Entering into a financial services career at 21, I was a little more than anxious about how it would go. Did I know enough? Would I be able to clearly share the value of my services as I sit across from potential clients? I often think back to these early days in my career, and it fuels my passion for helping chart a better path for the next generation of talent.
Decades have passed since I started in this industry, but new advisors are facing the same questions. The next generation of early talent wants to align with organizations that are proactively investing in mentorship – and that begins well before they step in the office door.
Attracting Talent
We know that Gen Z talent craves mentorship. In a recent study by Adobe, 83% of Gen Z talent recognized that a workplace mentor is crucial for their career. In order to attract the talent that the financial services industry needs, we must be clear in the interview process about how we intend to develop them. Today’s graduates seek more than just a paycheck – they crave purpose and the opportunity to make an impact with a team.
A handful of mentors folded me into their established teams and taught me how to lead with a bigger purpose in mind.
In my own experience, a handful of mentors folded me into their established teams and taught me the business day in and day out – and, more importantly, how to lead with a bigger purpose in mind. I recall Richard, a retired pastor turned financial advisor who was an early mentor of mine, not only helping me learn how to succeed in a complex industry but also being a life coach and guide as I entered adulthood.
This same type of mentorship is as relevant today as ever and should be clearly outlined in pre-hire conversations. Candidates need to know how mentorship at your organization works. Then, as leaders, we must deliver on their expectations for mentorship, which creates an attractive proposition for those stepping into their first job out of school.
Emphasizing Onboarding And Continued Talent Development
The first few weeks on the job are so crucial to get right. New hires are still in the “evaluation” phase where they’re looking to ensure that what was discussed in the interview process is what will actually happen once they’re in the office. The local on-the-ground leaders play a pivotal role in providing the necessary hands-on support to shorten the ramp-up time for advisors.
These efforts must be intentional and supported by a centralized drumbeat at a full-firm level – showing consistency across the organization. One of my favorite examples is the business I am a part of now at 49 Financial, where every new fellow is greeted with a team-based model and a clear company “playbook” for how to get started.
Beyond the first few weeks, leaders must prioritize regular check-ins, goal-setting sessions and opportunities for continued learning and development. Having structured and intentional time for new hires to ask questions and learn from peers can dramatically shorten the learning curve. This ongoing support helps mentees navigate their career paths, set achievable goals and continuously improve their skills.
Creating A Culture Of Mentorship
Mentorship can often be seen as a top-down strategy, but creating a culture of mentorship in an organization, where each employee is encouraged to proactively seek out mentorship – from the newest hire to the most senior leader – can be wildly beneficial. One approach that has yielded surprising results is encouraging young advisors to regularly meet with a “center of Influence” in their circle outside of work.
Creating a culture of mentorship can be wildly beneficial.
These structured agendas are designed to allow space for early talent to ask questions and glean feedback from seasoned professionals across multiple industries that can be applied practically to their business as financial planners. Creating an environment where the next generation of leaders is encouraged and equipped with the space and resources to seek out mentorship relationships has proved to be a winning strategy for retention and generating a robust referral base.
Test And Learn
Mentorship and what it looks like in our organizations will always evolve. Early talent understands and values it, and we must demonstrate that we also recognize its value by volunteering our time and acting on our intention to getting it right. It may look like studying how your mentorship programs impact retention, having feedback groups for young advisors to discuss ideas and making iterations to your internal programs based on what you find.
The need for mentorship will always be prominent, especially in our industry, if we are to attract young talent. The organizations that will win are those that set clear expectations and have intentional tracks for development and advancement.
Luke Winskowski is President of 49 Financial.
