In a recent Harvard Business Review study aimed at identifying the qualities that set apart the most effective corporate executives from their peers, 75% of interviewees credited their success largely to the support and guidance of mentors. Wealth management entrepreneurs certainly possess intelligence and ambition. What they often lack, however, is the perspective of someone who has traveled further down the path. The right mentor at the right moment can help accelerate your thinking, open new avenues, and challenge you in ways that no book or podcast ever could.
But here’s another reality that most leaders overlook: not all mentors are meant to remain with you forever. Some relationships shift and evolve over time. Others, however, simply fulfill their purpose or reach their conclusion. Therefore, the important question you need to ponder and carefully evaluate is:
Do your current mentors align with your vision for where you want to go, or are they holdovers from where you've already been?
THE ROLE OF A LEADERSHIP MENTOR
Entrepreneurs, particularly those who have expanded their firms beyond $1 billion in AUM, often see mentorship as something they give rather than something they require.
However, that assumption is misguided.
The most successful leaders continue to learn. They seek out those who have successfully overcome the obstacles and challenges they now face—those who have navigated transitions, scaled operations, or let go when it was time. Mentors aren’t just about support; they’re business accelerants. However, among the overwhelming majority in the HBR study who believe mentoring is crucial, fewer than 40% actively maintain a mentoring relationship.
Let’s be clear: mentors aren’t life coaches. They’re not emotional support animals. And they’re not celebrities you follow on LinkedIn. A true mentor does three things:
This isn't about asking Jim Collins what he’d do. It's about finding someone who has been where you’re trying to go and who will tell you the truth (not just give you a pep talk and cheer you on).
Mentors are not business coaches either. Both are valuable, but they are not interchangeable.
You bring varying expectations, diverse structures, and distinct requests to each. Your coach reflects your image. Your mentor guides your direction.
CHOOSE THE RIGHT MENTOR & STRUCTURE THE RELATIONSHIP
Not every mentor is suitable for every season, and there are strategies you can use to choose more thoughtfully and intentionally:
What should a mentoring relationship look like? This is where people often miss the mark—assuming that the quality of the relationship is measured by the frequency of meetings or the time spent together. It’s not; instead, it is measured by relevance and readiness. A powerful mentoring relationship might consist of:
Remember that clarity earns respect, while vagueness often gets overlooked. Therefore, be direct in explaining what you wish to achieve and aim to structure the relationship this way:
This final point is important. Mentorship does not involve blind obedience; it offers perspective. While you aren't obligated to take action, you are required to reflect.
PREPARE & EVALUATE
Before reaching out to a potential mentor, take the time to thoughtfully reflect on the following questions:
Then, during your initial ‘feeling out’ conversation, be sure to ask them:
Keep in mind that most successful people want to share what they’ve learned – but only when it’s clear you’ll actually do something with it. Therefore, be disciplined (unlike most leaders being mentored) and make it a point each year to review and consider:
Some mentors will stay with you for decades, while others will serve a powerful purpose for a season or two. Honor both, but don’t confuse history with relevance. Be willing to recalibrate. Your business evolves, and your leadership challenges change; your support system should, too.
Lastly, remember that you don’t always have to agree with your mentor. It’s guidance, not gospel. You’re not seeking someone to make your decisions for you; you want someone who sharpens your thinking. If a mentor’s input prompts you to pause, reconsider, or adjust course – or strengthens your conviction in the path you’ve already chosen – that’s a win. Communicate when their guidance is helpful and demonstrate the impact. That’s how you build the kind of relationship that earns you the right to return with a new challenge in the future.
As an entrepreneurial leader, you don’t just need a business plan; you need a learning plan. Mentorship isn’t a favor – it’s a strategy. So, ask yourself whether your current mentor(s) are still relevant to the leader you’re becoming. If not, maybe it’s time to recalibrate.
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