February 11, 2012 
         

The Value of Mentoring



P. Shaun McDuffee, CLU, ChFC
Tuesday, March 21, 2006

One of the best parts of my job is that I have the ability to make a difference in the lives of my clients.  I help my clients reach financial independence, protect their families and provide security against the unknown.  Just as invaluable is making a difference in the lives of young professionals through mentoring. 

 

Approximately 89 percent of individuals who enter our industry do not survive past the fourth year.  As a seasoned advisor, I find it vitally important to reach out to those people struggling to enter and succeed in our industry.  This support surely helped me at the start of my profession.  Others in the industry listened to my fears, saw through my excuses and challenged me to settle for nothing less than greatness.  They taught me how to listen, how to market and how to build relationships.

 

As I guide others to greatness, I find that my own production continues to grow.  In fact, MDRT statistics show that members who mentor increase their production by 14 percent the year they mentor -- and another 13 percent the following year.  New people who are partnered with a mentor are much more likely to succeed because they know someone cares.  They do not want to let their mentors down.  Getting involved in the MDRT/GAMA International Mentoring Program is a great way to make a difference.  I encourage you to visit the MDRT/GAMA Mentoring Web site page to learn more.  And, please share your thoughts about the value of mentoring through this blog.


READER COMMENTS
Thomas Emerson
Wednesday, March 21, 2007

I agree that mentoring can be a very valuable tool, so why is it not used more efficiently and often by our industry? We should be ashamed at the high turnover ratio we experience in our business. Greater efficiency is achieved by hiring good people and keeping them. I am in my seventh year in the business and still have my struggles. I have not had many opportunities for mentoring on any kind of formal basis. Many associates that I talk with tell me to call them with questions or if I need to discuss something with them. While this is helpful, it is not mentoring. The problem seems to be the balance between a person's own business needs and the desire to take on additional responsibilities and time of a new person.

I have tried to create my own support systems, some successful and others not. How do we go about creating the interest level necessary for people to become mentors? As an educator in my previous life, I know the importance of having someone that will support, counsel, push, and prod you along as needed.

I would like to hear from those who have been successful mentors and those who have been supported successfully by mentors. The one common fact about this business is that we all share a common goal and idea exchanges are critical to success.

I really enjoy the opportunity to read ideas in MDRT and feel energized when I can use actual ideas that people have had success with. There is no point to "reinventing" the wheel.


READER COMMENTS
R.Stephen, Development Officer, LIC of India
Friday, February 2, 2007

Yes...when you teach or train others you are teaching yourself doubly. The mentoring is a great responsibility which will make you not only develop the mentee but you the mentor.

I am a Development Officer in Life Insurance Corporation of India, last week we started a special training for the MDRT aspirants in association with Academy of Insurance Marketing, Chennai. 33 participants have enrolled and they are all showing a lot of positive enthusiasm to become MDRT.

I hope that we will be able to mentor them to become MDRT members by the end of this year. I've also advised them to register in the mentoring programme of MDRT. I hope that few of them may contact MDRT mentoring programme coordinator.

As you have rightly mentioned, when you mentor someone naturally you will have to update and it will enhance your current knowledge and skill level. It will be very much useful for the increase in your business substantially.

More over by mentoring you are helping one of the best creation of God ... one of his loving child to be successful in his life by becoming MDRT member. The Lord will bless you as you are doing His duty of helping his child come up in his life. This also may be the reason for the substantial growth.

If you don't mentor anyone you may tempt to follow the same method and may not change certain style, but when you mentor someone you will start thinking which new idea you can give to your mentee. This will pave way for you to think a lot and will make you do something creative. This will be definitely most rewarding one for you.

All the best to be an outstanding mentor Shaun.


READER COMMENTS
Hank Tajkowski
Tuesday, December 19, 2006

Thanks for your comments Shaun. I agree with you. The "Study Group" concept seems to compliment the mentor process. It also seems a bit more attractive due to less time commitment and/or responsibility. Is there a way to find current "study groups" within MDRT or other associations (GAMMA, FPA, CFP, etc.)? I appreciate your input.



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