How coaching and mentorship support advisors

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From the strategic hiring of industry experts to simply ‘finding what clicks,’ MassMutual is walking the walk when it comes to coaching

“IT’S A bit like dating or any kind of relationship. With mentorship, you need to be open to seeing what clicks and where you find the right connection,” says Vaughn Bowman, head of wealth management at MassMutual. Bowman, whose career spanned nearly two decades on Wall Street and in military service as a lieutenant colonel in the Army Reserves before he came aboard MassMutual in early 2022, is driven by a vision shared with the company’s leadership to enhance the wealth management business through a focus on coaching and mentorship. “I’ve been a believer in its benefits my whole life. It's a business accelerator,” he states. At MassMutual, Bowman has leveraged this belief to enhance how advisors grow their careers and serve their clients.With over 6,500 financial advisors and over $245 billion1 in assets under management, MML Investors Services, MassMutual's investment advisor and broker-dealer, has significantly expanded in the wealth management space. MassMutual has significantly expanded its practice management and business development resources. Recently, the company has brought on renowned industry experts such as Kenton Shirk from Commonwealth Financial Network and Jon Alabiso from Osaic, who act as accountability partners, helping advisors not only create strategic business plans but also execute them effectively. By assembling a team of leading professionals at the home office, the company has doubled down on coaching and mentorship, crafting programs that go beyond basic training to create meaningful, career-shaping relationships. This personal approach is driving real, measurable results. According to Bowman, "MassMutual advisors who are members of a team are 313% percent more productive than their solo peers on average." With seasoned advisors struggling to build capacity and the time invested in bringing young hires up to speed, this focus on coaching and mentorship comes at a critical time for the industry. To stay competitive today, having a people-development strategy is essential for long-term success. This not only supports internal growth but also allows senior advisors to dedicate more time to the high-value tasks that enhance client relationships.

MassMutual is a mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their futures and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management, and retirement products and services. As a mutual company, we are able to take a long-term approach to managing our business. This has enabled us to deliver strong results for our participating policyowners while maintaining financial strength ratings that are among the highest in our industry. We benefit from the diversification of our businesses, products, and investments, especially in these more volatile times.

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“[Coaching] drastically shortens the learning curve for the newer advisor, accelerates their growth, and gives them credibility – something that’s especially important to certain groups, such as high-net-worth clients”

Vaughn Bowman, MassMutual

However, he adds, nonprofits have been resilient. “Most of our insureds are not only recovering back to their pre-pandemic state, but are in fact expanding,” he says. Parvathy Sree, vice president of nonprofit underwriting for AmTrust Financial Services, agrees. She says some nonprofits, such as homeless shelters and schools, adapted particularly well to the challenges. “Nonprofits with good management and decent financials were able to survive the last year and are seeing the fruits of their hard work and diligence,” Sree says, but she cautions growing organizations to be diligent with loss control and risk mitigation, emphasizing that while claim counts are down and court cases are in limbo, things could change.

A strong strategy MassMutual offers to affiliated advisors is teaming newer advisors with industry veterans. This isn’t just about showing the ropes; it’s about creating a dynamic in which both parties learn and grow. Many of these experienced professionals view mentorship not just as a responsibility but as a way to ensure their clients remain well supported during succession, guiding new advisors through the complexities of the business. Bowman describes the impact of these partnerships, saying, “When you team up a newer advisor with a seasoned advisor, it immediately provides more value to clients. It drastically shortens the learning curve for the newer advisor, accelerates

their growth, and gives them credibility – something that’s especially important to certain groups, such as high-net-worth clients.” In practical terms, this means that newer advisors can hit the ground running, and it also “allows seasoned advisors to go upmarket or to clients with complex financial lives while simultaneously giving newer advisors a launching pad to bring value to clients they might not otherwise have spoken to.” MassMutual has long been a proponent of teaming within its wealth management practice, investing in team coaching for well over a decade. An example of this approach in action can be seen in a multi-generational team that was initially formed to facilitate succession planning. With the support of MassMutual and the team’s strong efforts, it has grown far beyond its original scope, spanning four generations of advisors. “Clients wrote them letters thanking them for taking a team approach,” Bowman shares. “They appreciated the continuity and the plan for future service, which was celebrated during the retirement party of one of the founding advisors.”

Teaming with experienced advisors offers a broader strategic view, helping advisors to seize growth opportunities they might otherwise overlook. MassMutual has made a concerted effort to enhance its coaching capabilities, focusing on local coaches who understand the unique challenges and opportunities within specific markets and can offer more personalized and relevant coaching sessions. “We’ve learned that geography matters. The closer your coach is to you, the more effective the relationship. We’ve found a bit of a sweet spot in balancing in-person and virtual interactions,” Bowman says. “Whether it’s sharing a meal, solving a problem on a whiteboard, or just having a face-to-face conversation, these experiences create a foundation that fuels the next several virtual meetings. However, this energy needs to be regularly refreshed through in-person interactions.”

“We’ve learned that geography matters. The closer your coach is to you, the more effective the relationship. We’ve found a bit of a sweet spot in balancing in-person and virtual interactions”

Vaughn Bowman, MassMutual

Beyond the immediate benefits of teaming and coaching, MassMutual’s mentorship programs provide a structured environment for deeper, long-term growth. Their Connect4Success program is a standout example, pairing rising leaders with tenured advisors. Bowman explains, “Mentees are grouped based on tenure, production, or areas of interest, such as growing one’s wealth management business or transitioning to fee-based financial planning.” The benefits of this program are twofold. Not only do mentees expand their professional network and learn efficiencies, but mentors experience renewed passion and excitement for the

business. “Mentors often find fresh solutions to old problems,” Bowman notes. The mentorship model at MassMutual also underscores the importance of diversity within teams. By bringing together advisors of different backgrounds, ages, and experiences, the firm ensures that clients receive well-rounded, thoughtful service. Bowman emphasizes, “You have a 60-year-old on a team and a 30-year-old on a team; you’re going to have that ability to relate in very different ways.” This diversity is a significant asset, enabling teams to connect with a broader range of clients and understand their unique needs.

Teaming with seasoned advisors

Business coaching for strategic growth: scaling with insight

Teaming with seasoned advisors

Mentorship programs

Published October 07, 2024

Mentorship programs

Building the competencies that drive growth

According to a recent report from industry research firm Cerulli Associates, the financial advisory profession is facing a talent crisis. In 2022, over 72 percent of early-career advisors – those with three years or fewer in the role – exited the profession. While 18,207 new trainees entered the field last year, a staggering 13,169 left, resulting in a net gain of only 2,579 advisors after accounting for 2,459 retirements. Cerulli warns that this minimal growth is not enough to counterbalance the ongoing advisor attrition, signaling a looming succession challenge for wealth-management firms. To avoid this potential talent shortage, firms need to invest in a robust pipeline of new talent, broaden recruitment efforts, and commit additional resources to developing junior advisors. By doing so, they can ensure long-term stability and create a smooth path for their own eventual succession planning. Creating well-defined career paths and fostering continuous learning opportunities enables firms to attract and retain top talent. The new generation of professionals, especially those with ambition and curiosity, are drawn to environments where they can see a clear trajectory for growth. “One of the key benefits of investing in coaching and career development is that it draws the right kind of talent – people who are eager to grow and thrive in their roles,” Bowman explains. At MassMutual, coaching and mentorship are not just add-ons; they are integral to the firm’s strategy for success. Not only does this approach develop those already with MassMutual, but it also attracts top-tier talent. Bowman captures this philosophy well: “It’s a growth story, and it’s one that we’re all excited about. By investing in these types of offerings, advisors want to affiliate with us and represent MassMutual to their clients. We’re not just building better advisors; we’re building a better future for our clients.”

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Beyond geographic proximity, an effective coach “has a growth mindset, success in their field, the ability to listen and ask the right questions, and the willingness to challenge you when you’re stuck,” Bowman adds, noting that the coaches at MassMutual are encouraged to work with advisors to articulate their one-, three-, and five-year business goals, helping them to create a roadmap for success. Business coaching is also essential for advisors looking to expand through mergers and acquisitions (M&A). With a significant portion of the advisor population nearing retirement, the opportunity for practice acquisition is growing. Bowman explains, “Coaches help advisors identify the ‘right’ types of practices for acquisition, focusing on client approach, product and service differentiators, and ease of integration.” MassMutual also has a newly launched loan program, offering competitive rates to support advisors in growing their practices through acquisitions.

A study by the International Coach Federation (ICF) and the Association for Financial Counseling and Planning Education (AFCPE) found that financial advisors who received coaching increased their income by 21%, their client base by 19%, and their assets under management by 18%

Survey says

Another study by the Financial Planning Association and the Certified Financial Planner Board of Standards found that financial advisors who received mentoring increased their client retention by 25%, their revenue by 23%, and their profitability by 22%

The ICF and AFCPE study found that financial advisors who received coaching improved their communication skills by 32%, their goal-setting skills by 28%, and their work-life balance by 26%

505

Number of teams

30%

of advisors are on a team

3.8

Average number of advisors on a team

Increase in retention points for advisors on teams overall

313%

MassMutual advisors who are members of a team are 313% percent more productive than their solo peers on average

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Business coaching for strategic growth: scaling with insight

Mentorship programs

YOUR PRACTICE

RETIREMENT

INVESTING

NEWS

Issue Archive

My Account

Subscribers

Event Calendar

Editorial Calendar

Media Kit

Special Reports

Custom Research Services

Request Reprints