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Question 4 of 30 for our Northwestern Mutual Mock Interview

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Question 4 of 30

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

"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."

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

Advice and answer examples written specifically for a Northwestern Mutual job interview.

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

      How to Answer

      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 Northwestern Mutual that you can take the appropriate steps when first meeting or onboarding a new client.

      1st Answer Example

      "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."

      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 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."

      Anonymous Interview Answers with Professional Feedback

      Anonymous Answer

      "It’s important to assess the hard facts represented by the numbers and the emotional component of a new client. It is critical to ask clients the right questions so that I can understand all the facts and provide the best possible outcome."

      Marcie's Feedback

      Great! You are correct, but can you build out your answer more? What are examples of some questions you might ask? How will you determine your client's emotional composition? What documents will you request from them to see their financial status? Be specific.

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