Family Office Rotation
About
The Family Office division of Parkside manages the portfolios of high-net-worth individuals through security trades and financial planning for future needs. The Family Office includes analysts, coordinators, advisors, and associates. The advisors work with a team of Parkside employees to provide to highest quality of work for each client. It has been ingrained in the Parkside philosophy that every client feels a personal connection to their advisor. Shadowing the analysts for three weeks gave us a unique look into the industry of wealth management.
Anjali and Cameron (1st rotation)
Tasks:
XLR8 Entity and Contact Cleanup Project
Account Beneficiaries Cleanup Project
401(k) Misusers Project
Colorado Law Research
Entered 2022 Tax Returns in XLR8
Updated missing securities classifications daily
Sat in on client pre-reviews and post-reviews
Experience
Anjali Yadav
The three-week family office rotation has exposed me to unfamiliar facets of the finance industry and provided me with real-world experience and learning. Cameron and I went through this rotation and got to experience how wealth management looks on the analyst side. Under the guidance of my mentor, Christine, I learned a lot: I watched her place trades, rebalance portfolios, attended biweekly analyst meetings with her, and more. One of the most interesting things I got to experience was the client review process; Christine showed me everything from the pre-review with an advisor to the Monte Carlo analysis used in a financial independence model to the final product that a client sees. While deciphering the 50-page client review, I learned about the many factors that play a role in financial planning, such as umbrella insurance for homes, the different trust accounts, how estate taxes work, loss harvesting, retirement accounts and their benefits, and more. This provided me with a deeper understanding of the meticulous work and insight that goes into financial planning and client recommendations. In this rotation, I also got to work with, learn from, and watch what Cameron’s mentor Drake and another analyst, Quin. Drake showed us what a prospective client solution looks like, and Quin taught us how to classify assets. We applied what we learned to many projects such as contact entity clean up, beneficiaries clean up, tax returns, 401k misusers, daily security classifications, and more. The analyst team made this experience fun; Cameron and I had a great time hanging out, chatting, and joking with analysts on the 2nd floor in Christine’s pod or Drake and Quin’s “T” (Cameron gave their desks this nickname). Overall, my experience working with Christine and other analysts in the Family Office rotation was immensely enjoyable. Gaining knowledge and insights from these talented professionals was not only valuable, but also so much fun!
Cameron Thomas
For my first three weeks at Parkside, I got to get immersed in the Family & Trust Office for my first rotation and it was an amazing experience. I experienced this rotation with Anjali and while we went throughout the weeks, we had the opportunity to learn the intricacies of the whole analysis process behind crafting complex reports and reviews for prospective clients and current clients. In this rotation I was introduced to many different tools and resources that aid in the daily operations of ensuring that portfolios and trusts are balanced properly, understanding the many types of insurance that are available, learning about the various entities that are available to position assets for maximum returns, and a whole list of acronyms. An awesome opportunity I enjoyed was that we were tasked to complete a variety of projects from understanding and rectifying the different types of 401k models, learning the aspects of information holding systems while aiding in the implementation of new categories or processes to expedite data entry, and learning how to classify all the different financial instruments traded on the market and digging into what comprises them. During this experience, I was paired with Drake and it was fun because we got to know, learn, and make inside jokes with each other. Even though Anjali and I were paired with a specific mentor we connected with the other analysts and it led to open conversation, constant jokes, and many impromptu learning sessions on every aspect of the TFO office. This was a great rotation and I enjoyed my time.
Graham and Jessie (2nd rotation)
Tasks
Asset Allocation Project
401(k) Participation Project
Money Link Project
Colorado Law Research
Entered 2022 Tax Returns in XLR8
Updated missing securities classifications daily
Sat in on client pre-reviews and post-reviews
Experience
Graham Johnson
Throughout my three weeks in the Family Office rotation, I was given the unique ability to see how analysts and advisors prepared for client interactions and how much effort was put into assisting the client with understanding the world of financial planning. I really enjoyed observing the day-to-day work of the analysts along with the workplace relationships between coordinators, analysts, and advisors. The Family Office constantly works together and inspires collaboration on all projects, and no one is discouraged from offering insight on a task whether they are assigned to it or not. The knowledge that I took away from the second rotation not only helped me understand the professionalism of working in wealth management, but also taught me how to handle my personal finances. Working with Austin, Drake, Quin, and Katie allowed me to observe aspects of wealth management from classifying securities to pre-reviews and trading securities. I really enjoyed being exposed to the thought process behind helping a client realize their financial goals. It was very interesting to see how even though clients had similar goals every experience was unique and built its own path to assist them.
Jessie Deutschmann
During my time with the Family Office team, I learned about the responsibilities of a wealth management advisor. The team advises our clients in approaches to ensure they achieve their financial goals including assisting them in choosing investments and planning for their retirements. I enjoyed seeing how passionate the team is for every client and how they strive to help each client succeed with their financial goals.
The Family Office analysts, Katie, Austin, Quinn, and Drake taught me their roles in assisting the advisors in clients' financial planning. Parkside is unique as all employees’ opinions and ideas are equally valued, and they share the same end goal by working together to guide their clients in the best possible way. Some of my favorite moments include observing my mentor Katie make daily trades and sitting in on pre and post-client reviews. Overall, I am thankful to Katie and the TFO team for showing me a better insight into the world of wealth management.
