[Blog] Great Expectations

By Joey Davenport

Mentoring isn’t just for managers, it’s for everyone. Indeed, one of the huge trends at high-performance networks across the industry is the need to develop an advisor’s personal leadership, team-building and other skills. With the emergence of concepts such as “team selling” or creating “ensembles” to increase practice efficiency and scale, advisors increasingly need to be equipped with the skills that can help them lead their team of junior advisors, sales associates and staff.

Perhaps the single most important lesson of my 30 years in financial services about mentoring came from the legendary Harry Hoopis. A GAMA International Hall of Fame member (and later my business partner), Harry was well-known for valuing excellence in all pursuits. Toward the end of his career as an agency manager, he was asked what, looking back, he would have done differently. Harry’s response: “I would have expected more of people.”

This wisdom coming from an industry icon who arguably expected more from his leaders and advisors throughout his career than anyone else in the history of the industry made a huge impact on me. The greatest gift you can give someone is the gift of high expectations.

Whether you are looking for someone to mentor you, or you feel you are ready to share some of your experience with someone newer to the industry as their mentor, there are other essential areas in which I suggest you seek to learn or offer guidance and encouragement:

• Knowledge and Skill Transfer: Experienced mentors pass on their knowledge, skills and wisdom to mentees, accelerating their learning curve and helping them avoid common pitfalls.
• Career Guidance: Mentors provide valuable insights into career paths and professional development strategies, helping mentees navigate their career journeys effectively.
• Networking Opportunities: Mentors often introduce mentees to their professional networks, opening doors to new opportunities, collaborations and potential career advancements.
• Personal Growth: Mentorship fosters personal growth by challenging mentees to set goals, overcome obstacles and develop new perspectives on their strengths and weaknesses.
• Psychological Support: Mentors offer encouragement, empathy and guidance during challenging times, boosting mentees’ confidence and resilience.

     How can a mentor best help someone grow in these areas? Here are some of the qualities to look for in a good mentor, or to develop as one:

• Setting Clear Expectations: Define clear objectives and goals for the mentoring relationship to ensure both parties understand what they aim to achieve.
• Active Listening: Practice “The 70/30 Rule”—listening 70% of the time and speaking 30% of the time—and when you speak, focus on asking questions.
• Providing Constructive Feedback: Offer feedback that is specific, actionable and supportive, focusing on areas for improvement while recognizing strengths.
• Being a Role Model: Demonstrate professionalism, integrity and a commitment to continuous learning, serving as an example for the mentee to emulate.
• Offering Guidance, Not Solutions: Encourage critical thinking and problem-solving by guiding the mentee through challenges, rather than providing direct answers.

There is a strong need for mentoring across the industry—especially as we bridge the gap from one generation to the next. The financial services industry has been so good to so many of us and mentoring provides an opportunity to pay it forward. This also helps to ensure we fulfill our promises and continue to provide financial security to as many people as possible.

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