Internships can feel overwhelming, especially in finance where there’s so much to learn upfront. As a new intern at an RIA (Registered Investment Advisor), here are a few tips and tricks I’ve learned that can help you get started on your internship journey. Whether you already have an offer or are still looking for places to apply, these insights can give you a leg up and help you find a firm where you fit and where you’ll have the best learning experience possible.
- Know the Firm
There’s so much free information online, and it’s worth the effort to do your homework. When I was a sophomore, I had the chance to attend a conference with my university. I wanted to network and explore internship opportunities for my junior year, but I quickly realized I couldn’t tell one firm from another. Everyone was talking about “fee-only” versus “fee-based,” and I had no clue what that meant, let alone which type of firm I actually wanted to work for.
One professional pulled me aside and showed me how to research firms on the Investment Adviser Public Disclosure (IAPD) website. This site lists nearly everything you’d want to know about a firm or individual registered with the SEC, the government agency that regulates the investment markets to protect investors.
Here are some key areas of the firm’s ADV form to look at:
- Item 1F2 — Work hours
- Item 2A1 — Type of firm (large advisory, internet-based, etc.)
- Item 5A — Number of employees
- Items 5D and 5F — Assets under management (AUM) and client types (high-net-worth, nonprofits, etc.)
- Item 5E — Fee structure (fee-only vs. commissions)
- Item 5G — Services offered (planning, portfolio management, consulting)
- Item 6A — Other business activities
- Item 7A — Financial affiliations
- Item 11 — Disclosures (a big red flag if a firm has legal violations)
Ask yourself:
Does this firm offer services you’re interested in learning about?
Is this the type of firm you’d want to work at long term?
- Know the Firm’s Culture
It’s rare to find a firm with a published culture guide, but you can generally find a mission statement that helps define who they are. In my experience, one of the biggest factor firms look for when hiring is cultural fit. One professional once told me, “The most important thing in this industry is to find the right seat on the right bus. If the seat isn’t right, then you need to find a different bus.”
My advice? Get your hands on as much information as you can find about the firm and review their mission, values, and purpose. You’ll probably get a strong sense right away if you’d fit in or not. Just keep in mind that websites are often written to attract clients, not interns. If what the firm stands for doesn’t resonate with you, it might not be the best cultural fit.
You may consider sending an email asking about the culture. It can show initiative that you’re willing and wanting to learn more about the company, shows that you understand the culture of a firm can be just as important as salary, and firms generally love to share what makes them great!
Ask yourself:
Do you share this firm’s core values?
Is this a place where you’d feel like you belong and could be happy?
Can you contribute to this firm’s growth?
Would you feel fulfilled investing your time and effort in their mission?
- Make Connections and Ask Questions
LinkedIn and networking events are your best friends. If you’ve found a firm with services you’re excited to learn about and a culture you align with, the next step is connecting with someone who’s actually been there.
Some firms have internship pages on their websites, but if not, look for alumni or peers at university events who’ve interned there or currently work there. Another great strategy is to visit the firm’s “Meet the Team” page. Scroll to the bottom and look for job titles like Client Service Associate, Paraplanner, or Associate Advisor. These are usually the most recent hires and the ones who probably started as interns themselves.
Reach out. These connections can help answer the questions you won’t find on a website and give you a realistic “vibe check” of the firm. Plus, if you end up interning there, they’re likely to be the people you’ll be working with.
Ask questions like:
Does the firm prioritize intern learning?
Will you gain hands-on experience in areas that interest you?
Is the firm organized and structured?
What is the onboarding process like?
What is the general vibe?
After doing your research and making connections, you should have a good idea if this is the right “bus” for you. That confidence will show during interviews and, if you already have an offer, help you accept it with peace of mind. When you start, you’ll be able to find the right seat and enjoy the ride while learning as much as possible.
If I could leave you with one last piece of advice, it would be the same advice someone once gave me: be curious, be kind, and have confidence. You’ve got this!