1. Tell me can I see a sample financial plan?
There is no one set structure for a financial plan, which means there is wide variation. “Some people might give you 50 pages of stuff you don't understand like charts and graphs, and another planner might provide a five-page snapshot of your financial situation, With a sample, you can say, ‘I really want that in-depth analysis,' or ‘I don't understand that.'”
If you are older, you may want a younger adviser who will outlive you. If you are young, you may want an older adviser who has been through difficult economic times.
3. Tell me exactly what services do you perform?
Services could include retirement planning, manage securities, estate planning, tax planning, insurance, long-term-care advice, newsletters, and so forth.
4. Tell me do you count home equity as part of an allocation?
I personally don't think they should because I believe a home is an investment of last resort, perhaps convertible to a reverse mortgage when elderly at which point it is a debt, not an investment.
5. Explain how Do You Handle Aggressive, Demanding or Confused Clients?
My passion for helping people reach their financial goals is much stronger than my ego. Every client deserves my respect and I pride myself on my professionalism and integrity. I am confident in my communication skills and comfortable varying my approach if necessary.
6. Why do you want to leave your job as Personnel Adviser?
There is no right answer to this question, only wrong ones. You don't need to make book out of this answer, just something short and positive is best. After all, it really does not matter to the interviewer, as long as you don't say something foolish.
The point here is to convey to the interviewer that you are not leaving because you are mad, tired, bored, overworked, underpaid, or job hopping, just that you are leaving your job on because.
7. Tell me would your boss describe you as a go-getter?
Share with the interviewer an example of a project that you worked on, perhaps you had to put in long hours and time on the weekend to meet a deadline and that in the end you completed the project or task on time and under budget and made your department or company look good.
“Yes; absolutely. It is not uncommon for my boss to tell me that I am one of the most reliable employees he has. He even makes such remarks on my evaluations. I believe he thinks so because I am dependable and I just get things done without having to be supervised and in the end it just makes him look good.”
8. Why should I hire you as Personnel Adviser?
This may seem like a trick question to many job candidates, but it really tells the potential employer what sets this person apart from the rest. This question may be difficult to practise ahead of time, as often the response is best phrased based on the flow of the interview itself. Listen and learn throughout, then use that information to ask the interviewing manager what they are looking for and play to that response in a relevant and honest way.
9. Tell me why do you think you will be successful in this job?
This isn't an invitation to boast – you are being asked to match your strengths to the qualities needed to do the job. Don't forget, it's a very specific question. Why are you suited to this job, as opposed to any other? Thorough employer research will save the day, as it will enable you to match your skills, interests and experience to the job role and the company.
10. Tell me how would you describe your work ethic?
I often prefer to put the client's needs first by drafting client needs analysis.
11. Explain as if I am a potential client, why I should invest my money with you?
I have been working on a sales environment and ahve expertise of providing my clients with solutions they need with regards to their financial affairs.
12. Explain me about a time when you worked really hard to accomplish something?
It was the time that I was still working for the bank. my colleagues were on leave and was the only consultant remaining to reach the branch target alone of which I did and exceeded.
13. Tell me how do you charge for your services, and how much?
If you didn't see this information on the planner's web site, ask whether there's an initial planning fee, whether they charge a percentage for assets under management, or whether they make money from selling you a specific product. Not only should you know how much the service will cost you, but it can help you determine whether they have an incentive to sell you things.
14. Explain me what types of clients do you specialize in?
Some financial advisors have a niche, says Bera, and if you have a specific interest - such as charitable giving or socially responsible investments or if you're a newlywed or recently divorced - you'll want to find one that concentrates in that area too.
Edward A. Wacks, a CPA and CFP affiliated with Ameriprise Financial AMP -1.09%, says, “Most advisors tend to focus on people within 10 years of their age.” He for instance, focuses on soon-to-be retirees because he's 61, and business owners because he has his own business. “I feel we have some commonality, and I understand their issues,” he says.
15. Tell us how much contact do you have with your clients?
“Some of planners hold an initial planning meeting and then you see them once a year, and that's all you get. Others might have quarterly check-ins. “Some clients just want to go over everything once a year and then they're good. Others are looking for more support, so it depends on the amount you want to pay, and how involved you want your planner to be. Are you a delegator? Or do you expect your advisor to explain things to you?” If you're not sure of what you'll be comfortable with, the J.D. Power & Associates survey found that investors contacted 12 or more times a year had the highest rates of satisfaction with their advisors.
16. Explain me what licenses, credentials or other certifications do you have?
Of the four main types of financial advisors, the certified financial planner (CFP) designation is harder to achieve than Chartered Financial Consultant (ChFC), because the former requires a comprehensive board exam; the latter, however uses the same core curriculum. If you want someone to manage your money, then look for a registered investment adviser (RIA). If you have a high income or a small business owner, you'll probably want a certified public account (CPA), who can offer you advance tax planning. The personal financial specialist (PSF) certification is usually obtained by CPAs who want to demonstrate they can help clients with comprehensive financial planning.
17. Tell me did he or she ask me questions and seem to be interested in me?
“Does he or she talk 90% of the time? If it's more like 60/40 and he has asked you how he or she can help you, that's really important. Financial planning about looking at the person's individual circumstance instead of punching in some numbers - it's based on the client's goals, financial background, what they believe about money, etc.”
18. Do you know what is the smallest, average and largest portfolio you manage?
Some advisers only take high-net-worth clients. That may not be suitable for you.
Ask the personal questions above about them too.
20. Tell me how often do you evaluate my situation and provide an up-to-date forecast?
A satisfactory answer is yearly.
21. Tell me are you comfortable working in a sales environment?
Yes, If you have a products you truly believe in promoting sales will come natural.
22. Explain me why you would make a good salesperson?
I understand the industry better and have an idea of which ropes to pull how and when.
23. Tell me how long have you been an adviser?
Experience counts a lot in the financial field, especially the experience gained in periods with plunging markets.
24. Tell me have you been sued or have any reported legal actions?
This useful page on the Financial Planning Standards Council site reports recent disciplinary actions.
The more equities, the higher the risk. Younger people can employ a higher percentage of equities because they usually have higher long-term returns but comes with more volatility.
