Every summer, one or more interns join us for ten weeks to learn more about our company and the financial planning industry. It’s our way of developing young talent and contributing to the financial planning profession.
About six months ago, we started to examine our internship program and look for ways to give our interns a more hands on experience with our wealth management process. Our goal was to send them back to school with a more tangible experience.
After conducting interviews and finalizing the schedule, we looked forward to welcoming Madeline Petran, a senior at Boston College, double majoring in math and economics and James Lichtenstein, a senior at Notre Dame majoring in finance and minoring in actuarial science, as our 2016 summer interns.
Maddy and James’ internship started off with an introduction to the company and meetings with representatives from each department to discuss their team’s focus and how their department functions within Huber Financial. Throughout the program they worked closely with the client service department fielding client calls and managing the client databases.
During the second half of their internship, Maddy and James received in-depth training from the advisors on our wealth management process in preparation for the final project. Maddy and James were asked to facilitate a discovery meeting and investment plan presentation meeting for a mock prospective couple – the Joneses.
The Discovery Meeting
During the Discovery Meeting, an advisor meets with a prospective client to discuss their goals, dreams and details about their investment, retirement and other financial accounts. The interns relied upon the discovery process to get all of the information they needed to create a financial plan for the Joneses that they would present in the next meeting. Maddy and James shared the following comments when asked to reflect on the Discovery Meeting process.
“Initially I was a little anxious and felt nervous about asking the right questions. The process seemed quite complex at first, but once I became more familiar with everything, it felt much more manageable. The support I received from the advisors and client service associates was extremely valuable.” – Maddy Petran
“As I started the Discovery Meeting, I felt a bit disorganized and did not stick to the initial plan. But thanks to the Discovery Meeting worksheet that outlined key areas to discuss, I got back on track by asking the client about these areas.”
– James Lichtenstein
The Investment Plan Presentation Meeting
After a thorough assessment of all of the information gathered from the Discovery Meeting, Maddy and James were asked to create a comprehensive financial plan and present it at the Investment Plan Presentation Meeting. The goal of this meeting is to deliver an actionable investment plan and determine if we can add value to the prospective clients. After going through the discovery process, Maddy and James felt more confident.
“Overall, the process strengthened my knowledge of strategic asset allocation as well as how to make sure your client feels safe and confident in their plan.” – James Lichtenstein
“Though the Joneses were fictitious clients, I was surprised how well I got to know them after only two meetings.”
– Maddy Petran
Maddy and James wrapped up the internship program last month and are back in session at their respective schools. It is our hope that they are able to take their tangible experiences from our summer internship program and apply them to their studies. We wish them the best of luck as they embark on their senior years!