How will you screen candidates?
We’ve partnered with Advisor Business Solutions to assist with the matching process. They will screen the candidates and conduct an interview with each firm to discover their specific needs. The process is similar to hiring a recruiting firm for a permanent hire. Each participating firm will receive a cross-section of candidates to interview for the best fit. The participating firm will be responsible for interviewing each candidate and conducting a background check on the intern you select.
What is does the timeline look like?
Applications open on October 3 through December 31st. The matching process starts on January 3rd, 2023. Our goal is to have everyone matched and offers extended by the end of February.
We believe the fee-only business model reduces as many conflicts of interest as possible. All co-founders are fee-only and we want to bring more awareness of this model to Black and Latinx communities.
We wanted to make sure that interns have access to real financial planning, not just sales or portfolio management. Requiring firms to be fee-only improves our chances of doing this.
What does it cost to participate as a firm?
In order to provide a high-quality matching process and ensure the financial stability of the BLX program, we ask that participating firms contribute financially. Contribution levels are based on firm size and the number of interns firms are looking to place. The contribution levels range from $1,500 - $10,000+.
When will the internship officially start?
The formal kickoff date aligns with a normal summer internship schedule. After interns are hired by a firm, it is up to the two parties to decide on the best start date.
Why not open this program up to other minorities or populations?
Given the backdrop of George Floyd’s death and in the spirit of the Black Lives Matter movement, we believe now is the time to take action focusing on the Black and Latinx populations. The stats are staggering. According to the CFP Board and the US Census Bureau, only 3.8% of CFPs are Black or Latinx, while these groups make up over 31% of the demographics of the US.
In future years, we may expand the scope of this program to include other groups. We can apply the “X” of “BLX” to include other marginalized groups.