January 1st 2019 saw the introduction of new education requirements throughout the financial advice industry. FASEA (The Financial Adviser Standards and Ethics Authority) aims to 'raise the education standards of financial advisers to build consumer trust' by 'set(ting) the education, training and ethical standards of licensed financial advisers in Australia.'

As part of this requirement, all advisers are encouraged to seek mentorship. But it's not as easy as it sounds.

Sarah is a financial planning buddy of mine. She's been actively searching for a female mentor - with no success. While she has asked many women to be her mentor, she's been met with negative responses. The objections have varied from lack of time due to work and family commitments, to being viewed as 'competition' with other advisers unwilling to share their skills and knowledge. Her only other options are to join a paid mentoring group, or work within a larger organisation where it is almost compulsory to work as a mentor to be able to move up the leadership ladder.

Although I have never had a female mentor, I've been lucky to know some great male ones. Speaking to Sarah, I was disappointed to hear that women in the financial industry are not prepared, or properly equipped, to mentor other women. To effectively break down gender barriers and work towards true gender equality, women must contribute and be willing to make changes that will have a flow-on effect throughout the future of the financial industry.

Sheryl Sandberg, Chief Operating Officer of Facebook and founder of Leanin.org, addresses this issue in Don't Ask Anyone to be Your Mentor, a chapter of her book Lean In. Advising female advisers seeking mentors to refrain fromasking bluntly, she explains that people, particularly women, often don't feel comfortable mentoring someone they don't know. They feel confronted when asked out of the blue and, therefore, are highly likely to respond with a definite 'no'.

Similarly, young or inexperienced advisers traditionally work with mentors who are older and more experienced, the premise being that the value exists in the established mentor'slife and industry experience being shared with the less knowledgeable party.

Sandberg suggests that, nowadays, mentoring value lies in a mutually reciprocal relationship where both parties give and take - and reap the benefits.

Consider a cross-generational approach. The older, established mentor is in a strong position to share their skills and industry experience while the younger mentor can also share their tech-savvy skills, understanding of digital marketing and diverse mindset and outlook with their older colleague. Feedback, advice, problem solving and knowledge work both ways, creating a strong and valuable relationship for both.

Like any relationship, it works well if both mentors align in their inherent values. To find a suitable person to work with, look for complementary personalities and the potential for growth in both parties. Discuss existing work performance, successes and concerns, how far each of you have come and your achievements so far to gain a true understanding of your journey and future needs.

Women have a natural understanding of the difficulties faced as we navigate the world of career and family life. By working together to understand different perspectives, share experiences and develop each other's skills, we can help each other grow both personally and in the development of our financial advice careers.