I have an interview with a Private Wealth team at JP Morgan. I met with the hiring manager for about 45 minutes a week ago and talked about career goals and the role. Then he told me that I should come back for a more traditional interview. They scheduled me for 2-2.5 hours. I would assume that means I am meeting with multiple people on the team. Do you guys have any advice on what I should prepare for? I appreciate it.
Find a knowledgable friend; have them mock interview you. Use PWM-specific questions from the internets. I lifted these from the Duke MBA Finance club; they are typical of what you should expect: GENERAL QUESTIONS: 1. Why PWM? Why PWM over Asset Management? 2. What other firms are you interested in? What do you see as the primary differences? 3. In which geographic location are you interested in working and why? 4. For some firms: Which role are you most interested in (banker/investor) and why? 5. What tactics would you use to find new clients? How would you approach them? 6. How has your past experience prepped you for this role? 7. What was the name of your last interviewer? (trying to test your ability to remember clients/information) 8. Without the ability to give clients recommendation directly, how will you add value this summer? (for an internship) CASE QUESTIONS: 9. You’re meeting with a new client, in 2 minutes explain what happened in the market over the past year? 10. Based on this, where would you invest? 11. If I gave you 1 million dollars, how would you invest it? 12. What questions would you have for this client? 13. What areas would you try to gain further clarification on? 14. What concerns do you have about this client? 15. What products/services would you discuss with the client?
Wendy Wrote: > 5. What tactics would you use to find new clients? > How would you approach them? This is the second most important question for PWM interviews. The most important question is: How do you build trust and relationship with clients (retention)?
Good question. What’s the answer?
Good question. What’s the answer?
“How to approach client” and present the services is why I’m working on the consulting for the moment…i have the opportunity to pitch some in a really competitive world… Best is to have their phone number and give them a cold call with the objective to:1) understand their needs, 2) present the services you offer (but not too much!) and 3) The most important: obtain a physical interview with them. Personally I’m convinced that you cannot sell anything such as financial services by phone but have to meet physically with the people. Now how to talk while on the phone is a different question. “How to get their number” -->> via networking event, ask the marketing department to do their job, search on the internet focusing on the kind of clientele you want to have in your portfolio (e.g. medics, lawyers, etc…)
Sounds like you did pretty well if they asked you to come back.
Ask them if they will give you time off to study for CFP, I hear it is really hard.