Trust/Family Office Rotation

The Trust and Family Office rotation was a well-paced, immersive experience that introduced multiple topics for learning and growth while also allowing the interns to do meaningful work that made a tangible contribution. Many of the areas of focus of the TFO rotation covered topics that are not necessarily common to learn in school and thus were excellent supplemental learning opportunities.

Client Solutions

Over the course of the rotation, we were able to collaborate with Trust & Family Office analysts to prepare “solutions” for clients, which feature a comprehensive snapshot of all the relevant financial information for specific clients. The tasks in this process included determining asset allocation and potential adjustments, designating amounts and other details for insurance products and retirement accounts, and reviewing estate documents. These processes were highly immersive and offered a great perspective of what all goes into the meticulous, careful dedication of effort that Parkside is able to put forth for their clients.

Estate Documents

One of the main ways that Parkside is unique in the banking and trust industry is the comprehensive nature of their provided services, one of which is their ability to assist in estate planning through detailed analysis and review of estate documents. As a Trust & Family Office Intern, we were able to dive in and review documents such as a Revocable Trusts, Durable Powers of Attorney, Last Will and Testaments, Irrevocable Life Insurance Trusts, and more. These types of reviews were excellent opportunities for us to immerse ourselves in the solution preparation process and to really get to know the nature of our clients’ situations.

Data Entry and Analysis

Early next year, Parkside will be switching to a new Client Relationship Management system. To help prepare for this transition and also to maintain and improve current records, the interns were given various tasks related to updating and analyzing data using various programs. This experience complemented the other areas of the rotation well as it proved to be a helpful way to familiarize ourselves with how financial records are kept and updated. We experienced a nice balance of guidance and room for our own ideas in terms of analysis and insights. In addition, we were able to complete projects that will actually be used for reference in the future.