As a business owner and manager, Rob Emmett (CEO of Collins Home Loans), is well aware of the benefits on learning your trade under the watchful eye of a qualified mentor.  "Sure it’s good to be able to tap into friends and colleagues for advice and support, but there is nothing like the wisdom and support of a mentor to help you through your career, sharing knowledge and experience", he says.

As a general rule, most people who have been successful in business have drawn on the advice of a mentor at some point along the way.  Warren Buffet for example, credits his mentor relationship with Benjamin Graham to re-shaping his whole investment philosophy. Richard Branson, also values mentoring highly and believes his mentoring relationships were critical to establishing his business pathway - one as a young man when he was learning accounting from a family friend David Beevers and then when he was older and establishing the Virgin brand.

“Seeking the advice of someone more experienced and wiser is vital for any person starting out and who is serious about their career” Rob Emmett says. “When I look back on my own career and think of those that have guided and supported me over the journey, I can’t help thinking how much more beneficial it would have been if I had structured a formal mentor relationship with these key people”.

What is a mentor?

A mentor is an experienced business professional who serves as a trusted advisor over an extended period of time. The mentoring relationship is a close one, that is built around mutual respect and an understanding of what the role of both the mentor and the mentee is. It involves a high a level of communication, and a commitment to meet and engage on a regular basis to exchange ideas, discuss progress and set goals for further development.

How to find a mentor

Start by identifying someone who you admire and respect and perhaps even want to emulate. You may find that "someone" who works with you but also consider a mentor from outside your work environment - even someone from another industry. Be sure to choose someone not in a position of authority over you, as this could lead to a conflict of interest.

In general, it works best when it is set up as a formal process so that the guidelines of the relationship are clear. It could be as simple as asking someone to be a mentor and establishing parameters around how often to meet, objectives, discussion points and so on. There are many industries that operate structured mentoring programs and a good example of this is in Mortgage Broking, where the Mortgage Finance Association of Australia (MFAA) operates a formal mentor program.

In fact, a requirement of MFAA membership is that a Mortgage Broker with less than two years experience (over a five year period) must be nominated for membership by another member (or member's representative) who undertakes to mentor them.

Benefits for Mentees

Imagine having a trusted source of wisdom that you can tap into whenever you need to guide and shape your career? There are many of us that would have given anything to have had that guidance when we were just starting out in our careers.  Some key benefits of business mentoring include:

• Navigate career choices and take control of your career.
• Advice on how to enhance your strengths and develop weaknesses.
• Learn how to listen and accept feedback.
• Build resilience and self-confidence.
• Increased visibility and recognition within the company or industry.
• Navigate organisational cultural and the unspoken rules/norms of organisations.

Why do mentors offer up their time?

The tradition of a formal mentor has been stronger in other countries such as the USA but in recent times has developed a stronger presence in Australia.

Rob Emmett’s view is that it is about giving back to industry and to society at large. A true mentoring relationship works in both ways, he says. “They learn from you just as you learn from them.”

“The ones that get the most out of the mentoring relationship, are the ones that listen. They not only hear what you say but they also act on the advice that’s given. It’s not about doing everything you’re told though, but about taking advice when it makes sense to do so”, he says.

Summary

Mentoring is increasingly becoming an accepted business development method for new entrants to an industry.

This is the case of the mortgage industry, the mentoring relationship is structured and clearly defined with measurable outcomes for both parties.  With over 50% of Australian home loans being written by Mortgage Brokers, there has never been a better time than now to look at mortgage broking as a career choice. The mortgage sector is growing at a great rate and demand for mortgage brokers is on the rise. The need for qualified, ethical and professional experts in this field have never been higher.

Collins Home Loans offers a structured employee mentoring program for both qualified and trainee Mortgage Brokers in consultation with the MFAA. Find out more about a career in Mortgage Broking with Collins Home Loans today.