PRACTICE MANAGEMENT
Inspiring Mentor – Mentee Relationships
By Jen Dawson CFP® and Rachel DeCarolis, CFP®, CeFT®, CEPA
Leaders of the NAPFA Women’s Initiative Mentorship Program
If you’re a seasoned financial advisor, have you ever considered being a mentor? Or are you new to the industry and wondering what a mentor relationship might look like? Whether you are participating in a structured mentoring program or developing an informal connection with someone in your network, there’s no doubt a successful mentor – mentee relationship has numerous benefits to both parties. The mentors and mentees in our lives have inspired us, helped build our confidence and capabilities, and gently pushed us to stretch our beliefs for what’s possible as women leaders in the financial industry.
We are proud to have helped launch the NAPFA Women’s Initiative mentorship program in 2022 and just concluded its second successful year in October. Our experiences and direct feedback from program participants have helped inform these ideas regarding the benefits to consider as you explore a mentorship relationship.
Mentees Drive the Relationship
The most productive mentor relationships are driven by focused, planful mentees. They provide clear direction for what topics they want to explore and set clear expectations for meeting logistics. Whenever possible, they prepare and share a rough agenda ahead of time. Great mentors love to come prepared with ideas to add value but are also exceptional listeners who leave room for organic conversation that flows in unexpected directions. The best mentor relationships are built on mutual respect, vulnerability, honesty, a little cheerleading, and genuine care. Mentees glean knowledge around career challenges and how to live a more balanced and fulfilled life, and might even benefit from networking opportunities through their mentor.
My mentor has experience with some of the major transitions I’m grappling with and has been able to share tangible examples and resources that have been really helpful for me. She’s also a great listener. – Anonymous mentee of the NAPFA Women’s Initiative Mentorship Program
Embrace the Benefits for Both of You
Being a mentor is one of the most fulfilling ways you can give back. The most consistent feedback we receive from program participants is from mentors who are surprised and delighted by just how much they got out of their volunteer experience. Mentors not only feel great about making a difference in their mentees’ lives but they leave feeling personally more confident, inspired, and better informed with new perspectives and experiences. We have several mentors who are committed to participating each year because of their joyful experience developing the next generation of financial advisors.
I like being able to help my mentee “troubleshoot.” It reminds me how far I’ve come, and it helps advance our Fee-Only way of doing business that so many people are looking for.
– Anonymous mentor of the NAPFA Women’s Initiative Mentorship ProgramWhile I hope that my perspective and experience has been helpful to my mentee, I’ve actually learned a lot from her with respect to education and training ideas that newer advisors at my own firm should be getting. – Anonymous mentor of the NAPFA Women’s Initiative Mentorship Program
Ideas and Key Ingredients for Success
Our virtual mentorship program uses detailed questionnaires to make thoughtful pairings and then provides a light framework for the six-month timeframe. We host periodic Zoom sessions, send monthly emails with topics for discussion, and encourage ongoing feedback while also sending a formal survey midway through the program. Participants are consistently asking for more opportunities to meet as a group and enjoy the community aspect of our program. There is huge value in developing relationships with other fabulous women who are in the same industry but not working for the same company.
I’ve asked my mentor a lot of questions I wouldn’t be comfortable asking someone in my firm, including negotiating compensation, dealing with sexism in the workplace, and a firm acquisition on the horizon. – Anonymous mentee of the NAPFA Women’s Initiative Mentorship Program
Women’s Initiative Mentorship Program’s Mission
Our goal is to provide a structured opportunity for women to accelerate personal and professional development through a mentor/mentee relationship with a female NAPFA member. The mentorship program focuses on pairing advisors, paraplanners, and associates with experienced NAPFA members as mentors who may have had a similar set of professional and personal experiences or goals. The program runs six months each year, from May through October.
If interested in participating, please visit napfa.org/napfa-mentoring-programs and consider submitting an application soon to join our 2024 program.
Jen Dawson, CFP® is an owner, senior wealth advisor, and managing director of Hemington Wealth Management in Chicago, Ill. She helps women lawyers have a great relationship with their money. She can be reached at jen.dawson@hemingtonwm.com.
Rachel DeCarolis, CFP®, CeFT®, CEPA is a partner and wealth manager at Northstar Financial Planning in Windham, N.H., where she helps women business owners and executives connect their wealth and well-being. She can be reached at rachel@northstarfp.com.
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