XY Planning Network created a virtual internship program to help financial planning students whose internships were canceled amid the coronavirus crisis.
The new program will help those students whose college internships were canceled fulfill internship requirements, XYPN said. For many of those students, the cancellation or postponement of their internships threatened their ability to graduate on time, XYPN said, noting the group of students included aspiring financial advisors “eager to help Americans navigate a looming recession.”
XYPN’s virtual internship program “connects derailed college students seeking internships with firm owners in the Network’s 1,170+ advisor community,” it said. Participating advisors will get training and a “framework for executing a productive internship program in a virtual format, including appropriate responsibilities for interns that can provide a meaningful positive impact on the business in a virtual format, an onboarding plan, templates to get them into action quickly, and more,” it said.
Participating advisors have to commit to offering only paid internships, to make certain that “students from all walks of life have a chance to advance in their careers,” XYPN said.
“With the median age of an advisor at 50-something and increasing each year, the financial advice profession is in desperate need of up-and-coming next-generation talent,” according to XYPN CEO and co-founder Alan Moore.
“The inability of many advisory firms to adapt to a virtual work environment and instead cancel internships of students graduating with degrees in financial planning is disappointing to say the least,” he said in a statement. “XYPN advisors will give them a meaningful opportunity to see what real financial planning entails, and support the development of a pipeline of talented fiduciary advisors that will benefit the industry at large,” he added.
“From its very beginning, XY Planning Network has embraced the use of technology and the delivery of financial planning virtually, for those clients who are seeking the best advisor to solve their problems, regardless of the advisor’s location,” according to XYPN co-founder Michael Kitces.
“The fact that XYPN advisors already frequently operate location-independent virtual firms makes them uniquely well-suited to quickly implement virtual internship programs for CFP program college students seeking new internship opportunities,” Kitces added.
The new program is also a “win for XYPN’s advisors themselves, who serve clients in their 20s, 30s, and 40s, and are facing unprecedented demand for their expertise in the wake of a global pandemic and its widespread economic and employment ramifications,” it noted.
The program was designed as an “internship in a box,” providing XYPN firm owners the ability to gain additional staff capacity quickly, “with little friction, to meet their increasing demand,” it said.
Students whose internships were canceled due to the pandemic, or who are looking to secure an internship for the first time, can visit www.xyplanningnetwork.com/internship-talent-pool.