Lunch N Learns
Overview
The Lunch ‘n Learns were a unique or better yet ‘uncommon’ aspect of the Parkside internship program that fostered both learning and relationship development between the interns and full-time Parkside employees. They also allowed for exposure into some facets of Parkside that interns otherwise would not have during their 10-week program.
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We received great advice from both Allen and Andy – be professional, prompt, and follow up; there is more to building your network than just receiving, build it to help people too. We appreciated Allen describing the characteristics of an ideal Parkside client – engaged but doesn’t want to micromanage and pick everything out themselves, and lets Parkside do their job.
Allen explained the role of family office advisors very well and how Parkside differentiates itself from other advisors. It was clear to see how Parkside prioritizes the goals of its clients with multiple meetings annually. Additionally, Allen stressed how Parkside does not focus only on sales and commissions but instead on relationships with clients, which explains Parkside’s extensive client referrals and low attrition rate. Allen said that Parkside is “selling discipline” as the advisors want what is best for the clients and prepare solutions that will benefit them in their long-term goals. We learned so many new aspects of the client dynamic during the lunch that we did not initially understand about wealth management.
Andy approached our conversation of commercial banking from the ground up by explaining what the industry is and how it works, and then moved onto more Parkside-specific information. He also touched on the typical clients for his group, but Andy put a heavy emphasis on several areas of focus for commercial bankers—liquidity, credit losses, and people. Like Allen, Andy noted that commercial banking is very much a “people business,” and the development of strong relationships is something we should focus on as we enter our careers.
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Our Lunch N Learn with Ashley was super informative. Ashley taught us all about the compliance field along with what she does on a day to day basis. She told us about the trainings that she gives to other Parkside employees and how she adheres to the rules and reporting required of Parkside by the FRB, FDIC, and CRA. Her presentation was well formatted and tailored to teaching us, and she was happy to answer any questions we had throughout. Thank you to Ashley for an amazing and informative lunch!
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The Loan Lunch n’ Learn with Kinna and Karen was so informational! We learned about the processes at the front and back end of loans and the internal and external responsibilities of the Loan Committee. Additionally, we enjoyed hearing how Karen’s team interacts with the customer and then Kinna’s team picks it up and provides quality and assurance to the transaction. We enjoyed learning about how the team goes through great lengths to make sure that the loans they lend are being used for their intended purposes and how the team secures collateral in case the loan is being misused. Kinna and Karen are great role models for Parkside’s network. As both talked on their interactions with the Lenders, it became apparent just how amazing these ladies are!
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Later in the summer, Matt and Austin took us through a very informative presentation on investing, which was very helpful. We appreciated their approach because they explained everything in a much different way than how it’s explained in our classes at school, which deepened our understanding of investments and investment strategies. Matt and Austin stressed the importance of spending time in the market rather than trying to time the market, using very convincing statistics along the way.
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Our lunch with Samantha and Meredith was so much fun! We went to Louie's Wine Dive and talked over some delicious food. We were able to talk about our personal lives and create deeper bonds amongst one another and with Meredith and Samantha. While at Louie's we compared and contrasted our first couple of weeks in our new rotations and each said something that we were looking forward to for the second half of our time at Parkside. We appreciate the Human Resources team for taking us out to lunch!!
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We really enjoyed our conversation with Melissa and Amy as they touched on their roles and experiences in bank operations and client services. We found it very interesting to get two different perspectives on Parkside: Amy touched on her experience watching Parkside grow over the years, and Melissa pointed out several reasons she enjoys the culture here compared to larger banks. Additionally, both Melissa and Amy spoke about their role in dealing with fraud, and it was interesting to see how their two groups worked with one another. Overall we thought this was a very enjoyable conversation; Melissa and Amy were super nice and great to talk to.
Parkside’s outstanding company culture has been pointed out in many of our meetings, but Melissa did a great job of explaining why Parkside is so “uncommon,” compared to larger banks she has worked at. Lunch with Melissa and Amy was great!
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We enjoyed a delicious Chipotle lunch with Brian and Dave while discussing and learning about 401(k) advisors and the kinds of client relationships that come with it. The biggest takeaway or piece of advice we learned was to first, start saving now, and second, let the market take its course. Don't pull out of the market when times are bad because you will likely miss its rebounds (which tend to be some of the biggest and most lucrative days). Parkside’s 401(k) office sets itself apart from competitors in many ways, most importantly by taking a more personal and educational approach. Parkside takes the time and effort to explain to and advise individual employees at the client’s company the best way to manage a 401(k) plan for yourself with what your employer offers.
Dave and Brian mentioned that they use the benefits of Parkside’s Family Office partnership with ACG (Asset Consulting Group) to carefully select and pick funds that employers (and their employees) can later pick from for their own individual retirement plans. Parkside offers different plans for everyone, whether it's the kind of client that wants nothing to do with their 401(k)-plan management, so they can opt for a less hands-on plan like a Target Date Fund, or one that would rather individually select each fund themselves.
Brian and Dave did a great job of describing 401(k) services from their perspective as well as our perspective of entering the workforce soon. They explained how Parkside is unique in offering dedicated 401(k) advisors, unlike many other banks that have general wealth managers advising on 401(k)s. We learned how Brian and Dave choose certain funds to be available for 401(k) participants and customize 401(k) plans using risk models and target date funds. Furthermore, Dave and Brian gave great advice on contributing to a 401(k) when we start our careers. This Lunch N’ Learn taught me the importance of seeking out an employer after college that offers attractive retirement savings programs, such as 401(k) matching. It was also interesting to see the value that Parkside has over other 401(k) service providers. For example, Parkside takes no commissions or revenue sharing from choosing certain funds, gives educational talks, has a dedicated 401(k) team, takes on more risk for clients than many other banks do, and had advisors that are always available for individual 401(k) participants to consult.
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During the Treasury Management Lunch & Learn, Kelley and Mary-Cait walked us through the treasury and deposit services that Parkside offers to its business clients. We were especially interested in how Kelley and Mary-Cait’s team deal with the increased cases of fraud, such as providing positive pay and ACH blocks and filters. Furthermore, Kelley and Mary-Cait showcased the Parkside culture that we’ve seen so many times in our pervious Lunch & Learns. It was nice to see how another crucial part of the bank operates that we haven’t seen yet, portraying the importance of every division at Parkside in helping the bank run as a whole. Lastly, Kelley and Mary-Cait stressed how their roles allow them to be client facing every day, which is their favorite part of the job. We’ve noticed that many professionals at Parkside love their work because of the relationships they get to develop while helping clients improve their business or their personal finances.
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After reading A Random Walk Down Wall Street during our down time at Parkside, we had a book club discussion over lunch with Matt Harlow. Matt did a tremendous job at breaking apart the book into different sections and explaining the investment theories behind each section. We covered the history of the stock market and different speculative bubbles in the market’s past. Additionally, Matt walked us through technical and fundamental analysis, as well as risk and return. Finally, we discussed personal finance and the best ways to invest over our lifetime. It was also interesting to hear Matt’s personal opinions on investing and how that might differ with clients based on their risk tolerance and wealth needs.
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We had a great conversation over lunch about Alex’s and Sarah’s role as the marketing team at Parkside. Alex ran us through a detailed presentation on the different aspects of marketing that we’ve learned about in classes at college. Throughout the presentation, Alex and Sarah showed us how Parkside utilizes these marketing topics in practice to reach their target audience. We learned how the marketing team at Parkside focuses on promotion through different channels from digital marketing to in-person events. It was interesting to see the analytics behind an increasingly digital marketing world. Also, it was nice to see that a lot of marketing still occurs face-to-face at networking events. We noticed how creative Alex and Sarah must be to continuously come up with new ideas to promote Parkside’s brand. Additionally, we learned how marketing assists the bank and TFO divisions throughout the entire client relationship.
Our riveting discussion of A Random Walk Down Wall Street with Matt Harlow
