provide you with practical, technical and emotional guidance, and to help you through difficult situations.

Often, you might know what to do in specific situations but want someone to “validate what you’re thinking,” says Carol Lynde, president and COO of Bridgehouse in Toronto. “You might want someone to bounce ideas off, or to talk about things that could be holding you back.”

The advice and encouragement a mentor provides can help you overcome obstacles and contribute to your success.

> Finding a mentor
There are basically two ways to find the right mentor, Murray says. The first involves using someone you are working with, whose counsel and guidance you appreciate.

The second approach, he says, is to ask people you know and trust to recommend a mentor. For example, you might choose to ask your fellow financial advisors or other professionals you work with, such as lawyers or accountants, to recommend someone.

> Good fit
Once you have identified a mentor, try to determine whether there is a fit during your first meeting and seek common ground. You must also have the confidence and trust to share your values and plans with this person, Murray says.

Rapport and trust can be built only through conversation. Your mentor should be able to share experiences and lessons you can apply to your practice, and you must be comfortable working with the mentor.

> Rethinking the relationship
At some point in time you might find that you have outgrown your mentor. As a result, you would have to rethink your relationship,” Lynde says.

There must be an exchange of value both ways between the mentor and the mentee, Murray says. If you reach a point at which you are no longer receiving value from the relationship, it might be time to seek a help from a different source. Or, you might decide that you no longer need a mentor.

Either way, ending a relationship that has served you well will require care and diplomacy.

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