First Allied Securities Inc., an independent broker-dealer supporting fee- and commission-based independent financial advisors, is expanding its mentoring program for new female advisors, First Allied announced recently.

The 10-month program was launched on a limited basis as a test and has proven successful, according to First Allied. The Women Advisor Mentoring Program will be expanded to all First Allied personnel.

Introduced in June 2013, the beta phase of the program matched two mentors with two new female advisors. The test phase had several objectives, including helping younger female advisors benefit from an instructive one-to-one professional relationship with experienced female advisors at First Allied, enabling seasoned advisors to engage with younger female advisors and share their experience and wisdom.

The program grew out of First Allied’s Women’s Impact Network. The goal of the network is to help women affiliated with First Allied network with one another to enhance their businesses and contribute to the greater success of women in the financial services industry.

“We initiated a careful screening process to match mentors and mentees with compatible personalities and professional goals, and this resulted in relationships that yielded both qualitative and quantitative results," said Marissa Fox-Foley, senior managing director of marketing at First Allied. "The mentees, who were held accountable by their mentors for meeting agreed-upon goals, received actionable advice and direction that helped them increase their business and improve their performance, while the mentors found the experience gratifying and enjoyable.”

“It was exciting for the mentees to be able to bring clients in the door as a result of working with their mentor,” she adds. “Fewer than 30 percent of advisors are women. With the shifting demographics and many older advisors getting ready to retire, it is an opportune time for women to become financial advisors.”

The next set of five mentors and five mentees will be selected during the First Allied annual conference in June.