Taking on a new advisor to mentor is a great way for you to help a newcomer to the business. At the same time, you’ll learn a few ways to improve your business.
“[Mentoring] focused me back on building my business, continuing to do the things that worked and adjusting the things that weren’t working,” says Drew Abbott a vice president and investment advisor with TD Waterhouse Private Investment Advice in Toronto.
Here are some ideas to keep in mind when mentoring a rookie:
> Have a plan
Set goals and make a plan to implement them with the junior advisor. Talk about the vision and objectives of the team so the new member understands his or her role, says Sue Neal, regional director for downtown Toronto with Investors Group Inc. “It’s more about an overall picture and it’s very important that they understand.”
Plan out what you will cover on a monthly basis. “Have a very structured transition to [their] independence date,” Neal says, “Specify what will happen in Month No. 1, Month No. 2, etc., she adds.
> Schedule meetings
When mentoring a rookie, it’s important to have regular opportunities to talk. Set aside at least an hour or two a week to meet with the junior advisor, says Abbott. “It’s the check-in time,” Drew says, “where you sit down uninterrupted and say, ‘How did it go this week? Are we on track? What are the issues?'”
At the same time, he adds, make sure there’s flexibility to chat informally as problems or concerns arise.
> Be sympathetic
Approach mentoring with an attitude toward openness and encouragement. It helps to remember your own rookie days.
“Put yourself back in the shoes [you were in] when you started,” says Harv Wiens, a Fraser Valley, B.C.-based advisor with Sun Life Financial Inc. Your perspective, with several years’ experience in the business, is going to be quite different from that of a new advisor, he says.
> Share your knowledge
Remember that mentoring is about sharing, so don’t hold back any of your expertise.
“Sometimes [rookies] are perceived as a threat and so some people will hold their ideas quite close to their chests,” Wiens says. “My advice is: be open, be transparent. Admit failures and show successes.”
Still, it’s crucial to let the junior advisor have hands-on experience. Says Abbott: “You have to let them fail every once in a while. Let them make mistakes, and don’t judge them. Realize that all the experiences will make them a better advisor.”
> Inform clients
Let clients know about the junior advisor you’re working with, particularly if that advisor is formally joining your team, so they understand why there’s someone new at meetings. “Client relationships with a senior advisor are very strong,” Neal says, “and the new member needs to be professionally and properly introduced.”
> Use every resource
Take advantage of any in-house training programs and services for both the junior advisor and for yourself. “You’re not responsible for this new recruit all on your own,” Wiens says, “so utilize the tools that you have in the office.”
IE