Early Career Interviews
We heard from three employees in different models within the industry who are in their first or second year in their role off the college campus. Here are their responses:
Participant One - 10 months into role post-graduation. Through the discount retail brokerage channel.
What is going well in the role?
The 13 week initial training on product (retirement plans focused) was fantastic. There were mock roleplay client situations and became proficient on client service for the 401k business. Key learnings was authentication, withdrawals, loans and money “in” .
What do you spend most of your time and energy on?
Client service requests
Roll Overs
And Tax focused questions (seasonal)
What has been most surprising?
A lot! First is the red tape in the company. There is too much bureaucracy to pivot in learning or roles. I thought I would be on a shorter track to get into wealth management for individuals but I have to stay in the plans space for longer than I expected.
Also, I thought that I would be able to get licensed by the end of the first year. The path is that I would need to “upskill” into another retirement plan division. After that, I will be able to sit for my SIE and 7. From there I will still have to spend a couple more years likely before going into individual wealth.
If you go back a year and you were still in college, what would you have done differently?
First, my college offered a course that was pass-fail all focused on passing or failing the SIE exam. I thought it was risky and didn’t do the course but looking back I wish I chanced it.
Second, I wish I interned under an advisor directly. I worked at a bank for 4 years which was a good experience but I believe working in a practice, close to an advisor would have served me better.
Participant 2: 2 years out of school, currently a planning associate at a “regional” broker dealer
What is going well in the role?
One of the things going well is the opportunity to work closely with Financial Advisors and clients to translate complex financial topics into actionable planning strategies. In my role, I help build and analyze comprehensive financial plans, which allows advisors and clients to better understand how different decisions such as retirement timing, Social Security strategies, investment allocation, or charitable giving impact long-term outcomes.
It’s also been rewarding to see how collaborative the wealth management industry is. Working with advisors, estate attorneys, accountants, and insurance specialists gives me exposure to many different areas of financial planning and helps me develop a well-rounded perspective on serving clients.
What do you spend most of your time and energy on?
Most of my time is spent building and analyzing financial plans and running different “what-if” scenarios for clients. This includes evaluating retirement projections, Social Security timing strategies, tax considerations, and how various investment or spending decisions could impact the probability of success over a client’s lifetime.
I also spend time working with advisors to prepare for client meetings and translating planning concepts into clear visuals and takeaways that clients can easily understand. A big part of the role is helping advisors turn financial planning insights into practical recommendations for their clients.
What has been most surprising?
What has surprised me most is how much psychology plays a role in financial planning. While the technical analysis is important, a lot of the work is helping clients feel confident in their decisions and understand that their financial plan supports the life they want to live. I really thought I would need to know a lot more about specific investments, but that is not where the industry is today. Clients just want you to be a relationship manager and listen to them, hear what their goals and aspirations are and be told that they will have enough money to accomplish everything that they would like to and help their children. Clients who may not have enough money, appreciate me brainstorming ways that they could have a higher probability of success in their lifetime. Those conversations are certainly more difficult, but sometimes more rewarding.
I’ve also been surprised by how many different career paths exist within wealth management. Early on, I thought the industry was mostly limited to becoming a financial advisor, which I want to be, but there are many other specialized roles including financial planner, portfolio strategist, research, operations, and client service that all play an important part in delivering advice and service to clients.
If you could go back a year and you were still in college, what would you have done differently?
If I could go back, I would focus earlier on learning the technical foundations of financial planning and investing, things like tax, retirement and estate planning. I also would have spent more time networking with professionals already in the industry to better understand the different career paths available and push myself out of my comfort zone sooner.
For students interested in wealth management, gaining exposure through internships, informational interviews, and industry certifications can be incredibly valuable. The earlier you can understand how the industry works in practice, the easier it is to find the path that best fits your skills and interests. I would have also gotten my SIE while still a student and also would have taken better notes in my major courses since many of them directly apply to what I am doing today. I possibly would have also maybe explored the same industry in a different city than what I already knew and was comfortable with to push myself out of my comfort zone further however, staying local in a place I am very familiar with has definitely helped with networking so idk if I would have done it but wish I would have at least explored moving more.
Participant 3: 2 years out of school, currently a CSA within an institutional bank
What is going well in your role?
I’ve quickly developed great relationships and built trust with our clients. This allows me to understand our client’s unique goals and situations, enabling me to anticipate their needs and provide thoughtful advice and solutions. Building this level of trust has positioned me as a reliable partner they can depend on. I’ve also built strong relationships with all of my colleagues in Boston and other offices which has made me a more effective and collaborative team member.
What do you spend the most time and energy on?
In my role, I have a broad range of responsibilities, and no two days are ever the same. I spend a large portion of my time managing administrative tasks such as money movements, account openings, and compliance reviews. I am also actively involved in the advisory side of the business, spending time reviewing trusts and estate plans and helping execute various estate and tax minimization strategies.
What has been most surprising?
What has been most surprising to me is the depth of client relationships and how much of the role involves understanding the personal side of clients’ lives. While technical knowledge is essential, I’ve found that understanding each client’s unique circumstances, preferences, and behaviors is just as important in providing advice. We often work with families across multiple generations, so we really get an understanding of family dynamics and become a big part of their lives. I’ve also been surprised by the level of complexity behind even seemingly straightforward situations. Many cases that initially seem simple involve nuanced tax, estate, or behavioral considerations, requiring a thoughtful and adaptable approach.
If you could go back a year and you were still in college, what would you have done differently?
If I could go back, I would have made a more intentional effort to engage with alumni early on in college. There is a strong network of individuals from my school and program who are willing to share their experiences and provide guidance, and I didn’t fully take advantage of that until later in my college career. Since starting my professional career, I’ve continued to be deliberate about building those relationships for mentorship and ongoing professional development. It is so valuable to learn from others’ experiences and perspectives, and alumni are an especially great resource. Looking back, I believe the earlier you begin engaging with that network, the more meaningful and beneficial those relationships can be over time.