Based on LIMRA’s “Paving the Way with Mentoring” study, it was determined that three in four advisers have participated in a mentoring relationship, and for the most part the elder advisers were colleagues in the same firm.
Mary Art, research director for distribution and technology research at LIMRA, and Emily Tracey, analyst for distribution and technology at LIMRA, authored a blog post on this topic. They shared these additional findings:
- Almost 60% of the time, adviser mentoring developed naturally and without a formal program.
- The most valuable benefit advisers received from their mentor is having someone to approach with questions: 86% said this was a benefit and more than half chose it as the top benefit of mentoring.
- Seven in 10 young advisers said their mentor advised them about managing their practice.
- Participation in mentoring can often lead to “reverse mentoring,” where mentor and mentee learn from each other on different subjects, such as a mentee teaching the mentor about social media and/or technology.
- Beyond mentoring relationships, a majority of young advisers partner with other professionals, and 44% said they plan to partner more.
- Whether working with a mentor or forming a networking or study group, Gen Y advisers especially found that collaboration can lead to financial success.
- Those advisers without a mentoring relationship were less likely to be “very satisfied” with their career and less certain they would “absolutely stay” in it.