(From the July 2025 Edition of eFORUM)

By Phillip Ackers

In the ever-evolving world of financial advice, one key factor often stands out as a game-changer: mentorship. Whether you’re a novice entering the industry or a seasoned professional, a mentor’s guidance and support can significantly shape your career trajectory and enhance your ability to navigate the complexities of financial markets.

I have been in the industry for 30-plus years and, looking back, the number one way to learn has always been to learn from others — to benefit from their experiences and to take lessons from both their successes and failures. To this day, I can still hear the voices of mentors in my head: how they described a situation, how they positioned a concept, and the advice they gave me back then.

What is a mentor’s role?

Mentors in the financial advice sector are more than just teachers or coaches. They’re professionals who provide insights, share knowledge, and offer guidance based on their years of experience. Mentorship involves a relationship built on trust, where the mentor invests time and effort to help the mentee grow professionally and personally.

One of the primary benefits of having a mentor is access to that person’s wealth of knowledge. Financial markets can be unpredictable and challenging, but mentors can share strategies tested over time. I think back to the 2008 financial crisis and how we provided comfort and insights to investors on the verge of panic. Today, once again, we’re experiencing uncertainty, with the rules challenged and the status quo tested. I find myself reaching back to that previous crisis for words and insights to share with clients.

The reality is that mentors’ real-world experience can help mentees avoid common pitfalls and make more informed decisions.

Building confidence and competence

For newcomers to the financial advice sector, the initial years can be daunting. The pressure to deliver results, understand market dynamics, and build a client base can be overwhelming. This is where mentors play a crucial role. By providing guidance, they help mentees build confidence and develop essential skills.

Mentors can help mentees understand the complexities of building an advisory business in the ever-changing world of financial advice. They can also provide feedback on performance, helping mentees identify areas for improvement and refine their approach.

Expanding professional networks

Another significant benefit of mentorship is the opportunity to expand professional networks. Mentors often have extensive connections in the industry and can introduce mentees to key players, potential clients, and other valuable contacts. These introductions can open doors to new opportunities and collaborations that might not otherwise have been possible.

You’ve probably heard the ever-popular expression “it’s not what you know; it’s who you know.” I want to take that a step further to say the secret is actually “who knows you.” It’s critical to get to be known and to build your brand — and mentors help mentees do just that.

Navigating ethical dilemmas

The financial advice industry is not without its ethical challenges. Advisors often face situations in which they must balance the interests of their clients, the expectations of their employers, and regulatory requirements.

By sharing their own experiences and offering perspectives on ethical issues, mentors help mentees develop a strong moral compass. This not only enhances the credibility of the mentee, but also fosters trust with clients and stakeholders. A prior mentor always asked, “How would this look on the front page of the Globe?” That was the “self-check” when decisions needed to be made.

Mentorship in a digital age

The rise of digital technology has transformed the way mentorship is conducted in the financial advice sector. Virtual meetings, webinars, and online resources have made it easier for mentors and mentees to connect, regardless of geographical locations. This has opened up new avenues for mentorship, allowing for more diverse and inclusive mentor-mentee relationships.

Digital platforms also enable mentors to share resources, tools, and real-time market insights with their mentees. This continuous flow of information can enhance the learning experience and keep mentees updated with the latest industry trends.

Seek out your own mentors

The power of mentorship in the world of financial advice cannot be overstated. In a dynamic and competitive industry, having a mentor can make all the difference in achieving long-term success and professional fulfillment.

For financial advisors, seeking out a mentor and engaging in a meaningful mentorship relationship is a wise investment in the future. As the industry continues to evolve, the support and insights of a mentor can be a beacon of guidance, helping advisors navigate the complexities of financial markets and build a thriving career.

Phillip Ackers, CPA, MBA, is principal and founder of Lakeshore Performance Limited, and a member at large on GAMA Global Canada’s board of directors.