- “Why Wealth Management?”
- “How Do You Conduct a Credit Risk Management Assessment?”
- “How Would You Overcome a Client’s Reluctance to Work With You Because of Your Youth or Perceived Inexperience?”
- “If You Started Today, What Is the First Investment You Would Make and Why?”
BANKING Interview Questions And Answers! How To Pass A Retail Bank Interview!
How would you manage a situation where a customer has been wrongly overcharged for a withdrawal fee?
This interview question assesses your customer service and communication skills. It evaluates how you handle mistakes when they occur and how you repair your relationship with the client. In your answer, demonstrate that you can remain calm and friendly during challenging interactions with clients.
Example: “If this situation occurred at work, I would first make sure that the customer has the time they need to share their perspective and feelings. I would apologize for the inconvenience, educate them about the banks policies and explain how I plan to solve the problem. After refunding the customer, I would outline the steps they would need to take if the situation were to happen again. I would then give them a customer service number and let them know that they could personally ask for me if they ever needed help again.”
Questions about experience and background
Interviewers want to know that you have developed the necessary skills and knowledge during your career and education. The following questions specifically explore your educational background and previous work experience:
Read more: Banking Interview Questions (With Example Answers)
General questions
The following questions help the interviewer get a general idea of who you are and what you know about being a personal banker:
Private bankers often work with clients who have a high net worth. Employers ask this question to make sure you’re comfortable working with these types of clients and that you know how to handle their unique needs. Before your interview, think about the experience you’ve had working with wealthy clients. Try to find a way to relate it back to the job description or company mission statement.
Example: “I am definitely comfortable working with high-net-worth clients. I actually had a client like this at my previous job. She came into the bank looking for investment advice. I helped her create a portfolio that would allow her to grow her wealth while also protecting it from risk. She was so happy with our service that she referred several other clients to us.”
Private bankers are responsible for helping clients with their financial needs. They must be able to provide excellent customer service and help clients make smart decisions about their money. Employers ask this question to see if you have experience improving customer service or retention rates. In your answer, explain how you would implement a strategy that helps the bank achieve these goals.
Another thing I think private bankers should do is listen to their clients. Sometimes people just want to vent, so I try to give them space to talk while still actively listening to what they’re saying. By doing this, I’ve been able to learn more about their financial goals and needs, which has helped me provide better advice.”
Private bankers often work with clients who have a lot of money. Employers ask this question to make sure you’re comfortable working with people who are wealthy and successful. They want to know that you can treat these clients respectfully and help them achieve their financial goals. In your answer, explain why you feel confident in this role. Share an example of a time when you worked with someone who was very wealthy.
Types of Private Wealth Management Interview Questions
In any wealth management interview, you can break down the questions into four distinct types.
Behavioral questions go far beyond just, “Tell me about your greatest strength” although those kinds of questions can potentially crop up. However, behavioral questions are generally meant to get a feel of whether or not you really know what wealth management is, whether youve thought seriously about your decision to try to join the firm, and whether you understand what the important attributes of a wealth manager are.
Market and situational questions are meant to see whether or not you know where markets are now, have a view of where they are going in the future, and can articulate this all at a reasonable level. No one expects you to get into whether or not you think implied volatility is too high or too low in the equity markets, but you should be able to talk about markets at a level akin to what you would read in a thorough Wall Street Journal article.
Technical questions are those that are more objective. There are right and wrong answers. You need to show that you have a grasp of basic finance concepts across markets (not just equities).
Questions to ask your interviewer are those questions at the end of an interview that you ask of your interviewer. These are critical in a wealth management context as being able to ask articulate, thoughtful questions is a create measure of how you will deal with clients (where, especially when you havent yet engaged them, you will be asking them a lot of questions).
In a private wealth management context more emphasis is going to be placed on market and situational questions along with technical questions.
This is because when we talk about private wealth management roles were talking about roles within investment banks primarily. So as youd expect the level of rigor is meant to match what other roles within the investment bank would have.
Now, as I mentioned earlier, you shouldnt prepare in the same fashion you would for an investment banking role. Thats not only overkill, but it also misses the mark.
The Ideal Private Wealth Management Candidate
The ideal private wealth management candidate is someone who do a few different things:
Ultimately, our performance in an interview is a far larger determinate as to whether you get the job than your past experience.
Large private wealth management shops – like those listed above – are looking for those that they can invest time and resources into that will become significant producers in the decades to come.
This stands in stark contrast to areas like investment banking where the focus is really on whether or not you can handle the hours and do the work over a two-year period (since youll probably be leaving the firm within two years anyway).
In the wealth management guide I go over some dos and donts and things to keep in mind. If you can keep only one thing in mind, keep in mind that those interviewing you will be trying to imagine what youll be able to do for the firm in the decades to come (not in just the next few years).
FAQ
What makes a good private banker?
What do you say in a personal banker interview?
