Internships in the wealth management industry are a proven way for college and recent graduates to get hands-on exposure to the nearly $30 trillion industry and, ultimately, job offers. In recent years, 7 of his 10 and 7 of her interns at Vanguard Personal Advisor Services have retired. work as a full-time employee.
But according to Rob Khoury, founder and CEO of Agile Rainmakers, many young interns are surprisingly good at basic soft skills as they learn hard skills such as allocating portfolios, investment products, and working with retail customers. indicates that it is deficient. A business development and consulting firm in Chicago connects companies in every industry, including financial services, with interns from top universities.
With tens of thousands of financial advisors expected to retire over the next decade, this talent shortage could pose a problem for the entire industry.
“Undoubtedly, financial planning is the cornerstone of managing wealth, so anyone anticipating entering the industry should take a look at planning. You need a side and the communication and interpersonal skills to support it.” .
Financial planning is, at its core, a people business where advisors earn the trust of their clients and get a complete picture of their savings and investment goals. So with the rise of digital apps and automated processes, a professional human touch will become even more important, advisers say.
Khoury runs an intern training course before sending attendees to the actual gig. Below are his top insights on wealth management interns and the companies that hire them.