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My Summer Internship at Private Capital Group

| August 28, 2020
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We hope this communication finds you and your family well. 

 
At the end of 2019, Private Capital Group embarked on a new initiative to recruit two talented and driven college students to partake in an exceptional professional experience as we created the first structured Summer Internship Program. After receiving many applications and conducting rounds of interviews with qualified individuals, PCG hired two standouts, Haley Carangelo and Domenico Cirielli. The original Summer Internship Program was designed to be 10-plus weeks of in-depth, first-hand exposure of working in the real world of Financial Planning, Estate Planning, and Wealth Management. When the coronavirus pandemic caused shifts in business operations across the globe, PCG was determined to continue its business and its promise to deliver a top-flight working experience to the individuals who earned the internship roles. The PCG team worked thoughtfully to transform the program into a six-week, fast-paced, information-packed, hands-on, learning adventure in the “new” virtual workplace. We are proud to have had both Haley and Domenico join us for the summer and we are certain each has a bright future. Both Haley and Domenico wanted to share their experiences this summer at PCG. They are inspiring to us and we hope you enjoy reading!

 

My Summer at Private Capital Group by Haley Carangelo 

 

The summer of 2020 came with many uncertainties as the pandemic began to impact future plans that were once set in stone. Hearing from friends that many of their internships were cancelled or postponed to the following summer left me with doubt that my first intern experience would be halted as well. Fortunately enough, however, I was contacted by Ben Kille and Christopher Izmirlian, the creator of the PCG internship program, shortly into the start of summer who happily announced that PCG would continue on with their internship as an online condensed version of the original program. Starting July 1, I embarked on a 6-week rotational internship program in which me and one other intern, Domenico Cirielli, had the opportunity to lean the ins and outs of the wealth management industry.

     

 

The internship consisted of three rotations: CSA/operations, financial planning, and portfolio management. And to keep our time productive and educational, Dom and I were assigned various projects along the way which allowed us to acquire new skills and gain knowledge about the industry. Danielle Chouinard, the Senior Client Service Associate, quickly took us under her reigns to present the overall layout of PCG’s operations/customer service team. It was a great opportunity to learn about the various computer software systems that PCG uses to hold client information and complete client requests. Within a day of introduction, Danielle assigned us our first project to gather data on client characteristics which would be used down the line for our final client segmentation presentation. The rotation continued with additional assignments to keep us engaged and busy as the internship progressed. Soon, Dom and I were working under Amy Miller, a financial advisor, for the financial planning rotation. Amy provided extremely informative information regarding her role as a financial advisor and what her typical workday looks like. She educated us on the efficiency of Emoney, a platform that stores all client information and is often used in client meetings to summarize the client’s finances in both balance sheets and cash flow statements. Out projects entailed a range of analysis using data provided on Emoney, as well as, learning the allocation of assets within each investment risk level and the asset classification of numerous accounts. The third rotation focused on investment portfolio management as Matthew Pranaitis, an associate advisor and investment manager at PCG, taught us the important uses of the Envestnet software by walking us through some of his daily tasks as the investment manager of the advisors. His youth in the industry also gave us a great insight on what we should be pursuing now in our education to further establish our self in the wealth management industry once out of college. It was an amazing opportunity to hear his advice and learn about the future of financial advising and investing.

 

What I learned at Private Capital Group was immense, and that was just a brief explanation of the many new skills and knowledge I acquired while working here. However, it was also only a small portion of the positive impact PCG had on my perspective of the financial advising industry. Private Capital Group exists to take care of their clients and create long lasting relationships. They strive to develop a wealth plan that meets their client’s needs and desires. Private Capital Group’s relationship with a client goes beyond the financial statements, investment portfolios, retirement plans; it’s about listening to their client’s stories, establishing trust, and creating a sense of safety for their future financial desires. Their dedication to having a positive impact on the community encouraged Dom and I to volunteer at a local organization, Healing Meals, to help garden, harvest, and prepare meals for individuals in need. Private Capital Group is made up of an amazing group of individuals and I am so thankful I was able to be a part of the PCG community for this short time. I will take the new skills and knowledge with me to college, but I will remember the kindhearted and supportive atmosphere of PCG forever.

 

Feel free to contact me for any additional information on the internship process! 

Phone number: 860-604-3976 

Email: hcarangelo@falcon.bentley.edu 

 

My Summer at Private Capital Group by Domenico Cirielli 

 

What does wealth management mean to you? Financial security? Profitability? Rigorous investments? All viable options, but at the end of the day, wealth management is so much more than a company’s ability to grow a client’s wealth. I think back to my first-round interview at Private Capital Group, reflect on the experience I had this summer and suddenly the answer is clear – peace of mind.

 

     

I think that I speak for most, if not all, when I say that 2020 has not been the simplest of times. The main culprit – COVID-19 – an invisible enemy that has crippled economies, left millions unemployed and forced almost everyone to redefine their lives. I was definitely not immune to hardship during these trying times; however, I was fortunate enough to have had a company committed to providing me a premier internship experience. Three rotation periods and six weeks later, I can truly say that I have not only fostered a passion for the industry, but also passion for the client. I have come to understand that wealth management is so much more than the performance of one’s portfolio or investments – it’s about connecting with individuals. It’s about showing you care for them, their lives, and their plans for the future. It’s about seeking to understand their needs, not aimlessly selling an investment solution. While I trust many are content with the services PCG provides, I do not think that that is due to its success in terms of generating large returns. Rather, PCG seeks to provide a client experience centered on trust, understanding and transparency. Truly unique in its approach, Private Capital Group provides what everyone wants as the end of a long day – peace of mind.

 

I could not be more grateful to have been part of such an amazing team and look forward to keeping in touch with the PCG family! 

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Private Capital Group, LLC (“PCG”), or any non-investment related content, made reference to directly or indirectly in this communication will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Information contained in this communication is based on data gathered from what we believe are reliable sources. It is not guaranteed by PCG as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions. Further, you should not assume that any discussion or information contained in this communication serves as the receipt of, or as a substitute for, personalized investment advice from PCG. To the extent discussed herein, investment indices are unmanaged and cannot be purchased directly. Historical performance results for investment indexes and/or categories are included for informational purposes only and generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment-management fee, the incurrence of which would have the effect of decreasing historical performance results. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the US stock market. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing.  PCG is neither a law firm nor a certified public accounting firm and no portion of the communication should be construed as legal or accounting advice.  A copy of the PCG’s current written disclosure Brochure discussing our advisory services and fees is available upon request.
Please Note:  If you are a PCG client, please remember to contact PCG, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  PCG shall continue to rely on the accuracy of information that you have provided.
If you do not want to receive further editions of this newsletter, please contact Private Capital Group at 860.561.1162, or e-mail: privatecapitalgroup@pcgct.com, or write to us at Private Capital Group, LLC, 29 S. Main Street, West Hartford, CT 06107.
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