According to a government survey published in October 2022, 76% of respondents said mentoring had been important to the growth of their business. 

But barriers to participation remain. Around half of the respondents saw cost (51%) and time (48%) as barriers. In reality, the vast majority of mentoring is free. And while most of us do have busy work lives, these days online mentoring meetings can take up far less time than traditional face-to-face sessions.

 

Mentorship in the mortgage sector 

Interestingly, in the mortgage industry, a quite different obstacle to mentoring has come to light. 

In June 2023, the Intermediary Mortgage Lenders Association (IMLA) and the Association of Mortgage Intermediaries (AMI) came together to launch a cross-industry mentoring scheme. The scheme, which is free and open to all lenders, insurers and intermediaries, aims to support people across the industry to enhance their skills and their career potential, widen opportunities and build confidence in the sector. 

Sponsored

Going digital

Sponsored by Halifax Intermediaries

So far 161 mentors have joined the programme, offering to share their knowledge and experience. 128 mentees have also joined the scheme, and many are already benefitting from their new relationships. But we at IMLA and AMI have been surprised by the imbalance, which we expected to tip in the other direction, with more mentees seeking mentors than vice versa. 

On investigation, it transpires that some firms have been reluctant to engage with the scheme, which matches mentees with mentors outside their own firms, because of commercial sensitivity. They worry that business confidences may be shared with competitors.

 

The pluses of cross-sector guidance 

We would strongly encourage wary firms to put aside their fears of the mentoring scheme for the benefit of their employees and the industry.

IMLA and AMI mentors are experienced professionals willing to give up their time to help bring on those less experienced, for the good of the sector (and also for their own benefit, as mentoring can be highly rewarding). They are not in it to steal corporate secrets and poach staff.

Individuals will grow, develop and move around the industry over time, and mentors can help improve and accelerate that process, but disbarring staff from mentoring will not prevent them moving on in time. 

Sharing experience with people who work in similar but different firms can only help broaden an individual’s perspective and understanding, while also helping them to develop a sense of what is and isn’t appropriate to discuss, which is all part of maturing into a professional role.

Good mentors can challenge mentees to think differently, look at the bigger picture, become more confident and grow in their current role and as a person, benefitting themselves and those around them – now and in the future. 

Good employers should recognise the potential benefits of mentoring and positively encourage their employees to take advantage of the help on offer. 

While it is of course right and proper that firms protect their commercially sensitive data, when it comes to sharing knowledge and ideas, the mortgage industry benefits greatly from a spirit of openness and sharing. The AMI/IMLA mentoring scheme not only embodies that spirit, but takes it to the next practical level, helping develop the next generation in both the lender and adviser spaces, and evolving our industry.

We have recently run events with the same aim in mind.

In June, IMLA held its third ExPo – ‘Encouraging New Talent’. This event was supported by AMI and attended by more than 200 people who have recently started working at mortgage adviser and lender firms.

We were delighted that so many firms appreciated the benefits for their new joiners of listening to the advice and wisdom of a range of established industry figures, and networking with one another. Encouraging them to sign up for the mentoring scheme is surely the next logical step. 

Find out more or sign up for the IMLA/AMI mentoring scheme.

Find out more or sign up for IMLA’s next ‘Encouraging New Talent’ event on 10 November 2025.