Personal Finance

Making the Most of Mentorship

"Every man is my superior in that I may learn from him."

— Thomas Carlyle

Mentors can be catalysts for both professional and personal growth. They can be colleagues, managers, peers, or occasionally strangers you happen to cross paths with. Every relationship is different: while some mentor-mentee relationships are cultivated in a more formal setting at work, others can be more informal in nature.

There are three types of roles a mentor can play in your professional and personal development. The type of advice and support you need will vary based on your life stage and priorities. Understanding the various types of mentorship and the purpose of each type can help you make the most of these relationships.

MENTOR: Your sounding board; someone who helps you evaluate decisions, shares experience, and coaches you professionally or personally.

ADVOCATE: Your champion; someone who helps represent your strengths and interests to others on your behalf.

SPONSOR: Your secret weapon; a decision maker who has the influence to help advance your career by opening doors and making introductions.

"While mentors are key to professional growth, the use of sponsors should not be overlooked. Sponsors are people who are willing to act as your advocate and help you advance by opening doors and making connections."

Assistant Vice President, Morgan Stanley Private Wealth Management

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