Former Partner Elizabeth Hioe (SUMM 06-18) thinks there’s something that many leaders are overlooking. “If firms want to create the environment where talent thrives, apprenticeship must be part of the culture,” she says.
We sat down with her to discuss the importance of apprenticeship, and what she’s planning as her next “bold, brilliant” moves.
The essence of apprenticeship
Elizabeth, who serves as Chief People Officer at wealth management firm Mercer Advisors, believes that apprenticeship is more relevant today than ever before. Her journey at our Firm, notable for its focus on mentorship and hands-on learning, offers a compelling case for its enduring value.
In a recent article in Financial Advisor, Elizabeth says that registered investment advisors (RIAs) need to think about “deliberate succession planning.” She goes on to explain: “Firms risk losing their institutional knowledge, client trust and enterprise value. The potential consequences are real: a fractured client experience, unattractive economics and a culture that weakens with every departure.” In her view, apprenticeship is the missing link, the mechanism through which experience, judgment, and craft are passed on, building the next generation of leaders and protecting what makes a firm exceptional. This principle, clearly, extends beyond RIAs; every company, Elizabeth says, can take a lesson from this page.
"Apprenticeship is not the same thing as management," she says. "Management ensures that people, teams, and systems meet standards and deliver results. Apprenticeship is about honing and elevating the craft, picking up on the subtler, finer points: the nuance."
“I feel like my entire time at McKinsey was an apprenticeship experience,” adds Elizabeth. She recalls working closely with Senior Partners who took her under their wing, providing opportunities that were beyond her official role. "They put me in projects and meetings that, as a junior team member, I would have thought were beyond my experience," she says.
One memorable instance, she explains, was when she attended a client meeting with former Senior Partner Lowell Bryan (NYWT, LOND 75-12), a legendary figure at our Firm known for his passion for sponsoring and apprenticing. When questioned by the client about her presence, Lowell defended her inclusion. ”The CEO actually said, 'What's she doing in here?' I felt like the smallest, most insignificant person on earth. But Lowell responded, 'She's here because that's how I got to be here in this room, and she deserves this chance to learn, too.’"
Real-time learning and feedback
One of the most significant advantages of apprenticeship, says Elizabeth, is the real-time learning and feedback it offers. "It wasn't just the opportunity and the exposure to see our leaders in action and to learn from them. It was the coaching and feedback real-time that I got," she explains. This immediate feedback loop allowed her to try things on her own, make mistakes, and improve continuously. "There’s nothing similar that you can get from a classroom,” she adds.
Elizabeth believes that this model of learning is something that can and should be replicated across all organizations. "You need to be purposeful. You need to slow down and take the time to give people coaching and feedback. You need to open up a contained space for them to try and learn. They may not be perfect, but that’s the time to give them feedback.”
Taking a note from her experience at McKinsey, Elizabeth is actively working to integrate this practice into the operating model at Mercer Advisors. "It's setting the expectation of working together side by side, of seeing multiple scenarios and mastering alongside somebody in order to grow skills to the next level.”
Non-hierarchical learning
Another critical aspect of effective apprenticeship is its non-hierarchical nature. Elizabeth emphasizes that learning should flow in all directions, not just from senior to junior. "There are things that a different generation can teach up. It's not just more tenured down," she notes. This inclusive approach ensures that everyone's perspective is valued, fostering a psychologically safe space for team members to speak up and contribute.
Elizabeth says she is grateful for the collaborative environment at our Firm, where the idea that "no one of us is smarter than all of us" prevails: "The feeling was very much ‘we're going to get a great answer when we put all the right people and all of our heads together.’”
The future of apprenticeship in a technological world
Elizabeth says that in today's rapidly evolving technological landscape, the need for apprenticeship is more pressing than ever, pointing out that as AI and automation replace routine tasks, the unique skills and crafts honed through apprenticeship will become increasingly valuable.
"We need apprenticeship more than ever because that's how talent will build the skills and judgment that technology can’t replace," she says. “The most enduring firms are unified by a shared ethos: clients come first, collaboration drives results and everyone rows in the same direction.”
Elizabeth’s next “bold, brilliant” moves: Ambition with boundaries
As our Firm begins its second century, our focus is on our next bold, brilliant moves. Elizabeth has plans herself for both professional and personal bold moves.
“At Mercer Advisors, we’re trying to be the first $1 trillion RIA,” she says. “We're very ambitious about what we aspire to and we’re not accepting anything other than something really exciting. That’s my next big bold move professionally: being part of building a great firm, helping architect its talent strategy.”
Personally, she plans to approach this ambition with clear boundaries. “The other thing that is kind of contradictory to that, but is very much on my mind, is getting better about saying when enough is enough. I'm older. I have limited time with my kids still at home. I want to make sure that I'm not sacrificing more than I'm comfortable with for my professional ambitions.” She likens it to endurance training. “Endurance runners know that performance isn’t just about pushing harder—it’s about managing energy along the way. I remind myself that protecting time for me and my family is not separate from peak performance; it’s essential to sustaining it.”
In addition, Elizabeth is passionate about the performing arts, serving on the Boards of the Denver Center for the Performing Arts and dance company Presenting Denver. “I'm really excited by the talent and the passion I see in Denver, and the perspective-broadening stories that are being portrayed through performing arts” she says. “The audience is also here and they're interested and engaged. It feels like an important moment to be an active supporter of the arts.”
