"We found a way to incentivize mentorship," Williams says. "Of course, it's easier to have those incentives from a consultant, advisor or sales standpoint than if we are talking about someone in account management who is compensated differently. We're tasked with generating new opportunities for business, so we can find ways to make it worth your while. The trick is finding an equitable arrangement that works out for both sides."

"We are a small team, and it would seem odd to us to incentivize mentorship monetarily within our organization," adds De Paoli. "We have, however, baked it into our processes so that we are each expanding our skill sets every month. We also each have opportunities outside of our organization for mentorship in technical skills or in the softer skills that I think are much better taught in a mentor/mentee relationship."

Allison Cohen De Paoli, founder, Altiqe

Align values

"A mentor of mine once told me that values don't change, but processes and technology do," says De Paoli. "The most important part of mentorship is that the values you want to instill as a business leader align with those of the mentor—fairness, kindness, grace, getting a good night's sleep because you did the right thing, the ability to learn from mistakes—are all important values for me. If those values line up, then there can be real growth and change."

Indeed, top producers may not necessarily do everything strictly by the book. Make sure they are sharing the values and policies of the company, not simply their own.

"A mentor could be teaching a way of doing things that the organization may not be fond of," Williams says. "Even though they may be a great mentor, it may not be the way in which the organization wants you to operate.

"Some of the best athletes in the world are not necessarily technically sound, but they are so gifted that they can get away with it. You have to realize you are not that athletic. If you're working with Patrick Mahomes, you may not be able to do the same things and expect the same results. Do we expect you to operate the way your mentor does or the way the company does, regardless of what he teaches?"

Expand the boundaries

De Paoli and Williams believe the ideal situation is having mentors and mentees regularly interact face to face. However, there may be times when the ideal mentor works in another office or even a different city.

"It's possible to have a long-distance mentorship in the right situation," Williams says. "You go where the talent is. If the best fit is in New York, find a way to make that work. It just comes down to the balance of, `How are we going to make this mentorship work? How do we get to the point where it's sustainable and the people are actually growing? How do we get beyond the point of only reaching out when I have a question? How do we get the mentor to be emotionally invested in this person's growth?'"

"Communication is key in a mentor-mentee relationship," De Paoli agrees. "I have found that I can still give and receive value in a virtual relationship, but it requires more structure and a firm commitment to the relationship. If you've blocked some time, make the meeting. Give the relationship the value it deserves."

Accept mistakes

Although mistakes are often the best teacher, lessons can come at a steep price. Mentors can provide a backstop that enables others to learn from their mistakes but not be devastated by them.

"I don't think mentorship stops mistakes," De Paoli says. "It can shorten the learning curve considerably. I have a high tolerance for lack of knowledge; everyone starts from zero at some point. As an organization, we do not have a lot of tolerance for sloppiness. And, for us, that comes back to values."

"One of the best things I am able to do is learn without losing opportunities, because I have a great mentor who shows me how to do it," Williams says. "On my own, I would try something, blow it, lose the business and learn something. Now, I can learn something and still get the business. You are able to learn without the consequences of failing too drastically." Never stop learning. Mentorship is not only for new employees. From technology to regulation to leadership training, there is always something to learn.

"Mentorship is a lifelong experience," De Paoli says. "As you grow in your professional life, you will need different skill sets to get from one point to another. Soft skills, such as people skills, negotiation, management and leadership, become more and more important and, in my experience, mentorship is the best way to learn."

Williams agrees. "It's absolutely important to have mentors throughout your career, because there is always going to be someone who is doing what you are trying to do," he says. "Why not take advantage of that?"

Read more: 

• Taking flight: The next generation of broker entrepreneurs
• Using mentoring to build your business and yourself – with Tom Loarie
• 3 reasons to mentor a millennial (or anyone else)