Michelle Grill’s Post

Fewer than 3% of certified financial planning professionals are Latinx or Hispanic. Luis Rosa, the founder of Build a Better Financial Future LLC and the co-founder of the BLX Internship Program, wants to change that. BLX pairs Black and Latinx students and career changers with fee-only and fee-based financial planning firms for a paid summer internship. But so far, not enough financial firms have signed on. “We designed the program to bridge the diversity gap in financial planning firms, smoothly connecting top-tier, diverse talent with industry leaders ready to embrace innovation,” Rosa writes. “We’re calling on all fee-only and fee-based financial planning-focused firms to get involved and to help bring about change.” #wealthmanagement #DEI #inclusion #financialservices #financialadvisors #recruiting #internships #BLX #financialfirms

In our fourth summer of partnering with our Prep for Prep summer interns we tackled challenges for Anita Job, Al Dente & Sue Flay and Bill Board & Lucy Board. While the clients may have been fictional, the work was most definitely not. Our interns, who have yet to take on any real #economics/finance courses, found themselves entrenched in the world of #financialplanning. Under the guidance of Alina Miska Carlson, CFP®, a CERTIFIED FINANCIAL PLANNER® at Cannell & Spears, the interns utilized professional tools to #model various portfolio outcomes based on different scenarios. Their fresh perspectives reminded us of the importance of mastering the basics. Here are their key #takeaways: - Understand the time value of money. It does matter what you do with that first #paycheck, because the earlier you start saving and investing the more flexibility you have in the future. If Anita Job had done this, she wouldn’t have to think about moving cities to afford #rent. -It's crucial to have a #purpose for your money. Allocating funds into different buckets—such as daily expenses, savings, and investments—helps in understanding your overall #financialhealth. -In one of our scenarios, Bill Board got distracted driving while looking at one of his billboards, and drove into Bergdorf’s on 5th. He had to pay a massive settlement for ruining luxury merchandise. While this is extreme, having #sufficientsavings does help against potential financial setbacks. -Identifying #goals and #diversifying a portfolio according to risk/reward ratios is key. It's not just about "making a lot of money," but about making it work for you, while also understanding your #risktolerance. It’s what let Al Dente and Sue Flay retire at 50 after selling their business. -Financial literacy at a young age, such as opening a #highyield savings account or learning about a #401k, can significantly impact your future. We’re grateful for this opportunity and look forward to extending our knowledge to our community. We’re excited to continue working with our talented #interns this summer. They just might end up teaching us a thing or two!

Less talk, more action! We're calling on all fee-only and fee-based financial planning-focused firms to get involved and to help bring about change. Time is running out to be paired for dinner 2024 with qualified, motivated Black or LatinX interns. Last year, BLX Internship Program received more than 200 intern applications. This year they are on track to surpass that. The problem is they have nowhere near enough firms getting involved. This contradicts the No. 1 DEI challenge that we hear from financial planning and investment advisory firm owners — that they just don't know where to find diverse talent. The BLX Internship Program solves that problem handily: Apply to be a firm that hosts an intern next summer. The last day to apply to get involved is December 31, 2023.

During a Partner Insights session, one of our summer interns, Aiden, asked David M. Kaplan, C.P.A., "How did you decide that BRC was the right sized firm, given the options of larger or smaller firms?" Here is David's Response:

Next Wednesday, the next episode of Executives in Wealth Management is nothing short of extraordinary. It's not every day that you come across someone who not only captivates your attention but leaves you in awe of their incredible achievements. Tom is joined by Stuart Breyer, CEO of mallowstreet. They talked about the importance of authentic leadership, the role of AI in the wealth management industry and wider society, and the story behind the 10,000 Black Interns project that Stuart is a part of. Not one to miss. #podcast #changemakers #wealthmanagment #executivesearch

Last week I had the honor to welcome an incredible group of interns to Charlotte for the summer. The Charlotte Regional Business Alliance’s Young Professionals advisory board convened interns from many of our Alliance investor companies to build connections with each other and our region. The event was a walking tour of Charlotte’s SouthEnd which originated at the Vantage building (home to Grant Thornton (US) Charlotte). As I welcomed the interns on behalf of the CLT Alliance Board and the many tenants of Vantage that are Alliance members, I shared the following three points that I have heard from my mentors over the years. I thought I’d share today here as we all have interns and new associates joining in the coming weeks.     #1 – Deliver in role. You were hired for a reason and you have a certain amount of time with the organization to leave an impact. Meet and exceed expectations. You have the chance to define yourself. You don’t want anyone to say about you at the end of the summer “They were fine”. No matter what the task, think about how to over deliver. Try to get better every week. “Do the best you can until you know better. Then when you know better, do better.” -- Maya Angelou #2 – Build your network. Take the opportunity to learn from executives, business owners, community leaders. Don’t focus on someone’s level as you build connections -- friends around you today will be executives of tomorrow.   Look left and right, in 15 years these will be the executives leading companies in the region. They will be fellow not-for-profit board members and own businesses. Some will be peers and some may work for you or you may work for them. “Make friends before you need them.” #3 - Be positive. Work doesn’t feel like work when you show up connected to your purpose and with an inherently positive outlook. As you accelerate your career, understand our rapidly growing and changing community. Help. Lead. Engage in causes you care about. Show up. In many situations people ask, “What can I do” and the first thing you have to do is show up.   “Do well by doing good.” – Ben Franklin “If you love what you do, you’ll never feel like you worked a day in your life.” – various, including my father

From summer intern to accountant. Karley Finkel’s understanding of the variety in the lines of business in the insurance world grew as she navigated the transformation and changes that came with the rise of digitalisation. But how did it impact the overall working culture? Learn Karley’s POV in the video! #HDIGlobal #WeAreHDI #PartnerInTransformation #WorkingAtHDI #US 

The next decade will bring change in wealth management that's coinciding with (and no less significant than) the "great wealth transfer" from baby boomers to succeeding generations. More than a third of financial advisors will retire — leaving a profession in which nearly three out of every four rookies fail to break into the field — with more than two-fifths of the industry's client assets up for grabs upon the older generation's exit. For our annual Top 40 Brokers Under 40 feature, here's a look at why the industry must hire more young people and career changers and what firms and organizations are doing to help solve the problem, with insights from Nayan Ranchhod, CFP, CRPC, APMA, AAMS of Silver Lining Wealth Advisors and Ameriprise Financial Services, LLC, Andrew Blake of Cerulli Associates, Gigs Taylor-Stephenson, MBA of Wall Street Bound, Inc, Luis Rosa of the BLX Internship Program and Manish Dave of Ameriprise. #professionaldevelopment #financialadvisors #wealthmanagement https://lnkd.in/gZheYrwq

News you can use ..

Yesterday, I was able attend an info session hosted by the Vanderbilt Finance Club with Point72 and was able to meet with a lot of great people including Brian Mulvihill, CPA, Martin Zinny, and Andrew McEntire who were part of Point72 and I was able to get some great takeaways about breaking into finance and getting a job on Wall Street. Here are some of them: 1. Getting the basics down (doing well in class) Before trying to get an internship at some place like Point72, get your basics down and this includes having a good GPA. This was definitely one of the biggest things that was repeatedly emphasized throughout the Q&A and I think for good reason. The thing is, doing well in school goes a long way. Displaying academic excellence in the classroom always looks good no matter what. While you may know everything about finance, but are unable to show that you can do well in a classroom setting and get the basics of doing assignments and studying for exams down, it can be tough to get an internship because it shows you're not doing the essential daily tasks. 2. Come in prepared. Know basic knowledge of finance. Know what an investment bank is (private equity, wealth management, etc), know what the magnificent 7 stocks are, and surprisingly, know the ins and outs of the website. Although these are things that may sound basic for someone interested in finance, it's surprisingly not and a lot of people come in for interviews without knowing these things only to get stumped by the first question: what is the S&P 500 at right now? Knowing the ins and outs of a bank's website was also heavily emphasized because when asking basic questions that can be answered simply by looking at their website, it shows you're not prepared and don't care enough about the job. 3. Be a stock junkee. Read your finance news on WSJ, Bloomberg, whatever. Join investment club, join finance clubs, go to banks' info sessions, show that you display interest and also do it for yourself so that you can learn more about finance by surrounding yourself with it everyday. These are all definitely things I'm still trying to learn and do, but hopefully this helps you :) #finance #point72 #vanderbiltuniversity #financenews #economic #financeinternship #financeintern #point72internship