MADISON, Wis.–Three college students who were part of an initial cohort of interns in a nationwide program to bring greater diversity to financial advising inside credit unions say they would definitely now consider a career in the field and, specifically, within credit unions.
And that was exactly the objective when CUNA Brokerage Services (CBSI) announced the initiative in February of this year, as CUToday.info reported here.
At that time the company said it was reaching out through its Multicultural Advisor Growth Strategy to historically Black Colleges and Universities (HBCUs) and Hispanic Serving Institutions as it sought students to be summer interns to become part of a more diverse group of candidates who may have never considered a career in financial services.
In addition, the company said it was also to help fill a void being created as older advisors retire.
When the initiative was being introduced, Robert Comfort, president of CBSI, said the objective was to provide mutual benefits for both CUNA Brokerage Services and for people of color looking to get into a field that has not traditionally been seen as a career option.
In all, 18 students participated in the program this year. CUToday.info spoke with three of them in different parts of the country during a video call in which they shared their experiences, what they learned, what their future plans are now, and more.
The Participants
The three interns who shared what the program has been like include:
- Pitch Taylor, a student at Liberty University majoring in accounting with a minor in business who interned at Keesler FCU in Biloxi, Miss.
- Abram Fabela, a student at the University of Wisconsin, who majored in personal finance and who interned at First Credit Union in El Paso and who is now in a full-time position with the credit union in Phoenix
- Iyonia Hollie, a student who majored in finance at California State University-Long Beach and who interned at Citizens FCU in Columbia, S.C.
Here’s what they had to say. Editor’s Note. Some of the quotes below were slightly edited for clarity.
CUToday.info: How did you hear about this program and how did you respond?
Hollie: I heard about this opportunity on Indeed. I was just looking for internships. I didn’t really quite understand what it was about but I knew I needed to get an internship and I knew I wanted to get into the financial field, so I went for it.
Fabela: I actually went to an internship panel for the multicultural financial services (program), where they were recruiting. The first webinar with CUNA is where I heard about it. They always came to my school and I had heard about the good reputation of the company. I thought this was a good opportunity. I applied the next day. And they put me in El Paso, Texas.
Taylor: I learned about it through Google. I was Googling which internship I would like, and when I found out about the multicultural financial internship I got interested in it, being a minority. After learning that CUNA is encouraging inclusion, that really sold it. Also, I did not know in which financial industry I would like to work, so I chose CUNA (internship vs. an accounting position).
Iyonia Hollie
CUToday.info: Was it something that you had to be sold on, this idea of a career in financial advising, or did it appeal to you from the beginning?
Hollie: It appealed to me. I’m new, I wanted to do something along the lens of this internship, but I couldn’t really put into words what I would call it or how to search for it. It was kind of cool I came across the opportunity, because I didn’t come across a lot of opportunities similar to this one.
Fabela: From what I had seen in my major about a personal finance program, it appealed to me that they took the personal finance program and put that into an internship program. I thought, hey, why not take what you have learned and literally turn that into a skillset and then turn that into a full-time opportunity.
Taylor: I have been afraid to get out of my comfort zone. When I heard about the multicultural program I was expecting to meet a diverse group of people; that was the most important part to me.
CUToday.info: At the beginning of this program it was meant to be a pathway for people of color and for minorities to get into a field in which they are under-represented. Do you feel it has given you that pathway?
Hollie: I do. I didn’t come across a lot of opportunities in California like this. This industry being mostly white men, I felt like it has set me apart because a lot of people back home haven’t had this experience and they don’t have the knowledge that I have acquired. I do feel like it has prepared me for a profession in financial services.
Fabela: I really love the opportunity and how everyone from CUNA Brokerage Services took the time to develop and incorporate a diverse pipeline for financial advisors. I can see why they put me in El Paso, because I spoke Spanish, and this was a bilingual opportunity to help members navigate their finances in Spanish. From what I saw from other banks they never really had this opportunity. It was churn and burn. They put you in sales. And the credit union had more of a mission of people helping people. I love the program for that.
Taylor: After learning the ethical principles of financial advising, that it helps the client to reach their goals in the best interests of the clients, (including) diverse clients, it really serves the purpose.
CUToday.info: The plan originally was to put interns right into the field. What was your experience?
Hollie: I have been put into the field, for sure. I have been able to sit in on meetings as my lead financial advisor interacted with clients. I have been able to call clients to help with paperwork. I think I’ve gotten an immense amount of exposure to the field.
Abram Fabela
Fabela: When I was an intern with my old advisor, he taught me to read individual funds from conservative to aggressive, and how each client differs. He had me looking at different mutual funds that fit with each Roth IRA or retirement account. He wanted me to learn the ins and outs of what CUNA does to help its members. Seeing what would help them in their next financial stage is what excited me the most about the program. My advisor was engaged, kept me motivated, was mentoring me, but was also active in helping clients.
Taylor: I had a mix. The first week I was able to also sit down with clients while my advisor was also mentoring me. That’s what sold me on doing the exam in the very beginning, because he told me about the principle of financial advising. I have also done a lot of calls and paperwork.
CUToday.info: What do you feel you know now about finances in general that you didn’t know when you began the program?
Hollie: I didn’t know anything coming into it to be quite honest with you. I didn’t know about annuities or mutual funds, but I found myself on my lunch break calling my dad and saying, ‘Have you heard about this? You need to sign up for this.’ I learned so many new things along the lines of things like retirement accounts.
Fabela: I learned that every advisor has a different mix of products that they use. My old financial advisor offered a lot of standard life and annuity products. My current advisor is using a different pool of products for different clients. I learned that every client is different.
I used to not understand what annuities do. I learned there are fixed index annuities, fixed annuities, variable annuities, and learned how they are all different. With the Series testing I’ve taken I’ve learned they all have different rates and yields. I am still understanding annuities, but I’m starting to get a grasp of it.
Taylor: I thought (the terminology) just means one thing, but it doesn’t. Like annuities. In accounting we annuitize, meaning you have to pay monthly. Now, here in investments, you are being paid. With a hedge, I thought it was just for inventory, but here’s it’s just speculative. I was just blown away over how much the terminology in accounting and finance are the same, but it can have a whole different meaning.
CUToday.info: What do you feel most comfortable with now in giving advice on?
Pitch Taylor
Hollie: I would say I feel most comfortable with annuities.
Fabela: I feel most comfortable in talking about IRA accounts and retirement accounts. Right now, I am meeting with members and doing data gathering, collecting data on their finances, assets and liabilities, and then getting together with my lead advisor to talk about what types of funds (would fit a client).
Taylor: For me there isn’t anything specific, as the process is so intricate. But it’s investments in general. If you are investing $200 a month for 30 years at 8% you could be a millionaire.
CUToday.info: You must now have a much better appreciation, especially given that you are young, for what a difference it makes to begin financial planning when you are younger.
Hollie: I do. My main passion and why I love this business is I want to help others create generational wealth and I feel like this information I have now could make such a difference in someone’s life.
Fabela: In the program you see people coming into the branches and leaving with practical and actionable advice from advisors. It’s almost an active stewardship of people helping people.
Taylor: For me it’s the compounding of interest. I met one of my friends at the open house for my daughter’s school and I talked to her about the compounding of interest and educational plans, because we both have children.
CUToday.info: What kind of interaction did you have with members themselves? Did they want your input? Or were you just there to listen?
Hollie: For me it was mostly just sitting and shadowing the different styles my advisors would use. I would talk about me personally to make the experience more personal and so clients could get to know me.
Fabela: When I was an intern it was more about listening to the conversations and sitting in on meetings. Whenever my advisor at that time would go to print something or leave the office it was more of a personalized, get to know me a little bit ice-breaker. Where I’m from. What I do. Sometimes there was some advice from the member: ‘Be very good to this advisor, he's been very good to me.’ It was more about listening in.
Taylor: I always shadowed. But there was one time I did spend 30 minutes with one gentleman and we talked about Scotland. It was more about building a rapport. And I think there is a bond when the other person is also a minority.
CUToday.info: This program’s objective was to get more people of color and minorities into this field. Are you considering this as a career?
Hollie: I am definitely considering a career in this path. I could see myself doing this for years to come. But the greatest thing this internship has done for me is show me how much I do love the credit union business. I don’t know if I’ll do this forever, but I do see myself staying within credit unions.
Fabela: I have answered the question, as the good news is I am already at the credit union working with an advisor and am working on my series licenses. I love the work. The advisors have been coaching me on how to build connections with members and ultimately how to navigate the information well.
Taylor: This internship really opened up a door I didn’t know about. After learning about financial advising I have gotten interested. I am hoping to stay in this industry to move on and grow.