The importance of mentoring amid the ongoing talent shortage might be widely understood, but finding qualified finance professionals to step up isn’t always easy.
But those setting aside the time to mentor aspirants say it’s a worthwhile pursuit in more ways than one.
Take Brisbane’s Nicole Ott for example. She is the national adviser services manager for Trilogy Funds in Brisbane, where she has been for more than five years. Trilogy Funds specialises in structuring and managing property investments.
She’s also part of the Association of Financial Advisers National Mentoring Program, which matches aspirants with mentors based on skillsets and desired learning outcomes.
The mentoring program launched five years ago and branched out into a national program last year. Ott has been involved in the coordination of the program for two years, working with a number of aspirants and mentors during that time.
The program aims to provide aspirants, who are typically new financial advisers, with the opportunity to connect with an experienced AFA adviser as their professional mentor.
It provides significant advantage to new advisers, imparting access to insights, practical knowledge and another perspective that can broaden their experience base and contribute to their development.
Aspirants and mentors are matched based on their skillsets and desired learning outcomes.
How it works
The mentoring program runs for six months, with mentors and aspirants encouraged to meet for an hour a month, face-to-face where possible. The mentoring program is considered a good introduction into the professional year.
Ott says she can not only see the need for mentoring, but how it benefits the broader industry.
“It takes a little bit of time, but at the end of the day, the rewards far outweigh any of the time it takes to do it,” Ott tells Professional Planner.
It’s the small details that matter, like explaining to younger gradates that it’s not best practice to text clients, and to instead pick up the phone. “We take these soft skills for granted, but young people need to learn how the industry operates and what clients expect,” she says.
“You can only learn so much through books. At the end of the day, it’s really about the experience along the way, and aspirants always have a lot of questions as they learn.”
Aspirant experience
One of last year’s aspirants was Adam Dight, a paraplanner with Profectus Financial Partners. Dight took part in the program because he felt like a “duck out of water” after his return to study, having spent his whole career in funds management.
The program “filled a huge part of the known unknowns” given he had no experience in the world of financial planning. He remains in regular contact with his mentor despite the official end of the program.
“Going back to study in your late 40s and completing twelve 13-week subjects was daunting enough, but I knew that simply attaining the relevant qualifications was only half the battle,” Dight says.
Mentor experience
Director and financial planner at Business Depot, Mitch Hood, has also returned to the program for his second year as a mentor.
Playing a small part to play in an aspirant’s career development is incredibly rewarding. He encouraged anyone considering the program to find out how they can get involved.
“The AFA has created a meaningful program which assists the next generation of advisers seeking help and guidance on their careers. So, it was an easy decision for me to say yes to the mentoring program,” Mitch says.
“I highly recommend more mentors make themselves available to assist. The process to apply and participate was easy and the aspirants are eager to learn from your insight, knowledge and direction that can take their careers to the next level.”
