JNBA Financial Advisors

With the help of the College of Business at Minnesota State University, Mankato, I was able to have the opportunity to intern at a financial advising firm. My experience is highlighted below!

This past summer, I was a financial planning intern at JNBA Financial Advisors. It is a Registered Investment Advisor Firm (RIA) and fee-only, meaning it has the fiduciary duty to always act in the client's best interest. They are located in Bloomington, Minnesota. At JNBA, their goal is not just to build a retirement plan, but to look at all six aspects of financial planning. This includes financial position, retirement and life planning, investment management, risk management, tax planning, and estate and legacy planning. They work with outside professionals and strategic managers, such as accountants and lawyers, to create this holistic plan. This helps the client get a real feel of what their future is going to look like. I learned so much about what the financial services industry looks like and how many different paths there can be in financial advising.

This was the first time that I was in a corporate setting. I did not know what to expect, so I was really glad I had another intern in the same situation as me. It was only her and I who were interning this summer, and we immediately bonded on the first day about how nervous we were. It made me feel relaxed that she felt the same, and also more excited that I had just made a new friend for the summer! I was excited to apply my knowledge from my classes at school, as I had just taken a retirement planning course the previous spring. I was nervous that I wouldn’t know anything, but they had told me not to worry, because they were not expecting us to know everything. I did watch videos on financial planning to prepare so that I knew the basics.

The major areas that I was responsible for during my internship consisted of a wide array of tasks. First, I was responsible for updating tax planning profiles, in which I would go in and add accounts on client's profiles along with adding the corresponding tax form that they would receive. I would write notes for client meetings using previous emails and tasks regarding Required Minimum Distributions. I also had to set up documents and graphics for the clients, which would state who their strategic partners are, HCD, POA, etc. I had the opportunity to sit in weekly committee meetings, which included the investment team, financial planning, client services, and engagement meetings. On a weekly basis, I would shadow a client services advisor or an advisor associate. It was interesting to see their day-to-day tasks. I was responsible for preparing client packets and generating summary reports for meeting prep. I would then walk through a meeting prep with the advisor and understand how the meeting agenda was formed. I received a lot of experience in the software they use, especially JNBA's CM that they use. I would kick off actions, update profiles, and look at notes on their CRM engine. I also had to do research for updating marketing articles with numbers from the year 2025 regarding contribution limits and tax brackets. The big project that I worked on throughout the summer with my fellow intern was a case study. We were given two example clients and their financial profiles. We were responsible for creating a planning priorities document, an executive summary which included the client's current situation and observations/recommendations for each of the six aspects of financial planning, which I listed above, a MoneyGuide Pro projection, a tax projection, and a social security analysis.

Our final step was to present it to two advisors, who will be acting like clients, curating a plan for them, and the core discipline committee. I was challenged with public speaking and also speaking with confidence. We were able to meet with advisors to ask any questions that we may have had. We did some trial runs, and the feedback that some advisors gave me was to not swing in my chair and to avoid saying the word ‘like’. I was eager to learn, and I truly appreciated this advice. This helped test the skills that I learned in my previous leadership experiences. I had to be able to apply the time management that I learned from balancing school and soccer. I also had to communicate consistently with my fellow intern because we would be trying to solve what the best solution was for the case. I’ve always had that “learner” trait. I sometimes fall into the path of being a perfectionist, but through this case study, I found it is a lot more rewarding if I value growth instead. I value the process of figuring something out, rather than always being right. There were a lot of times I didn’t know something and had to ask an advisor. I was able to set aside the fear of not looking like I have it all figured out, and truly just value learning. Lastly, during times when we were not busy with a project or meeting with someone, we were given the opportunity to work on the Externship.

The Externship is an asynchronous program where you are able to learn all about financial planning through real client meetings, new software tools, and learn from 50+ experts around the world, etc. It was exciting to get access to new software that JNBA did not use. The responsibilities I had in this internship were a wide range, but I felt like I got a feel for what financial planning is and the foundation for the career. There were a number of objectives that were given at the start of this internship, and I believe that all objectives were met throughout this summer. The first objective was to learn about the day-to-day operations of a fee-only RIA firm. This objective was met through shadowing almost every employee, which is about 40 people who work at JNBA. It was a super neat experience to see how people in the same role do their tasks a little differently. Being in the office every day of the week was nice to experience how often people come into the office and how they communicate with one another, just from observation. I really enjoyed being in the office because it gave me the real-life experience I was looking for. As I started to observe a fee-only firm, it really taught me to value professional integrity. By being a part of the day-to-day operations, I saw how every decision was made in the client’s best interest. This showed me how I value wanting to work in a place where doing the right thing for people is the top priority.

The second objective was to build meaningful relationships with team members through a robust mentor relationship. Throughout the summer, I was assigned a mentor, whom I would meet with about every 3 weeks, whether it was for lunch or getting coffee in the morning. I connected very strongly with my mentor, and I was able to gain so much insight into my career. She was a senior advisor who had a lot of experience in the field. It was nice to have a one-on-one meeting where I could learn how she got into financial planning, the characteristics that she works with in her clientele, advice on my future, and just learn more about her personally. I really benefitted from this experience, and I am so grateful to have gotten such a caring mentor. I learned how much humility, emotion, and strategic thinking were required in this role. As I reflected on the summer, this mentorship meant a lot to me. It truly brought out my value of human connection. I value a culture where people actually care about your growth and forming a relationship, and I’m not just another face in the office.

The third objective was to manage project work from multiple different firm disciplines (investments, financial planning, operations, etc.). I stated above, when I was talking about my responsibilities, that we had a lot of different types of projects from different disciplines of the firm. I never had an investment project specifically, but throughout the case study and dealing with asset allocation, it felt like it was like an investment project. On the other hand, I had a lot of operations, tax, and financial planning projects that I managed with my fellow intern. I learned how to balance multiple projects at once and how to decide what takes priority over another. I do wish we could have had a specific investment project, but I think that would be hard to create. I had a leader on every project who was able to answer any questions and provide guidance that I had, which was very helpful.

My fellow intern and I were also able to learn about the inner workings of client meetings. The advisor had to make sure it was okay with the client for us to join in on the meeting first, but it was an engaging experience to see how tools are used throughout the meeting to present to clients. I liked to see how the agenda was addressed and how advisors smoothly transitioned between subjects. I participated in various discipline committee meetings to learn more about each person's roles and accountabilities with the firm. In each weekly meeting, they would give an update on where they were at to complete their responsibilities, making sure the team is on track. I liked to see how each committee pulls its weight to reach the overarching company goal, and I really enjoyed experiencing that.

A goal of mine was to utilize JNBA's technology to the best of my ability. I reached this goal by spending a lot of time in Tamarac, MoneyGuide Pro, Junxure, and Holistiplan. It was so interesting to just click around and start understanding how things work. I was able to work efficiently after I got more familiar with the software. My academic training helped me a lot with interpersonal communication at JNBA. By attending networking events at school and talking to many types of professionals, I felt comfortable speaking with team members I had never met before and just being curious. The Stangler Initiative Modules helped me with office etiquette and made me feel prepared going into the first days. The environment in my office is business casual to business professional, so it was better to be overdressed. An academic course that I took last semester, Retirement Planning, helped lay the foundation of financial planning, types of accounts, and provided some experience with MoneyGuide Pro. This class was the most beneficial in relation to this internship because everything I learned in that class was discussed in the office. I believe my internship was the perfect balance of committee meetings, projects, shadowing, and the externship. I don't have anything that I would change. I soaked in so much information!

This internship has further solidified my interest in the financial services industry. I feel I have identified that financial planning is the role that I am most interested in. With being exposed to so many aspects of the firm, I feel like I have narrowed my interest down to becoming a financial advisor, which was a goal of mine. I want to build relationships with clients and help them reach financial goals, which would feel so rewarding. I asked a lot of questions and learned so much about each role that made me understand why I am so drawn to being an advisor.

Overall, it was so interesting to see how a team works together in a corporate setting and the trade-offs between leadership. Each role was so different. I noticed that everyone at JNBA was team-first, and everyone was very connected. It was interesting how everyone would advocate for what they thought in meetings and wouldn’t hold back if they disagreed. I think that creates a healthy environment and avoids the common ‘groupthink’ that can come about in some teams. I was constantly seeking feedback and mentorship, growing my leadership skills and networking. I am excited to hopefully transition into a full-time job in the business world, especially having this experience!