Whilst institute-school partnerships have been investigated extensively as potentially valuable routes for the professional preparations of student teachers (Booth, Furling and Wilkin, 1990; McCullough and Fidler, 1994), considerably less is known as to how co-operating teachers/ teaching advisers process their roles and the nature of effect of their dynamic relationships with student teachers on their own professional lives. This paper attempts to present the voices of four teaching advisers who participated in the Honorary Teaching Adviser Scheme of an initial teacher education programme in Hong Kong. Data collected through semi-structured interviews, lesson observations, and post-observation conferences present a general picture of the challenges and promises of the Scheme as perceived by the teaching advisers on their own professional growth. Findings point to the need for re- envisioning the full potential of mentoring in teacher preparation and continuing professional development. Data from a previous study will also be contrasted to illustrate teachers' progression from resistance to readiness to assume an expanding role in teacher preparation. The paper will conclude with suggestions for fostering an effective and productive professional learning experience for both student teachers and teaching advisers.