A mentorship tale: Barry McNicol and Paige Maclean

Barry McNicol knew within ten minutes of meeting Paige Maclean that he wanted her on his team. Within one week of employing her, he knew she was good enough to take over the business.

“I hate wasting time,” McNicol laughs.

The Macquarie advisor, thinking in 2001 about retirement, realized he needed to find a successor. He decided to take a mentee under his wing, rather than have unrelated advisors purchase his book — and risk dissatisfied clients.

“Often the buying broker doesn’t have a fit with my clients. He might have a different trading style or not be able to connect with clients,” says McNicol. With mentorship, the successor learns the ropes and the clients in an advisor’s book.

“It’s not a novel idea,” says McNicol. “My doctor brings in med students all the time. That’s how people learn.”

Maclean lauds McNicol’s commitment to mentorship. “Early on, I felt very confident, because he was always encouraging me,” she says. “My learning curve was shortened a lot.”

McNicol also gave Maclean, who started in office administration, room to make mistakes. “She didn’t make any. She exceeded expectations”.

“It was in the middle of winter, 6 o’clock, and the snow was going like crazy,” McNicol recalls about the night he knew Maclean was the right successor. “We had a call from one of our elderly clients about a strip bond, and Paige had to explain how it worked. I thought she was just going to pass the call to me. She took it, and did an admirable job. I thought, ‘Wow, if she can explain that to an 80-year-old client, she’s born for this business.’”

After Maclean was with the practice for six months, McNicol encouraged her to become an associate. Maclean politely declined, but after returning from maternity leave, she changed her mind.

“When I came back, I got great feedback from the clients,” says Maclean. “They trusted me. Because I was female and younger, I [thought] no way I could ever do this on my own. Barry believed I could do it long before I believed it. And with his support [I realized] it was something I wanted, and I went after it.”

Maclean obtained her CIMA (Certified Investment Management Analyst) designation to raise her game, a designation McNicol also has. “Because of it, I feel more confident in my knowledge and abilities,” she says. She also writes for the practice’s newsletter so clients become familiar with her knowledge, too.

McNicol suggests potential mentors review a possible mentee’s professional qualities first. Then, assess whether the match has potential for a long-term relationship.

Meanwhile, Maclean stresses mentees be picky about their mentors. “Try out as many relationships as you can. If you don’t respect them and they don’t respect you, it’s not going to work,” she says. “Take in as much information as you can, and then tailor it to your style. Until you find somebody you click with, keep looking. But don’t burn any bridges, because the industry is really small.”

Maclean on women advisors

“I would like to see more women helping women. We should be banding together instead of competing.”

McNicol on the boys’ club

“It doesn’t bring any value to the table. It’s just stroking egos, and it’s a competition. Companies may think a competitive environment is good amongst your sales force, but it can backfire badly.

“The boys’ network will disappear when we go to a fee-based system. People will exit the business and find something else to do. And the ones who stick around will [not have big] egos, because their revenue stream will not be predicated on a transaction basis. It will just be on doing great things for clients, offering great service, and growing your practice.”

Melissa Shin

Melissa is the editorial director of Advisor.ca and leads Newcom Media Inc.’s group of financial publications. She has been with the team since 2011 and been recognized by PMAC and CFA Society Toronto for her reporting. Reach her at mshin@newcom.ca. You may also call or text 416-847-8038 to provide a confidential tip.