30 Northern Trust Interview Questions & Answers
Behavioral
1. Do you have a personal or professional mission statement?
What You Need to Know
The interviewer would like to know if you have a personal motto or mantra that you live and work by. In business, especially when working in a sensitive industry such as finance and wealth management, this is an important question to ponder. This question addresses your credibility statement, ensuring you come across as trustworthy and honest with your clients, peers, and management.
Written by Kevin Downey on June 15th, 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 15th, 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 15th, 2022
Behavioral
2. Have you ever broken a non-disclosure, privacy, or confidentiality agreement?
What You Need to Know
Building trust with their clientele requires the highest degree of professionalism. As a professional in the wealth management industry, you will be privy to a lot of sensitive or confidential information on your clients and Northern Trust. It is highly likely that Northern Trust will have confidentiality agreements for you to sign and that you will sign contracts with each client you onboard. Talk to the interviewer about your thoughts on confidentiality agreements, and assure them that you are honest and full of integrity.
Written by Kevin Downey on June 15th, 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 an agreement 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 15th, 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 Northern Trust."
Written by Rachelle Enns on June 15th, 2022
Behavioral
3. Would you cold call for a year if it meant you had a steady client list afterward?
What You Need to Know
Northern Trust wants assurance that you are willing to put in the hard work required to reap the rewards of a stable business pipeline. 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.
Written by Kevin Downey on June 15th, 2022
1st Answer Example
"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."
Written by Rachelle Enns on June 15th, 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 15th, 2022
Behavioral
4. What, in your opinion, is the biggest challenge facing the wealth management industry today?
What You Need to Know
The interviewer at Northern Trust 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 the university, or even transitioning to a new industry, you must 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!
Written by Kevin Downey on June 15th, 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 to ensure they understand what my firm and I do to keep their information safe and secure."
Written by Rachelle Enns on June 15th, 2022
2nd Answer Example
"From what I have read and researched, FinTech companies are becoming 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 15th, 2022
Behavioral
5. How do you deal with client rejection or objections?
What You Need to Know
As a professional in the industry, your experience should lend reasonable anticipation to the doubts your potential clients will have. First, when advertising your point of view to your clients, you'll want to address any questions or concerns before they are voiced. Actively listen for, acknowledge, empathize, and relate to any reservations, objections, or pain points. Relate to their concerns and display confidence that the path forward is a tried-and-true approach. Connecting with your clients over their concerns and reassuring them you have solutions can keep the conversion moving towards mutual gains. There are several successful approaches to objection handling. Discuss with your interviewer the industry-recognized approach you take.
Written by Kevin Downey on June 15th, 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 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 15th, 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 15th, 2022
Behavioral
6. How would you build a relationship with an intimidating client?
What You Need to Know
This question seeks to evaluate your professional experience level, emotional intelligence, and communication skills, especially when adapting to a wide range of communication styles and personalities. Describe a time you dealt with an intimidating client and explain how you built a relationship with them.
Written by Kevin Downey on June 15th, 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 that 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 15th, 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 15th, 2022
Behavioral
7. Financial Advisors with Northern Trust 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 Northern Trust prides itself on its actionable involvement in corporate social responsibility and its focus on its products and services for non-profit organizations. Their ideal candidates already embrace similar values, ensuring they'll complement their work culture, leading towards mutual professional growth.
Written by Kevin Downey on June 15th, 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 June 15th, 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 feels great to be an active parent helper."
Written by Rachelle Enns on June 15th, 2022
Behavioral
8. Do you prefer to work independently or with partners?
What You Need to Know
This teamwork-based question will give the interviewer an idea of your preferred work style. Your answer will show a bit about your personality and how you interact with others. You may work well without much direction and collaboration, or maybe you are driven by a collaborative and team-focused environment. Either way, be honest with the interviewer about your preferences without leaning negatively. Ideally, you want to strike a balance between independent and collaborative.
Written by Kevin Downey on June 15th, 2022
1st Answer Example
"I understand this role at Northern Trust would require me to work independently and with the partners and team. In my current role, I work independently around 75% of the time, and I appreciate the autonomy. However, 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 15th, 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 June 15th, 2022
Behavioral
9. Analytical skills are critical to success as a Financial Advisor. How are you analytically-minded?
What You Need to Know
An analytically-minded person uses a methodical or clear-cut approach to evaluate data and identify patterns, inconsistencies, and opportunities. They have a unique ability to narrow their focus with above-average attention to detail without burning out from the tedium of such tasks. These independent tasks would typically fatigue someone with a collaborative and interpersonal-minded personality. Be prepared to discuss how analytically-minded you are while exhibiting your strong communication and interpersonal skills.
Written by Kevin Downey on June 15th, 2022
1st Answer Example
"As a Financial Advisor, I use my analytical skills to detect patterns in finance trends, observe and interpret data, theorize on where the market is going, or brainstorm 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 June 15th, 2022
2nd Answer Example
"My analytical skills are getting stronger every day, and I had the opportunity to develop 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 Northern Trust to help you solve problems and ensure your clients see the most financial success possible."
Written by Rachelle Enns on June 15th, 2022
Career Goals
10. Why do you want to work in wealth management, and where would you like your career to take you?
What You Need to Know
The interviewer wants to know what drives 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 experience with a Financial Advisor piqued your interest. Look at the natural career path and growth opportunities within Northern Trust, from the role you are currently interviewing for to a few steps up. Consider how your career ambitions line up with Northern Trust. Discuss your career direction, exhibiting enthusiasm for these potential opportunities.
Written by Kevin Downey on June 15th, 2022
1st Answer Example
"I obtained my master's degree in finance 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 would like to grow my career to include branch management or a regional position for Northern Trust. "
Written by Rachelle Enns on June 15th, 2022
2nd Answer Example
"Growing up, my parents taught me about planning for my financial future, so I believe they 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 Northern Trust when the time is right."
Written by Rachelle Enns on June 15th, 2022
Career Goals
11. Do you have your Certified Financial Planner (CFP) designation? If not, is this something you would like to achieve?
What You Need to Know
Being a Certified Financial Planner (this may be called something else in your region) is a prestigious designation because it reveals you're capable of meeting your client's needs despite the evolving requirements in the financial planning realm. During certification, you'll learn about several topics, including financial analysis, retirement plans, education, and disability plans, economics, credit and debt, investments, law, insurance, and more.
If you already possess industry certifications, that is great! Take the time to discuss what you learned and express the importance of continued education. If you are not yet certified, assure your interviewer that obtaining further industry designations is in your short-term career plans.
Written by Kevin Downey on June 15th, 2022
1st Answer Example
"I believe it's imperative to be part of a national or federal body that educates and designates 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, for which an investor should always look. I will continue to educate myself past the CFP designation as my career continues."
Written by Rachelle Enns on June 15th, 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. I look forward to offering additional knowledge to my clients, and this designation is an important first step."
Written by Rachelle Enns on June 15th, 2022
Communication
12. Wealth management is a broad term. How would you describe Northern Trust to someone unfamiliar with us?
What You Need to Know
The term 'wealth management' can become fuzzy as there are many interpretations, along with several companies that offer wealth and financial investment services and products. The interviewer wants to see that you have conducted ample research on Northern Trust. Briefly discuss what you understand Northern Trust to do in a way that anyone outside the industry could follow.
Written by Rachelle Enns on June 15th, 2022
1st Answer Example
"For someone unfamiliar with Northern Trust, or even wealth management, I would describe the services as services for the affluent that include financial planning, portfolio management, and investment guidance. From research, I understand that the top products offered at Northern Trust include (A), (B), and (C), which fall into these categories."
Written by Rachelle Enns on June 15th, 2022
2nd Answer Example
"The easiest way to understand wealth management is the structured management of money. Northern Trust makes their clients' money work for them and allows them to plan for life's milestones such as retirement."
Written by Rachelle Enns on June 15th, 2022
Communication
13. 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
As an advisor or professional in the wealth management industry, it's crucial to instill confidence in your clients. Your clients must trust you're in the know and do everything you can to provide them with the most informed approach. It's your priority to protect their assets and help grow their financial situation. Discuss how you show potential clients you're their trusted go-to source concerning their financial future.
Written by Kevin Downey on June 15th, 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. 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 June 15th, 2022
2nd Answer Example
"Showing 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 June 15th, 2022
Communication
14. In an introductory client meeting, how do you initially assess a client's financial position?
What You Need to Know
When it comes to a client's financial position and financial risk tolerance, it's imperative that you, as a wealth management professional, know how to accurately and carefully assess their financial status. Show the interviewer at Northern Trust that you can take the appropriate steps when first meeting or onboarding a new client.
Written by Kevin Downey on June 15th, 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 first 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 June 15th, 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 15th, 2022
Communication
15. How would you explain mutual funds to someone unfamiliar with the concept?
What You Need to Know
This question is designed to assess your communication skills, especially concerning effectively explaining the benefits of financial products to your clients.
Northern Trust has a reputation for educating its clients and helping them understand common concepts in wealth management. Exemplify your proficiency in delivering these expectations by simply and clearly describing what mutual funds are, being sure to highlight the benefits.
Written by Kevin Downey on June 15th, 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 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 June 15th, 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 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."
Written by Rachelle Enns on June 15th, 2022
Customer Service
16. Northern Trust is client-centric. How do you keep things exciting while continually strengthening relationships with your clients?
What You Need to Know
Many employees in the wealth management industry are commission-based and rely on building relationships with their client base to make a healthy wage. For these reasons, it's in your best interest to have a solid strategy for building strong relationships with new clients while expanding upon your existing client base. Discuss the steps you take to ensure you maintain profitable client relationships.
Written by Kevin Downey on June 15th, 2022
1st Answer Example
"It's important to take time every day to strengthen relationships with my prospective customers and existing client base. It's all about adding value to my offering. This value could be in the form of my monthly newsletter or the market reports I publish quarterly. I spend 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 15th, 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. In business school, I learned that humanizing your brand is 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 15th, 2022
Education
17. How do you stay current on developments and trends in wealth management?
What You Need to Know
The interviewer is curious about how invested you are with your career and whether you keep up to date with the latest industry developments and trends. Mention the reputable publications you lean on, and feel free to ask the interviewer for a recommendation, too! You can also bring up any recent news or articles that grabbed your intention to incite enthusiastic conversation.
Written by Kevin Downey on June 15th, 2022
1st Answer Example
"I rely on several resources to ensure I get a broad scope of opinion and information. I rely most on 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 any resource recommendations you might have!"
Written by Rachelle Enns on June 15th, 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 15th, 2022
Education
18. Walk me through your education and how it relates to a career in wealth management.
What You Need to Know
Your formal education and industry training might be on your resume; however, the interviewer would like you to dig deeper and bring your education to life. Discuss how your education prepared you for this opportunity with Northern Trust.
If you have a finance-specific post-secondary degree, this answer will be straightforward. You can list completed coursework applicable to the products and services offered at Northern Trust.
If you do not have an applicable degree, it's time to think about what you learned at your highest levels of education and how that knowledge applies (or will apply) to your work. Some of these skills could include:
- Proposal Writing
- Public Speaking
- Presentation Building
- Independent Learning
- Academic Research
Written by Kevin Downey on June 15th, 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 my career."
Written by Rachelle Enns on June 15th, 2022
2nd Answer Example
"My education will never be finished, and I will never stop 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 15th, 2022
EQ
19. When you suffer a setback in your portfolio, how does that emotionally affect you?
What You Need to Know
Most recruiters are looking for a combination of traits in their ideal candidate. This question ascertains your level of emotional intelligence and how it impacts your performance. Working in wealth management can be bumpy while building your portfolio and as rules and regulations in the finance industry shift. For this reason, the interviewer at Northern Trust would like to know how you navigate the ups and downs of the industry. Be prepared to discuss how setbacks impact you emotionally and how you typically cope.
Written by Kevin Downey on June 15th, 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 15th, 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 hurts sometimes, 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 15th, 2022
Experience
20. How will your skills complement Northern Trust if hired?
What You Need to Know
The interviewer would like to know how your skills will benefit Northern Trust, should they hire you. This question is an excellent opportunity to highlight the hard and soft skills that make you a stand-out candidate. Make sure your answer aligns nicely with the values and mission statement of the organization.
Written by Kevin Downey on June 15th, 2022
1st Answer Example
"After reading through your company website, I understand 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 Northern Trust immediately."
Written by Rachelle Enns on June 15th, 2022
2nd Answer Example
"I am highly technical and analytical and quickly pick up on numbers and systems. 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 Northern Trust bottom-line as soon as possible."
Written by Rachelle Enns on June 15th, 2022
Experience
21. What are your pay expectations for this role?
What You Need to Know
Since Northern Trust is involved in the finance and wealth management industry, it would be no surprise if they were very upfront concerning discussing your pay expectations compared to their offering.
If you are newer to your career, the area, or this industry and are unsure of what a fair ask may be, there are many reliable salary calculators available online.
Avoid giving a wishy-washy answer. You want to be helpful to the interviewer while also sticking up for what you need without pigeon-holing yourself too much. Answering this question well is a delicate balance.
Written by Kevin Downey on June 15th, 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 Northern Trust is offering for this position?"
Written by Rachelle Enns on June 15th, 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?"
Written by Rachelle Enns on June 15th, 2022
Experience
22. Do you have any questions about this job or working for Northern Trust?
What You Need to Know
Remember, it is not a badge of honor to say that you have no questions. Many candidates feel that by saying they do not have questions, they are showing that they have researched the job and fully comprehend the requirements. The right response is quite the opposite, however! By asking an insightful question, you show the interviewer full engagement and interest. Be sure your queries are not mundane or redundant. The last thing an interviewer wants to hear is a question that is easily answered by simple research. Dig deeper and ask questions such as:
- How has Northern Trust embraced FinTech advancements this year?
- What is your favorite part about working for Northern Trust?
- What is Northern Trust's biggest goal in the next 12 months?
- What do you see as the most significant change in the wealth management industry over the next two years?
- Is there anything from my resume, or our conversation, that I can clarify for you?
- Is there any reason why you would not hire me?
Written by Kevin Downey on June 15th, 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 Northern Trust?"
Written by Rachelle Enns on June 15th, 2022
2nd Answer Example
"Thank you for asking! A couple of questions come to mind. What do you see as the biggest challenge Northern Trust 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 15th, 2022
Experience
23. What skills did you learn in your current role that will help you succeed at Northern Trust?
What You Need to Know
Before any interview, it is essential to put your all in and research and perform your necessary homework in preparation. This preparation goes beyond researching the job posting, the company, the core values, and their culture and brand identity. Performing the necessary research on yourself and how it aligns with your findings on that company holds equal value. To answer this question successfully, it's a great idea to look back at the job posting or job description and take note of the skills Northern Trust seems to recruit for 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.
Written by Kevin Downey on June 15th, 2022
1st Answer Example
"I have learned a great deal from my current organization and gained many valuable new skills. I noticed in the Northern Trust 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 Northern Trust."
Written by Rachelle Enns on June 15th, 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 Northern Trust."
Written by Rachelle Enns on June 15th, 2022
Experience
24. Do you have experience preparing and delivering presentations?
What You Need to Know
This question, in part, tests your leadership acumen. For many, public speaking can be intimidating. But how you carry through such stress and effectively perform with confidence is what this question is after. A person's EQ, or emotional intelligence, can dictate how apt they are at preparing, communicating, and presenting effectively while gaining others' faith in their ability. If applicable, discuss any hands-on experience, courses, or training you have about public speaking and presentations. Share occasions you've successfully prepared and given presentations. Include details such as the topic, the setting, and how many people you presented to.
Written by Kevin Downey on June 15th, 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 June 15th, 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 15th, 2022
Experience
25. This role with Northern Trust is very independent. How do you prospect for new customers?
What You Need to Know
It is common for a more introverted and analytical personality to be less social. In customer service and sales, charisma is of value. The interviewer would like you how you straddle both of these spheres. Walk them through your prospecting process. Because this question is open-ended, it can be easy to go on and on about every step you take. The primary purpose is to show the interviewer that you keep yourself organized and have a well-thought-out approach to building your business. Keep your answer on track while bringing your process to life!
Written by Kevin Downey on June 15th, 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 miss 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 15th, 2022
2nd Answer Example
"As I build my business as a new financial advisor, it's important to get my name out there through networking and getting to know people in my community. I volunteer a lot and attend many commerce meetings, which gives me exposure 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 15th, 2022
Experience
26. Many Northern Trust employees work as though they are independent business owners. Talk to me about what makes you entrepreneurial by nature.
What You Need to Know
A successful employee of Northern Trust runs their portfolio as though it is their own business. Share with the interviewer what an entrepreneurial mindset means to you and how you exercise that mentality in your day-to-day work.
Written by Kevin Downey on June 15th, 2022
1st Answer Example
"It's important to 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 15th, 2022
2nd Answer Example
"To me, having an entrepreneurial mindset means continually seeking new challenges and thinking 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 Northern Trust and my clients."
Written by Rachelle Enns on June 15th, 2022
Experience
27. Tell me about the systems and tools you lean on to do your job.
What You Need to Know
If Northern Trust mentions tools or tech in their job posting, be prepared to discuss your exposure to those during your interview. Talk to the interviewer about the tools you currently use and others you have experience with. If you are new to your career, discuss any programs you took in university or during your internship. Be sure to show the interviewer you are eager and willing to learn.
Written by Kevin Downey on June 15th, 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 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 15th, 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. 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 June 15th, 2022
Experience
28. What factors do you believe impact the growth of the wealth management industry the most?
What You Need to Know
The interviewer would like assurances you understand how the wealth management industry works and the factors that could impact your success at Northern Trust. Be prepared to discuss any items you have recently read. Share the sources you turn to when looking for reliable and trending wealth management developments or innovations.
Written by Kevin Downey on June 15th, 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 discussed 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 June 15th, 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 15th, 2022
Salary
29. 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
Working in a commission-based position is not for everyone! Depending on the structure at Northern Trust and the role you are taking on, you may have a base pay, work on a guarantee, or be completely reliant only on the commissions you earn as a Financial Advisor. The interviewer wants to see that you have confidence in your abilities and the strength of your portfolio.
Written by Kevin Downey on June 15th, 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 I make to myself and my clients."
Written by Rachelle Enns on June 15th, 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 15th, 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
It's no secret unethical behavior in the finance industry is widespread. Every day of the week, we hear on the news of somebody facing fines and jail time for financial crimes.
Northern Trust takes pride in its reputation. Part of maintaining their 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 never happened to you, that's great! Take a minute to assure the interviewer that you will always act with the utmost integrity by validating the nature of this question.
Written by Kevin Downey on June 15th, 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 Northern Trust with pride every day."
Written by Rachelle Enns on June 15th, 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 15th, 2022