Adviser mentoring: A two-way relationship

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The AFA has been teaming the next generation of advisers up with those that have been in the game for a while to help them learn the ropes.

AFA National GenXt chair Fraser Jack says it’s good to see successful advisers that are happy to help out the next generation, but that it doesn’t just go one way.

Aspiring advisers have been teaching their older counterparts a thing or two when it comes to technology and social media. “That’s something that a lot of the senior advisers have never really anticipated in the past,” says Jack. “It’s something they like the sound of but are not quite sure how to go about it, and that’s something the aspirants can bring to the mentors.”

Giving tips to the next generation can also spark an idea for the mentor of something that used to work well for them but they stopped doing for whatever reason. They might find that getting back into an old process does wonders for their business.

The next generation still has a lot to learn though, according to financial adviser coach Tony Vidler. He says he has worked with some new advisers recently, and was amazed to find that nobody had taught them “business basics”.

“They are technically far more competent early in their careers than I ever was. As far as the basics are concerned for being able to learn quickly and to perform their jobs well, they are generally very capable indeed,” he says. “But it seems many of them are not learning how to build a business.”

He says it is in the sales context that there is a lack of knowledge. This may include:

  • generating leads or opportunities
  • qualifying those leads
  • sorting and prioritising the leads
  • managing leads information
  • arranging, and actually meeting, leads for the first time

"It is perhaps not surprising that some newer advisers with little "sales" training don't quite get some of the basics of prospecting then," says Vidler.