The value of good mentors in the mortgage industry

Brokers explain why mentors are the catalyst for success

The value of good mentors in the mortgage industry

The pandemic brought with it a new way of working, which for many meant less time spent with their mentors.

As remote working has since continued, Mortgage Introducer spoke with brokers to identify their views on mentorship and the value of a good mentor.

Catalyst for success

Patricia McGirr (pictured left), managing director at Finanze, said mentorship remains a vital catalyst for success, providing guidance, knowledge sharing, and personal development. She added that a mentor should have extensive experience, share their values, and be accessible to their mentee.

“They can accelerate your learning, boost your confidence, and help you successfully navigate the intricacies of the industry,” she said.

While remote work has changed the landscape, McGirr said it has not diminished the importance or value of mentorship.

Virtual mentorship through digital platforms and online communities, she said, has opened new opportunities for growth and learning for those keen to expand their business.

“For women and members of minority groups, it is crucial to find individuals who share their background or actively support diversity and inclusion,” McGirr said.

Industry associations and diversity programs, she said, often provide avenues to connect with such mentors.

“Careful selection, adaptation to remote possibilities, and a focus on diversity are key to harnessing the full potential of mentorship in your career,” McGirr added.

Scott West (pictured right), director at Propertyze Consulting Limited, said to never underestimate the true value of a mentor.

“That said, finding one is not always so simple; approaching the most successful business writer in a company may seem like the surefire way to make it, but there are more elements to it than that,” he said.

West said it is essential the mentor shares the same morals and values as the mentee for the relationship to blossom effectively.

“A good mentor should challenge you on your solutions to client problems, critique you, and share their wealth of experiences to help guide you to being a complete package,” he said.

Similarly to McGirr, West said working remotely has limited the interactions they will have, but he believes this can be overcome by asking to join Zoom or conference calls where appropriate, and attending in-person meetings when possible.

West added that weekly catch-up calls on existing work can also shed light on cases that seem difficult.

“Mentorship is vital to the successful growth of advisers; the shared knowledge and experience is invaluable for continued training of newer staff,” he said.

Value of a mentor

Charles Breen, founder and director at Montgomery Financial, has found guidance in having a mentor.

“Their experience and advice genuinely is invaluable; they are the one you go to when you are stuck; when you are having a bad day, they are the one who will support you when you need it, but also give you tough love at times,” he said.

Breen added that having a mentor allows an individual to leverage their experiences to shortcut their way to success. A mentor, he believes, serves as a compass, guiding you through the complexities of business and the role of being a mortgage adviser with their experience.

“They provide invaluable insights, helping you make informed decisions and to navigate challenges with confidence,” he said.

A good mentor, Breen added, offers a safe space for skill development and experimentation, fostering an environment of continuous learning.

“Being a business owner tends to be an isolated role, so having someone you can speak to and ask for guidance is truly worth its weight in gold,” Breen said.

Stephen Perkins, managing director at Yellow Brick Mortgages, agreed with Breen that it can be very lonely running your own business in any industry. Having mentors or a peer group to bounce ideas off, or talk strategy with, Perkins added, can be invaluable.

“Fortunately, my business partner and I have differing skill sets and these work very complementary together,” he said.

Perkins said he is always happy to give any advice and guidance to others in the industry, and he added that there is more than enough business to go around.

What value do you believe mentorship has within the mortgage industry? Let us know in the comment section below.