18 Job Interview Tips for Financial Advisors

The path to get to this moment might be complicated. When I applied to become a financial advisor, the process took months. This might include online or live exercises. You might be interviewed by a veteran advisor who submits their observations. Let us assume you have gotten to the point where you will be seated across from the decision maker.

Turnover in the industry is high. When I started in the business, the success rate was estimated at 25% after two years. Firms without a training program used “Plan B” and hired newly trained advisors from competing firms with incentives like upfront bonuses. Here’s the takeaway: They have seen enough people fail, so they developed an intuitive sense of what it takes to succeed.

Let us look at 18 tips for creating the right impression in the interview. We'll start with the basics:

1. Be on time.

This is obvious. You want to be early. Part of your job will be showing up for appointments.

2. Dress well.

The job of an advisor involves cultivating high-net-worth prospects and turning them into clients. Your appearance should covey that you can be trusted with clients' money. Poise is important. Assume while you are waiting, other staff will be observing you, taking notes and providing feedback.

3. Be respectful of their time.

When you meet with HNW prospects someday, they will be busy people. They often have a short attention span. Establish how much time your interviewers are making available for this meeting, and stay within those parameters.

4. Respect the firm.

Every firm wants to be the best. They are often the best in specific niches. Don’t imply a job with one firm is as good as another. Do research beforehand. What makes this firm special? Explain why you want to work here, not at another firm.

5. Your life has led up to this moment.

Some people take a job simply because they need a job. Turnover can be high. Absenteeism too. You are serious about succeeding. Talk about your interest in investing from an early age. Did your parents invest? Was anyone in your family in the business. This is where you want to be. 

So you've made a good first impression. Your interviewers want to get a sense of your experience — and whether you understand what it takes to succeed in a job where, according to some estimates, more than 70% of trainees fail.

6. It’s all about sales.

Financial advisors work for many different kinds of firms, from big banks to small RIAs, and are paid in different ways. Whether you will work on AUM fees, commissions or salary, you are applying for a job in sales. This involves finding and keeping clients. They are not handed to you. If you have previous sales experience or have fundraised for a local charity, bring that up. The takeaway is: You understand this is a sales job.

7. 'Sell me this pen.'

OK, maybe this is only done in the movies. Your first instinct is to talk about the features of the pen and why someone should buy it. Your interviewer might be looking for you to draw them out about how often they use pens, what they are used for, what they like about one pen and dislike about another. You would them talk about your pen, how it meets their needs and its benefits. 

8. Be prepared to prospect to people you know.

If you get hired and enter their training program, one of the first things they teach is that you have a natural market — your friends and family. It has been said the average American knows about 600 people. Figure out who they might be. Bring this up and explain how you arrived at that number. Do not imply you have no intention of approaching people you know for business. 

9. Discuss your community involvement.

This is one of the resources adding into your total of 600+ acquaintances. This means you socialize and get on well with people you have not met before. It shows you give back. Your involvement might involve forms of sales, like fundraising.

10. Be ready to work hard.

You need to “build your book.” You might be on a team, yet you will be expected to pull your weight. Your job comes with a financial cost to the firm. When I was in production, I would explain that you sit down at your desk the first day and you start prospecting. After two years, you look up. If you are still employed at the firm, then you have become successful. Today, prospecting might involve channels like social media, but you are expected to deliver results. 

Your interviewers also want to know that you understand how the business works and that you are a good fit for the job.

11. You want to build relationships, not just make transactions.

Some investors might think advice is free. The cash register only rings when they buy or sell something. This might lead them to seek your advice, then buy or sell someplace with cheaper fees. They pay, largely on a fee-based system, both for the guidance you provide to them and the work you do on their behalf in the background. 

12. You want to help others achieve their goals.

Imagine if all you did was execute trades, not caring if the client made or lost money. You would be like the friendly croupier at a casino. Proper investing is different from gambling. You understand clients should have goals and they intend to make progress toward them, consistent with their risk parameters. You are paid for your role helping them along the journey. 

13. You are process-driven.

Many people enter the industry as a second career. They come from all walks of life, but firms often are attracted to people with military service records. Why? Because they are used to following processes and procedures to get things done. Your firm wants to deliver a uniform client experience. A prospect walking into an office in a western state should have a similar experience to a prospect entering a NYC office. Standardized procedures make that happen. 

14. The process starts with financial planning.

The industry has a know-your-customer rule. Many relationships start with learning about the client, their needs, dreams and goals. This is the financial planning aspect. You are not selling products before learning what the client is all about.

15. You are entrepreneurial.

Starting a business involves lots of overhead expenses. Working at a major financial services firm is similar, but you are under their umbrella, earning a portion of the fees paid by your clients. You need to drive business, come up with ideas and increase “share of wallet.”

16. You are ethical.

The ends do not justify the means. Financial advisors portrayed in TV dramas are rarely ethical. The industry is different in real life. Your firm’s compliance department is the ‘secret police.” They see almost everything and try to stop problems before they happen. You want to get across that you follow rules and don’t cut corners.

17. This job is a destination, not a stepping stone.

Financial advisors are entrepreneurs. If you build a successful business, you intend to keep growing it. You are not looking for the next better offer to come along. You might want to enter management someday, but you know you need to succeed as an advisor first.

18. Results matter.

This is a numbers-driven business. Office politics plays little if any role because you are judged on the business you generate, not with whom you socialize or have lunch. You are results-driven and don’t make excuses.

The manager at the other side of the desk knows what it takes to succeed. If you can show you are process-driven and focused, you are sending the right signals.