Ask an Advisor: How can I find a mentor?

October 31, 2025 3:26 PM

Two happy diverse business women working using laptop at desk in green office.

Wealth management can be a notoriously difficult field to succeed in, with Cerulli Associates placing the rookie washout rate at more than 70%. One potential lifeline for early-career advisors: mentorship.

A recent McKinsey study found "many mid-tenure advisors attribute their success in early years to mentoring and apprenticeship provided by senior advisors."

That's no surprise to Luis Rosa, a certified financial planner and founder of Build a Better Financial Future, an RIA based in Henderson, Nevada, and Pasadena, California. Rosa also co-founded the BLX Internship Program, which places Black and Latino aspiring advisors into roles at financial planning firms.

Early support can be "crucial," he said, especially for those from underrepresented backgrounds.

"I've seen a lot of people that come from the traditional 'Put a list of 100 names together and call them all to sell them insurance,'" he said. "When the focus is on sales, a lot of people get discouraged. So I think especially for minorities, since they usually seem to come through those channels, they have a very hard time."

A mentor can let them know about the wide world in the profession beyond sales. "It can show you the different pathways, show there are other opportunities within the industry," Rosa said.

Many large firms offer in-house mentorship programs and early-career training. Rosa also "highly recommends" joining groups such as the Financial Planning Association or NAPFA, which offer various mentorship programs, as does the CFP Board. Networking with colleagues is a good opportunity to develop those relationships, and planners who participate are often generous with their time when it comes to helping those just starting out.

Finding the right person to fill a mentoring role can take time, said Daniel Kopp, certified financial planner and founder of Wise Stewardship Financial Planning in Lakewood Ranch, Florida.

"It has to be a good fit on both sides," Kopp said. A career changer who entered the field seven years ago, Kopp began his own hunt for a mentor by emailing every local CFP he could find, asking for a few minutes to hear their story. If they clicked, he'd suggest a coffee or lunch meeting, careful not to ask for too much too early.

"You don't propose on the first date," Kopp said. "Similarly, here, it needs to be a little bit of a dance — feeling each other out, like, is this going to be mutually beneficial?"

Kopp recommends that anyone who wants a mentor take the initiative. "This is not a Disney movie, right? Your fairy godmother is not just going to show up and say, 'I pick you.'"

It took Kopp about one year to find an initial set of three mentors. "Each one of them provides a specific aspect that I was looking to grow and advance my career in, and wasn't asking them to be all things in all areas," he said. And now that he's in a different stage of his career, he's found mentors to help him with the new issues he's facing.

Mentorship isn't just for early-career advisors.

"Now that I own my own RIA, having a mentor that's been running his own practice for like 30 years — someone to tell me tips on things I could do differently, like fee schedules, servicing calendars, things like that — it's been super helpful to learn not only how to be a better planner, but also business owner," Rosa said. "It's a good thing to have that accountability as well, because a lot of us are on our own little islands as solo advisors."

In addition to both having benefited from mentors, Rosa and Kopp also have extensive experience as mentors themselves.

"You don't just take the help, you then pass it on down the ladder, right? Because you're trying to reach and pull that next person up," Kopp said.

Here's how other advisors found their mentors, and what they learned along the way:

Be fearless — and pay it forward

Assunta "Susie" McLane, managing director and senior wealth advisor at Summit Place Financial Advisors in Summit, New Jersey:

I've had success in finding mentors by not being afraid to ask. When I want to learn more, I reach out to people in positions I aspire to be in, whether in my organization or outside. Not everyone responds, and that's OK, but more often than not, people are willing to share their time, advice and personal stories.

I've also found mentors through professional associations like FPA and Estate Planning Council, women-focused groups and mastermind circles. Each mentor has played a different role at different stages of my career, whether offering perspective, opening doors or simply reminding me that I'm not alone in the challenges I face. More importantly, I make sure to pay it forward. I have had great mentors along the way, and I feel it is even more important to help those who come along asking for it.

From academic connections to professional circles

Marc Shaffer, CFO and certified financial planner at Searcy Financial in Overland Park, Kansas:

I was fortunate to find mentors early in my career through both academic and professional channels. At Kansas State University, a professor introduced me to the Personal Financial Planning Program and encouraged me to believe in my potential. His guidance and later encouragement to travel internationally helped shape both my worldview and my approach to client relationships.

Professionally, I leaned into involvement with the Financial Planning Association, which proved invaluable. Our chapter launched a NexGen group, where I not only met peer mentors but also benefited from seasoned advisors who attended with a passion for giving back and investing in the next generation. Those relationships continue to shape my career.

Another influential mentor has been the founder of our firm. Even after his retirement, we still talk regularly and celebrate business wins together, and he continues to challenge me toward constant improvement. That has been invaluable in both professional development and personal growth.

Now, as a mid-career financial planning professional, I enjoy being on the other side of the table mentoring others. I get just as much out of those relationships as I did being a mentee.

Professional mentorship provides personalized focus

Igor Aronov, founder and financial planner at FAR Financial in Brooklyn, New York:

As a career changer, finding a mentor who can be my guide, accountability partner and "reality check" has been high on my list. I first tried professional networks like XYPN, FPA and NAPFA, but reaching out to the names I found produced no results.

My next stop was Score.org, a nonprofit that offers "free expert mentoring" for small businesses. I connected with an estate lawyer who had financial planning experience, but our regular meetups quickly fizzled; things just did not click.

Now I am excited to be starting a paid mentorship with someone I met through FPA Residency. His main message was that we will focus on my questions first and foremost. I'm looking forward to working on areas like marketing, client communication and the soft "above the line" skills.

Keep trying if the first attempt is a bust

Lucas Wennersten, owner and founder of 49th Parallel Wealth Management in Scottsdale, Arizona, and Vancouver, British Columbia:

I started in the financial planning industry in 2007 with a planner who was supposed to mentor me. Instead, he had me doing cold calls all day trying to set up appointments for him. After a year, I had enough. I got my second opportunity in wealth management in 2014. The first time I sat with an experienced advisor to review a financial plan was the most productive hour of learning I have had in my career. That was when things really started to click for me.

The best way to find a mentor is to be proactive. You must be eager and hungry to learn. Being resilient is also helpful because the financial system is complex and can be confusing, and attracting new clients is difficult for new advisors. Working with a more experienced advisor who has leads coming in can be helpful because it can give you access to smaller clients who are less complex that you can learn from.

Experts get help from other experts

Tobias Maag, certified financial planner, founder of InfOpinion in Niederhasli, Switzerland:

In the face of major transitions, regulatory changes, geographic moves or shifting life priorities, I benefited from formal and even paid mentoring. This was not about coaching performance, but rather about creating space to reflect, ask questions, explore options and think strategically with a trusted and experienced guide. Ultimately, whether informal or formal, unpaid or professional, mentoring can be a powerful catalyst for clarity, confidence and long-term success.