Interview Questions Flashcards
(21 cards)
Tell me about yourself.
I recently relocated to New York from Calgary, Alberta, where I was a Client Associate to a team of 3 financial advisors. I have 3 years of wealth management experience, and my previous role was really about client service, and taking care of all the administrative duties on the back-end so my advisors could focus on sales.
What are you looking for?
I am looking for the right fit with a motivated team of advisors, where I can make a real difference by strengthening the client-advisor relationship and reinforce clients’ trust in the firm. I’m looking to form a cohesive and lasting partnership with my team.
Tell me about your responsibilities of your previous role.
In my previous role, I handled a diverse book of clients, and responded to a large volume of complicated requests. My responsibilities included placing trades, filling client orders, opening new accounts, processing financial transactions, and resolving any problems that arose. A large part of my role was about handling delicate situations and tailoring my service to the unique needs of the client, and supporting my team wherever they needed me.
What were some of the more challenging things that you dealt with at work?
In my last role, I dealt with a lot of complicated transactions, complex family dynamics, estate accounts, tax inquiries, and unusual circumstances. The nature of the work is very time-sensitive, and I think one of the more challenging aspects of this role is being ready to drop whatever you’re doing to concentrate on the most pressing task at hand.
What is the status of your registrations?
I am registered as an Investment Representative with IIROC, which is Canada’s equivalent of FINRA. Because I am licensed, I can take the abbreviated version of the Series 7 exam, the Series 37, to become licensed with FINRA. I would still need to complete the Series 66 exam. I’ve started studying for the Series 7, so if selected for this role, I can take the exams right away and get licensed quickly.
Why do you think you’re a good candidate for this role?
I think my experience as a Client Associate closely matches what Merrill Lynch is looking for. My previous advisor trusted me completely with his business, and knew that I would provide our clients with the same level of service he would provide. I’m also used to working in a fast-paced hectic environment, and I know how to stay calm and focused under pressure.
Why Merrill Lynch?
I’m interested in working with Merrill Lynch because ML is such a leader in their field and has such a well-respected reputation. I’ve applied to many firms in the city, but I’ve been holding out for Merrill Lynch because this is my top choice.
Why do you do what you do? Why are you a Client Associate?
I love being an associate because I love being the person the advisors depend on and confide in, and I love interacting and staying in close contact with clients. The associate has the opportunity to add tremendous value to the advisors book, by providing exceptional service, by being proactive and responsive, and by developing strong client relationships.
What do you like to do outside of work?
I really enjoy running in Central Park and working out at the gym. I’m also a big reader and I love checking books out of the library. Since I moved to New York my husband and I have been visiting all of the wonderful museums around the city.
What are your strongest qualities in relation to the Client Associate role?
I am very focused on staying organized and being responsive to ensure that client inquiries are responded to quickly and to ensure that nothing gets missed. I also worked to be proactive with my team, and later on in our relationship we got to the point where I could anticipate what my advisors needed and provide it to them before they asked for it.
Do you have any questions for me?
Who do the Client Associates report to for coaching?
What can you tell me about this specific team and what they’re looking for?
How would you describe the culture at this office?
What would the first few weeks on the job look like?
If selected for this role, how would my performance be measured? What are the metrics for success?
How often is feedback relayed to associates?
What differentiates your team from your competitors?
What are your busiest and slowest times of year?
Do you get the support you need from management?
How would you describe your client base?
You mentioned before that the team’s biggest challenge is increasing its capacity. How can the Associates help with that challenge?
How would you describe your quality of work life balance?
how do you like working with this team? do they treat you well?
Why did the last associate move on from this position?
How often do the advisors themselves connect with their clients?
What would a typical day look like for an associate?
What is the biggest challenge for your business right now?
What common concerns come up among your clients?
What are you looking for in a client associate?
How do you guide clients through the changing landscape of the markets? Are there specific strategies that you use when you consult a client who is worried and considering cashing out?
Is there a hotline Associates can call to get assistance when they have specific questions about a client’s account?
How would you describe the culture at Merrill?
Tell me how you effectively worked under pressure.
As an associate, I am used to working in a stressful and fast-paced environment. Often times, a client would call at the same time that my advisor would need something from me, while another client would drop into the office. I got really good at assessing the situation at hand and prioritizing tasks to stay on top of my workload. By being adaptable to the situation and staying calm, I was able to routinely handle high volumes of stress and ensure it did not impact the quality of my work.
How do you handle a challenge? Give an example.
When my advisor was out of the office, his top client had discovered that his account was overdrawn, and he called me, very upset and confused. After receiving all the pertinent details from him I told him I would investigate and call him right back. Once I collaborated with my colleagues on the bank side, I learned that a trade he had instructed us to place had settled from this account, resulting in an overdraft. I phoned the client back and explained the situation, reminding him of the trade instructions he gave to the advisor, and let him know that the overdraft fee would be waived. The client was relieved, and asked me to cover the debit balance by transferring funds from another account. By obtaining all the details, staying calm and staying in close contact with the client, I was able to get the answer the client needed and prove the value of good client service.
Have you ever made a mistake? How did you handle it?
One time my advisor was meeting with one of his clients to open a new educational savings account and I had mistakenly prepared the transactional account opening documents, instead of fee-based. The clients were already meeting with the advisor, so upon catching my mistake, I had to quickly to regenerate and print the forms, double check everything, highlight the places were the clients were to sign, and deliver the documents. By being resilient, I was able to respond quickly to my mistake and work to correct it.
Give an example of how you set goals.
Within a few weeks of starting at ATB Financial as a Customer Service Representative, I knew that I wanted to work in Wealth Management alongside an Advisor. I decided to enroll in the Canadian Securities Course (the Canadian equivalent of the Series 7) to learn the material so that when an Associate position opened up, I would be well-positioned to apply. I did just that, and I also shadowed a current associate on my days off, to get a head-start on learning the role before my start date. As a result of taking initiative, I proved to my future advisor that I was willing to do whatever it took to become an Associate.
Give an example of how you worked on a team.
My previous team was made up of 3 advisors and 3 associates. Each year we hosted two client seminars and a golf tournament, and I was responsible for planning the events, and collaborating with my fellow associates to ensure that we were well-positioned for our event dates. By communicating often and working closely with my team, I was able to take these large events off my advisors’ plate and they knew that the end result would be a first-class event.
Share an example of how you were able to motivate employees or co-workers.
Among the associates in my previous company, we were given a new project of overseeing the debiting of quarterly fees from fee-based accounts, and many were overwhelmed by it. I created a presentation which demonstrated how the process was going to work and showed the steps each associate would take to get the desired result. I presented this presentation to 75 associates throughout the province over Skype, and as a result my team felt much more confident and motivated to tackle this new project.
Have you handled a difficult situation? How?
There was a client I dealt with, who was blind and had a hostile attitude because someone in her past had cheated her out of a large sum of money. This client was aggressive by nature and would insist on dealing with a select few people whom she trusted, me being one of them. While making her happy was at times a challenge, I took the time to see things from her point of view, and as a result I could better understand the client and tailor my service to meet her needs.
What would you say is the most challenging thing you’ve dealt with, with a client?
What do you do in that situation?
I think one of the toughest things is speaking with a client who is worried about the market, or about an aspect of their lives that is causing financial stress. Clients call you because they need help, and it is such a big responsibility and honor to be the person they trust and turn to.
In that situation I would listen to the client and be empathic. I would ask questions to clarify why they feel the way that they do. If the client is concerned about the market and how it is impacting their portfolio, I would let the client know that I would have the advisor call them directly to discuss their concerns, and then I would let the advisor know right away.
How do you stay organized?
I’m a big note taker - I always take notes when receiving instructions from an advisor or when I’m on the phone with a client. I use my Calendar in Outlook to set reminders for specific tasks, and I print out my trade instructions so I have them in front of me, as well as in my digital files.
What are your salary expectations?
My total compensation was $80,000. I’ve put together a pay comparables analysis to provide some background on compensation. These numbers are the $80,000 adjusted for the difference in cost of living between Calgary and New York according to various estimates, made up by the blue line on graph. The numbers here are compensation of comparable positions here in New York that are commensurate with my level of experience, made up by the red line on the graph. The green line shows the average between the cost of living adjusted comps and the comparable positions, which is $126,000. I can send you a copy of the spreadsheet if you would like to play around with the numbers and see my sources for the data.
