Mentoring is a very effective way to boost your career, as shown by the number of people becoming mentees – and the number of organisations that have set up mentoring programs. And there are also strong benefits for mentors themselves. But how do you make the most out of the experience?

At FINSIA, our renowned mentoring program leverages the vast expertise of seasoned professionals with years of leadership experience in financial services. With their guidance, both mentees and mentors can access proven strategies for achieving the best possible outcomes. Here’s how we help you make the most of this invaluable opportunity.

We have asked Andrew McNeil SF Fin, FINSIA Board Member and Founder of corporate advisory company, Yarmouth Group, to give his advice. As well as having a wealth of experience as a mentor over the past 17 years, he has decades of experience in diversified financial services and investment management.

Andrew sees the best foundation for using mentoring to achieve success in your career is to first consider what you can contribute to your company and industry.

“For both mentees and mentors, looking at the contribution you can bring to your workplace means you focus on developing – or teaching - the most productive commercial skills and experiences,” he says. “Mentors also get a better sense of new trends and technology in the industry by connecting with emerging leaders.”

"Everyone wins with this type of thinking. If you think being a mentee is going to be about riding that experience into your next job, that’s a bit naïve. That can eventually happen over time, but your best start is to think broader than that and connecting with numerous mentors for accumulated benefits over the longer term.”

1. Embrace vulnerability and openness

Andrew suggests that mentees approach the mentorship arrangement with a growth mindset.

“It’s about being open about your weaknesses and growing through that,” he says. “Have the courage to ask if I am approaching this mentoring process to grow and improve.”

Don't be afraid to share your failures or doubts - after all, mentors are there to help you navigate through them. Being open can foster trust and enables your mentor to provide more targeted advice and insights.

Andrew says that, at the same time, a good coach challenges respectfully.

“A key benefit mentors bring is to encourage the mentee to think differently and take action on that basis,” he says. Mentors can help the mentee avoid some of the career pitfalls that the mentor has experienced over time. “The mentor can help speed up development of the mentee through proactive coaching and encoragement.”

2. Set clear goals and expectations

One of the most crucial aspects of a successful mentoring relationship is setting clear objectives and expectations. Mentees and mentors can build for success by taking the time to reflect on what they both hope to achieve through the mentoring process. Define your long-term objectives and break them down into smaller, achievable milestones over the mentoring journey.

By having a clear vision, mentees can guide their mentors to better understand their needs. Mentors can then tailor their guidance accordingly.

3. Seek diverse perspectives

A fresh take is valuable when you’re working out how to take your career to the next level. Diversity in perspectives can be a powerful catalyst for growth. If possible, seek mentors from different backgrounds, industries, or areas of expertise. Their unique viewpoints can challenge your assumptions, broaden your horizons, and spark innovative thinking.

4. Actively engage in the relationship

A successful mentoring relationship requires active participation from both parties. As a mentee, be proactive in asking questions and seeking feedback.

Andrew McNeil emphasises your mentor is there to support you but it's also essential to show initiative and demonstrate your commitment to personal and professional growth.

"Mentees who actively participate in the relationship, have a positive attitude and seek out growth opportunities tend to reap the most benefits, " Andrew says.

While your dialogue with your mentor will evolve, be proactive by setting an initial direction in terms of topics you want to cover and skills you want to work on.

Send your mentor discussion points in advance of your meetings so that they have a chance to consider them.

For mentors, don’t assume anything about your mentee. Get to know their goals and challenges and be prepared to listen and to adjust what you’re teaching them as you get to know them better.

5. Reverse mentoring

Mentoring is also a chance for mentors themselves to learn from mentees about new trends and technology.

 Andrew says by connecting with a younger person in your industry, you see what generational change might look like – and get  ahead of that change in thinking.

"This can help the mentor stay sharp regarding emerging trends in the long term," he says.

6. Provide feedback to your mentor

As a mentee, offer feedback to your mentor about the effectiveness of their guidance and support. Constructive criticism, when delivered respectfully, can help mentors enhance their mentoring skills and adapt their approach to better suit your needs. Over time, this then assures your mentor that their advice continues to be on point. 

7. Be consistent and commit to it

Establish regular meetings or check-ins and respect your mentor's time by being punctual.

As mentioned before, prepare what you want to discuss beforehand – and even set a meeting agenda.

Lastly, implement your mentor's advice wherever possible, and trial the impact it has – and any challenges that might come up. You can then work on any roadblocks with your mentor and further gain from their advice.

Time to get started

These tips can help start your mentee/mentor relationship on the right foot – or improve what you're getting out of your current relationship. It’s all about being clear on your intentions and taking decisive steps to develop the dialogue between you.

FINSIA’s mentoring program draws on the vast practical know-how of its more experienced members to assist those in the earlier stages of their careers. Join Now and Start Your Journey