30 Morgan Stanley Interview Questions & Answers
Behavioral
1. Would you cold call for a year if it meant you had a steady client list afterward?
What You Need to Know
The main goal is to exude your willingness to do whatever it takes to get the job done. A can-do attitude without reservations could speak to your work ethic and overall worldview. Your willingness to take the good with the bad and not just favor one task over another will set you up as a more desirable candidate.
Written by Kevin Downey on June 20th, 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 as many cold calls as needed to maximize my success."
Written by Rachelle Enns on June 20th, 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. 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 June 20th, 2022
Behavioral
2. How would you build a relationship with an intimidating client?
What You Need to Know
The interviewer is trying to gauge your interpersonal skill level and approach to navigating different personality types and communication styles. How you answer this question will offer insights into how adaptable you are in navigating different strong personalities, especially when dealing with individuals in positions of authority and power. Focus your answer on the common hurdles you've faced and how you relate to and establish relationships with those who prove more challenging to relate to. Detail the methods you employ upon entry and how you navigate each situation on an interpersonal level.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"Many of my clients are busy wealthy business professionals who do not have time to fuss around conversations. Sometimes they can come across as intimidating; however, I remind myself they have a lot going on, 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 June 20th, 2022
2nd Answer Example
"Because of the vulnerable nature of wealth planning and management, I can understand how 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 June 20th, 2022
Behavioral
3. Financial Advisors with Morgan Stanley who are active in their community see a higher rate of success. Tell me about an organization or group outside of work with which you are involved.
What You Need to Know
As Morgan Stanley advertises on their website, 'At Morgan Stanley, giving back represents an integral part of our culture. And while supporting the communities in which we live and work is a priority year-round, during Global Volunteer Month, the firm kicks up its efforts, bringing employees together to strengthen the impact that we can make with nonprofits around the globe.' They ask this question in the interview to gauge your volunteerism and to see to what degree you already embrace similar values as theirs.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"I recently began sitting on the business commerce board for our city. We 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 June 20th, 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 much of my time, but it feels great to be an active parent helper."
Written by Rachelle Enns on June 20th, 2022
Behavioral
4. This role with Morgan Stanley is very independent. How do you prospect for new customers?
What You Need to Know
The interviewer would like you to take them through your prospecting process. You'll want to exhibit that you are effective at the more solitary tasks of prospecting for new clients without burning out and that you are adaptable to switching gears to the more social aspect of interacting with and converting new clients.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"I have a few very effective techniques for prospecting for new customers. First, I ensure that all of my prospects are in my CRM so that 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 June 20th, 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 June 20th, 2022
Behavioral
5. Do you prefer to work independently or with partners?
What You Need to Know
This behavioral question seeks to reveal whether you enjoy working on solo projects with little social interaction or if you thrive in a social atmosphere. Ideally, you want to exhibit being adaptable to either approach. If you slightly lean one way or another, that is fine, as long as you can navigate both realms of the business. Doing so will speak to your merits and effectiveness at performing the job duties.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"I understand that this role requires me to work both independently and with the partners and team at Morgan Stanley. I work independently around 75% of the time in my current role, and I appreciate the autonomy. With that said, when I collaborate with the team, I feel encouraged, challenged, and refreshed. It's great to have a balance of independence and teamwork."
Written by Rachelle Enns on June 20th, 2022
2nd Answer Example
"Being newer to my career, the more I can learn from partners and teammates, the better. 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 June 20th, 2022
User-Submitted Answer
"I enjoy a team-based environment and feedback. I value learning what works from experienced advisors."
Written by an Anonymous User
Our Professional Interview Coach
Rachelle Enns Reviewed the Above Answer
This answer is a good start! What does a team-based environment look like to you? When it comes to feedback, what are you referring to? Team members giving team members constructive criticism, for instance?
Behavioral
6. Analytical skills are critical to success as a Financial Advisor. How are you analytically-minded?
What You Need to Know
Talk about your preferred work style as it applies to the analytical aspect of your job. Attest to your attention to detail, your approach to identifying kaizen opportunities, and your particular achievements (individual or team-focused) where you shined.
Written by Kevin Downey on June 20th, 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 greatly benefitting my clients."
Written by Rachelle Enns on June 20th, 2022
2nd Answer Example
"My analytical skills are getting stronger every day, and I had the opportunity to hone 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 Morgan Stanley to help you solve problems and ensure your clients see the most financial success possible."
Written by Rachelle Enns on June 20th, 2022
Behavioral
7. As a Financial Advisor, your compensation is tied directly to your productivity. How do you feel about working in a highly commissioned role?
What You Need to Know
Thoroughly research the position and pay structure before the interview. Avoid asking any clarifying questions that you should already know the answer to. If you have experience working in a commission-based environment, attest to your ability to perform in this regard. If you don't have experience with this pay structure, say so while detailing the applicable skills you employ, which you believe would be transferable to this pay structure.
Written by Kevin Downey on June 20th, 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 the promises that I make to myself and my clients."
Written by Rachelle Enns on June 20th, 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 June 20th, 2022
Career Goals
8. Do you have a personal or professional mission statement?
What You Need to Know
For your interviewer to assess how well you'll complement their work environment, they want to ensure your values and mission statement align with theirs. Before the interview, do your homework and look up Morgan Stanley's core values and mission statement. Align your values with theirs, and detail how your values guide your day-to-day performance.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"I work to better the lives of each client. That is my mission. I want my clients to know I care about their financial wellness and long-term financial plan. They should always know and be able to see that I will do what it takes to ensure they are comfortable in the long-term."
Written by Rachelle Enns on June 20th, 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 June 20th, 2022
Career Goals
9. Why do you want to work in wealth management, and where would you like your career to take you?
What You Need to Know
Walk the interviewer through your unique career journey. Describe how you started on this career path, what motivates you to succeed, and where you are looking to take your career next. If you've drafted a five-year career plan, share where you've come from, how you got to where you are today, and the direction you hope to take your career next.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"I obtained my master's degree in finance intending to join 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 she had in her career and that her income potential was never capped like mine would be in a corporate environment. It was history from there! Today, I want to grow my career to include branch management or a regional position for Morgan Stanley."
Written by Kevin Downey on June 20th, 2022
2nd Answer Example
"Growing up, my parents taught me about planning for my financial future and planted a seed of interest in me very early. I am interested 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 Morgan Stanley when the time is right."
Written by Rachelle Enns on June 20th, 2022
Communication
10. Wealth management is an all encompassing term. How would you explain what we do at Morgan Stanley to someone unfamiliar with our company?
What You Need to Know
The term 'wealth management' can become fuzzy as there are many interpretations, along with a plethora of companies that offer wealth and financial investment services and products. The interviewer wants to see that you have conducted ample research on Morgan Stanley. Briefly discuss what Morgan Stanley does in a way that anyone outside the industry could follow.
Written by Rachelle Enns on June 20th, 2022
1st Answer Example
"For someone not familiar with Morgan Stanley or 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 Morgan Stanley include (A), (B), and (C), which fall into these categories."
Written by Rachelle Enns on June 20th, 2022
2nd Answer Example
"The easiest way to understand wealth management and what you do at Morgan Stanley is the structured management of money for the affluent. We make their money work for them and plan for life's milestones, such as retirement."
Written by Rachelle Enns on June 20th, 2022
Communication
11. Do you have any questions about this job or working for Morgan Stanley?
What You Need to Know
This is a great opportunity to follow up on questions that can exhibit you as a clutch player. Share the breadth of your knowledge by asking clarifying questions about things you've researched and discovered about the company. Ask what a typical day on the job looks like. Be proactive, as if you are starting your onboarding right when they've asked this question. Give the interviewer the opportunity to advertise their merits and why they think their job offering is the best.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"I would like to ask if there is anything in my background you would like me to clarify? Also, after discussing everything today, is there any reason I would not be the best fit for this role with Morgan Stanley?"
Written by Rachelle Enns on June 20th, 2022
2nd Answer Example
"Thank you for asking! A couple of questions come to mind. What do you see as the biggest challenge Morgan Stanley will be facing 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 June 20th, 2022
Communication
12. 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
It's incumbent on you to earn the trust and confidence of your clients, especially when evaluating their financial risk tolerance and pain points and anticipating their reservations, questions, wants, and needs. But you have to be effective in tailoring your approach to the client as an individual. Tell your interviewer your philosophy and approach to your work in this regard. Your interview isn't sold on you as the best candidate. So, communicate effectively, with confidence, as you would with a potential client.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"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. I provide my clients and prospects with an in-depth market report every quarter. I research and write the report myself, ensuring that I am a thought leader 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 June 20th, 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, I bring trust and value to the equation."
Written by Rachelle Enns on June 20th, 2022
Communication
13. How would you explain mutual funds to someone unfamiliar with the concept?
What You Need to Know
Mutual funds may be a basic concept for wealth management professionals to grasp; however, the point of the question is for the interviewer to determine how effectively you can communicate the features and functions of Morgan Stanely's product line to their clients. Communicate your approach by clearly describing what mutual funds are while highlighting their value.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"I understand that the world of wealth management can be overwhelming and complicated, which is why it's imperative to explain concepts and products very simply. Clients want to know is if the product is right for them, why it's right, and what kind of 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 June 20th, 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 a client to buy or sell their funds at any time."
Written by Rachelle Enns on June 20th, 2022
Customer Service
14. Morgan Stanley is client-centric. How do you continually strengthen relationships with your exciting client base?
What You Need to Know
Many commission-based wealth management employees in the industry rely on building relationship strategies with their client base to make a living. It's in their best interest to convert new clients while building upon their existing client base. Discuss the steps you take to build and maintain profitable client relationships.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"I take time every day to strengthen relationships with my prospective customers and 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 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 June 20th, 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. I learned in business school 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 June 20th, 2022
User-Submitted Answer
"I frequently check-in and engage with clients on trends in the current market. I ask how them if there's anything else I can do to help with their investments."
Written by an Anonymous User
Our Professional Interview Coach
Rachelle Enns Reviewed the Above Answer
These are all great ways to engage a client and build a relationship with them. If you have training in client-service, this question is an excellent opportunity to mention your training.
Education
15. Walk me through your education and how it relates to a career in wealth management.
What You Need to Know
Provide a more insightful answer to how your educational pursuits have prepared you for this role. Go beyond your curriculum and coursework. Describe your experience working with others on collaborative projects or insightful conversations with your professors. Think of any extracurricular activities or clubs that taught you some valuable lessons you've applied to your career or how what you learned in college was applied to your hands-on experience. The most important part of this question is determining the most valuable takeaways from your education experience.
Written by Kevin Downey on June 20th, 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 June 20th, 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 prepared 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 June 20th, 2022
User-Submitted Answer
"I have a Master's in Business Administration. The program was heavily structured around teamwork and staying on top of current events."
Written by an Anonymous User
Our Professional Interview Coach
Rachelle Enns Reviewed the Above Answer
It's best to practice conversationally delivering your answers. Your actual interview won't be a rapid-fire question-answer session. How has your BA prepared you for this role with Morgan Stanley? How do you plan to apply these learnings to ensure success, should you be hired?
Education
16. How do you stay current on the latest wealth management development trends?
What You Need to Know
The interviewer is curious about how you keep up with the latest relevant industry developments and trends. Whether you subscribe to email newsletters or blogs, listen to podcasts, or subscribe to notable publications, share how you actively learn and stay current in your field. Share a recent article or bit of information you've learned to incite a memorable conversation.
Written by Kevin Downey on June 20th, 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. I would love to hear your recommendations!"
Written by Rachelle Enns on June 20th, 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 June 20th, 2022
User-Submitted Answer
"I review various publications on market trends and emerging opportunities."
Written by an Anonymous User
Our Professional Interview Coach
Rachelle Enns Reviewed the Above Answer
Can you expand on your response by including details on your best sources/resources? Remember that an actual interview won't be a rapid-fire question-answer session. Rather, a conversation between two people :)
Education
17. What do you believe is the biggest challenge facing the wealth management industry today?
What You Need to Know
This is another opportunity to talk shop with your interviewer. Try to connect with them on relatable points, keeping your tone optimistic and enthusiastic. Speak with confidence on your up-to-date, relevant take on this aspect of the business, and share your thoughts to speak to your experience level. The aim here is to exude an overwhelming competence and above-average skill level.
Written by Kevin Downey on June 20th, 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 June 20th, 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 June 20th, 2022
Education
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
Whether you are a certified CFP or possess other industry certifications, this is a great opportunity to discuss what you earned or any plans to pursue additional certifications or educational opportunities. Whatever your answer is, you should emphasize a desire for continual career growth.
Written by Kevin Downey on June 20th, 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 enjoy the benefits of having the CFP letters behind my name. They signify trust and knowledge, which an investor should always look for. I will continue to educate myself past the CFP designation."
Written by Rachelle Enns on June 20th, 2022
2nd Answer Example
"I have registered for my first information session and plan to earn my CFP designation in the next three 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 June 20th, 2022
EQ
19. When you suffer a setback in your portfolio, how does that emotionally affect you?
What You Need to Know
Your interviewer is trying to determine how you identify growth opportunities for yourself and how you balance the highs with the lows. Your emotional maturity and outlook or professional attitude impact your performance in one way or another. Emphasizing how you maintain a positive outlook and thrive equally from the job's more challenging and rewarding aspects is one recommended approach to answering this question.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"As a commission-driven Financial Advisor, I am competitive with myself and my past performance and hyper-targeted in 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 June 20th, 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, 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 June 20th, 2022
EQ
20. How do you deal with client rejection or objections?
What You Need to Know
This question aims to evaluate your EQ. Being able to take rejection and objection in stride and display sales acumen means exuding confidence every step of the way - walking the walk and talking the talk.
Written by Kevin Downey on June 20th, 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 for me 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 June 20th, 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.No matter how a customer rejection might make me feel, I vow to remain professional. I am a positive person by nature, so when rejection comes my way, I will ask more questions to see if I can find the true source of the objection."
Written by Rachelle Enns on June 20th, 2022
Experience
21. How will your skills complement Morgan Stanley if hired?
What You Need to Know
Go beyond the hard skills listed on your resume and speak to your soft skills and how they might be transferable to this role. This is your opportunity to go into greater detail about your experience level and any unique value propositions you might bring to the table.
Written by Kevin Downey on June 20th, 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 Morgan Stanley right away."
Written by Rachelle Enns on June 20th, 2022
2nd Answer Example
"I am highly technical and analytical and pick up on numbers and systems very 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 impact the Morgan Stanley bottom-line as soon as possible."
Written by Rachelle Enns on June 20th, 2022
Experience
22. What are your pay expectations for this role?
What You Need to Know
This question can come up anywhere in the interview, but it more commonly comes towards the end. It not only aims to assess your expectations but also to gauge your self-awareness of your experience and interview performance. This is where you'll reveal how realistic your expectations are.
Written by Kevin Downey on June 20th, 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 Morgan Stanley is offering for this position?"
Written by Rachelle Enns on June 20th, 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 June 20th, 2022
Experience
23. In an initial client meeting, how do you assess a client's financial position?
What You Need to Know
Walk the interviewer through your approach - how you identify a client's pain points, financial risk tolerance, wants, and needs. Break down your unique approach as a wealth management professional. This is your opportunity to advertise your skill level and merits.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"As a responsible wealth management professional, it is essential that my clients 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 actual 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 June 20th, 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 June 20th, 2022
Experience
24. What skills did you learn in your current role that will help you succeed at Morgan Stanley?
What You Need to Know
The heart of this question is to reveal your ambition to continually develop your skills. Consistently challenging yourself and developing your skills will convey a growth mindset. Follow up with your recent lessons and what you've learned from them with how those lessons paved the way to the goals you hope to accomplish next.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"I have learned a great deal from my current organization and gained many valuable new skills. I noticed in the Morgan Stanley job posting 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 of the skills that will help me succeed with Morgan Stanley."
Written by Rachelle Enns on June 20th, 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 Morgan Stanley."
Written by Rachelle Enns on June 20th, 2022
Experience
25. Do you have experience preparing and delivering presentations?
What You Need to Know
Most people experience anxiety when it comes to public speaking. The interviewer wants to know your experience in this regard and how you've accustomed yourself to stepping outside of your comfort zone. Doing so will display leadership potential.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"In my current role, I regularly present to my clients and 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 June 20th, 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 June 20th, 2022
Experience
26. Morgan Stanley employees work as though they are independent business owners. Talk to me about what makes you entrepreneurial by nature.
What You Need to Know
Although you may be employed by Morgan Stanley, they want to ensure that you take ownership of your invested interest in your portfolio. From building your client list and maintaining relationships to adjusting your business to the ever-changing economic environments and trends we face today, share your unique proactive approach to taking ownership of your career.
Written by Kevin Downey on June 20th, 2022
1st Answer Example
"It's important that I continue to manage my portfolio of clients 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 June 20th, 2022
2nd Answer Example
"I believe an entrepreneurial mindset means to continually seek new challenges and think about my career vision. 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 of the entrepreneurial qualities I will bring to Morgan Stanley and my clients."
Written by Rachelle Enns on June 20th, 2022
Experience
27. Which factors do you believe most impact the growth of the wealth management industry?
What You Need to Know
Your answer should enlighten the interviewer on how current and up-to-date you are informed of the most recent developments in your industry. Share any recent newsworthy developments you've read about and how you feel they will impact your work and industry. By 'geeking' out on this question, you'll potentially be able to connect with your interviewer in a meaningful way, making your interview more memorable for them when reviewing which candidates rise to the top.
Written by Kevin Downey on June 20th, 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 I see 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 that these topics shape the wealth management industry in a sometimes unpredictable way."
Written by Rachelle Enns on June 20th, 2022
2nd Answer Example
"According to a very intriguing report recently released 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 June 20th, 2022
Experience
28. Tell me about the systems and tools that you lean on to do your job.
What You Need to Know
Not only do you want to advertise that you are fully versed in the current tools of your trade, but you also should go deeper into the unique systems and tools you've developed to ensure you are a top performer in your field. These self-implemented tools could aid your time management skills, project management skills, or client tracking tools. Whatever systems and tools you use that help you ensure consistent success, share them here.
Written by Kevin Downey on June 20th, 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, which allows 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 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 June 20th, 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 as a junior advisor."
Written by Rachelle Enns on June 20th, 2022
Trust
29. Have you ever broken a non-disclosure, privacy, or confidentiality agreement?
What You Need to Know
In the wealth management industry, protecting a client's privacy and personal information is paramount. Therefore, they want to ensure the representatives of their brand take every measure to protect their reputation. Discuss your principles, personal philosophy, integrity, and core value.
Written by Kevin Downey on June 20th, 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 these agreements so that everyone is protected. I hold myself accountable to confidentiality agreements and take pride in my honest character."
Written by Rachelle Enns on June 20th, 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 Morgan Stanley."
Written by Rachelle Enns on June 20th, 2022
Trust
30. As a wealth management professional, have you ever been asked to act unethically? If so, what did you do?
What You Need to Know
Anytime a company brings on a new employee, they want to ensure they meet their standards and align with their core values. Their reputation counts on the ethical consistency of every representative of their brand. Begin with sharing your values, ethics, and how the integrity of your brand aligns with that of Morgan Stanley. If you have an example where your ethicality and integrity were put to the test, share it. If you don't have an example, emphasize the value you place on your ethicality, and convey your values and the importance of the nature of the question.
Written by Kevin Downey on June 20th, 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 I can to keep my relationships strictly professional. You can rest assured that I would act with utmost honesty and integrity, representing Morgan Stanley with pride every day."
Written by Rachelle Enns on June 20th, 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 June 20th, 2022