NASSAU, The Bahamas -- Minister of Financial Services the Hon. Hope Strachan told members of the Bahamas Millennials Society (BMS) at their Future Leadership Forum on Wednesday that networking and the transference of knowledge is important in Financial Services. She encouraged them to seek out role models, mentors and coaches who could provide the advice and guidance needed to ensure their success.

Minister Strachan explained, “mentoring builds relationships across generations, classes and sometimes even race. Mentoring enables us to participate in the essential process of reinventing our communities and in this instance your industry,” she said. “Following a mentor and studying the processes which took them from obscurity to success, you increase your chances of becoming a success yourself.”

BMS is a voluntary membership-based programme coordinated by a specially-appointed steering committee and the Bahamas Financial Services Board to provide exposure, mentorship and a platform for networking for qualifying millennials.

The Future Leadership Forum provides members with the opportunity to learn about the business environment confronting young and entry-level professionals. Minister Strachan told the young professionals attending that it is important for them to position themselves to take ownership of the industry: “In a few years’ time, you will be the experts, and you will see yourselves shift from the role of mentees to that of mentors.

“It is equally important for those of you who have achieved success to mentor up-and-coming professionals.” The Minister said, “I invite you to push and to shatter those glass ceilings that are preventing you from reaching the sky, set goals for yourselves, stay focused, work hard and work smart.”

She said the Financial Services industry is not static so it is extremely important for young business professionals to stay abreast of industry trends and constantly upgrade their skills.

Part of the mandate of the Ministry of Financial Services is to foster innovation, she noted, explaining that innovation in Financial Services comes from individuals with sharp minds who understand the industry.

The Minister added that innovation also comes from exposure and experience. “Remember that Financial Services is also driven by global developments. Therefore, you must think globally and stay abreast of global events and initiatives.”

She noted that in the early 2000’s, the Financial Services industry went through a “tumultuous period” in The Bahamas when the country was blacklisted.

“A contributing factor to that event might have been not staying on top of global developments and industry shifts, or perhaps it was a lack of communication between the Government and the industry.

“I would like to think that we have learned from this experience. I encourage you as young up-and-coming industry leaders to study and learn from the mistakes of the past, so that they will not be repeated.”