| As we finish out the month of July, we also conclude our 2023 Summer Internship Program. One of our favorite things about this time is seeing how our interns grow from the beginning of their time with Apriem to the end. We wanted to take time to share their takeaways with you all.
Please note, tomorrow July 28th, Apriem Advisors will be closing at 1 pm for a team outing. |
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2023 Summer Internship Takeaways |
| Liz Gieser |
| My experience at Apriem has been extremely helpful for my learning and growth because there is only a certain amount that can be taught in the classroom. I was excited to learn more about the stock market and wealth management by being exposed to real-world scenarios. Analyzing various companies and understanding the physiological factors of saving and spending patterns has been extremely enlightening. Overall, my experience here at Apriem has greatly surpassed my expectations. I appreciated the structure of the internship. Each day was beneficial, as the employees at Apriem kept us busy with purposeful tasks to enhance our learning. It was a great opportunity to shadow the four different departments at Apriem, as well. Understanding the specific roles of each department helped me understand how each department contributes to the health and success of Apriem as a whole. Various psychological factors play into spending tendencies. Apriem recommended we read the book The Psychology of Money by Morgan Housel. This book has been extremely helpful in altering the way I look at finances and investing. There are many factors that financial planners and wealth managers must consider when helping clients manage wealth that have less to do with money and more to do with the mind. This internship has helped to reaffirm my desire to pursue a career in financial planning. The knowledge and skills I have gained have been extremely valuable as I continue to investigate the trajectory of my career. |
| Kevin Wax |
| Coming into this internship, I wasn’t sure what to expect from it. During the first week, we wrote about our expectations in a blog post for Apriem. I established and elucidated my expectations there. Little did I know the following six weeks would blow my expectations out of the water. Our internship was broken up in a similar structure to how the Apriem team is organized. Our first experiences were with the financial planning team where we learned primarily about financial planning and personal finance. Our project for them was to create our own financial plan in the financial planning software. We then spent time with the investment team where we learned about investment management and making sure each client receives investment services to go along with their financial plan. We had multiple projects revolving around investment decisions of individual stocks, bonds, ETFs, and alternative investments. We then spent time with the client services department where we learned how to utilize client relations management software, and how they elevate the Apriem experience. My biggest takeaway from this internship is that I am now certain about the industry and the type of work that I would like to pursue. Prior to this internship, the source of my financial knowledge was solely in the classroom or online. I simply wasn’t sure if my interest would be applicable to the real world. The internship at Apriem allowed me to learn in an environment of constant focus on the financial aspects of the real world and how knowledge is used to make financial decisions. As a result, I noticed my interest in finance increasing exponentially every day during this internship, which was great! Watching the application of financial knowledge and expertise being utilized in a firm’s everyday operations was one of the main things I tried to pick up on every day at Apriem. This internship has changed the way I think about finance not only as a subject but also as a way of going about life. Since the internship, I have been reading increasingly more when compared to my previous reading volume. This increased diligence has not only affected my reading schedule but also my general interest in finance. This is attributable to the website, podcast, book, and news recommendations by members of the Apriem team. |
| Brendan Harley
Coming into this internship I didn’t know what to expect, however the holistic learning of the program went beyond my imagination. Getting firsthand finance knowledge in a small firm was invaluable. My experience was wonderful as I was able to get exposure to all parts of the wealth management business and even learn from outside professionals. I really enjoyed visiting a private equity firm and working with the investment team. My knowledge of the financial markets increased tenfold due to the knowledge of Apriem’s investment team. Having more tools to track the market and performing analysis on funds are fun and practical ways to stay informed. I always thought when it came to investing that having the highest returns no matter what was always the goal. However through my time at Apriem and their client forward perspectives, I learned it’s more about finding the right strategy to increase clients assets while decreasing volatility. This small change can mean a lot for someone looking to retire or in their advanced years. The care Apriem has for its cilents can be seen across all departments. |
| Chance Ducote
Going through the program I didn’t have any set expectations mostly because I didn’t quite know what the role was going to be. I would say I am very happy that I did the internship because I have learned about real-life situations that a classroom can’t teach anyone. The terminology commonly used in this industry was starting to click during the length of the program which can be the most challenging. My personal experience of the internship was to have some exposure to the four different departments of the firm and try to understand which I felt I had more interest in. I have learned the ins and outs of trading, wealth management, financial planning, and client services. The biggest takeaway I have from this program is the importance of retirement plans and how to invest in them at a young age. The longer you wait the harder it is to take risk and allow your portfolios to grow the way you may want. Having a plan helps all aspects of life from financials to day-to-day activities because it takes away the stress one gets from dealing with money. I used to think as most do at my age that investing shouldn’t be a priority in your early 20s because you don’t have many assets or expenses, however this is the best time to start investing because you don’t have very many liabilities. I have grown in my knowledge of how I should apply for jobs out of college and the easiest way to succeed is having connections. |
| Market Update
This morning, the latest GDP report showed continuous healthy growth in the US economy. The positive economic report, combined with robust earnings from various companies, has fueled the upward trajectory of stocks. Conversely, bond yields have increased in response to the optimistic economic news, as there is a possibility of higher interest rates being implemented. In the energy sector, oil prices surged to roughly $80 today, driven by renewed optimism about Chinese demand and global economic growth. Despite all the good news, the market is still digesting the Federal Reserve’s decision to increase rates by 25 basis points and the potential for further rate increases. For the week, the S&P 500 and Dow Jones Industrial Average are up 0.07% and 0.16%, respectively, while the Nasdaq was slightly down 0.09% as of today’s close. |