35 Charles Schwab Corporation Interview Questions & Answers
Behavioral
1. When you suffer a setback in your portfolio, how does that emotionally affect you?
What You Need to Know
Working in wealth management, you'll want to think three moves ahead. Securing a strong client list requires maintaining it while always prospecting for new clients. One must always prepare for that bump in the road when you lose a client, making sure you are always lining new work up. For this reason, the interviewer at Charles Schwab Corporation would like to know if you prepare for the ups and downs of the industry or if you are more reactionary, cruising along and taking your position for granted. Discuss your emotional approach to your work while sharing how you are proactive.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"As a commission-driven Financial Advisor, I am competitive with myself and my past performance and hyper-targeted when achieving my goals. I become internally frustrated when I do not meet my goals or a 'done deal' with a client falls through. When this happens, I do a rundown of what I could have done differently, trying to pinpoint where things could have gone wrong. I aim to learn from the situation so it doesn't hold me back again."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"I allow myself a moment to be frustrated when a setback occurs, but never in front of a client or colleague. I am very good at keeping my cool and maintaining positive energy. I've lost clients before from what I perceived to be closed business, and it sometimes hurts, especially financially; however, I never let a situation like that hold me back. Setbacks fuel me to work even harder the second time around."
Written by Rachelle Enns on August 5th, 2022
Behavioral
2. How do you like to spend your free time?
What You Need to Know
Your interviewer is curious to learn more about your personality, interests, and motivators. It's common for wealth management professionals to connect with their clients on a personal level to build rapport. Therefore, they need to learn what hobbies and interests make you interesting and how you may connect with clients while representing their brand. Find relatable points of common interest. Your interviewer will consider this when evaluating your fit into the team.
Written by Kevin Downey on August 5th, 2022
Answer Example
"I help my wife with her business. We breed show bunnies and tour them. We haven't won best in a show yet, but we love our fluffy little bunnies. They bring us a lot of joy."
Written by Kevin Downey on August 5th, 2022
Behavioral
3. Would you say that you are ahead of your career goals or behind in them? Why?
What You Need to Know
When examining your skills versus your years of experience, it is important to consider your career trajectory. If you experienced some detours along the way, that's okay as long as you were able to apply those valuable lessons towards fostering greater success. One's career path is rarely linear. Showing that things didn't go according to plan but that you are committed and growing and turn every failure into a success is the ultimate goal when answering such questions. This nuanced question tests your experience level by allowing you to explore this nuance with them. This will demonstrate experience, confidence, and leadership potential.
Written by Kevin Downey on August 5th, 2022
Answer Example
"When I first drafted my career goals and plans, it was with the knowledge that things would rarely go according to plan. They rarely do. So I prepared myself early on to be flexible. Without flexibility, how could I possibly identify opportunities when they come my way or correct course when necessary? So, because I considered this from the start, I'd say I am exactly where I hoped to be in my career trajectory."
Written by Kevin Downey on August 5th, 2022
Behavioral
4. Who is your role model or inspiration?
What You Need to Know
By gaining insights into who inspires you in your career and drives your ideal of success, the interviewer will better understand your motivators and how you'll fit in with their company. It can be anyone, fictional or true to life. Go deeper than sharing who they are, but also why and how they prompted you to aspire for those loftier goals or ideals which you wouldn't have striven for otherwise. Try to align your inspiration with what they are looking for in their ideal candidate.
Written by Kevin Downey on August 5th, 2022
Answer Example
"I'd say Al Pacino's character in the movie, Glengarry Glenn Ross. He had it going on - a professional with swagger who could sell a light post to a bulb. His confidence and experience inspired me; he could walk in a room and be the best, and know he's the best, yet show zero hesitation to help his fellow man."
Written by Kevin Downey on August 5th, 2022
Behavioral
5. Would you cold call for a year if it meant you had a steady client list afterward?
What You Need to Know
This question aims to reveal how strong your client list truly is, how effectively you build your client list, and whether you can switch hats or if you prefer to hunker down, committing to one task at length. The interviewer is trying to assess if you are willing to put in the hard work required without feeling burned out by the redundant nature of the work and how effective you are at all the facets of the job. They are gauging your adaptability or if you are singularly focussed and struggle in some areas over others.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I am more than willing to put time and sweat equity into building my book of business via cold calling. My years of experience in client development within wealth management give me a good amount of latitude; however, I will never stop trying. I am fully prepared to roll up my sleeves and make many cold calls as needed to maximize my success."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"I thoroughly enjoy meeting and connecting with people, and I love the idea of getting them to say yes, even when they were initially inclined to say no! I cannot expect success to be handed to me overnight. So, I'd be willing to cold call for a year to catapult my career. Upfront investment in the long-term health of my job is an approach that I can get behind."
Written by Rachelle Enns on August 5th, 2022
Behavioral
6. How do you deal with client rejection or objections?
What You Need to Know
In wealth management, rejection and objections come with the territory. Your interviewer is interested in your EQ (emotional intelligence) and whether this affects you or if you take it in stride. Share how you manage, perceive, and bounce back from rejection.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I love the quote by Tom Hopkins that says, 'Begin always expecting good things to happen.' This quote encompasses my approach to sales and even client rejection. I know that my offering is better than the rest, and I stand behind my work and maintain integrity in everything I do. The 'right' client will see these qualities and be willing to hear me out at the very least. When I hear the word 'no,' I understand 'not right now.' No is not forever, and I will continue to massage even the 'no' relationships until they turn into a yes!"
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"To be a successful professional in the wealth management industry, I must rely on my reputation, referrals from others, and professional follow-up. I vow to remain professional no matter how a customer rejection might make me feel. I am a positive person by nature, so when rejection comes my way, I ask more questions to see if I can find the true source of the objection."
Written by Rachelle Enns on August 5th, 2022
Behavioral
7. Why did you choose wealth management, and what direction would you like to take your career?
What You Need to Know
The interviewer wants to know what sparked your career and whether you are committed to it or if you just fell into it and are not necessarily committed to this career path. Share your work history, five-year career goals, where you'd like to see your career go next, and what piques your interest. Describe how these interests can be served by working with Charles Schwab Corporation. Perform your research before your interview. Explore the available career options within Charles Schwab Corporation, the types of promotions you'd like to strive for, and where you want your career to take you
while showing enthusiasm for potential job promotions and opportunities.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I obtained my master's degree in finance thinking I would be joining a corporate banking environment. Then I met a seasoned financial investment advisor who told me about her career path and successes. I loved the flexibility of her career and that her income potential was never capped as mine would be in a corporate environment. It was history from there! Today, I would like to grow my career to include branch management or a regional position for Charles Schwab Corporation."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"Growing up, my parents taught me about planning for my financial future, so I believe the seed of interest was planted with me very early. I have a keen interest in making investment suggestions to help people create a sound financial plan. During university, I was the go-to person for other students who wanted to become involved in penny stocks, and from there, my interest flourished. As a recent finance graduate, I am ready to start my career as a junior advisor and work my way into a senior advisory role with Charles Schwab Corporation when the time is right."
Written by Rachelle Enns on August 5th, 2022
Behavioral
8. How would you build a relationship with a client with an aggressive demeanor?
What You Need to Know
In the wealth management industry, you will come across many egocentric personalities, some of which may be assertive or emboldened by their financial positioning. Your response will offer a meaningful glimpse into your soft interpersonal, mediation, and negotiation skills. The interviewer needs assurances that you have the emotional intelligence and maturity to navigate and relate to these personality types. They are also curious if you have issues with people in positions of authority or if you strive to preserve the peace and exhibit respect for your superiors.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"Many of my clients are wealthy business professionals who are busy and do not have time to fuss around conversations. Sometimes they can come across as intimidating; however, I remind myself they have a lot on their plate, and I need to make every conversation count. I am proud of the work I deliver and stand behind it, no matter how intimidating or brief a client can be."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"Because of the vulnerable nature of wealth planning and management, I can understand some people may feel intimidated by the whole thing, thus coming across as a bit harsh or intimidating themselves. If this situation occurs, I will focus less on how I feel and more on how they feel."
Written by Rachelle Enns on August 5th, 2022
Behavioral
9. At Charles Schwab Corporation, we expect our employees to take ownership of their career. Describe to me your approach to your portfolio.
What You Need to Know
This company is looking for driven and successful entrepreneurs who take ownership of their careers and are driven and self-guided in their work. This requires being engaged in your portfolio, being invested in building your client list, maintaining your client relationships, and adjusting to constantly changing developments and trends. Tell the interviewer what an entrepreneurial mindset means to you. Describe your approach to your day-to-day work.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"For me, it's important to continue to manage my client portfolio as though it's my own business. To do this, I pay for and attend industry conferences regularly. Rather than running straight to management, I reverse engineer problems and conduct research when an issue arises. Also, I take the opportunity to read as much as I can. I absorb myself wholly in topics related to finance, investments, and wealth management."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"An entrepreneurial mindset, to me, means to continually seek out new challenges and think about my career vision every day. Also, I am an exceptional problem solver. I think quickly and can get myself out of most situations by looking at the issue from various angles. I willingly accept feedback and criticism, then take that feedback to find new ways of working. These are just some entrepreneurial qualities I will bring to Charles Schwab Corporation and my clients."
Written by Rachelle Enns on August 5th, 2022
Behavioral
10. Do you have any reservations about working in a highly commissioned role, where your pay incentives are largely performance driven?
What You Need to Know
Working in a commission-based position is not for everyone! This question tests your confidence in your abilities and the strength of your portfolio. Display your confidence by identifying the factors that motivate your work, inspire your productivity, and enable your success. Explain that you don't burn out easily in this field. Describe how you approach your work and your attitude and perceptions regardless of the nature of the pay structure.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I have worked in a commission-driven environment inside and outside the wealth management industry. I have made a fantastic living doing so because I believe in my capabilities, reach my goals, and keep my promises to myself and my clients."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"Commission-driven environments are new to me; however, I like the idea that I earn money based on how hard I work. I am not afraid of hard work, so, for that reason, I believe I can flourish in a highly commissioned role."
Written by Rachelle Enns on August 5th, 2022
Behavioral
11. Do you prefer to work independently or with partners?
What You Need to Know
The interviewer asks this behavioral question to determine your preferred work style, your personality, how you interact with your teams, and whether you are an extrovert or introvert. You may work well without much direction and collaboration, or maybe you are driven by a collaborative and team-focused environment.
Many companies seek candidates with both analytical skills and interpersonal skills. Take time to think about your answer rather than hurrying through it. For some, an analytical approach is more of a singular task, whereas an interpersonal approach is more collaborative and team-oriented. Don't choose one over the other if you can help it. Ideally, you'll want to strike a balance with both.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I understand that this role requires me to work independently and with the partners and team at Charles Schwab Corporation. In my current role, I work independently around 75% of the time, and I appreciate the autonomy. With that said, I feel encouraged, challenged, and refreshed when collaborating with my team. It's great to have a balance of independence and teamwork."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"Being newer to my career, the more I can learn from partners and teammates, the better I will become in my career. So, although I can certainly work on independent tasks, I do prefer at this time to have more interaction with others, giving me opportunities to learn."
Written by Rachelle Enns on August 5th, 2022
Career Goals
12. Do you have a personal or professional mission statement?
What You Need to Know
Most career-minded professionals will run their careers as they would their businesses. They are driven by personal and professional growth with a drive to expand their experience level and skills. They typically draft a five-year career plan, similar to a five-year business plan. Periodically, they will modify these goals to hone in on their targets while tracking and establishing trends and external influences. They'll also establish core values and a mission statement for themselves. This provides a means to navigate and identify the right like-minded potential employers and clients who stand to further your goals rather than set them back. Therefore, your hiring manager would like to know if you have a personal motto or mantra which informs your conduct. Consider this your credibility statement, codifying your integrity and professionalism.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I work to better the lives of each client. That is my mission. I want my clients to feel I care about their financial wellness and their long-term financial plan. They should always know that I will do what it takes to ensure they are comfortable in the long-term."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"My mission statement is to remain humble as I grow my career and always look for opportunities to grow and learn. The more I know, the better position my clients will be in; however, it takes humility to admit there is always more to learn."
Written by Rachelle Enns on August 5th, 2022
Career Goals
13. How do you stay current on developments and trends in wealth management?
What You Need to Know
A career-focused professional always has professional growth in their sights. This requires staying ahead of the curve and being current and informed on every relevant development in the industry. This question assesses how invested you are in your career. Tell the interviewer how you build your industry knowledge on solid resources. Mention the reputable publications you lean on, and feel free to ask the interviewer for a recommendation, too! Asking for recommendations could break the ice and stir up a memorable conversation.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I rely on several resources to ensure that I get a broad scope of opinion and information. The sources I rely on most include opinion pieces published on LinkedIn by my professional network and online publications such as The Economist and Financial Advisor Magazine. If you have some resources to recommend, I would love to hear!"
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"The resources I am most familiar with include Kiplinger, Forbes, and The Financial Advisor Magazine. It's important to me, as I grow my career in wealth management, that I remain in the know but only through highly reputable resources. I am all ears if you have any reading and resource recommendations."
Written by Rachelle Enns on August 5th, 2022
Communication
14. How would you explain wealth management and what we do at Charles Schwab Corporation to someone unfamiliar with our company?
What You Need to Know
This question aims to assess your skill level with communication. How effectively you communicate (written, verbal, and body language) will be a great determiner of success. Before Charles Schwab Corporation hires a candidate, they'll need assurances the right candidate can effectively represent their brand. How you answer this question will also reflect the amount of research you've performed on Charles Schwab Corporation and how you view this opportunity. Briefly discuss what you understand Charles Schwab Corporation to do in a way that anyone outside the industry could follow. Talk about how you would represent their company, what they stand for, what they do, and what their products and services offer.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"For someone unfamiliar with Charles Schwab Corporation or the term 'wealth management,' I would describe the services as services for the affluent, including financial planning, portfolio management, and investment guidance. From research, I understand that the top products offered at Charles Schwab Corporation include (A), (B), and (C), which fall into these categories."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"The easiest way to understand wealth management and what you do at Charles Schwab Corporation is the structured management of money, for those who are affluent, conscious about making their money work for them and conscious of planning for life's milestones such as retirement."
Written by Rachelle Enns on August 5th, 2022
Communication
15. Do you have any questions about this job or working for Charles Schwab Corporation?
What You Need to Know
A new hire who asks questions shows they are invested in the opportunity, more driven to succeed, and more likely to be self-guided in their work. Always ask questions. Someone who puts their all in will have thoroughly researched everything they could before their interview. They'll have a higher likelihood of making it to the finalist round by fully investing in the opportunity. Someone who has performed that research will think of several questions to ask in an interview. This shows that they went above and beyond pursuing this opportunity (more so than their competition) and that they're not just pursuing the opportunity for the money. It also shows that they are driven to learn even more and that once hired, they won't stop but will show the same drive to succeed day in and day out. This is a desirable candidate.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I would like to ask if there is anything in my background on which you need clarification. Also, after discussing everything today, is there any reason I would not be the best fit for this role with Charles Schwab Corporation?"
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"Thank you for asking! A couple of questions come to mind. What do you think is the biggest challenge Charles Schwab Corporation will face in the next 12 months? Also, what is your employee turnover rate for this exact role? Lastly, could you tell me about the retention plan you currently have in place?"
Written by Rachelle Enns on August 5th, 2022
Communication
16. How would you explain mutual funds to someone unfamiliar with the concept?
What You Need to Know
The point of the question is to assess how effectively you communicate and sell Charles Schwab's financial products and services to your clients. Charles Schwab Corporation prides itself on its reputation for educating its clients and helping them to understand their value. Give them your elevator pitch on mutual funds as you would to a client you are attempting to convert.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I understand that the world of wealth management can be overwhelming and complicated, which is why I must explain concepts and products very simply. Clients want to know if the product is right for them, why it's right, and what results they can expect. I would explain mutual funds as a professionally managed money pool. The money pool is used to purchase securities, ideally resulting in a financial return for every investor."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"Mutual funds are a basic financial concept, so every one of my clients must have a solid idea of how they work. I would tell a client that when they buy a mutual fund, they pool their money with many other investors. This pooled money lets them invest more widely for a lower cost. A professional manager decides where to invest this money pool. Mutual funds are flexible, allowing the client to buy or sell their funds at any time."
Written by Rachelle Enns on August 5th, 2022
Communication
17. How do you show potential clients that you are a trusted source for information on wealth management and other financial topics?
What You Need to Know
To establish trust with a client, you have to show that you can be trusted with their money. It's therefore crucial, as an advisor or professional in the wealth management industry, that your clients trust you as a reliable source with a strong grasp on the most up-to-date information. You need to assure them you can protect their money and assets while helping them grow their financial wealth. Describe what you do to shore up your potential clients' confidence in your abilities, trusting you as their go-to source when handling their financial future.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"For me, as a wealth management professional, it's most important to show my clients the value they would receive from working with me long before they officially hire me. Every quarter, I provide my clients and prospects with an in-depth market report. I research and write the report myself, ensuring that I am a thought leader and someone they can trust. If big news comes out, I aim to be the first person in the inbox, offering them tips and tricks on how to max out their investments."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"Showing that I am with them every step of the way is crucial. I will give reading recommendations to prospective clients and do everything I can to empower them. When a potential client sees that I am looking out for them, even when they haven't committed to working with me yet, I bring trust and value to the equation."
Written by Rachelle Enns on August 5th, 2022
Credentials
18. Do you have your Certified Financial Planner (CFP) designation? If not, is this something you would like to achieve?
What You Need to Know
The goal of this question is to ascertain how you continue to learn and grow in your career, assess your drive and ambition, and learn whether a Certified Financial Planner is something that fits into your career plans. If you are already pursuing additional industry certifications not listed on your resume, this is the time to share! Take the time to discuss what you learned and express the importance of continued education. If you are not yet certified or have no plans to pursue further certifications, share the next stages you've planned for your career growth and how you hope it will benefit you in the long run.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I believe it's imperative to be part of a national or federal body that educates professionals in the wealth management industry. I am a certified financial planner and do enjoy the benefits of having the CFP letters behind my name. They signify trust and knowledge, two things an investor should always look for. I will continue to educate myself past the CFP designation."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"I have registered for my first information session and plan to earn my CFP designation in the next 2.5 years; once my application is approved by the board. I look forward to offering additional knowledge to my clients, and this designation is an important first step."
Written by Rachelle Enns on August 5th, 2022
Customer Service
19. Charles Schwab Corporation is client-centric. How do you continually strengthen relationships with your exciting client base?
What You Need to Know
Many employees in the wealth management industry are commission-based and rely on constantly tending to their client relationships. Therefore this question is designed to assess your approach, work style, and work ethic. Walk them through your solid strategy for building and maintaining strong relationships with your clients, new and old, while continually building upon your existing client base.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"It's important to take time every day to strengthen relationships with prospective customers and my existing client base. For me, it's all about adding value to my offering. This value could be in the form of my monthly newsletters or the market reports that I publish quarterly. I spend the time crafting interesting downloads, whitepapers, and other PDFs focused on educating my contacts. This way, they become more comfortable with me and begin to see me as a thought leader in wealth management. Because of these frequent touchpoints, I am often the first name they think of when they are ready to build a stronger financial future."
Written by Kevin Downey on August 5th, 2022
2nd Answer Example
"I think that one of the keys to client connection, as a Financial Advisor, is to have an approachable, professional brand. Business school taught me that humanizing your brand was essential for client engagement. Everyone wants to feel a connection with their advisor, built on trust and loyalty. I plan to approach client engagement in a hands-on manner that includes as many phone calls, follow-ups, and in-person meetings as possible."
Written by Kevin Downey on August 5th, 2022
Discovery
20. Financial Advisors with Charles Schwab Corporation who are active in their community see more success. Tell me about an organization or group outside of work with which you are involved.
What You Need to Know
The interviewer would like to know if you are involved in your community. Charles Schwab prides itself on giving back. They have what they call their Pro Bono Challenge, a skills-based flash consulting event that enables Schwab employees to focus their time, talents, and expertise to help local nonprofit organizations expand their impact in their communities.
As a Financial Advisor, much of your success comes from networking and getting your name out there and into the community. Volunteer work and community involvement showcase strong character and selflessness, qualities that make a great advisor. Talk to the interviewer about how you've given back, aligning your values with theirs, and how you're active in your community and involved outside work.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I recently began sitting on the business commerce board for our city. Part of what we do is raise funds for local schools and other needs for the community while providing helpful resources to local business owners. I have thoroughly enjoyed my experience and plan to dedicate myself more often to giving back to others."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"Aside from being a Financial Advisor, I am also the parent of three young children. Their schools and sports groups are often running community fundraising events. This year I volunteered to be a school committee treasurer. It doesn't take up much of my time, but it does feel great to be an active parent helper."
Written by Rachelle Enns on August 5th, 2022
Education
21. Walk me through your education and how it relates to a career in wealth management.
What You Need to Know
You've included the basics of your formal education and industry training in your resume. This question allows you to go into greater depth and bring your education to life. Discuss how your education prepared you for your career and how the lessons you learned will aid in benefiting the Charles Schwab Corporation. Don't just limit yourself to your degree, but expand on any mentorships, life lessons, or any other unconventional education or learning experiences you had along your educational journey.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I earned my master's degree in finance from ABC University. My degree exposed me to the financial world and specific topics such as bonds, econometrics, economics, corporate finance, governmental finance, individual investment, statistics, and portfolio management. I am grateful for my education and how well it has supported me in my career."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"I will never be finished with my education and learning. Although my degree is in business administration, and not specifically finance, my school did prepare me very well for a career in wealth management. I took courses in economics, finance, management, and marketing, all important facets of wealth management."
Written by Rachelle Enns on August 5th, 2022
Education
22. What do you believe is the biggest challenge facing the wealth management industry today?
What You Need to Know
Your interviewer is testing how up-to-date you are on what is trending in the industry. Take advantage of this opportunity to exemplify your professionalism and that you are a trusted source of information. Give them the confidence in your experience and knowledge that you'd give to your potential clients. Try to spark meaningful and memorable conversations.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I believe that one of the biggest challenges that the finance and wealth management industries face today is cybercrime in the form of data breaches and fraud. I recently read that financial cybercrime has increased by almost 500% over the last two years, causing a lot of distrust between customers and their financial service firms. To combat this, I always send a copy of our data security action plan and agreement to my customers, ensuring they understand what my firm and I do to keep their information safe and secure."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"From what I have read and researched, FinTech companies will become even bigger and fiercer competitors to traditional financial and wealth management firms. I believe it's important that we begin to look at partnering with these tech-savvy startups rather than completely opposing them."
Written by Rachelle Enns on August 5th, 2022
User-Submitted Answer
"People are afraid."
Written by an Anonymous User
Our Professional Interview Coach
Amanda Knight Reviewed the Above Answer
This is an answer you can improve by expanding on it. Talk about what people are afraid of, why they're afraid, and how you see the industry overcoming that challenge.
EQ
23. How do your emotions influence your decision making?
What You Need to Know
This trick question tests your emotional maturity and whether you allow your emotions to influence or dictate your reactions and decision-making. Someone who has a highly developed EQ will recognize what this question aims to reveal. So the accurate answer would be to detail how you maintain control over your emotions and can remain grounded and situationally objective.
Written by Kevin Downey on August 5th, 2022
Answer Example
"I'd say that my emotions inform my decision-making in only one way. If I am working with an abrasive or confrontational client, and if they can provoke an undesirable emotional response within me, then my emotions are telling me something significant - that I need to identify why and how such a reaction was triggered so that I can analyze it, grow, and prevent that from happening in the future."
Written by Kevin Downey on August 5th, 2022
Experience
24. Do you have experience preparing and delivering presentations?
What You Need to Know
This question gauges your comfort level with public speaking, planning, preparing, and delivering presentations to clients or other stakeholders. It tests your communication skills and ability to persuade others of your point of view. Public speaking can be uncomfortable for many and is outside their comfort zone. Display your experience by relaying instances where you've prepared and given presentations. Include the relevant details such as the topic, the setting, and how many people you presented to.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"In my current role, I regularly present to my clients and my team of 20 advisors. To gain confidence as a speaker and presenter, I became a Toastmasters member two years ago. Since joining, I have taken courses such as 'The Better Speaker' series, 'Beginning Your Speech,' and 'Concluding Your Speech.' I also have training in PowerPoint, ensuring that my presentations are visually engaging."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"The bulk of my presentation experience comes from my time in university, where I prepared a variety of speeches and decks. I am a confident public speaker and was able to present to a group of my peers without any issues. I look forward to gaining even more experience in preparing and delivering professional presentations for clients and internal stakeholders."
Written by Rachelle Enns on August 5th, 2022
Experience
25. How will your skills complement Charles Schwab Corporation, if hired?
What You Need to Know
Thoroughly research the advertised position and the Charles Schwab Corporation and align your values, core competencies, and unique skills with their values and mission statement, and share your unique value proposition. Highlight the hard and soft skills that make you stand out from the competition.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I understand, after reading through your company website, that your mission is to help your clients achieve financial independence and freedom in retirement. My skills in retirement planning are strong, and my portfolio of work attests to this fact. I care about my clients in a way that they notice, which is why I gain such a high referral rate year after year. Lastly, because I have twelve years of experience in the wealth management industry, the time to train me will be significantly reduced, ensuring that I begin making a positive financial impact on Charles Schwab Corporation right away."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"I am highly technical and analytical and pick up on numbers and systems quickly. I have already crafted a 30, 60, and 90-day plan to exceed my training expectations and targets. The plan includes doubling up on my cold calls and booking more in-person client meetings. These activities, along with my speed and eagerness, will ensure that I make an impact on the Charles Schwab Corporation bottom-line as soon as possible."
Written by Rachelle Enns on August 5th, 2022
Experience
26. What skills did you learn in your current role that will help you succeed at Charles Schwab Corporation?
What You Need to Know
You've researched the position and the company, but don't forget to research yourself. It is too easy to take for granted many of the skills and talents we pick up on our career journey. So comb through your performance evaluations, certificates, or accomplishments that qualify as transferable skills. Explain why you are uniquely positioned to offer this role something new.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I have learned a great deal from my current organization and gained many valuable new skills. I noticed the Charles Schwab Corporation job posting states that you seek someone with solid results in cold calling, gaining referrals, and networking. These are skills that I have worked very hard to master over the past few years. I make around 100 cold calls per week, and my referral rate is well above 40%, nearly double that of my co-workers. These are just some skills that will help me to succeed with Charles Schwab Corporation."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"During my internship, I learned a lot about the art of conversation and getting to know clients by asking the right questions and being unafraid to dig deeper. In your job posting, you mention looking for a junior advisor who is curious by nature, knows how to ask the best discovery questions, and is great with research. These are just some of the skills I recently developed, and I am eager to apply them in this role with Charles Schwab Corporation."
Written by Rachelle Enns on August 5th, 2022
Experience
27. Which factors do you believe most impact the growth of the wealth management industry?
What You Need to Know
The interviewer would like to assess your skill level and experience. They're curious about what your answer will reveal and how relevant your perspective is to what they are looking for in a candidate. Be prepared to discuss any relevant newsworthy topics and your on-the-job experience. Share what your clients are feeling or responding to. Touch on their micro-motives and macro-behaviors. Share the sources you turn to when looking for reliable and up-to-date information on what the wealth management industry is doing, how you respond to your client's priorities, fears, and reactions, and how their decisions influence the finance industry climate in this regard.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I follow many blogs and publications from companies such as your own, JP Morgan, and Wells Fargo. The factors and topics touched on most often include previous financial crises, adapting to quickly changing market environments, shareholder expectations, strict regulations that change often, and milestones in tech. I believe these topics shape the wealth management industry in a sometimes unpredictable way."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"According to a very intriguing report released recently by Deloitte, ten primary factors impact the wealth management industry. These include a higher intensity of competition, increased regulatory burdens, a new generation of investors who think entirely differently, and the introduction of artificial intelligence and machine learning into the wealth management industry. These are to name a few. It's important to me that I keep up with these rising trends as they directly impact my career."
Written by Rachelle Enns on August 5th, 2022
Experience
28. This role with Charles Schwab Corporation is very independent. How do you prospect for new customers?
What You Need to Know
Illustrate for the hiring manager your prospecting methods and how you stay organized. Share your approach for setting up your success. Reveal how effective you are at switching from the more independent aspects of your job to the more interpersonal side of it. Speak confidently, maintain open body language, and make friendly eye contact.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I have a few very effective techniques for prospecting for new customers. First, I ensure that all my prospects are in my CRM so I never skip a beat. I ask for referrals from all of my clients and make warm calls from that list. More passively, I write a lot of wealth management content and publish it on LinkedIn, positioning me as a thought leader and getting my name out there. I gain a lot of leads from this approach. Another highly effective prospecting technique has been attending networking events and joining my city's commerce board."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"As I build my business as a new financial advisor, it's important that I get my name out there through networking and getting to know people in my community. I volunteer and attend many commerce meetings, which exposes me to new people and potential clients. I do a lot of social media marketing in the form of educational posts, which starts conversations online with prospective customers I may not otherwise meet in person. I also spend time warm calling from my LinkedIn connections."
Written by Rachelle Enns on August 5th, 2022
Experience
29. Analytical skills are critical to success as a Financial Advisor. How are you analytically minded?
What You Need to Know
Consider your methodical methods and clear-cut approach to reaching your goals and completing tasks. Be prepared to discuss how you are analytically minded, making you an exceptional professional in the wealth management industry. For some, an analytical approach is more of a singular task and more conducive to independent work, which is a large part of the work to be performed by a financial advisor. This speaks to your resourcefulness. Share the multiple resources to turn to and your approach to the more detail-oriented, analytic aspects of your work.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"As a Financial Advisor, I use my analytical skills when detecting patterns in finance trends, observing and interpreting data, theorizing on where the market is going, or brainstorming ideas for my clients when their decisions lean on multiple factors and options available in the market. I take pride in my analytical abilities because they help me do my job exceptionally well while benefitting my clients greatly."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"My analytical skills are getting stronger every day, and I had the opportunity to hone in on them during my time at university. In school, I would collect and analyze information, problem-solve, and make decisions based on data. I will bring my analytical strengths to Charles Schwab Corporation to help you solve problems and ensure your clients see the most financial success possible."
Written by Rachelle Enns on August 5th, 2022
Experience
30. What are your pay expectations for this role?
What You Need to Know
Since Charles Schwab Corporation is involved in the finance and wealth management industry, it would be no surprise if they were very upfront when discussing your pay expectations compared to their offering. Avoid giving a wishy-washy answer. Effectively answering this question requires a delicate balance. Use your current earnings as a baseline. Contrast your earnings with what you feel your current professional worth is in your job market, and allow for a range of flexibility with that number. Offer the benefits you receive from your current employer (bonuses, incentives, commuter perks, retirement packages, stock options, PTO, etc.). Be open, realistic, and honest. Transparency is the best choice when salary-based questions arise.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I currently earn around $90,000 per year, including commission. I am looking for compensation aligned with the greater responsibilities of this particular role while leaving room for more commission-based opportunities and career growth. Could you share with me what Charles Schwab Corporation is offering for this position?"
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"As I am new to my career and the wealth management industry, I am happy to negotiate my earnings based on your typical salary for this role. From my research, I see that the average junior financial advisor in the San Francisco area earns in the $55K range. Is this correct to say?"
Written by Rachelle Enns on August 5th, 2022
Experience
31. Which do you feel is of more value and more deserving of respect - working smarter or working harder?
What You Need to Know
Working smart speaks to your ability to effectively manage your time, prioritize, organize, and approach a project or any given task strategically. Your answer to this question will speak to your experience level, work style, and work ethic based on your basic understanding of the difference between the two. It also shows that you can identify what your clients value most and how perception can sometimes be everything. Acknowledge there's a time and place for working smarter over working harder. Working smarter can cut down on the hard work you put in.
Written by Kevin Downey on August 5th, 2022
Answer Example
"Honestly, I am a working smarter professional. But when there is a need, I won't hesitate to jump into the trenches to ensure I meet my client's expectations. If I am always scrambling, what message does that send? I am all about transparency, at least to the extent that my clients can easily see through the glass that I am good at what I do, giving them the full confidence they need to trust me with managing their wealth."
Written by Kevin Downey on August 5th, 2022
Experience
32. How do you assess a client's financial position in an initial client meeting?
What You Need to Know
Walk your interviewer through your approach to this aspect of your work. Share any tips or tricks you employ to accurately and carefully assess their financial status and how you can best serve your mutual interests. Show the interviewer at Charles Schwab Corporation that you can take the appropriate steps when first meeting or onboarding a new client.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"As a responsible wealth management professional, my clients must know their bandwidth when it comes to the risk they are willing to take and where they want to be in the near and far future. I saw a lot of pain during the economic downturn as so many investors overestimated their ability to stomach the risk and the downside of investing. When assessing a client's financial position, I ask discovery questions. I also perform time horizon tests such as NestEgg Estimates and other stress tests to ensure they understand where they are as far as their financial future and the risk they are willing to take."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"There are many ways to assess my client's financial position. I am analytically minded and know that the truth is always in the numbers, so I rely on data from stress and tolerance tests. I ask questions regarding future planning and their level of comfortability when it comes to risk. Everyone is different, and I must treat each client as a unique case."
Written by Rachelle Enns on August 5th, 2022
Experience
33. Tell me about the systems and tools you lean on to do your job.
What You Need to Know
You likely fully described your required and transferable hard skills on your resume. This question opens things up for you to share some of the more unconventional tools you employ to shore up your success. Sharing these will present you as resourceful, innovative, and an outside-of-the-vox-thinker. After sharing the systems and tools you utilize or have developed for yourself, ask them what they use. That should convey to the interviewer that you are eager and willing to learn anything new that could further support your success.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"First and foremost, I use my CRM all day long and rely heavily on it for my pipeline of business and existing client portfolio. I use Capsule because it's a CRM that allows me to share progress with my team should we work on larger investment accounts together. Aside from my CRM, I also use email marketing automation software, allowing me to keep my leads warm with an email funnel that I have automated. A new tool I love is NestEgg Estimator, a Google app that takes my client's finances and breaks them down into income, taxes, assets, and debt, better helping me to calculate their retirement needs. The app allows me to play out various scenarios, such as changes in job, expenses, and spending."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"I have been teaching myself a few new tools in anticipation of my first job in wealth management. These tools include Salesforce CRM, where I have been taking their free webinars and tutorials. I have used YouTube channels to learn additional tech, such as Black Diamond, a cloud-based portfolio management platform. I understand that Black Diamond will help me with information aggregation, customizing reports, and other tasks required of a junior advisor."
Written by Rachelle Enns on August 5th, 2022
Trust
34. Have you ever broken a non-disclosure, privacy, or confidentiality agreement?
What You Need to Know
To effectively answer this question, detail your big-picture view of why confidentiality agreements are valuable for protecting everyone's interests in the wealth management industry. By going into depth on your support for such measures, you'll offer them the assurances they need to trust you'll honor such an agreement. Assure them that you are honest and full of integrity.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"I have signed NDA's and confidentiality agreements with my former employers and every client. As a professional in the wealth management industry, I also understand the importance of asking my clients to sign the same so that everyone is protected. I hold myself accountable to confidentiality agreements and take pride in my honest character."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"Before starting my internship, I was asked to sign a confidentiality agreement, which made complete sense to me considering the information I was privy to throughout that time. Discretion has never been an issue for me, and I am happy to comply with any matters of confidence on behalf of Charles Schwab Corporation."
Written by Rachelle Enns on August 5th, 2022
Trust
35. As a wealth management professional, have you ever been asked to act unethically? If so, what did you do?
What You Need to Know
Although you want to answer this question straightforwardly, it also provides you an opportunity to showcase the pride you hold for your personal and professional integrity. Describe how your values and conduct inform your performance. Doing so could potentially assure Charles Schwab Corporation that you take pride in your reputation and would serve as a re-presentive of their brand.
Written by Kevin Downey on August 5th, 2022
1st Answer Example
"In my career, I have been offered gifts from clients, and although this is not a direct crime, it never feels right to accept anything lavish from a client. I do everything that I can to keep my relationships strictly professional. You can rest assured that I would act with utmost honesty and integrity, representing Charles Schwab Corporation with pride every day."
Written by Rachelle Enns on August 5th, 2022
2nd Answer Example
"I am newer to my career and have never encountered a situation that rode a grey line. I would never do anything to jeopardize my company, career, or professional reputation. Should a situation be serious, I would immediately report it to my employer or governing board."
Written by Rachelle Enns on August 5th, 2022