Private Wealth Management interview preparation

Questions

100

Traced to a firm

22

Firms

13

Updated

September 2026

Asked at

All firmsAllianceBernstein4Goldman Sachs4Northern Trust3J.P. Morgan2MSMorgan Stanley2Scotiabank2AMAres Management1BMBNY Mellon1Carlyle Group1Invesco1Neuberger Berman1SCSchroders1UBS1

Topic

All topicsClient discovery5Risk profiling4Asset allocation and rebalancing7Investment policy statement3Tax and asset location6Concentrated positions3Estate, succession and philanthropy6Fiduciary and trusts3Alternatives and liquidity4Products and platforms7Fees and conflicts4Bank economics and risk2Behavioural finance3Family governance3Onboarding and compliance3Business development6Fit and career15Markets and economy9Case and estimation7

Level

AnyCoreIntermediateHard

Type

AnyTechnicalCaseMarket viewFitBrainteaser

1. 062Walk me through onboarding a new client, from first meeting to first trade.Onboarding and complianceIntermediatetechnicalIndian wealth managementPrivate banking

   Say this

   Identify and verify who he is and where the money came from, profile his risk and objectives, get the mandate and the disclosures signed, open and link the accounts, then trade. In practice the source-of-wealth work and the account opening are what take weeks, not the investment decision.

   Then walk it

   1. Know your customer: PAN, proof of identity and address, and in India the central KYC registry record, plus in-person verification. For an entity, the constitution documents and the ultimate beneficial owners above the shareholding threshold.
   2. Screening and source of wealth: sanctions and adverse media checks, politically exposed person screening, and a documented explanation of how the wealth was created, not just where the money is coming from today. For a promoter that means share sale documents; for an inheritance, the will or succession certificate. This is the step that takes time and the step regulators examine.
   3. Risk categorisation under the anti-money-laundering rules, which drives the level of ongoing diligence. High-risk clients get enhanced diligence and senior sign-off, and a PEP generally requires approval at a level above the relationship manager.
   4. Tax and cross-border declarations: FATCA and common reporting standard self-certification, residency status, and for a non-resident the correct account type, an NRE or NRO account, because the repatriation and tax consequences differ.
   5. Suitability and documentation: risk profiling, the investment policy statement or mandate, whether the relationship is advisory, discretionary or execution-only, fee disclosure, and consent for data use. Which mandate type it is determines who is responsible for every subsequent decision, so it is not a formality.
   6. Then operational setup: demat and trading accounts, bank mapping, power of attorney or the newer electronic mandate for debits, nominee registration, and the funding. Only then the first trade, and the first trade should match the documented mandate exactly, because the first review any regulator does is whether it did.

   Where candidates lose it

   Treating this as paperwork and rushing to the portfolio. The examinable content is source of wealth as distinct from source of funds, PEP handling, and the fact that the mandate type, advisory versus discretionary, determines responsibility. Also, forgetting nominee registration is the mistake that hurts the family a decade later.

   Expect next

   • What is the difference between source of funds and source of wealth?
   • How would you handle a client who is a PEP?
   • What changes if the client is a non-resident?

Firm tags come from public, anonymous candidate reports on Wall Street Oasis: strong signal, not sworn testimony. Firms are named as the places a question was reported, not as partners of Fin Maverick. Answers are written for this page to show how to think out loud; they are not scripts to recite.