How to Answer: What, in your opinion, is the biggest challenge facing the wealth management industry today?
Advice and answer examples written specifically for a Northern Trust job interview.
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