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In this Issue

Mentoring Tips
The Art of Mentoring by Denise Seegobin

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In Other News

Mentoring and Succession Planning by Rich White

Segments of the financial services industry, especially life insurance, face a significant succession planning problem. According to LIMRA Research, the average U.S. life insurance agent is age 52, yet only 27% of agents have created a formal succession plan.

Mentoring can be an effective way to jump-start a succession planning process. A senior producer, as mentor, initiates the process to: 1) evaluate the talent, skills and drive of a younger associate (mentee); 2) assure “culture compatibility” between mentor and mentee; and 3) begin to transfer knowledge and skills that will become necessary, if succession planning evolves.

Like succession planning, mentoring works best when programs are formally structured, with clear goals and time commitments. However, mentoring programs aren’t permanent and don’t require the financial commitments or legal agreements of a formal succession plan. The mentor should keep working with different mentees until the right person emerges to take over a practice or book of business. When mentoring proves productive and feels right, a viable succession plan may be just around the corner.

Farewell Tim/Hello Stephanie

Our Marketing Director, Tim Hill, will be leaving New York City at the end of next month to work for us from afar. He is moving to Ann Arbor to pursue his Doctorate in Musical Arts. We welcome Stephanie Joiner, who will be picking up the slack from Tim's departure.

Update from Marketing Bootcamper, Karleen Readinger

Karleen graduated from the University of Delaware in May. She recently landed a short-term marketing consulting gig, creating an email newsletter/blast. Not bad for this economy! Congratulations Karleen.

Retirement Yenta - The blog that keeps on blogging

Robin's Retirement Yenta blog continues to provide fun, non-financial, pre-retirement tips. If you need a good laugh, stop by and read a few posts.

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Why RM?

RM Strategic Marketing provides creative market planning and communications to the financial services industry. We offer professional resources in business planning, target marketing, copywriting, graphic design, website development, and multimedia presentation services. Learn more.

Thursday July 7, 2011

Mentoring Tips

Happy July! I hope everyone had a great holiday weekend.

This month, we are featuring guest writer, Denise Seegobin. She will share her tips on mentoring as a foundation for building a network. As I read her article, I realized how mentoring has been such a large part of RM Strategic Marketing over the years. I can think of at least five of my assistants that have moved on to bigger and better things.

On a different front, I have always found networking groups to be a great way to create peer-mentoring situations. Recently, I started a social group made up of Financial Women's Association of NY members with 25 years plus experience. These women are great. We get together each quarter to socialize and mentor each other! Creative synergy is starting to brew and it is very exciting.

Also this month, we have an update on last summer's bootcamper, Karlene Readinger, and Rich White shares with us a tip on Mentoring and Succession Planning.

The Art of Mentoring by Denise Seegobin

Twenty plus years and counting...little did I know that my mentor, Jenene, and I would continue to be involved in each other’s lives.

When I was a junior at Murry Bergtraum High School, I was approached to be part of a pilot mentoring program. This program was being sponsored by the Financial Women’s Association and its goal was to develop future female business leaders. I remember jumping at the chance, but wondered what was going to be involved? From my mentor, I gained a sounding board and a person who has inspired and guided me over the years. A mentor is a person with whom you can safely share your worries and burdens. They help you build confidence in realizing that the decisions you make are the right ones.

A mentor is always there for you. She was there when I was the first FWA scholarship recipient, through my college application process, and was there when I wanted to become a member of the FWA. Still to this day, she gives me career advice. Mentoring programs allow a mentee to gain exposure to diverse perspectives and experiences; it also allows the mentor to see the world through their mentee's eyes.

I learned through mentoring how to network, which has guided me throughout my career. I had a senior supporter, who had contacts in various organizations, who could advise me. Mentoring programs have shown positive outcomes for mentees at work, school, and with your outlook on life.