RIAs Turn Internships Into Talent Pipelines

Registered investment advisory firms are treating internships as recruitment and training channels rather than temporary help. Amplified Planning’s Externship, an eight-week virtual course launched in 2020 by Hannah Moore of Guiding Wealth in Richardson, Texas, enrolled more than 2,800 students this summer and drew attention from external RIAs integrating the program into hiring processes.

Julie Genjac, vice president of applied insights at Hartford Funds, described a mindset change among advisory owners who now use internships to evaluate candidates’ work ethic, coachability and professionalism-traits that are hard to judge from resumes or interviews. Genjac recommends assigning a program owner to ensure interns rotate through multiple business areas, receive regular feedback and end their term with a formal presentation so teams can assess communication and thinking.

Moore said firms use the Externship to gather objective data on candidate fit while giving participants clarity on whether wealth management is a long-term career option. She added that internship programs can provide management training for staff who mentor interns and should not become an added burden on existing employees.

Scott Leak, director of business development at FP Transitions, pointed to resources and location as factors that limit internship offerings. Larger firms and those near colleges with undergraduate planning programs are more likely to host internships. Leak emphasized that interns need exposure to advisor tasks rather than only administrative work, and that a mentor who is not the firm owner helps create a visible career path.

Advisory owners and M&A advisers cited succession planning as a driver for internships. With an aging population of advisors, firms are seeking successors who can take over client relationships and operations. Structured internships that lead to entry-level roles provide candidates familiar with a firm’s culture and processes.

Firms are testing program designs that include rotations through planning, client service and operations, clear mentorship pairings, project-based evaluations and a final deliverable such as a client-facing presentation or research brief. These elements help firms assess technical skills and cultural fit while giving interns direct experience in financial planning and client communication.

Industry observers warn that internships must be properly resourced. Without plans for meaningful tasks, consistent feedback and potential hiring pathways, internships can become unpaid clerical stints that do not prepare participants for advisory roles. When programs are structured with clear goals and oversight, firms collect hiring data, staff gain development opportunities and interns receive real exposure to advisory work and clearer career options.