Mentorship opens doors, sponsorship pushes you through them, says Stacy Francis

For Stacy Francis, president and CEO of Francis Financial, InvestmentNews’ upcoming Women Advisor Summit will be an opportunity to tackle the key issues in talent development and strengthening leadership pipelines.

Francis will be taking part in a panel discussion titled “The talent equation: Who comes next?” with Sarah Mouser, executive vice president, financial planning, at Merit Financial Advisors, and Laurie Vitali, chief people officer and principal at Modera Wealth Management.

Ahead of the Nov. 5 event in New York City, InvestmentNews caught up with Francis to get her perspective on developing talent.

1. What are the key differences between mentorship and sponsorship? And how does each accelerate careers?

“Mentorship is about guidance, honest feedback, and helping someone see opportunities they may not see for themselves. Sponsorship goes a step further. A sponsor uses their own influence to advocate for you, put your name forward, and help open doors. Both matter, but sponsorship can be especially powerful because someone is actively helping create opportunities for you.”

2. How can you create pathways to leadership, partnership, and ownership?

“You have to start long before someone is ready for the title. At Francis Financial, some of our partners spent more than a decade growing with the firm, taking on greater responsibility, developing their expertise, and becoming leaders before becoming owners. If you want people to see a future with your firm, they need real opportunities to lead, make decisions, build relationships, and understand what the path to ownership actually looks like.”

3. How can you position yourself for leadership and advancement opportunities?

“Know your strengths, make your ambitions known, and don't be afraid to ask! Earlier in my career, I learned firsthand that sometimes an opportunity or better compensation doesn't come unless you advocate for yourself. Do your homework, understand the value you bring, seek honest feedback from people you trust, and be willing to raise your hand when you are ready for more.”

4. What is the best way to prepare the next generation of advisors before succession becomes urgent?

“Start much earlier than you think you need to. I have always wanted Francis Financial to be a firm that could thrive without everything depending on me, and that means developing the next generation while there is still plenty of time to coach and support them. Give people client relationships, business development experience, decision-making responsibility, and leadership opportunities now. At the beginning, the success of our firm felt like it was all riding on me, so when I looked around and realized there were people to not only support me but take the firm to heights I could never have imagined, I felt an immense sense of pride. Succession isn't one event; it's a long process that requires investing in the people around you.”

5. How can you retain top talent through culture, opportunity, and development?

“People stay where they feel valued, supported, and able to see a future for themselves. For me, that means creating a culture that supports people's lives outside of work while also investing in their growth through education, new responsibilities, and meaningful career opportunities. Seeing and caring for team members as individuals as well as employees has been hugely important to our long-term retention and has created a firm culture where people genuinely care about the people they work with. When talented people can continue learning, take on leadership, and potentially have an ownership stake in what they're helping build, there is a much stronger reason to stay.”

InvestmentNews’ Women Advisor Summit will conclude with the Women to Watch Awards honoring the key women in the wealth management industry. 

Don’t miss out on the opportunity to attend the Women Advisor Summit. Register now.