According to a recent article from Employee Benefit Adviser, younger advisors who are entering the business are overwhelmingly satisfied with their career choice. Based on LIMRA’s Young Advisor Series, a survey of financial professionals ages 40 and under, 91% said they were satisfied with their careers.

If you have noticed an influx of younger advisors at a recent event you have attended for the industry, it is because our industry appeals to a younger demographic. Advisors who are 40 and younger feel that their career choice has met their expectations that are unique to their generation. They find satisfaction in:

• High income potential
• Flexibility in work schedule
• Opportunity to make a difference in people’s lives

The millennial generation is one that finds the most rewarding careers as the ones that give back to the community and make a difference in their client’s lives. What was most interesting from the survey, however, was the fact that young advisors put a high value on collaborative efforts such as having a mentor.

Three quarters of young advisors surveyed said they had a mentor. More than 8 in 10 advisors said the main advantage of a mentorship is having someone to answer industry questions. Mentorship is defined as a personal development relationship in which more experienced or more knowledgeable person helps to guide a less experienced or less knowledgeable person.

When it comes to the financial industry, the mutual benefit shared between mentor and the mentee is compounded when future generations of clients are protected. If you haven’t considered it before, being a mentor can be motivational to both you and your mentee. Here are 3 reasons why you should consider being a mentor:

1. You know more than you think you do! Seeing someone else take your advice, apply it and succeed with it is what makes all your time and energy spent, worthwhile.
2. Someone wants to hear your opinion! It’s not often that our opinions based on our experience can be so valuable as it is to the person you are mentoring.
3. You’ve reached a milestone in your career! Mentoring is selfless, because even though you are benefiting, you are doing it because you simply want to help someone else succeed like someone helped you.

Being a mentor is an important job. Not only will you see the rewards of helping someone succeed, you will also find that your own career is enhanced by the time you put into mentoring.