A Fresh Approach to Summer Internships

The financial services industry, like most others, is constantly adapting to the rapid pace of change brought on by new technology, new kinds of competitors and a new kind of client that consumes our services differently than any other generation we’ve served. So, when we began planning for our summer internship program at RBC US Wealth Management, we realized we also needed to adapt—and we decided to turn the program upside down. Instead of a traditional internship, we gave our 27 college interns at our Minneapolis headquarters a unique opportunity: to work side-by-side with executives on the firm’s business strategy.

Called a “reverse internship,” we modeled the program after reverse mentoring, a two-way approach where older executives mentor, and get mentored by, younger employees. Just because many of us have been in the industry for many years, doesn’t mean we still don't have a lot to learn! 

Our goal was to really tap into the talent, unique perspectives and brainpower of the young people who participated, while also giving them a better summer experience that they could really feel good about.

Our interns still held regular day-to-day responsibilities, but we also divided them into five “capstone” groups, with each group given the task of devising a solution to a business challenge or opportunity. These capstone topics included client acquisition strategy, communication strategy, intergenerational decision-making, financial literacy, and attracting new financial advisors—topics very important to our firm.

At the end of the summer, each group was asked to make a 20-minute presentation to firm executives detailing their recommendations. They definitely brought a fresh perspective to important issues and came up with many different, creative ideas!

Another important aspect of the program was the opportunity for us to really get to know the interns, and for them to get to know us. Throughout the summer, our interns also had opportunities to provide advice to executives on a more personal level, such as during a meeting or a discussion over lunch. Some conversations involved simpler topics, like internal policies, while more complex discussions looked to larger industry trends, including the question of how robotics or artificial intelligence will influence business in the near future.  

This turned out to be a truly enlightening experience for everyone involved! I look forward to seeing how we can incorporate their creative ideas and recommendations into our business.

I sincerely appreciate all of their input and enthusiasm, and I am confident they will have incredibly successful careers and lives.