- How do you identify when a client is moving away from financial targets? …
- How do you ensure your client is making sound and beneficial financial decisions? …
- How do your skills add value to this organization? …
- Are you willing to challenge clients on irrational financial behaviors?
Top 20 Wealth Manager Interview Questions and Answers for 2022
What are your strategies for acquiring new clients?
And here we come. If you expected to benefit from their existing clientele, I must disappoint you. You will benefit from the recognition of their brand, and the sum-total of money/assets they have (which allows the clients to invest into opportunities that won’t be available otherwise), but you will still have to find new clients, close new deals…
You can say that you want to rely on your existing network of clients and referrals. (I suppose you have a decent network, when you made it as far as to the interview for wealth manager job.)
But you can also say that you hope to benefit from the marketing efforts of the company and their brand, which should at least attract some people to your office, and then you will use your excellent sales skills to close the deal.
Can you please tell us something about your previous working experience?
An easy question for the start, an ice-breaker. You can start with your university studies (mentioning briefly the year of your graduation and degree you earned), and continue with the list of companies/funds you worked for, and positions you held there.
Hiring managers typically know all the names in the industry, so you do not have to elaborate on them. Just mention the positions you had, and, more importantly, any positive results and achievements. Beating an index by 10% is definitely something great. So is acquiring a big client (or many small clients) for your former employer.
Do not restrain from using technicalities and professional jargon in your answer. People interviewing candidates for wealth management jobs are no newbies. They will understand you, and they love to talk in their language.
6. Describe Briefly About Your Experience
You can begin with your university studies along with your graduation year and degree achieved and work your way through the list of companies/funds you’ve worked for and the roles you’ve held there.
Recruiters are usually familiar with all of the industry’s names, so you don’t need to clarify. Simply state your previous roles and, more importantly, any positive outcomes and accomplishments.
Sample Answer:
“I’ve worked in a variety of banking environments, giving help and managing financial planning. For the past seven years, I’ve been doing this. I have a thorough understanding of departmental policies and services, as well as income and inheritance tax operations. I have a bachelor’s degree in MBA Accounting and Finance; therefore I have a good understanding of how the market operates and what the current industry trends are.”
Imagine that I gave you 1 million right now. How would you invest my dollars?
First of all, you should not fall for this trick. You need more information from them to be able to give any advice or opinion. Ask them about their goals. Why they want to invest money and what they try to achieve. What their attitude to risk is, whether they are looking for a safe investment or want to risk (and perhaps win big or lose big).
Once you have the information, you can give your opinion. Now, I do not want to outline a certain investment strategy, since I am expert an in interviewing and recruitment, and not in investing :). Surely I have my opinion but things change quickly and I do not plan to update this article each month.
In any case, you should make a proper analysis of the market before your interview. Identify both low risk and high risk opportunities. Whether you pick apartments, commodities, stocks, or even cryptocurrency, you should be able to justify your decision. That’s the most important thing.
