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
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!