Success in business takes more than sharp skills. The advice of experienced industry veterans can play a huge role in encouraging businesspeople to persevere through difficult times and find ways to succeed.
Financial advisors who decide to assume the role of a mentor for less experienced advisors do so for various reasons. Perhaps they’re eyeing their exit from the business, or want to transfer some of their book of business to a new advisor, says Todd Hynes, vice-president of Convergis at Ivari in Toronto. And then there are those who have benefited from having a mentor themselves and want to help others in the same way.
Whatever the reason, it’s important to think critically about how to make the most of the opportunity to help a rookie succeed. A dedicated mentor should not only have time to devote to the role, but also be willing to provide emotional support.
Hynes offers five tips on taking on the role of a mentor:
1. Look for common values
Shared principles can make for a strong relationship. While the idea is not to find a carbon copy of yourself, Hynes says, consider whether you and your potential mentee have a similar work ethic and style of engaging clients.
“You really have to spend time to see that you have some common core values,” says Hynes. “And understand that there will be times of frustration, when you wish the person would do what you tell them to do.”
2. Participate in a formal program
Consider working in conjunction with a structured training program, which provides specific responsibilities for guiding rookies. There will be limits to what you can impart to your mentee, given time constraints and new methods for prospecting.
For example, your approaches to client acquisition may be entirely different, especially if you rely more heavily on referrals than a young advisor. “Don’t become their trainer,” Hynes says. “The real role of the mentor is to help an advisor focus on their business goals and plans.”
3. Lend an ear
For rookie advisors, the first few months can be a tough slog. They’re still looking for prospects and testing ways to approach them, and it doesn’t help that much of the grunt work is done in isolation.
Your role as a mentor is to give that “gentle kick,” reminding your mentee to have patience and to find productive outlets for dealing with difficulties, Hynes says. For example, if the advisor is chained to their desk running numbers on spreadsheets, that time might be better spent finding activities to broaden their network.
4. Re-engage with professional networks
Some senior advisors may have largely withdrawn from participating in industry events. But if you are hoping to find someone in need of a mentor, Hynes suggests, try using those gatherings as a “way to be visible” and let people know you’re available.
5. Treat it as a two-way learning opportunity
Recognize that you may have as much to gain from the mentor/mentee relationship as your counterpart. Just as you would share best practices, you also should be open to new ideas.
For example, as phonebooks have fallen out of fashion, social media could prove more useful in helping you boost prospects. Your mentee could be willing to help you understand how to leverage social media to gain introductions and get endorsements on LinkedIn, Hynes says.
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