Difference between IB and independent advisors

So here's the situation...

I have been offered a summer internship at a boutique independent corporate finance/capital markets advisory firm (as a sophomore). There was a M&I article about independent ECM advisors but that seemed very vague...
It seems that their services are only "complimentary" to the work of investment banks when it comes to transactions/IPOs. Does anyone know exactly what analysts/associates do at these types of firms and whether they do valuation/modelling/work similar to that at investment banks?

Thanks!!

 

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