Some of the most accomplished financial advisors credit much of their success to their relationships with the professionals they turn to for advice and support.
Bouncing ideas off established advisors, soliciting their advice and benefiting from their experience can be invaluable, says George Hartman, managing partner of Accretive Advisor Inc. in Toronto.
Mentoring, in which a relatively inexperienced advisor forms a learning relationship with a more experienced professional, is one of the more common informal educational structures.
There are, however, several other types of relationships you can cultivate with advisors and other professionals to help you build your business.
– the buddy system
One of the most popular brainstorming relationships is the buddy system. The main idea of this type of collaboration, according to Hartman, is for you to team up with another advisor who is at approximately the same stage in his or her career development as you are.
You and your “buddy” share information, discuss solutions to challenges and generate ideas.
“A certain amount of trust has to be present,” Hartman says, in order for a buddy-system arrangement to be beneficial to both parties. In fact, without trust, this type of relationship cannot succeed.
And don’t let the term “buddy” fool you. This relationship should follow the same disciplined approach as any other business endeavour. That means regular meetings to discuss progress and a focus on business-building ideas. Going out for a beer after work doesn’t really count.
– the coach
Coaching is a goal-specific learning relationship, Hartman says. After you have identified your business goal, your coach works with you to develop the skills required to achieve that stated objective.
As is the case with fitness trainers, Hartman says, advisor-oriented coaches can also help you retain discipline and accountability, which can be lacking in less formal relationships.
“You and I can agree to meet at the gym every Friday afternoon and run on the treadmill for an hour,” he says. “Or we can agree to hire a personal trainer who is going to put us through our paces. We’ll be far better served in improving our physical conditioning if we choose the second.”
– the mastermind group
A mastermind group is a group of like-minded advisors who get together on a regular basis to exchange ideas.
Mastermind groups often develop naturally within a company or an association. Because ideas and solutions are shared, this type of arrangement can be of great value to all group members.
It is important to keep this type of group close-knit in order to maintain trust and an honest exchange of opinions. It is customary to include only those at a particular level of professional development, although having a few outliers also can work.
“Typically, you would want [group members] to be approximately where you are,” Hartman says. “But perhaps [you might include] one or two ‘superstars’ whom you can look up to.”
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