After you’ve got your feet wet and you’ve been investing for a bit, chances are you’ll be interested in ways to get better at it. One way that’s been shown to work is to benefit from the expertise of others. Of course, you can find a team to professionally manage your portfolio. But if you’re interested in more autonomy or just want a better understanding of the markets and how to make strategic decisions, an investment mentor is usually a good bet. It’s the difference between getting the fish and learning how to fish, which, as you might imagine, can have long-term positive effects on your earning potential.

Just as professional athletes have a coach to help them optimise their performance, so too does an investment mentor provide guidance and expertise to help investors achieve more. Your mentor could be a professor, acquaintance, family member, or an investment support group. The idea is to choose someone who has demonstrated knowledge in the area and enough experience to have seen a variety of market conditions and scenarios.

It can even be someone you don’t have immediate access to. Just ensure you can access enough information to understand their investment philosophy and get familiar with their strategies. Michael Lee-Chin, for example, was inspired by renowned investor Warren Buffet and applied Buffet’s investment strategy to achieve the kind of wealth that’s made him the wealthiest Jamaican investor alive with a net worth of US$1.40 billion. The two never had to meet but reading about Buffet and studying his financial choices were enough.

By choosing a mentor who has already achieved the results you desire, you’ll have someone who is an expert at achieving the same goals as you. They will also have valuable insights to help you navigate the challenges you might encounter in getting to those goals.

To put it in perspective, Warren Buffet has an annual charity auction where bidders vie to pay for the privilege of having lunch with the man known as the Oracle of Omaha. The last winner paid US$4.6 million to have Buffett’s ear for three hours. Given Buffett’s track record and what he’s achieved over the course of his career, that money is a solid indicator of the value to be gained just from talking to the right person.

If you go with a group, you’ll have the benefit of a range of perspectives. Whether you meet with them all at the same time or individually, you’ll have access to the combined knowledge and opinions of your very own brain trust. It’s important to connect with individuals who have different risk appetites and backgrounds so you can get a balanced view of potential investment opportunities. This ‘diversification’ could help to amplify your returns and minimise risks.

If you decide to seek mentorship, here are a few ideas on how to go about it:

• You can start by reading books about successful investors whose achievements or philosophies resonate with you. Read any article or think pieces you can find by them and try applying some of their strategies.

• Look for successful local investors and study their journey, also try to meet them at public forums or local investor briefings to ask questions and gain insights.

• Connect with older individuals who are enthusiastic about the markets and who have years of experience working and investing in the local financial markets (eg, CEOs, traders, portfolio managers, etc).

• Create a WhatsApp investor group where market developments are discussed and perspectives shared on companies or offers such as IPOs and APOs. This can be a great way to stay abreast of emerging asset classes and other opportunities. Remember to create a diversified group, not just friends with similar perspectives and ideas.

Mentorship is a tried and true way to develop skills, gain knowledge and grow. It works for athletes, monks and investors alike. With investment mentorship you’ll benefit from one-on-one coaching or the synergy of a support group. Having a mentor means having expertise in your corner and on tap. They can help you define your investment philosophy or fine tune it. You can learn from their mistakes, follow the path they’ve already travelled to achieve success, or receive guidance as you create your own. However you choose to go about it, two rules will ensure you get the most out of the experience — find the right fit and be open to the experience. Success could be one conversation away.

Romario Sterling is an assistant manager of the capital markets unit at VM Wealth Management Limited. He is an astute investment banking professional with a passion for financial literacy and the development of Jamaica’s financial markets.