Does Your Wealth Management Firm Need a Mentorship Program?
Summary
Instead of letting team members figure out best practices for themselves, connect them with an experienced mentor advisors through a formal mentorship program. One study found that millennials who say they plan to stay with their employer for at least five years are more than twice as likely to have a mentor as workers who are constantly eyeing other opportunities. Consider surveying your most recent new hires to discover where they struggled most during their training period, and design your mentorship program to solve those problems. Just keep in mind that these relationships may not always be automatically smooth, and have a plan for how you’ll handle any conflict – including what you’ll do if a mentor and mentee want to part ways. Finally, design a plan for the mentee to take action steps while the mentor answers questions and holds them accountable.