Every young adviser needs a successful mentor
February 10, 2015 by Grant Webster
Multiple benefits stem from such a relationship, and all you have to do is ask
My first seven years as an adviser have been a rollercoaster ride, with many more ups than downs. The learning curve to becoming an adviser is steep and the skills needed to succeed in this industry are vast and ever-changing. Not only are technical and analytical skills important, equally so are relationship skills and the ability to connect with your clients.
Without formal training programs that exist in wirehouses, young advisers who “grow up” in a registered investment adviser environment are forced to learn the business through their peers, older advisers and, in my case, a successful mentor.
FIND YOUR INDUSTRY IDOL
I came across the Financial Planning Association’s MentorMatch program a couple years ago. I never really thought about a mentor before, but figured I should take a look at the program to see who was participating. The program was new and a bit clunky, but the idea of having a mentor really began to appeal to me as a younger adviser.
Somewhat unimpressed with the local mentors available in the initial program, I did some research on FPA members in my area of San Diego to approach a potential mentor on my own. I wanted to be mentored by the best, and had an idea of who I might ask.
I chose Dale Yahnke, co-founder of Dowling & Yahnke, a $2.9 billion RIA in San Diego. I wrote an email to Dale, asking him to join the FPA MentorMatch program and be my mentor for the duration of the short program. To my surprise, he accepted and quickly wrote me back. Although we were initially in the FPA program, we created our own agenda and process.
TRADING IDEAS
Dale and I meet a few times a year, at his office or for lunch. I pick his brain and ask him anything I want to know about how to be a great adviser. Topics like investment philosophies and how to find ideal clients, run the perfect client meeting and bring in new business are common conversations between us. The best part about having a mentor outside your firm is the ability to be completely open about topics like salary, career progression, office politics and competing firms.
DISTINCT BENEFITS
To me there are five distinct benefits to pairing yourself with a more experienced mentor:
1. Exposure to the mentor’s network. Connecting with well-connected mentors can lead to expanded networking circles.
2. Training beyond your firm’s resources. The most successful businesses use consultants; why shouldn’t you bring in your own mentor consultant to further your career?
3. Improved communication. The best advisers didn’t get where they are today by just having good investment performance. They are skilled communicators and know how to make clients feel comfortable. Learn from their communication skills.
4. Camaraderie. Mentors share in your successes. When I hit career milestones, Dale was there to congratulate me and help me develop new goals.
5. Career advice. From whether or not you should pursue other designations to how you can best climb the adviser ranks at your firm, your mentor can help be your career guide.
So how should you approach your ideal mentor? I say — just ask. You may quickly find out that the truly successful leaders in our industry want nothing more than to help the next generation succeed and prosper.
Grant Webster is senior wealth manager at AKT Wealth Advisors.
