Family Office Rotation
Family Office Fun!
Parkside’s Trust and Family Office analyzes and manages portfolios to build and protect client’s wealth. We shadowed Analysts while they worked as a team with Advisors to build semiannual Review packets for clients. We had many learning opportunities in our three week Family Office rotation through one on one meetings with our mentors, pre-Review meetings with both Advisors and Analysts, and sitting in on the Analyst huddles each week to address any issues the team may be having. We had a great time learning from Parkside’s Family Office and getting to know each member of the team.
Projects/Activities
Bond Market Update Meeting
T. Rowe Price Artificial Intelligence Discussion
Classifying New/Missing Securities
Lunch with the Analysts
Shadowing Pre-Review and Post-Review Meetings
Tax Return, 529, Social Security, and Allocation Models
TFOCC Meetings
Record of 729 Gift Search
Our Experience
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Our three weeks spent in Parkside’s Family Office were eye-opening; I learned about the complexity and breadth of services provided to clients, investment strategies, and how collaboration is vital in running a well-functioning team. My mentor, Katie, deserves a huge shoutout for being supportive of me while working on projects, but also answering all of my questions. From lunches with the analysts, to the L10 meeting, it was clear to me how communication is vital to the Family Office team. Getting to shadow my mentor as she placed trades on a client’s behalf, the attention to detail that the analysts put into each client was obvious and impressive. Katie, Quin and the other analysts went above and beyond helping us and making sure that we understood everything including taxes, financial independence models, and even education funds. Additionally, I appreciated seeing how Parkside commits to furthering the knowledge of their analysts and ensuring that everyone’s education continues while working by pushing certificate programs, trainings, and conferences. Overall, my weeks spent in the Family Office solidified my interest in pursuing Wealth Management. Thank you to Katie and Quin for being amazing mentors to Andrew and I!
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My three week rotation with Parkside’s Family Office department was an amazing introduction into the industry of wealth management. A big reason that this rotation went as well as it did was the mentoring aspect that Lexi and I had access to—Quin (my mentor) did an incredible job of introducing me to the roles of an analyst while also being available for any questions I had. Some of the most enjoyable parts of these past weeks were simply sitting with Quin and talking through the work he was doing; I particularly found sitting in during the pre/post review process to be very beneficial from a learning perspective. Although we didn’t get as much “hands on” work for the more important tasks, being able to participate during important conversations and meetings gave me a much deeper understanding of the roles of an analyst and the wealth management industry as a whole. I also really enjoyed getting to know the rest of the Family Office team—everyone was super kind and more than willing to answer any questions we had.
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If I had to describe the family office rotation in one word, it would be edifying. Every day I was learning about something new. I greatly appreciate my mentor, Austin, and the other analysts that took time to explain new tasks to me consistently and teach me all about the family office services that Parkside offers. Before the internship, I thought that the family office side of Parkside only dealt with asset management, but Parkside also adds value for clients through other services like financial, retirement, and tax planning. I really enjoyed sitting in on pre-review and post-solution meetings to experience how an advisor manages his or her relationship with the client. Furthermore, my favorite part of the rotation was participating in the analyst work that goes into creating a solution packet tailored to the client. My knowledge of tax law and investing improved drastically over the course of this rotation. After experiencing the family office side of Parkside, I definitely have a newfound interest in wealth management and the various types of investments that I’ve been able to learn about.
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My time spent in the family office kept me constantly on my toes and ready for whatever was thrown at me next. Because of the wide variety of solutions Parkside offers to their clients, the projects we had the opportunity to work on continued to teach us something new. Coming to Parkside as a new intern in May, I knew there was an interest in wealth management inside of me. What I didn’t know was the encompassing and comprehensive nature of Parkside’s family office. Unlike many wealth management firms, Parkside’s services include asset and portfolio management, income tax planning, risk management, education funding, trust services, etc. With Christine as my mentor, I was able to dive into all aspects of the family office and see firsthand what a career in private wealth management might look like. Christine and all of the analysts made a huge effort to include Evan and I in on whatever they were working on- whether it be making trades, running financial independence and education funding models, or creating solution books for prospective clients.
Christine, Caitlin’s TFO mentor, demonstrating how to run and interpret Monte Carlo simulations to help financially prepare clients for retirement.
