For students seeking to major or minor in business at the University of Dallas, it is a school requirement to complete a 400-hour internship prior to graduation. There are no specific requirements as to what internships students should pursue, which can leave some students feeling overwhelmed by the multitude of options available.
One of the routes a student can pursue with a business degree is a career in the financial services industry.
The financial service industry is made up of different companies that help facilitate financial transactions as well as provide a service known as wealth management. A wealth manager assists normally affluent individuals in managing their money.
The wealth manager takes a very hands-on approach and normally curates each portfolio to each individual client’s needs with the help of a team of specialists in different fields.
Comerica Bank was founded in 1849 in Detroit, Mich. and has since grown to having offices in 17 different states as well as Mexico and Canada. Comerica has a set of core values that are used to guide company development. Comerica’s values begin with “why.” Why is Comerica here?
Comerica is here “to raise expectations of what a bank can be.” Comerica then focuses on the beliefs of the company. They believe in “One Comerica,” “The Customer Comes First,” “The Bigger Possible” and being “A Force for Good.” One core value statement is only three words: “Trust, Act, Own,” which can be interpreted as asserting that everyone can play a part in improving Comerica for customers and colleagues through accountability. The values conclude with their statement on delivery.
Connie Degler, executive vice president and national director of private wealth management, has given some of her time to discuss Comerica’s identity, Comerica’s involvement within communities nationally and what Comerica’s version of wealth management is.
Degler’s five-year goal is to double the wealth management division’s share of Comerica’s total revenue. Degler has already doubled net interest income growth in the time she has been with Comerica and described her plan for growth as “forward looking, client focused approach combining vision with legacy while upholding [her] company’s Core Values.”.
Degler contributes part of her success to Comerica’s team-based approach. Other banks’ wealth management divisions are more individualistic. A singular wealth manager builds a successful portfolio of clients through continued success for those clients.
This manager then hires specialists to assist with better designing and preparing the portfolios of clients. The clients are not so much attached to the bank in this instance but are rather attached to the manager and their team.
Comerica, however, hires an assortment of specialists in different fields to then build each team around every client’s individual needs, depending on what that client is looking to invest in.
For Degler, the process of wealth management always begins with the same first step: “Discovery.” Degler and her teams must know Comerica’s clients extremely well to maintain the quality of the services provided. This process of discovery begins by getting to know the client’s financial needs as well as their tolerance for risk.
Once this is achieved, Degler can then assemble the portfolio for the client. For Degler, the goal is the process, not product when it comes to creating a quality experience for each individual.
Comerica also actively encourages its employees to volunteer in the communities around them. Comerica offers its employees paid time off for volunteering. While many other banks do encourage their employees to volunteer, it is not always paid. According to Comerica’s website, its employees recorded almost 80,000 volunteer hours in 2023.
Comerica is one of many organizations that can help business students fulfill their degree requirements and gain invaluable experience.