Advice on seeking a mentor?

[berkshire101]

Hello y'all,

 

I'm interested in learning about the wealth management industry.  It seems like the best thing to do so is to find a mentor.  The question is, how would you go about finding a mentor?

 

There are some wealth management firms located in my area.  I was thinking about contacting someone there to see if they'll provide mentoring.  In return, I would be willing to work for free.  I don't have any education or experience in securities analysis aside from investing as a hobby.  I'm 25 and work for the state as an analyst auditing hospitals.  I have a bachelors in civil engineering and minor in communications.  I do have fairly good programming, web design, graphics, and excel skills. 

 

The main things I want to learn are how to raise capital, market to clients, and address the concerns of clients during market volatility. 

 

Would it be best to be direct and offer to work for free so I can gain exposure to the industry?  I never had a mentor before so I'm not sure how this whole thing works.  Any suggestions and feedback is greatly appreciated.  Thanks.  :)

[jawn619]

Hello y'all,

 

I'm interested in learning about the wealth management industry.  It seems like the best thing to do so is to find a mentor.  The question is, how would you go about finding a mentor?

 

There are some wealth management firms located in my area.  I was thinking about contacting someone there to see if they'll provide mentoring.  In return, I would be willing to work for free.  I don't have any education or experience in securities analysis aside from investing as a hobby.  I'm 25 and work for the state as an analyst auditing hospitals.  I have a bachelors in civil engineering and minor in communications.  I do have fairly good programming, web design, graphics, and excel skills. 

 

The main things I want to learn are how to raise capital, market to clients, and address the concerns of clients during market volatility. 

 

Would it be best to be direct and offer to work for free so I can gain exposure to the industry?  I never had a mentor before so I'm not sure how this whole thing works.  Any suggestions and feedback is greatly appreciated.  Thanks.  :)

 

Most "wealth management" opportunities/jobs are actually sales jobs. I would say that the duties of a financial adviser the first 2-5 years of his career is 90% finding new clients and 10% of the other duties you described. Also a lot of firms(even the prestigious ones like Merrill Lynch will take anyone with a pulse and 15% of new recruits will be there after 2 years).  Be careful you know what you're getting yourself into.

[anders]

I would go into the business if I really enjoyed the process, not to build CV or salary..

 

I dont think anybody would be keen to mentor you before they can see your potential and what you can bring to the table... read as much as you can and you will most likely stumble on those that in your opinion makes sense...

 

IMO, giving up your time for free implies that you dont bring anything of value and therefore you will end up as jawn said, running after clients with performance based salary... You are nisched towards auditing hospitals, that brings value to the firms that are working within the field of biotech and pharma.. I would continue on that path and convince them why they should hire you..

 

Rgds

 

[mhdousa]

There are some situations that lend themselves easily to formal mentor-mentee relationships, like school or training situations. This isn't one of them. So, rather than straight out asking someone to be a mentor, you might ease into the process by starting to email some of these firms and see if there is someone who would be willing to answer a few questions about the industry. See who stays on the phone to chat and who is trying to get off the phone as quickly as possible. If you find someone who is willing to chat and provide their expertise, ask them if they can suggest reading material and if they would be willing to do a follow up call sometime.  If you bring intelligence and curiosity to the conversations, you'd be surprised at how people would be willing to help you.

 

[berkshire101]

Thanks for the advice guys.  I do enjoy the investing process and want to possibly venture into the industry.  I suppose the best approach would be to slowly build relationships with people in the industry by showing interest in their work, asking meaningful questions and such like mhdousa pointed.