Industry vets explain how to find a good mentor, get the most value out of the relationship

Breaking into any industry can be tough without proper mentors guiding you along the way, but it can be equally challenging to find a good mentor and know how to approach these relationships when you’re just starting out in your career.  

Advisor.ca sat down with three financial service industry veterans ahead of a recent Women in ETFs Canada event in Toronto to discuss how to find a mentor, what to bring to a mentorship and the importance of reverse mentorships.  

Here’s what they shared.  

How to find a mentor, know they’re a fit 

Within the financial services industry, there are multiple ways to find a mentor.  

Firms often run mentorship programs, as do industry associations and groups such as Women in ETFs, VersaFi, CFA Society Toronto and others. 

“Those programs offer a little bit more structure, and they usually come with some training on best practices,” said Prerna Mathews, vice-president, ETF product strategy with Mackenzie Investments. 

“[They] can be really good when you’re early in your career especially, and/or just new to mentorship generally.”  

Beyond these formal programs, networking is another way to find a mentor, whether it be through connecting with somebody at an event, on LinkedIn or elsewhere.  

“Get creative,” said Valerie Grimba, director, global ETF strategy with RBC Capital Markets. 

“Think about different ways you can connect with people. It might not be the natural choice or the obvious choice, but I would say look for a common thread to connect with the person and then build the relationship from there.” 

Finding a mentor outside of your firm or direct professional circle can be beneficial for people looking to make career moves or get fresh perspectives, said Meaghan Kelly, chief marketing and product officer with AGF Investments. 

“Oftentimes, it can be really interesting to pair with people in different industries through a broader organization, because you can get insights on how to navigate different environments, regardless of the industry that you’re in,” she said.  

The key to a great mentorship is knowing that you can trust your mentor, Kelly said. 

“Frankly, sometimes that’s why I think it’s easier in a mentor relationship to go with somebody outside of your company,” she said, adding, “because you can just be sure that you can really be open and candid and talk about some of the challenges you’re having and get that direct feedback and … it’s not going to impact your role at the company.” 

Identify what you want from the relationship 

Once you’ve found a mentor, pinpoint what you want to get out of the relationship.  

Mathews said she’s had mentees approach her without any clear asks or goals, which made it challenging to help them out.  

“Sometimes I’ll just start a meeting off, because it’ll be dead air,” she said.  

“It’s not a presentation, right? It’s like, what do you need from me? How can I help you?” 

Without having clear, concrete answers to those questions, both parties will struggle to get value out of the relationship, and the mentor could become frustrated, Mathews said.  

“I don’t think just asking for general career advice or guidance is sufficient. I think you need to look inward and ask yourself, ‘What is it that I need help with? What do I want to improve about myself?’ It could be hard skills or soft skills. Get very narrow and specific,” she said. 

Grimba also appreciates it when mentees come to her with a specific agenda. 

“We get asked all the time, ‘Do you want to have a coffee chat? I’d love to be in sales and training.’ Those requests are a dime a dozen,” she said.  

“If someone comes to me and they show they’ve put in some research, they put in some time, they have a very specific agenda, or very specific goal of the meeting, that really helps go a long way in building a relationship.” 

Kelly agreed, saying you need to put in effort to get the most out of a mentorship.  

“The mentee has to really take on the burden of scheduling the meeting, scheduling the follow-ups, doing their homework and making sure that they’re following through on the things that they’ve talked about with the mentor,” she said. 

Value your mentor’s time 

Mentors have their own careers and personal lives, and perhaps even other mentees, so be mindful of their time and what you’re asking them to help you with.  

For example, it’s reasonable to ask a mentor to give you feedback on how you’re positioning yourself in a scenario and ask them to roleplay with you, Mathews said, but it’s unreasonable to ask them to help you get a job right off the bat. 

“It’s one thing to be putting it forward to a mentor you’ve known for a while, [where] the trust in that relationship is built and deepened. But it’s another where you’re meeting somebody for the first time and you’re putting these asks out,” she said. 

“So, really think about what they can help you with, without necessarily going out of their way.” 

Some other ways to stay in your mentor’s good graces include showing up on time, following through on plans, booking meetings in advance, doing your homework and following through on what you discussed at a previous meeting so that you have something tangible to report on at the next discussion, Kelly said.  

Grimba added another suggestion to the list: stick to the allotted time for a meeting, as mentors often have busy schedules. 

When a mentorship has run its course 

Over time, it can be helpful to find new mentors to help you in a certain stage of your career or professional development. 

“You actually don’t need to have the same mentor through every stage of your career,” Mathews said.  

“Sometimes you need to go out and seek what you need to help your development at that time, which can really propel your growth.” 

She added that when people graduate from their mentors, “that’s a really great sign, and that’s development.” In her own career, she said she’s sought out mentors with different skillsets, such as mentors who were really great at public speaking or strategy.  

Grimba also suggested that different mentors can guide you at different stages of your career.  

“With friends, they say, [they’re there for a] reason, season or a lifetime. And that probably applies to mentors too,” Grimba said.  

“You reach out to this person because there’s a direct reason. Maybe it’s a specific project, or maybe there’s a season in your early career [when] you had a very specific mentor, or maybe it is a lifetime relationship where you check in with this person. But I think there’s value to multiple mentors and that role changing throughout your career.” 

Kelly similarly turns to multiple mentors or peers for advice, and vice versa. 

“Those types of relationships are hugely valuable.” 

Reverse mentorships  

Some mentorships can turn into reverse mentorships, where both parties share their knowledge and advice. 

Mathews called these the best kinds of mentorships and said mentors should be equally eager and open to learning from their mentee.  

“Not everybody is always looking for somebody more senior as a mentor in their own vertical, or in their own space,” she explained. 

“There’s been times where I’ve had mentees in other areas of the investment industry or finance industry and I’ve learned a lot from them about the area that they’re in, about their career, about their challenges and even how they’ve navigated different scenarios.” 

Grimba seconded that, saying “diversity in perspective goes a long way.” 

“Reverse mentorships could be really great [for getting perspective] in areas where things are rapidly evolving,” such as AI and consumer behaviours, Kelly said. 

After all, no mentorship is a “given,” but rather a “two-way street,” Mathews said. 

“Nobody owes you anything as a mentee. And as mentors, you also have a role to play in the success of that relationship,” she said.  

“The most effective relationships are the ones where you have both people eagerly showing up to that conversation.”