How to Create a Diverse Internship Program

By Suzanne Patrick-Lawrence

Since 2021, my consulting firm has partnered with the BLX Internship Program to guide financial planners, human resources managers, and other staff interested in hiring young diverse talent to join their team as summer interns. We identified firms’ needs, discussed background experiences, and then matched each eligible firm with a vibrant, multicultural candidate pool of prequalified college students and career changers.

It took more than 200 discussions with 100 planning firms to carefully address each firm’s diversity onboarding approach, providing a more clearly defined onboarding process that makes multicultural internships mutually beneficial for both the intern and the firm. Here are some things we learned about making your DEI internship program as successful as possible.

Know Your Firm’s Goals

When considering expanding your diverse team, think about what specific areas you want to grow in and what gaps you can identify where an intern could benefit from learning valuable planning skills. (See “4 tips to improve your firm’s internship program” in the May 2022 NAPFA Advisor for another perspective.)

Many planners use an internship role to support four areas:

1. Client services: meeting preparation, observing meetings while taking notes
2. Financial planning: data gathering, data input, financial plan steps
3. Investments: research, report updates, portfolio reviews
4. Operations: back-office support, data input, customer relationship management software

Write internship job descriptions that include responsibilities and tasks. When considering what you want the intern to learn, think about the skills they will need to succeed in the role and what resources or support you can make available to help them to be successful.

Avoid creating barriers to entry for diverse candidates, such as requiring a specific degree or certification that may exclude certain groups of people. A solution is to consider applicants who are interested in obtaining certifications or who demonstrate experience in the desired field, which will be a more inclusive hiring approach that does not discriminate against candidates based on their background or identity.

Search for Diverse Talent

Many firm owners are looking to add team members from diverse backgrounds but struggle to find sources of high-quality intern applicants.

To promote your internship program, reach out to professors or career centers at universities across the country that offer financial planning, finance, or economics degrees. Attend career fairs or host information sessions to connect with potential candidates.

Partner with local organizations or schools to promote your internship program and reach a wider audience. Nearness to your firm’s office can help attract candidates who are already familiar with your city and may be more likely to stay in the area after the internship ends.

To expand your network, consider partnering with diversity-focused organizations or attending diversity-focused career fairs to connect with potential candidates. You can also use social media and online platforms to promote your internship program to a wider audience.

As you meet candidates, ask thoughtful interview questions to help you assess the intern’s skills, interests, and fit with the company culture. Consider asking why they are interested in planning to learn if there’s a personal story or connection to helping their community, how it may have affected their career goals, and their approach to problem-solving. You may also want to ask questions that help you understand their communication style and how they work with others.

Onboard Successfully

When setting up an internship program, consider internal communication expectations, such as to whom the intern will report and who will be responsible for training and monitoring them throughout the internship.

After hiring, introduce the intern to your company’s culture and values. This could include a welcome packet or video, an orientation session with the team, or a mentorship program that pairs the intern with a more experienced team member. Providing opportunities for the intern to learn about your company’s history, mission, and goals can also help them feel more connected to the organization.

Consistent communication will keep the intern engaged and informed throughout the internship. Set up regular check-ins with the intern to discuss their progress, answer questions, and provide feedback. You should provide them with a clear roadmap of what they can expect during the internship, including any upcoming projects or events.

If your firm has a detailed handbook or guide that outlines the company’s policies, procedures, and expectations, make sure to share it with the intern.

Adapt to Remote and In-Office Work

Over the past three years, team collaboration has adapted to different workplace environments, especially remote work. Consider these office logistical issues when creating the internships and managing your expectations. It’s important to consider how you will ensure cohesive communication, training, and check-ins with an intern who might not be in the office five days per week or who might be in the office but working with staff members who work remotely. This may involve setting up regular video calls or in-person meetings to discuss the intern’s progress, answer questions, and provide feedback. Provide clear guidelines and expectations for the intern, including deadlines, communication protocols, and performance metrics. And make sure the intern understands those expectations.

It is also important to provide the intern with access with real-time technology and tools you will use to facilitate communication and collaboration, such as project management software, video conferencing platforms, and instant chat messaging tools.

---

Suzanne Patrick-Lawrence is the CEO and founder of Advisor Business Solutions. Since 2001, her firm has specialized in wealth management consulting services nationwide and is a partner with the BLX Internship Program. You can learn more about her at advisorbusinesssolutions.com.

image credit: istock.com/sanjeri