It’s really about the legacy. It would be a travesty if financial planners did not pass on their experience and wisdom. Mentorship benefits the organization, the team and the future of the industry. If you mentor well, you will find that the people you develop will become leaders within your organization. I think there are many, many examples in history of those who grew into who they were because they were mentored by somebody more experienced.

5 Tips To A Successful Mentorship Implementation

I’m the first to admit that the financial planning mentorship program at Texas A&M isn’t perfect, but it’s progressing and improving by the day. If you’d like to implement your own mentorship program (and you should), here’s some advice:

1. Make it mandatory. Students might initially view mentorship as a hurdle and not an opportunity. Making it mandatory is tough love and benefits both parties, ultimately creating better financial planners.

2. Convey value. It’s important to have a pool of mentors who are ready to take on a protégé, but in order to find those mentors, you’ll have to convince them why it’s worth their time. Think about  talking of the value of reverse mentorship, where mentors have the opportunity to learn about the values and beliefs of the next generation of clients. Inversely, you’ll need to convince mentees why it’s important for their progression so they’ll be invested in the vision.

3. It won’t go perfectly. Know that not all mentorships will end in financial planning bliss. Some mentors won’t mesh with those they are mentoring, and some mentees may not invest in the relationship as much as they should. But as long as the program focuses on improvement and not perfection, it will continue to be an overall success. Successful transference of practical wisdom doesn't come overnight, and neither do strong relationships.

4. Focus on coaching. Mentors need to be coached, especially because the older generation of financial planners is used to being independent. Devote resources to coaching mentors. Mentors should be showing, not telling, how to run a business while simultaneously managing and handling clients and functioning with colleagues. Teach mentors to set boundaries and determine timetables and accountability. It’s worth it to create a documented training session or a series of trainings.

5. What to ask from mentees. Texas A&M’s program asks that students be organized, open, humble and willing to ask for help. When you set specific standards in the beginning, they will know what to aim for and be less likely to fail. Don’t be afraid of making your mentorship program too structured. If you don’t set expectations ahead of time, outcomes won’t be as successful.

Mentorships Ensure The Industry’s Future

Mentorships are absolutely worth the effort. Even though Texas A&M’s financial planning program hasn’t been perfect, it’s successful. And it’s the best way for established financial planners to transfer both their knowledge and passion to the next generation while improving the industry as a whole. Mentorship needs to be the new standard: It’s the best hope the financial planning industry has of rising to the challenges and opportunities facing the future of financial planning.