Landing a job at a reputable financial services firm like Waddell & Reed can be a highly rewarding career move. With over 80 years of experience serving clients across the United States, Waddell & Reed offers exceptional opportunities for growth in the financial advising and wealth management sectors.
However, securing a position at this prestigious company is no easy feat. You will probably have to go through several in-depth interviews that are meant to get a good sense of your skills and fit for the job.
In this article, I will provide tips and example responses to help you successfully navigate the Waddell & Reed interview process With the right preparation, you can confidently answer even the toughest interview questions and stand out from the competition
Overview of Waddell & Reed’s Hiring Process
The typical hiring process at Waddell & Reed involves:
- Initial phone or video screening interview with HR
- In-person interviews with the hiring manager and other senior team members
- Assessment tests evaluating your skills, personality traits and work styles
- Background, credit and reference checks
People say that interviews are conversational, but they are still based on a core set of competency-based questions. Hiring managers are interested in both your technical skills and your “soft skills,” such as your ability to communicate, solve problems, and manage relationships.
You may face panel or group interviews with multiple interviewers at once. Overall, expect the process to be rigorous but fair – Waddell & Reed is searching for top talent to represent their brand.
Now let’s look at some of the most frequently asked Waddell & Reed interview questions and how to make a winning impression:
1. Why do you want to work at Waddell & Reed?
This is one of the most common initial interview questions aimed at assessing your genuine interest in the company. The interviewer wants to know what attracts you specifically to Waddell & Reed over other firms.
How to answer:
- Demonstrate your knowledge of the company’s history, mission and values
- Highlight aspects that appeal to you such as their client-focused approach, culture of ethics and compliance, and commitment to personalized financial planning
- Mention how these align with your own principles, passions and career goals
- Avoid generic answers – tailor your response to Waddell & Reed specifically
Example: “I’m truly excited about the prospect of working for Waddell & Reed because I’ve seen how your advisors develop deep and trusting relationships with clients. My passion is to provide clients with financial guidance tailored to their unique needs and long-term goals. I believe Waddell & Reed’s values of personalized service, transparency and integrity closely match my own.”
2. What experience do you have in financial advising or wealth management?
Hiring managers want to gauge your hands-on experience and expertise in this field. They are looking for candidates who can hit the ground running without too much additional training.
How to answer:
- Quantify your years of relevant work experience in financial advising, planning or analysis roles
- Highlight specialized skills like retirement planning, investment analysis, risk assessment etc.
- Provide specific examples of advising clients, developing financial plans, managing portfolios etc.
- Mention any professional qualifications or training that adds to your credibility
- If lacking direct experience, discuss transferable skills, education and eagerness to learn
Example: “I have over 5 years of experience in financial planning and portfolio management roles at XYZ Firm. In these positions, I conducted in-depth financial analysis to create customized investment plans aligned to each client’s risk appetite and goals. For example, I developed a retirement income plan for a client that projected required savings, asset allocation, and withdrawal rates to preserve capital throughout their retirement years. I also monitored and rebalanced client portfolios on a quarterly basis. I believe this hands-on expertise has prepared me well for an advisory position at Waddell & Reed.”
3. How would you respond if a client becomes angry about investment performance?
This behavioral question tests your patience, empathy and communication skills in dealing with a disgruntled client. The interviewer wants to see how you would calmly diffuse tension and rebuild trust.
How to answer:
- Express understanding of the client’s perspective and validate their feelings
- Avoid being defensive; take ownership and apologize for their poor experience
- Explain in simple terms the reasons behind the underperformance
- Suggest reviewing their investment strategy to adjust it if required
- Reassure the client that you’ll work diligently to improve returns going forward
- Emphasize relationship restoration over facts and figures
Example: “I would completely understand why the client is upset and start by sincerely apologizing that our recommendations did not meet their expectations. I would ask open-ended questions to understand their concerns fully without interrupting. After actively listening, I would explain in simple, non-technical terms why the markets reacted this way and how external factors like economic conditions impacted returns. I would reassure them that we are committed to managing their investments prudently moving forward. Finally, I would review their original goals and risk tolerance to determine if any portfolio adjustments are required. Maintaining trust is the priority, so I believe empathy, transparency and active communication are key.”
4. How do you stay up-to-date on financial markets, products and regulations?
Financial advisors need to have their fingers on the pulse at all times. Interviewers want to know that you are dedicated to continuously building your industry knowledge and skills.
How to answer:
- Mention the financial news sources, publications, websites and newsletters you follow regularly
- Discuss attending virtual or in-person seminars, conferences and training sessions
- Highlight memberships in professional associations and networks for ongoing learning
- Talk about regularly reviewing industry regulations to ensure compliance
- Share an example of how you recently applied something learned to improve client outcomes
Example: “Staying current in the financial industry is critical, so I dedicate time each morning to reading top publications like The Wall Street Journal, Bloomberg, and Barron’s. I also subscribe to industry newsletters like Financial Advisor Magazine. During the workday, I take advantage of webinars from leading experts to keep my knowledge fresh. For example, a recent Vanguard seminar helped me analyze the market outlook for 2023 and make appropriate portfolio adjustments. I maintain memberships in associations like the CFPTM and FPA® to stay aware of regulations. This habit of daily learning ensures I can best serve my clients.”
5. How would you respond if a client wants to pursue a risky investment strategy?
This scenario evaluates your risk management skills as well as your ability to advise clients while still respecting their wishes. The interviewer wants to ensure you will act in your clients’ best interests at all times.
How to answer:
- Acknowledge the client’s perspective and say you want to understand their thought process
- Ask probing questions to determine their goals, expected returns and loss tolerance
- Outline a clear picture of the risks involved, using statistics and examples where possible
- Provide alternative, less risky options to consider
- Make a recommendation based on their financial situation but let the client decide
- Emphasize that your duty is to inform them and manage risks prudently
Example: “I would start by asking probing questions to understand the client’s rationale and determine if they fully grasp the downside risks. I would perform an analysis highlighting statistical probabilities of potential gains versus losses, using concrete examples. Next, I would suggest some safer alternatives with more moderate returns. Ultimately, my role is to ensure clients have all the necessary facts and projections before deciding. If they still want to proceed despite the risks, I would work to implement prudent guardrails like stop-loss limits. However, I would caution strongly against it if I truly believe there is high chance of loss beyond their comfort zone.”
6. How do you balance meeting sales targets and compliance guidelines?
This question aims to assess your work ethic, integrity and ability to meet expectations without compromising values. Interviewers want to avoid candidates who may cut corners or act unethically just to get sales numbers.
How to answer:
- Affirm your commitment to strict compliance at all times, regardless of targets
- Discuss how you have successfully met sales goals in the past through ethical practices
- Share how you keep up-to-date on regulations and company compliance policies
- Give examples of times you prioritized ethics and regulations even when it made achieving targets harder
- Demonstrate how you have built trust by transparently explaining rules and risks to clients
Example: “I believe the foundation of success in this field is maintaining clients’ trust through ethical actions and transparency. I would never jeopardize that trust just to make my sales numbers. In the past, I’ve met challenging targets through hard work and persistence, not by taking shortcuts. I achieve numbers by clearly communicating risks and rules to clients upfront, so they feel secure and respected. Before any recommendation, I double-check compliance guidelines. And I regularly review policies, attend compliance training, and seek guidance on grey areas. I’m committed to upholding Waddell & Reed’s outstanding reputation by always putting ethics and the client’s interests first.”
7. Describe a situation where you had to adapt quickly to a change in regulations or market conditions.
The interviewer here wants to assess your agility in responding
How does it work?
To begin, type in the job title you want to hire for and pick the right job from the list that comes up. Though your job title might not be on the list, don’t worry—you can still search for any job—just type it in and press enter. Next, pick the level of seniority and industry from the drop-down menus. Next, pick up to three soft skills that you want the ideal candidate to have.
Reed’s interview question generator lets you change the order of the questions, pick different skills, refresh the whole set to see more questions, or save your favorite questions and refresh the rest.
Now you have your complete set of interview questions. Copy the list or get the questions in a Microsoft Word file that you can use right away in your interview. Now it’s over to you to ace the interview and secure your perfect candidate.
Well-crafted interview questions are essential for determining an interviewees skills, experience, and fit for the role.
According to a survey we did of 2,000 hiring managers in August 2023, 24% regret hiring new people too quickly. Our interview question generator will give you the tools you need to make confident hiring decisions.
If you need good interview questions for recruiters or managers, our interview question generator is the best place to go. It generates questions quickly and completely, giving you a large pool of useful questions to choose from.
Advanced AI algorithms in this tool make a list of interview questions that are specific to the job and your company. You can then use this list to ask candidates. When you use the tool, you can be sure that the questions you ask during an interview are relevant, useful, and thorough. This will help you learn more about the strengths and weaknesses of each candidate. Our interview question generator will save you time and effort and make sure you ask the right questions to find the best people for your open jobs.
As you type in your job title and level of experience (from entry level to c-suite), our interview question generator will come up with a set of questions that are perfect for that job.
With its focus on your top three most-wanted soft skills, this AI-powered interview question generator will help you find the best people to join your team and make it thrive.
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STAR stands for situation, task, action, and result. It’s a well-known formula that job candidates use when they’re asked questions in interviews. This helps ensure answers are structured and well thought out. The STAR method works best for “Explain a time when…” or “Talk about how you have…” questions. It is often used in competency-based interviews.
First, the candidate should describe the “situation,” setting the scene and giving background. Then, they should describe the “task” they were in charge of in that situation. Then explain what ‘action/s’ they took, describing their thought process and any challenges they may have faced. Finally, they should explain the ‘result’ of their actions and what was achieved. The best endings will have a clear effect on the business, like making a big sale worth X amount of money.
Not being ready for an interview is one of the worst things you can do when speaking with a candidate. Most candidates will be well-prepared for their interview, and you should do the same. If you don’t, you might give the impression that you are not interested in the job and are not organized, which is not good for your employer brand. Also, be careful not to ask them any questions that are biased or not appropriate, like what religion they belong to or how old they are.
Remember that it’s your job as the interviewer to make sure you do it right so that you not only get the best out of the person you’re talking to, but also make a good impression of yourself and the company and make the right hiring decision.
There is no set number of questions you should ask the person you’re interviewing, but our poll of 2,000 hiring managers showed that most (82%) ask between five and fifteen questions. This ought to give you enough details to make an informed choice, but not so much that the candidate feels suffocated by an interview that lasts too long.
The 80% rule of interviewing says that the person being interviewed should talk 80% of the time, and the interviewer should spend the other 20% asking questions, talking about the candidates’ answers, and asking questions. If you follow this rule, you can make sure you get the most out of the interview. Some managers find it hard to find the right balance between talking and listening.
