The initiative comes in direct response to feedback from Commonwealth’s women advisors, who expressed a desire for greater networking and learning opportunities from peers. The growing interest in mentorship and in women’s study groups coalesced into a unique experience for the inaugural cohort of 40 mentees and 12 mentors.

Formally launched as a six-month engagement, the first cohort exceeded program expectations, filling every available seat. Commonwealth currently counts more than 400 women advisors among its 2,000-strong advisor community.

“We’re elated that so many of our women advisors have chosen to take this journey with us, and with one another. We’re committed to giving our women advisors everything they need to succeed personally and professionally, and that starts with asking the right questions, listening to feedback, and putting programs together that foster a sense of belonging and fulfillment,” said Jessica Fougere, vice president, conferences, events, and community outreach.

Differing from traditional one-to-one mentoring, Commonwealth’s program involves mentorship “pods”—groups of advisor mentees who share similar goals and affinities—and one to two mentors. Mentors and mentees will drive interactions in regular meetings and check-ins. The program is facilitated by Sarah Mann, principal, Spark HR Consulting, a seasoned executive coach who participated in the design of an executive women’s leadership curriculum for the Northeast Human Resources Association.

Themes that were identified as especially important to Commonwealth’s women advisors included work-life balance, diversity and inclusion, career development, and managing stress. The program, dedicated to women advisors and staff, provides a comfortable, safe environment for mentees to learn from one another.

“This mentoring program and the new relationship with my mentor have helped boost my confidence and given me the support and guidance needed to take the appropriate steps in furthering my career as an advisor,” said Jennifer Statler, a paraplanner with Five Point Wealth Advisors in Scottsdale, Arizona. “There is so much energy from the first meeting, and I can’t wait to keep working with my group.”

Mentors, who will serve as sounding boards and advisors to their pod, will share their experiences and strengths with their pod and help guide pod members toward their goals.

“My definition of success is doing a great job for my clients and helping other women learn why being a financial advisor is such a great career path. I’ve mentored other women informally and was super excited to be part of the program,” said Danette Lowe, CFP®, president, TruNorth Wealth Management in Carson City, Nevada, who has been with Commonwealth since 2012. “When you get a group of Commonwealth advisors together, you’re going to learn from one another, and what you learn is magnified and amplified many times over compared to what you put into it.“ Also serving on Commonwealth’s Advisor Council, Lowe will co-mentor a pod on the inaugural group through the next six months.

Although this isn’t the firm’s first foray into providing additional resources and opportunities for women advisors and staff—Commonwealth launched a Women’s Leadership Network for home office staff in 2011, the Summit for Women Advisors in 2019, and the Women of Commonwealth initiative earlier this year—the firm recognizes it is still early in its journey toward inclusion.

“Commonwealth is at a dynamic juncture as we work toward a more diverse, equitable, and inclusive space for our advisors and staff. Going from intention to real action has been a firm-wide effort that relied on asking our advisors what they needed and being deliberate about offering a real answer,” said Scarlett Abraham Clarke, vice president, chief diversity and inclusion officer. “I’m looking forward to celebrating the successes of our first mentorship cohort and watching these successes reverberate and be amplified as we build on this effort.”