Why mentors can help take your business to the next level

If you want to take your broking business to the next level, here are three reasons having a mentor may be beneficial, regardless of how long you’ve been in the industry.

1. Access to practical experience

Quality mentors will give you advice, insights and the support to develop your skills faster than trial and error on your own.

As a mortgage broker, you need a range of specific and general skills to succeed in your role. These skills can range from:

• business planning
• time management
• loan structuring
• sales techniques
• client service
• marketing

Understanding and managing risk, legislation, and compliance requirements are other areas where you will need to have some practical knowledge.

Working with a mentor can help you develop strong skills in setting up the right systems and processes.

2. Compliance with regulations

Providing credit advice to a client is an important responsibility. Getting it wrong can be detrimental to the client and your reputation.

Due to the banking royal commission there are regulatory changes, such as the introduction of the best interests duty coming into effect on 1 January 2021. There is constantly new information coming in, it can be challenging to understand how a particular regulation will apply in a certain context.

A mentor can help with complex scenarios where you might not be able to find a clear-cut answer or refer you to resources to guide your decision-making process.

3. Constructive feedback

Receiving constructive feedback is a great way to fast track your development. A professional mentor can provide feedback on your ideas, or challenge your thinking on business decisions.

Leveraging constructive feedback can help you to develop a growth mindset that can take your business to the next level.

Qualities to look for in a mentor

Think of the qualities you admire but you don't want a "yes person" - someone who will challenge you and not just tell you what you want to hear. The central element to mentorship is improvement, so a mentor should be willing to question you and offer constructive feedback. It’s all about uncovering your hidden potential.

Think about what you want to achieve and where you have skill gaps and then seek out a person who can support you to achieve your goals. This person may or may not be another broker. It could be a marketing expert or maybe your compliance support manager if you need support with your compliance processes.

Where can you find a mentor?

You may already have a mentor. Mentorship isn’t always planned or structured, more often the relationship is fluid and organic and develops over time without a formal commitment from either party. However, if you are in the market for a mentor here are some ideas:

• networking events
• co-workers
• a referral from broker peers
• social media groups
• your network
• your industry bodies
• your aggregator