Mentorship relationships are generally established to help new advisors learn from more experienced professionals. But mentors have a lot to gain from these relationships as well. By acting as a mentor for a young advisor, you can improve your skills as a financial advisor.

“Advisors remember the energy they had in the beginning to work so hard to build their practice,” says Joanne Ferguson, co-founder of Advisor Pathways Inc. in Toronto. “There are fresh ideas and perspectives that might open up new doors and avenues. It’s a bit of a win/win from that standpoint.”

Adds Larry Distillio, director of financial advisor business management with Mackenzie Investments in Toronto: “Mentoring really forces you to take a step back and look at how you run your business.”

The following are three steps you can take to help you benefit as a mentor:

1. Reassess your methods

Junior advisors are often more attuned to the latest tools, technologies and motivations among younger generations, Distillio says. Thus, they can bring new perspectives to your long-held habits and assumptions.

“[Mentoring] allows you to get a temperature check on what’s going on within the organization, navigate some of those opportunities and understand what other resources are available to support your practice,” he says.

The friction between traditional and new business methods might create the “spark” necessary for innovation in your business.

Ferguson, for example, has seen advisors introduce social media, client appreciation parties and broader product offerings as a result of mentorship relationships.

2. Step outside your network

By mentoring an advisor outside of your direct network — and with no direct line of reporting to you — you can build a relationship that is more relaxed, with more open lines of communication.

“You’re building trust with someone in the organization who isn’t part of your day-to-day [business], which can also help break down some silos,” Distillio says.

Reaching outside of your direct network may also create an opportunity to scout a potential successor or partnership, Ferguson says. You can evaluate how your mentee functions in the workplace and watch his or her career develop. Over time, you might even realize this is the perfect candidate to work with your clients.

3. Develop your leadership skills

As a mentor, you can hone your management skills while helping your mentee develop his or her career.

“As a mentor, you’re helping people grow,” Distillio says. “You’re motivating others, helping them to set goals and keeping them accountable. When you look at what leadership really is, it’s a responsibility to provide skills, tools, and resources to an individual to get them to where they want to go.”

Keeping a positive attitude is crucial, Ferguson adds. Instead of fearing that a mentee might steal your clients or strategies, “strong mentors can make excellent leaders because they’re developing the confidence to share wisdom and look beyond themselves.”