Using Mentorship To Develop Your Team

Using mentorship as a means to grow and develop newer or underperforming producers is a great way to strengthen skills and increase productivity. The contributions a mentor makes may include making introductions, acting as a sounding board, and offering inside perspectives into industry trends or nuances. Under the right circumstances, the insight and experience a mentor offers can be invaluable.

The role of a mentor is not meant to be taken lightly. Yet, more often than not, this role is assigned as a band-aid—pairing a more experienced producer, regardless of production numbers or practice management abilities, with those with less experience—hoping the IXP will learn something, even if it is by way of osmosis from the EXP.

It shocks me when I go into agencies or companies and their appointed mentors are people who have been there for a long time but are mediocre in their own production, their systems are outdated, and they don’t follow a structured approach to selling. The cold hard truth is this: just because someone has industry experience doesn’t mean they have the skill set to be a mentor.

Why would you have a mediocre producer or manager mentoring some of your people?

I’m not sure either, which is why I’d like to share some insight into how to identify those producers worthy of stepping into the role of a mentor as well as a few tips on how to structure the relationship in order for all parties involved to benefit.

Attributes Of A Great Mentor
Not everyone is equipped for the job of being a mentor. The average length of a mentor-mentee relationship is 12-18 months. If you are lucky, it will last a lifetime. Good mentors must first have a willingness to take on the role, understanding they will be dedicating precious time to the person being mentored. Additionally, good mentors should also meet the following criteria:

Current Situation:
● Must be successful (in overall production, product mix, etc.) in their current role.
● Is happy in their career and with the firm.
● Has a proven track record of naturally taking the lead.
● Has risked, failed, and continued on to achieve success more than a few times.
● They are basically your “to be” model.

Communication Style:
● Is able to communicate effectively with all types of social styles (DISC).
● Is receptive to feedback and can easily adapt.
● Has strong listening skills.
● Debriefs well to ensure connecting what is seen in the field to what is being taught in the classroom.

Systems:
● Their practice must run smoothly.
● There are clear plans for new client acquisition and the client experience.
● Technology is embraced and utilized.

Sales Strategy:
● They not only follow a proven sales process, but it is actually the one that is taught on an enterprise level.
● Knows how to conduct a sales call that results in clear next steps.
● Has the experience to know when to say “no”.

When identifying a mentor, at the end of the day, you must believe this person will guide the appointed mentee toward their professional goals.

The Mentor-Mentee Relationship

Making the assumption that you and your team have successfully identified a handful of producers or managers willing to take on the role of a mentor, let’s shift the conversation to focus on what to consider when structuring the relationship.

Clarify Expectations (for both parties)

● Determine the objective of the relationship. Typically, a mentoring program involves focusing on one clear outcome, for example, a skill the mentee wants to learn like prospecting.
● Establish the framework of the relationship from how often you meet to the best ways to communicate.
● Further define if in-field shadowing is part of the relationship.
● Are there expectations of the mentor actually coaching the mentee or is it simply helping to make introductions or share knowledge?
● Does the mentee fully understand they should be proactive and be the primary driver of the relationship? Remember, mentors, are offering their time, so mentees must make the most of every minute.

Measuring Results

Knowing the ideal outcome determined at the beginning of the mentoring relationship will help you quantify the program’s effectiveness. Keep in mind that measuring development includes so many factors that may not be easily converted to data. When measuring mentoring, sometimes anecdotal evidence is the benchmark for success.

A structured mentoring program allows the mentor to connect back to what made him/her excellent. It provides the mentee with real-life experiences they wouldn’t have had otherwise, especially the real world decisions that readied them for success. For the firm or company, it results in happier and more productive team members.

If you are interested in developing and implementing a structured mentorship program, please call my office. My team and I have extensive experience in setting up successful mentoring programs that produce incredible results.

If you have a mentoring program in place, I’d like to hear how it is working for you. Please reach out to me via LinkedIn and let me know how it’s going.

Remember to do a little bit all of the time, not a lot some of the time.

Interested in learning more? Join me for a 2-day sales boot camp designed to help financial services professionals. 

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