Practice management literature frequently tells advisors to leverage their time by using interns or other part-time assistants. But it seldom provides any how-to advice - where to find good interns, how to keep talented ones busy with productive work or how to compensate them properly.

Whether you are a sole practitioner or a large firm with multiple advisors, a solid internship program can add significant value to the quality of work your business produces. In addition, interns can increase your capacity to grow your business or allow you to carve out additional free time for yourself and whatever goals you may have. It is also a way to give back to the industry; a good internship program can be invaluable to future planners, and it can help them better define their career aspirations.

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