Lazy interns

or Register to post new content in the forum

10 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Mar 16, 2007 10:16 pm

Is it just me or do the interns you guys see now and days just have no idea what this industry is about.


They think that since they graduate from college they deserve to do "portfolio management."


The second you ask them how they will get the assets to manage they say "Uhh, I thought you guys will give them to me."


Its rare to find any of these kids appreciate the fact that you will starve your first years in the industry to build your book and its not easy.  Cold calling, cold walking, networking ... They just don't want to do what it takes to make it.


How do you guys find good interns or that matter good reps that are willing to do what it takes to make it. There is a reason the average age to start in our industry is in the early 30s and late 20s.  None of these kids know what there doing. 


They should go work for Northwestern and sell insurance to their parents, because thats all there good for.

Mar 16, 2007 11:39 pm
younggunz:

Is it just me or do the interns you guys see now and days just have no idea what this industry is about.


They think that since they graduate from college they deserve to do "portfolio management."


The second you ask them how they will get the assets to manage they say "Uhh, I thought you guys will give them to me."


Its rare to find any of these kids appreciate the fact that you will starve your first years in the industry to build your book and its not easy.  Cold calling, cold walking, networking ... They just don't want to do what it takes to make it.


How do you guys find good interns or that matter good reps that are willing to do what it takes to make it. There is a reason the average age to start in our industry is in the early 30s and late 20s.  None of these kids know what there doing. 


They should go work for Northwestern and sell insurance to their parents, because thats all there good for.



And you are....?


Mar 16, 2007 11:44 pm

You have to explain that you are in the retail side of the business and
your critical sucess factors are related to gathering assets and
keeping them. This is not a job managing portfolio's.



When you do your internship recruiting make sure its clear about what
the internship is and isn't, what a typical day is like, and what
useful portable skills they will gain from it. I emphasize the last
part especially.



As an RIA I do more work with asset allocation and so forth, but still
the intern's will mostly be doing office work. One thing that helps get
things on the right step, is to have them sit in on few client meetings
with you and take notes. Later debrief them, and kind of go over your
process and what they thought about it.





 

Mar 17, 2007 8:38 am
AllREIT:

You have to explain that you are in the retail side of the business and your critical sucess factors are related to gathering assets and keeping them. This is not a job managing portfolio's.

When you do your internship recruiting make sure its clear about what the internship is and isn't, what a typical day is like, and what useful portable skills they will gain from it. I emphasize the last part especially.

As an RIA I do more work with asset allocation and so forth, but still the intern's will mostly be doing office work. One thing that helps get things on the right step, is to have them sit in on few client meetings with you and take notes. Later debrief them, and kind of go over your process and what they thought about it.


 


AllReit, great information for those on the boards looking to get into the field and what they should look for in an internship.  An intern should be looking to gain as much insight as possible and your post provides good guidelines as to what they should be trying to learn while they're there.  I sat down with my mentor during our first day (I'm working part-time for an FA) to set quidelines as to what I would be doing and what I could sit in on to learn as much as possible before I jump in with both feet.  I've found it to be extremely helpful and I'm sure learning a lot!

Mar 17, 2007 2:52 pm
tri$mom:

AllReit, great information for those on the boards
looking to get into the field and what they should look for in an
internship.  An intern should be looking to gain as much insight
as possible and your post provides good guidelines as to what they
should be trying to learn while they're there.  I sat down with my
mentor during our first day (I'm working part-time for an FA) to set
quidelines as to what I would be doing and what I could sit in on to
learn as much as possible before I jump in with both feet.  I've
found it to be extremely helpful and I'm sure learning a lot!





When ever I started work at an employer, I made sure to have a meeting
with my boss to lay out what my critical result area's/critical sucess
factors were. This way I would be  sure to know what were high
value tasks vs low value tasks.



I also made it point to try and sit in on phone calls etc, and take
notes. This way I could learn more and develop a sense of perspective.



For an FA intern, I'd explain what my CSF's were, and that their CSF's
would be supporting me in doing mine. Sometimes that means fetching
coffee, or making envelopes, at other times pulling up S&P reports,
playing phone tag with RIA support, and at other times finishing up a
big order of sushi from a client meeting.




Mar 17, 2007 9:28 pm



 

For an FA intern, I'd explain what my CSF's were, and that their CSF's would be supporting me in doing mine. Sometimes that means fetching coffee, or making envelopes, at other times pulling up S&P reports, playing phone tag with RIA support, and at other times finishing up a big order of sushi from a client meeting.


[/quote]


There's that sense of humor that we love soo much!!!

Mar 19, 2007 2:26 pm

When you are working with an intern--just like a client--you need to set expectations.  Then there are no surprises.


So tell me, did you tell them you would take all of their blood, sweat, and tears, family and friends and pay them only min. wage?  Did you let them take ownership over the assets they brought in?


If not, you are a user and you got what you deserved.


Mar 19, 2007 6:37 pm

Cool post, Allreit .

Mar 19, 2007 8:11 pm
maybeeeeeeee:

When you are working with an intern--just like a client--you need to set expectations.  Then there are no surprises.


So tell me, did you tell them you would take all of their blood,
sweat, and tears, family and friends and pay them only min. wage? 
Did you let them take ownership over the assets they brought in?


If not, you are a user and you got what you deserved.






You sound a little bitter there kiddo.....bad experience?

Mar 20, 2007 7:44 am
younggunz:

Is it just me or do the interns you guys see now and days just have no idea what this industry is about.


They think that since they graduate from college they deserve to do "portfolio management."


The second you ask them how they will get the assets to manage they say "Uhh, I thought you guys will give them to me."


Its rare to find any of these kids appreciate the fact that you will starve your first years in the industry to build your book and its not easy.  Cold calling, cold walking, networking ... They just don't want to do what it takes to make it.


How do you guys find good interns or that matter good reps that are willing to do what it takes to make it. There is a reason the average age to start in our industry is in the early 30s and late 20s.  None of these kids know what there doing. 


They should go work for Northwestern and sell insurance to their parents, because thats all there good for.



1.  Bust their butts every second they are in the office.  Remind them that you had to pound the pavement, they have to as well.  Tell them how lucky they are to even be considered for their internship.


2.  I resent this statement.  I am under the typical age, am starving as it's my first two years, work my butt off, and still love my job and can't believe I was given this opportunity.  Though I think your generalization holds true, I believe there are some young FA's that are worth it.