Mentoring is a valuable way to pass along the knowledge that you have acquired from years of working in financial services to help cultivate new talent. Mentorships have the possibility to attract young, enthusiastic advisors with innovative, fresh ideas for business growth and stability. Interaction between mentors and mentees should be crafted in a way that is mutually beneficial. Mentees can increase your organizations efficiency, as well as provide ambitious professionals with well-rounded insight and a role model to replicate.

Mentoring a new advisor is an effective way to pass down a wealth of information to the upcoming generations of investment professionals. Not only will mentoring vastly improve the productivity of an individual organization, but the industry as a whole will be positively influenced as well. Financial professionals looking to take on a mentor title must be determined and patient in this role. Below are a few things to keep in mind when becoming a mentor:

Be Approachable

Advisor mentors must remember to build a comfortable relationship with their mentee, so that when questions arise, there is no hesitation in seeking out answers. Mentees should feel comfortable approaching their mentors without fear of embarrassment.

The ideal mentor genuinely cares about the growth and learning process of the new advisor and will welcome all questions or inquires. This will also help build trust, which is another important aspect in building a mentor relationship.

Stimulate learning opportunities

Create a list of achievable, yet challenging tasks for your mentee based on the current needs of your practice. Ask yourself what projects could use some additional assistance and what responsibilities you are comfortable assigning them.

Be sure to implement an adjustable timeline with trackable short and long-term objectives for the mentee to reach throughout the duration of the mentorship.

Support the mentee’s journey to success

As their mentor, you can be your aspiring professional’s biggest support system because you have had career experience and know the challenges that are likely to occur.

Remain positive throughout the entire mentorship process, and speak with your mentee regularly about any issues or barriers they may encounter. Mentors must also be readily available to step in and provide additional support when necessary.

Track growth and provide feedback

Successful mentorships require time and patience. Make your expectations of the mentee’s progress known to them, and evaluate their growth along the way.

When providing feedback, focus on their strengths as well as areas of improvement. Also, make it a habit to acknowledge when your mentee goes above and beyond to do an outstanding job.

Mentoring is a rewarding experience for both you and your mentee. It is your job to inspire them to do their best everyday not only by motivating them, but also by setting an example.

If you find your mentee begins to lose interest, challenge them by increasing the complexity of tasks and opportunities for independence. Mentorship is a crucial role, so remember to be supportive at all times, and provide guidance your mentee needs to make an impact on the financial industry.

Sources:

Rusoff, J. (2011, Oct. 26) “Making the Most of a Mentor” ThinkAdvisor. Retrieved from: http://www.thinkadvisor.com/2011/10/26/making-the-most-of-a-mentor