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Neuberger Berman Interview
Questions

30 Questions and Answers by
Rachelle is a job search expert, career coach, and headhunter
who helps everyone from students to fortune executives find success in their career.

Question 1 of 30

Name for me what you believe to be the biggest challenge facing the wealth management industry today.

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Neuberger Berman Interview Questions

  1. 1.

    Name for me what you believe to be the biggest challenge facing the wealth management industry today.

      The interviewer at Neuberger Berman wants to see that you've conducted ample research on the wealth management industry, and the challenges they face today. Whether you're a seasoned financial planning professional, fresh-faced in your first role outside of university, or even transitioning to a new industry, it's essential that you know the challenging side of the trade before joining.

      Share what you believe to be a significant challenge in the wealth management industry today, and why. Bonus points if you have a plan prepared on how you will overcome this challenge!

      Rachelle's Answer #1

      "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 have a full understanding of what my firm and I do, to keep their information safe and secure."

      Rachelle's Answer #2

      "From what I have read, and researched, FinTech companies are going to 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."

  2. 2.

    Do you prefer to work independently, or with partners?

      This teamwork-based question will give the interviewer an idea of your preferred work style. The way you answer this question will show a bit about your personality and how you interact with others. You may work well without the need for much direction and collaboration, or maybe you are very driven by a collaborative and team-focused environment. Either way, be honest with the interviewer about your preferences without leaning negatively, either way.

      Rachelle's Answer #1

      "I understand that this role requires me to work both independently and with the partners and team at Neuberger Berman. In my current role, I work independently around 75% of the time, and I do appreciate the autonomy. With that said, around 25% of the time when I am collaborating with the team, I feel encouraged, challenged, and refreshed. It's great to have a balance of independence and teamwork."

      Rachelle's Answer #2

      "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."

  3. 3.

    How would you build a relationship with a client with an intimidating nature?

      In the wealth management industry, you will come across many personalities; some which may be intimidating or come off strong by nature. The interviewer wants to see that you have the smarts, and maturity to deal with strong personalities while maintaining control and professionalism. If you have come across a situation like this, discuss what you did to overcome any feelings of intimidation.

      Rachelle's Answer #1

      "Many of my clients are wealthy business professionals who are busy and do not have a lot of time to fuss around conversations. Sometimes they can come across as intimidating; however, I remind myself that they have a lot on the go, and I need to make every conversation count. I am proud of the work that I deliver, and I stand behind it, no matter how intimidating or brief a client can be."

      Rachelle's Answer #2

      "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 a bit harsh or intimidating themselves. If this situation occurs, I will focus less on how I am feeling and more about how they are feeling."

  4. 4.

    Neuberger Berman is client-centric. How do you continually strengthen relationships with your exciting client base?

      Many employees in the wealth management industry are commission-based and rely on excellent relationships with their client base to make a healthy wage. For these reasons, it's in your best interest to have a solid strategy when it comes to building strong relationships with new clients and building upon your existing client base at the same time. Discuss some steps that you take to ensure you have profitable client relationships.

      Rachelle's Answer #1

      "It's important to me that I take time out of every day to strengthen relationships with my prospective customers as well as 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 to craft interesting downloads, whitepapers, and other PDFs focused on educating my contacts. This way, they become more comfortable with me and being to see me as a thought leader in wealth management. In turn, because of these frequent touchpoints, I am often the first name they think of when they are ready to build a stronger financial future."

      Rachelle's Answer #2

      "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, and one 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."

  5. 5.

    How do you show potential clients that you are a trusted source for information on wealth management and other financial topics?

      It's crucial, as an advisor or professional in the wealth management industry, that you can instill a feeling of confidence in your clients. Your clients have to be able to trust that you are in-the-know and that you do everything you can to provide them with the most up-to-date information, protecting their money and helping them to grow their financial situation. Discuss what you do to show potential clients that you should be their go-to source when it comes to their financial future.

      Rachelle's Answer #1

      "For me, as a wealth management professional, it's most important that I 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 alike, 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."

      Rachelle's Answer #2

      "Showing that I am with them every step of the way is crucial. I will give reading recommendations to my 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."

  6. 6.

    Analytical skills are critical to success as a Financial Advisor. In which ways are you analytically minded?

      There are many ways to show that you are analytically minded. Perhaps you are great with research or investigating a problem. Maybe you take clear and logical steps in everything that you do. Or, you show a methodical or 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.

      Rachelle's Answer #1

      "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 to do my job exceptionally well while also benefitting my clients greatly."

      Rachelle's Answer #2

      "My analytical skills are getting stronger every day, and I had the opportunity to hone in on them during my time in university. In school, I would collect and analyze information, problem-solve, and make decisions based on data. I will bring my analytical strengths to Neuberger Berman to help you solve problems and ensure your clients see the most financial success possible."

  7. 7.

    Would you cold call for a year if it meant you had a steady client list afterward?

      Neuberger Berman wants assurance that you are willing to put in the hard work required, to later reap the rewards of a stable pipeline of business. Wealth management professionals often focus on the size of their portfolios or the value of their client list; however, you know those results do not come without a ton of leg work.

      Show the interviewer that you understand a lucrative career comes from hard work. If you currently spend a lot of time cold calling, prospecting, and working on developing new business opportunities, you can discuss those activities.

      Rachelle's Answer #1

      "I am more than willing to put in time and sweat equity into building my book of business via cold calling; My years of experience in client development within wealth management gives 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."

      Rachelle's Answer #2

      "I thoroughly enjoy meeting and connecting with people, and I love the idea of getting them to say yes, even when they weren't initially inclined to say no! I cannot expect success to be handed to me overnight. So, yes, 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."

  8. 8.

    Which factors do you believe most impact the growth of the wealth management industry?

      The interviewer would like assurance that you understand how the wealth management industry works, and the factors that could impact your success at Neuberger Berman. Be prepared to discuss any items you have recently read in the news, or talk about the sources that you turn to when you are looking for reliable and up-to-date information on what the wealth management industry is doing.

      Rachelle's Answer #1

      "I follow many blogs and publications from companies such as your own, JP Morgan, and Wells Fargo. The factors and topics touched on the most often include previous financial crisis, adapting to quickly changing market environments, shareholder expectations, strict regulations that change often, and milestones in tech. I believe that together, all of these topics shape the wealth management industry in a sometimes unpredictable way."

      Rachelle's Answer #2

      "According to a very intriguing report released recently by Deloitte, there are ten primary factors that 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."

  9. 9.

    What skills did you learn in your current role that will help you succeed at Neuberger Berman?

      To answer this question successfully, it's a great idea to take a look back at the job posting or job description, and take note of the skills that Neuberger Berman seems to request the most.

      Many job postings are repetitive, and you should be able to see which skills come up more than once or twice. Focus on those keywords when answering this question.

      Rachelle's Answer #1

      "I have learned a great deal from my current organization, and have gained many valuable new skills. I noticed in the Neuberger Berman job posting that you are seeking 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 to succeed with Neuberger Berman."

      Rachelle's Answer #2

      "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 have recently developed, and I am eager to apply them in this role with Neuberger Berman."

  10. 10.

    How would you explain mutual funds to someone unfamiliar with the concept?

      Mutual funds may be a basic concept to you, as a wealth management professional; however, the point of the question is for the interviewer to determine how well you can explain financial products to your clients.

      Neuberger Berman has a reputation for educating their clients, helping them to understand common concepts in wealth management better. Show the interviewer that you can deliver these expectations by simply and clearly describing what mutual funds are, being sure to highlight the benefits.

      Rachelle's Answer #1

      "I understand that the world of wealth management can be overwhelming and complicated, which is why it's imperative that I can explain concepts and products very simply. All a client wants to know is if the product is right for them, why it's right, and what kind of results they can expect. For that reason, 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."

      Rachelle's Answer #2

      "Mutual funds are a basic financial concept, so it's important that every one of my clients has a solid idea on how they work. I would tell a client that when they buy a mutual fund, they are pooling 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."

  11. 11.

    Why do you want to work in wealth management, and where would you like your career to take you?

      The interviewer wants to know what stems your passion for a career in wealth management. Talk a bit about your history in the industry, how your post-secondary education propelled you into this career, or perhaps how your own experience with a Financial Advisor piqued your interest.

      Next, think about where you want to grow with Neuberger Berman. Take a look at the natural career path, from the role you are currently interviewing for, and up a few steps. Do you have ambitions to step up with Neuberger Berman and earn a title promotion? Discuss where you want your career to take you, being sure to show enthusiasm for potential job promotions and opportunity.

      Rachelle's Answer #1

      "I obtained my masters' degree in finance thinking that I would be joining a corporate banking environment. That is until I met a seasoned financial investment advisor who shared with me her career path and successes. I loved the flexibility that 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 would like to grow my career to include branch management or a regional position for Neuberger Berman. "

      Rachelle's Answer #2

      "Growing up, my parents were always teaching 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 Neuberger Berman when the time is right."

  12. 12.

    In an initial client meeting, how do you first assess a client's financial position?

      When it comes to a clients' financial position, and their financial risk tolerance, it's imperative that you, as a wealth management professional, know how to accurately and carefully assess their actual financial status. Show the interviewer at Neuberger Berman that you can take the appropriate steps when first meeting or onboarding a new client.

      Rachelle's Answer #1

      "As a responsible wealth management professional it is essential to me 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 over-estimated their ability to stomach the risk and the downside of investing. When first assessing a clients' actual financial position, I ask a lot of 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."

      Rachelle's Answer #2

      "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 a lot of data that comes from stress and tolerance tests. I ask a lot of questions regarding future planning and their level of comfortability when it comes to risk. Everyone is different, and it's critical that I treat each client as a unique case."

  13. 13.

    Financial Advisors with Neuberger Berman who are active in their community see more success. Tell me about an organization or group outside of work with which you are involved.

      The interviewer would like to know if you are giving of your time and involved in your community. As a Financial Advisor, a lot of your success comes from networking and getting your name out into the community. Volunteer work and community involvement showcase strong character and selflessness, which are all qualities that make a great advisor. Talk to the interviewer about how you are active and involved outside of work.

      Rachelle's Answer #1

      "I recently began sitting on the business commerce board for our city. Part of what we do it raise funds for local schools and other needs for the community, while also providing helpful resources to local business owners. I have thoroughly enjoyed my experience so far and plan to dedicate myself more often to giving back to others."

      Rachelle's Answer #2

      "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."

  14. 14.

    How do you stay current on developments and trends in wealth management?

      There are many resources in the wealth management industry, but the interviewer needs to know that you follow and take advice from only the best. In an online world where you can find any information you need, how do you ensure that your industry knowledge is built from solid resources? Mention the reputable publications that you lean on and feel free to ask the interviewer for a recommendation, too! Asking for recommendations could break the ice and open up a helpful conversation.

      Rachelle's Answer #1

      "I rely on a variety of resources to ensure that I get a broad scope of opinion and information. The sources that I rely on most include opinion pieces published on LinkedIn by my professional network, as well as online publications such as The Economist and Financial Advisor Magazine. If you have some resources to recommend, I would love to hear!"

      Rachelle's Answer #2

      "The resources that 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."

  15. 15.

    As a wealth management professional, have you ever been asked to act unethically? If so, what did you do?

      It's no secret that unethical behavior in the finance industry is widespread. Every day of the week, we hear in the news of somebody new facing fines and jail time for financial crime.

      Neuberger Berman takes pride in their reputation and part of maintaining this reputation means ensuring those they hire are operating entirely above board. If you have ever been asked to act unethically, talk about the situation without speaking poorly of another finance professional, or past employer. If this situation has never happened to you, that's great! Take a minute to assure the interviewer that you will always act with the utmost integrity.

      Rachelle's Answer #1

      "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 Neuberger Berman with pride every day."

      Rachelle's Answer #2

      "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 report it to my employer or governing board immediately."

  16. 16.

    Wealth management is an all encompassing term. How would you explain what we do at Neuberger Berman to someone unfamiliar with our company?

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  17. 17.

    Walk me through your education and how it relates to a career in wealth management.

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  18. 18.

    This role with Neuberger Berman is very independent. How do you prospect for new customers?

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  19. 19.

    Tell me about the systems and tools that you lean on to do your job.

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  20. 20.

    Do you have your Certified Financial Planner (CFP) designation? If not, is this something you would like to achieve?

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  21. 21.

    As a Financial Advisor, your compensation is tied directly to your productivity. How do you feel about working in a highly commissioned role?

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  22. 22.

    Many Neuberger Berman employees work as though they are independent business owners. Talk to me about what makes your entrepreneurial by nature.

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  23. 23.

    When you suffer a setback in your portfolio, how does that emotionally affect you?

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  24. 24.

    Do you have experience preparing and delivering presentations?

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  25. 25.

    How will your skills complement Neuberger Berman, if hired?

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  26. 26.

    How do you deal with client rejection or objections?

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  27. 27.

    Have you ever broken a non-disclosure, privacy, or confidentiality agreement?

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  28. 28.

    Do you have a personal or professional mission statement?

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  29. 29.

    Do you have any questions about this job, or working for Neuberger Berman?

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  30. 30.

    What are your pay expectations for this role?

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