Demographic shifts are creating the perfect storm in the advisory business: more financial planners are leaving the industry just as technological and regulatory changes are creating a need for a flexible, highly-skilled and diverse workforce. That’s created an opportunity for long-time professionals and those entering the industry more recently to form mentoring relationships with one another.
Recognizing an opportunity, Elizabeth Anderson, with 32 years' industry experience, actively sought to foster mentor-protégé relationships when she launched her ultra-high net worth advising firm, Beekman Wealth Advisory, in 2003. At the Women Advisers Forum, she says she’d never had a mentor, but “wanted to be the person that I wish I had in my own life,” particularly as a woman. She found the ideal mentee when she hired Lauren Archer, a former Goldman Sachs employee with 14 years of industry experience, nearly two years ago.
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