"Mentoring the next crop of young professionals."

Last month, we spoke with Alisdair Barr about Grad Mentor, a mentoring program that matches 'top graduates' with financial planning firms, to support graduates' first steps in the industry. This week, we speak with a Macquarie University graduate and a senior adviser at the planning firm that 'took him on', to find out their views on engaging young professionals, the role of mentorship in the industry and what they each gained from being a part of the program.

Meet Martin Cimino (right), senior private wealth adviser at Sydney based firm, Lifetime Private Wealth and his mentee, Matthew Eggenhuizen (left), who is now a wealth associate with the firm following a successful placement through the Grad Mentor program after the completion of his Bachelor Applied Finance in 2016.

What drew you towards the Grad Mentor Program?

Matthew: I was initially introduced to the Grad Mentor Program by a friend from University who had gone through the program and found employment. At the time I had no experience with financial planning and was excited to learn more about the profession. What really drew me towards the program was the potential to work within a small/medium sized firm and be mentored by an adviser at such an early stage of my career.

Martin: We had tried in the past recruiting through placing employment ads and the whole interview processes, however, we found the experience to be difficult and really taking us away from what we are good at, which is working for our clients. It was a lengthy process, screening the multitude of applications. The Grad Mentor program provided us access in an efficient manner, applicants that were of a certain quality.

What kind of role does mentorship play in financial services?

Matthew: There are many aspects to the financial services industry, so having a good mentor to guide me through the initial stages of my career was extremely important. Many young professionals entering the Industry can get 'lost' in a large firm where they don't get much direction. This can be quite detrimental to a young person's career if they end up in an area of the Financial Services Industry that they don't enjoy.

Martin: I benefited from starting my career in a small office, where I had a lot of direct contact with the two senior advisers who, through work and conversation, taught me a lot about the industry. I understood that mentoring the next crop of young professionals in financial services was important. The program really appealed to us from that perspective. There is a lot to learn about being a good adviser, and the tools required come from having a good knowledge base. The benefit I see for Matt is that as he progresses in his learning and experience, and the better he works with advisers learning the processes of client acquisition and client reviews, he will have a great foundation to become a successful adviser.

Do you think that young people entering the financial services industry are encouraged to consider financial planning as a viable career option? If so, how? If not, why?

Matthew: I believe that young people aren't encouraged enough to consider financial planning as a viable career option. The exposure to financial planning throughout my studies was quite minimal and was only touched upon in a few subjects. I always assumed that financial planning was for older professionals who have had much more experience in the industry. If It wasn't for the Grad Mentor Program I probably wouldn't have considered entering the financial planning Industry.

Martin: Not really. I was speaking with a family friend the other day, who is older than me, who said "you look too young to be an adviser, you need more grey hair!" There is perhaps the perception that financial planning is for older people and that clients won't relate to a young guy telling them what to do with their money. Also, I think young people are perhaps pushed more into trying to pursue corporate roles in larger companies, where they feel there will be more career progression. I believe financial planning is a great career option for young people and our office is a testament to that.

With an ageing Australian population and an ageing sector working within the financial services industry, what can firms be doing to better engage this cohort of young, up and coming professionals?

Matthew: I believe there needs to be more exposure to the opportunities within the Financial Services Industry while students are still in university. There are many smart, young graduates who have completed their studies and are eager to work, however they don't know where to begin. Firms within the Financial Services Industry need to engage with these young professionals early on in their career and invest in their future.

Martin: Actually engage with them. We have always hired young Grads that have no experience in financial planning and we train them from the ground up in our practices, philosophies and processes. The average age in our practice is quite young, probably in comparison to others, but what we have is a team that is always looking to improve the way we do things. Some of the ideas for client reports and presentations have come from the staff with the least experience because they offer a different perspective and have different skills. The best candidate to fill a role may not always be the most experienced. Give the young professionals the opportunity and let them contribute.

What has been the best piece of advice that you have received?

Matthew: The best piece of advice that I have received from a mentor is to 'keep doing the one percenters'. At the time, he was referring to the work environment, however I believe it can be applied to all aspects of life. Essentially it means putting in that little bit of extra effort which can have a significant impact and really make you stand out in a crowd. It can be as simple as making an effort to remember someones name.

Martin: If you want to succeed, always be the hardest working person in the room. Effort and hard work always beats talent.

When you first entered the industry, was there someone that acted as a mentor for you?

Martin: Yes. I entered the industry by working for my brother, Tony Cimino. We still work together and I am now a shareholder in the practice, and one of the senior advisers. I came from a background in teaching that was completely unrelated to finance or financial planning. When I started with him, he spent the time to teach me about advice philosophies and the broader industry. Through this, I understand how important it is for the young professionals to gain that mentorship and to be shown the correct practices to ensure the quality of advice in the future.

What was the most beneficial aspect of the Grad Mentor program for you?

Matthew: The Grad Mentor program brings together young professionals who are close to finishing university and a firm which is looking for someone who they can invest their time and money into. This is the most beneficial aspect of the program for myself.

For more information about the Grad Mentor program, you can visit the website.