Mentor

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Nov 30, 2009 8:57 pm

I'm eating humble pie right now as I went into this venture not knowing the challenges I would face. I have learned many things along the way, and one of those things is that a mentor is extremely valuable. I have never had one and feel that the knowledge and experience they offer is priceless.



What is the best way to partner up with a mentor in my area and how should I approach him? What does a mentor look for in a pupil? I think I know what I want from him, but I will make a list just to make sure my expectations are reasonable: An advisor that knows how to balance the management of staff, stress, and clients. I am also looking for an advisor who is an expert in networking and branding himself. I am looking for a good salesperson in general and someone who can please clients without looking like a sycophant.



I have so many questions and discussion topics for my would-be mentor, but I'm kind of talking to the walls and analyzing things in a vacuum.



I'm open to any and all criticism, help, guidance, and direction.



Thank you.

Nov 30, 2009 9:21 pm

Get on the PHONE! Make 40 contacts a day six days per week. If you approach anybody like you are here you will be taken advantage of in a big way. Pick yourself up and use the drive required. If it's not there and you simply don't have it move on now.

 
PS  It's IRrational exuberance
Nov 30, 2009 9:41 pm

I'm aware of greenspan's famous speech and have read Robert Shiller's book The name is an oxymoron



By contacts, do you mean call 40 people and ask for their business or dial 40 numbers or call potential clients and referral sources?

Nov 30, 2009 10:39 pm

I think he means call 40 people and ask for their business.

Dec 1, 2009 6:38 am

Very smart of you to want to collaborate/synergize with a mentor/coach. Once you find the right veteran then you can implement their years of experience into your practice making you a virtual vet in a short time.

 
Look for a person that just naturally likes to help others succeed. During routine conversations they will be interested in what/how you are doing. Stay away from those that talk about themselves all the time.
 
First principle of success:  Your ability to run a business is much more important than your technical knowledge of the business.
Dec 1, 2009 8:16 am

I'd put an ad on Craigslist if I were you. 

 
Finding a good mentor is a hard thing to.  Mainly because your personalities have to be a great match.  You need to gel with them and more importantly, they need to like you and see the potential you (may) have.  Otherwise, they won't waiste their time.  That being said, look at the network of successful financial advisors you know and start building a better relationship with them.  You don't have to formally ask them "Hey, will you be my mentor?".  See if they'll go to lunch or meet for an hour to review your upcoming 2010 goals and business plan and go from their.  Then ask if it'd be ok to sit down each quarter to review where you are.  Maybe every few weeks send an email or phone call with any struggles you're having or ideas you're working on.  The mentor/mentee relationship will eventually mold itself over time. 
 
I think it is very important to form a good network of your peers to that are in the same boat as you are.  Because alot of times, your successful mentor may be a bit removed from the art of prospecting or doing the things that got him successful.  he'll likley still remember what he did to get there but it helps to have others that are in the same stage bouncing ideas off one another.  Find a broker and make calls together at the same time at your own offices.  Make it a challange.  Compare successes and failures after the days over.  But like Gaddock said, just pick up the phone and start calling.  That is the only way you're going to succeed in the business is if you get in there and do the work.  And if you can't; it's best to realize that early, admit it and find a new career. 
Dec 1, 2009 5:23 pm
RationalExuberance:

I'm aware of greenspan's famous speech and have read Robert Shiller's book The name is an oxymoron

By contacts, do you mean call 40 people and ask for their business or dial 40 numbers or call potential clients and referral sources?

 
How can you not know the answer to that? Are you even registered?
 
To get 40 contacts you'll have to dial 364 numbers, 14 of them will allow you to call again and one will be a client after 9 contacts.
Dec 1, 2009 8:55 pm
Gaddock:
RationalExuberance:

I'm aware of greenspan's famous speech and have read Robert Shiller's book The name is an oxymoron

By contacts, do you mean call 40 people and ask for their business or dial 40 numbers or call potential clients and referral sources?

 
How can you not know the answer to that? Are you even registered?
 
To get 40 contacts you'll have to dial 364 numbers, 14 of them will allow you to call again and one will be a client after 9 contacts.
 
Dec 2, 2009 6:09 pm

It takes nuts to be a real broker Ron


Dec 2, 2009 8:23 pm

I was laughing at your comment that is in BOLD. I find it hilarious that he had to ask about the dials vs. contacts. Like you said, how can you even be registered and not know what it will take.

 
Thanks though for taking a shot at me for not being a "real broker." Whatever the hell that is.
 
It takes nuts to trade your own money, btw.