Fall normally means cooler temperatures and changing leaves. For advisors, it marks the last push to meet yearly goals and put a bow on another year of helping clients plan for their financial futures. It’s also an ideal time to start planning for a productive summer. A great way to do that is by hiring one or more summer interns. Internships allow advisors to create capacity and implement more of the ideas that remain on their to-do lists. Whether you’re a solo advisor at an independent broker-dealer or work for a multi-billion dollar RIA firm, every business can benefit from having an intern program. The best candidates are looking for summer opportunities soon – here are five other reasons why you need to start your search now!
1. If it’s not broke, break it
It’s a term you’ll likely see framed in the halls around our office. This doesn’t mean you break something for the sake of breaking. We always want to be growing and innovating, and not using the same processes just because they’ve worked in the past. Oftentimes, when we realize something needs a refresh, we’re already behind the curve. Interns bring aboard fresh perspectives to combat stagnant thinking.
2. Delegate, delegate, delegate
If you’ve worked with a coach you’ve heard the word “delegate” before – and probably more than once. In fact, it’s listed three times above… Advisors tend to overwork themselves and take on too many tasks. Take a look at your to-do list. How many of those items could you delegate to an intern? They might even do those tasks better or faster than you. Executive business coach Tammy Breitenbach explains why delegating tasks can free you up to focus on client relationships.
3. Measure ROI
ROI is commonly known as Return on Investment, but in this instance, we also mean “Return on Intern.” Yes, hiring an intern is usually cheaper than hiring a full-time employee. (We do recommend compensating interns.) But more than saving you money, interns are useful assets when it comes to working on special projects. These are special projects that might increase productivity or improve areas of your firm, but might otherwise sit on the backburner.
Think about the CRM you’ve purchased but haven’t implemented, your firm’s social media platforms that need content, and passion prospecting events that need to be planned and executed. Before you hire an intern, create a plan for them. What do you want their main tasks to be? You know the old saying: A failure to plan is a plan to fail.
4. Allow for growth
You have to let go to grow. One of my favorite managers introduced this bit of wisdom to me. Apply this concept to your entire staff – what are some of the tasks in the office that are weighing down your current team? Or do you have a team member perfect for mentoring or managing, but you aren’t quite ready to hire an additional full-time role? Hiring an intern is an excellent way to free up others in the office to grow and focus on their most valuable tasks.
5. Think to the future
Internships are a great opportunity to help newcomers in the workforce – and develop effective employees for the future. It’s also a great way to vet a potential full-time hire for down the road. Get a head start on hiring an intern for the summer, as the best candidates are looking now. Interns can serve many purposes in your business, so think outside the financial box when hiring. Potential candidates could have a marketing, business or even an IT major.
Remember, interns can bring a unique and fresh perspective to the table. They could be just the thing needed to jumpstart that special project and enhance your firm.
If you need help implementing an intern program, or want direction on other initiatives that could take your firm to the next level, Carson Coaching might be a great fit for you. Coaches provide the accountability and encouragement you need to improve your practice. Learn more by clicking the link below.