Commonwealth's Messina College partnership opens doors for first-gen students

Commonwealth Financial Network is extending a hand to first-generation college students with a new internship initiative in partnership with Boston College’s Messina College.

The collaboration is set to begin this fall, welcoming 10 students to Commonwealth’s Waltham headquarters.

The internships, which will run during the fall semester, are designed to offer foundational exposure to roles across wealth management. The participants, all of whom are part of Messina’s inaugural class, will contribute 10 to 12 hours per week while continuing their academic coursework.

By that timeline, the interns could be learning the ropes at a new incarnation of Commonwealth acquired by LPL. In its late March acquisition announcement, LPL Financial projected the $2.7 billion all-cash deal would be completed in the second half of this year.

Messina College is a two-year residential program that operates as part of Boston College’s $100 million Pine Manor Institute for Student Success. The college was launched with the mission of expanding educational access for students who are the first in their families to attend college.

“Commonwealth’s commitment ensures our students gain not only skills but also the confidence to thrive in careers they may have thought out of reach,” Father Erick Berrelleza, founding dean of Messina College, said in a statement unveiling the partnership on Monday.

Interns will rotate through several departments, including investment management and research, enterprise risk management, practice management, people and human resources, and data and analytics. The placements were determined through interviews with the students to match them with teams aligned to their interests and potential.

In addition to on-the-job training, the program incorporates elements from Commonwealth’s longstanding summer internship track, which has been in place for more than 25 years. These include opportunities for job shadowing, networking with firm partners, and developing core professional skills such as public speaking and personal branding.

Among other efforts to build an escalator between university education and a career in wealth management over the years, Commonwealth expanded its Talent Exchange Initiative in 2023. The initiative specifically tapped top universities that offer CFP programs – including Bentley University, Texas A&M, Texas Tech, and Virginia Tech, among others – as part of their financial planning degree curricula.

In March, Northwestern Mutual highlighted its own college internship program as part of an ambitious push to recruit more than 5,000 financial professionals to its field force within the year.

Wayne Bloom, Commonwealth’s CEO, said the firm's latest partnership reflects both a strategic and personal commitment.

“As a longtime B.C. supporter, I couldn’t be more excited about the mission of Messina College,” Bloom said. “This partnership isn’t just about opening doors—it’s about welcoming students who have outstanding talents to offer in our organization and the financial services industry.”

Commonwealth anticipates that some students will be invited back for future internships, with the possibility of full-time roles after graduation. The firm’s leadership sees this as part of a longer-term effort to build more diverse pathways into the wealth management profession.

“From day one, they’ll contribute to meaningful projects that impact our advisor community,” Bloom said. “We also bring to bear in-house expertise to help students in their financial life journeys.”

Commonwealth works with approximately 2,345 independent financial advisors across the US, supporting more than $344 billion in assets under advisement.