I'm pretty happy to receive feedback that this blog has also benefitted some advisors on their own learning journey. It's a pleasant discovery. Personal development is an interest of mine and I enjoy writing about it. Hopefully, apart from sharing knowledge, this information can help readers improve their income. After all, income is very important in financial planning. Without resources, you can't do much even with the best knowledge.
One area of personal development very relatable to me is mentorship. Personally, this blog wouldn't exist if I didn't feel equipped with the know-how to write about financial planning. I naturally wouldn't be able to make my career breakthrough to attain this industry's highest recognition - The Million Dollar Round Table within 2 years working purely on a personal introduction basis. Hence my firm belief in mentorship and how it can help anyone who wants to thrive in any industry. Today I'll be sharing my views on mentorship.
The Game Of Life
Even if we would like to believe all opportunities are presented equal, most of us can probably agree that everyone starts off at different starting points. Within industries and occupations, this is also true.
Take for instance if we imagine our careers to be a 100M race.
Everyone wants to complete the race but the race difficulty depends on where we start. A person who starts at the 80M mark may be earmarked for promotion from day 1 due to his scholarship. In an advisory context, this person might have a strong supportive network or ready clients.
Another person starting at the 60M mark might be someone with many years of relevant experience. This person might have access to proprietary systems and strong business networks that gives this person an edge in business negotiations and execution. In my line of work, I'd consider someone well equipped with strong advisory know-how or ready network but lacking in the other aspect to be at the 60M mark.
A person starting at 40M might look like someone with some relevant internship experience and perhaps a good university degree possibly from Ivy League schools... likewise, I'd consider someone who has strong social skills to be considered in this category in the advisory aspect.
A 20M person could be someone naturally talented in skills that is required in that particular scope of work. For instance, an eye for details might help a person in accountancy. Being naturally good with numbers might help an aspiring financial consultant.
Of course, we will also have people who starts off at ground zero. No relevant experience, basic qualifications to meet entry requirements, no relevant skills sets...
What mentorship is meant to do
Now what has the above got to do with mentorship? In my view, good mentorship is supposed to help a person accelerate their growth process. The objective is to help someone get from ground zero to maybe 40M sooner or accelerate someone's progress from 60M to 80M.
A mentor is someone with the relevant experience and know-how to provide guidance. Usually this person has paid their dues to get to their present success hence learning from this person would help the student to avoid unnecessary pitfalls and make smarter decisions.
Take for instance, as a rookie advisor 4 years ago, I had to formulate my own advisory philosophy because I had minimal training. Product training merely taught me the specs of the product but it didn't teach me the functional purpose of how each plan can complement other solutions to cater to individual situations. As a result, I became very good at selling plans but wasn't a very competent problem solver when I encounter more complex situations. In fact, I've even known advisors who happily pass up on savvier clients because it's too difficult to manage.
However, things changed when I had proper guidance. I then learnt that a successful and experienced mentor is able to ask the right questions to probe me to think deeper and understand implications of each recommendations. He is also able to explain the rationale why certain things are done in a certain way hence it accelerates my learning process. When roadblocks arise, he is able to provide a on-point solution straight away simply because he probably encountered a similar issue in his younger days. What mentorship has done for me is to develop the right habits, practices and mindset. It has also equipped me with experience & insights far quicker than I could have attained through my own sweat equity. Old habits are hard to change hence if one starts on the right note, he/she won't need to go through the painful process of unlearning and relearning.
Over the years, I've hired coaches and sought mentorship in various aspects of personal development. In my view, borrowing experience and strength is the fastest way to the summit for any kind of endeavor.
Finding the right fit
In my view, the most practical approach to seeking the right guidance for yourself is to find someone who has already achieved exactly what you want and also shares a similar values system.
In my case, a mentor who is fairly successful but easily contented doesn't suit me well. I'm currently in an expanding mode, a semi retired mentality is totally unappealing to me. Likewise, if you are only seeking to lead a slightly above average life, perhaps a mentor striving for the pinnacle might be too much for you too. So in my view, first find someone who is doing what you hope to do and then find the closest fit to your own values and beliefs.
Of course, if your aspiration is to lead a king-like lifestyle without the drive to work, perhaps such a fairytale mentor may not exists yet. Even if someone paints such a picture, I'll be very careful to validate whether it's too good to be true.
Summary
In short, whichever endeavor you seek, I'd say that good mentorship can accelerate your progress. I've seen too many people try to learn new skills on their own too often. While it's possible, and I know many self taught success in person, I personally feel it's a longer route filled with lots of trial and errors.
When I'm at ground zero, I prefer to get someone to pull me to the 40M or 60M mark as soon as possible. I'd rather use the time and resources saved to run a 200M race the moment I am done with the 100M race.
If you are looking for a coach or mentor in a specific skill or industry, and would like some recommendations, feel free to drop me a message. If you would like to develop an attraction-based FA career, I'd be happy to have a more in-depth discussion with you too.
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Disclaimer: The content created are based on my personal opinions and may not be representative to everyone or any organisation. If you have any doubts or queries pertaining to insurance or investment, please seek professional advice from a trusted adviser in an official setting. You may also reach out to me if you do not have a present adviser using the message box under 'Let's Talk'.
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