There are few moments in life quite so stressful as an interview for a position with a potential new firm. Worrying about making the right impression, conveying your experience, knowledge base, and qualifications, and making the kind of personal connection with your interviewer that leads to an offer, can be tough. It’s no wonder that opportunity seekers often fail to ask good questions or worse, fail to ask any questions at all.
However, it’s important to remember that every interview is a two-way street. Getting the offer isn’t the endgame, but rather only the beginning of your new journey. To be successful in any new firm, you need to be evaluating your prospective employer every bit as much as they are evaluating you. No two opportunities or work environments are the same, and ensuring that your new firm is the best possible fit for you will ensure that you are able to maximize your potential and keep your Advisor practice on the right track. What’s more, asking great questions is a fantastic way to help your interview stand out from the pack — questions that show you’re engaged and thinking critically about strategically moving your business to a new firm. Understanding the best questions for Advisors to ask prospective wealth management employers — and how to ask them — can make it possible for you to find the best possible firm for you.
Interview Question No. 1: What Is Your Firm’s Procedure For Updating Clients’ Financial Plans?
Like most questions you’ll ask your interviewer, this question serves a dual purpose. First, it demonstrates that you are a strategic thinker: that instead of focusing just on the narrow day-to-day, you’re able to take a comprehensive view of your clients’ needs, and regularly make strategic adjustments.
Second, the answer you receive will tell you a lot about the prospective firm’s culture and strategic approach. Is client financial planning considered an ongoing priority or does the new firm view “financial planning” as a one-and-done wealth management client activity? Big difference in the client experience between those two type firms. Financial planning based firms tend to use planning to drive the client relationship; growing and changing over time based on their clients’ needs. Knowing that your firm will be highly proactive, responsive and strategic can be a big component of your success as a wealth manager — it’s worth understanding how your firm will support that endeavor.
Question No. 2: What Software Tools Does Your Firm Use?
The technological support and software tools your firm uses tells you a lot about its approach to wealth management and practice support. And while having cutting-edge technology on hand isn’t necessarily essential, understanding the tools that will be at your disposal can tell you a lot about what you will and won’t be able to accomplish managing your practice at the new firm. For example, firms that are relying on in-house financial planning tools may be a little bit behind on the technology curve, but investing in in-house technological development demonstrates that they are approaching wealth management seriously. Contrast this with firms that invest heavily in the latest tools, which may indicate a faster-paced, more dynamic culture. Thinking about the use of technological tools can help you evaluate whether a firm’s approach aligns with your strengths and goals.
And in your due diligence, this question opens the door to a discussion of your familiarity with different technological options and your use of tools which can add more value to your practice. Demonstrating a familiarity with various current and best in class tools can help set your candidacy apart from others.
Question No. 3: How Much Has Your Firm Grown Over The Past 5 Years, And Where Do You See Growth In The Future?
Like our first two interview questions, this question serves a two-fold purpose. First, it demonstrates that you’re interested in the firm for the long haul. Second, it can tell you a lot about the firm’s strategic vision and growth strategy. If you’re interested in a fast-paced environment, a firm with a growth mentality that is willing to invest in the technologies, personnel, and administrative resources to back up that strategy may be a better fit than one that is less intentional about its long-term vision.
Want to Keep the Conversation Going?
All of us at Terrana Group welcome the opportunity to consult with you to determine the right platform for you going forward — one that satisfies your long term objectives and is also best for your clients!
Over the course of nearly 30 years, we have helped facilitate thousands of professional placements for Advisors, with client assets transferring exceeding $67 billion dollars. We have completed placements in most every major city throughout the United States, while building deep relationships with the advisory world’s most sophisticated and notable firms — including Wall Street brokerages, most Regionals, Boutiques, Banks, Independent Broker Dealers, RIAs, and Custodians. Beside having the seamless transition knowhow, we have a broad knowledge of the deals that are currently being offered and will ensure that you are being presented with the offer which will be best for you.
Confidentiality, professionalism, and respect are protocol to our practices and beliefs; we handle each and every step of the placement process with complete communication, keeping you informed while making the process smoother from beginning to end.
We are proud to always be considered as a great asset by our clients because of our proven expertise, many years of knowledge, and acute attention to detail. Financial Advisor Recruiting Services are not all created equal; we guarantee that the TG experience for clients and candidates is always world class.
We are based in Chicago, with a nationwide reach. Let us know you are interested by contacting us today. To get the conversation started, email info@terranagroup.com or give us a call at 312.655.8380 today.
