They say they value diversity and inclusion, but the moment you don't "fit in" they make you an outsider. I promise my experience was exactly like this. When I quit after getting a job at a good independent firm, the joint-work partners I worked with (who got to keep all the clients) were concerned about one thing and one thing only: "can I still call that [insert high net worth position here] we tried to make a client together?". You’ll gain exposure to modeling, pricing, products, reserving, and marketing, and receive support as you prepare for your actuarial exams. NWM disability insurance is actually pretty good, but it's certainly not worth the premiums. You've been told by your coach that Mass Mutual sucks, and your non-compete clause won't let you take your clients with you, but at least they don't have a non-compete and they even give you leads and people to call. Their employees are simply considered cogs to get more people on their life insurance policies, and working for them is no more than a glorified door to door salesman, disguised by "fancy" words such as "dividends" and other garbage. Anyone who says whole life is a great investment is either misinformed or getting a cut. ... he tells me since I am an engineer and not a financial representative, that I am misinformed, and that I should come in so that he can help me. Join our community, read the PF Wiki, and get on top of your finances! transfer my current Mutual Fund into a Variable Rate Annuity. I tried talking to him about it tonight but he just won't listen. They tend to reel in fresh graduates who are interested in finance and make it seem like a very prestigious place to work with. As a financial representative intern, you’ll have meaningful mentorships, access to strong professional networks, and immediate career opportunities with virtually unlimited earning potential. And I thought Vector/Cutco was bad! 3,065 Northwestern Mutual reviews. Northwestern Mutual is a big recognizable name and therefore most people trust them implicitly, but it's a shit company. Maybe one person who is still relatively new to the firm (like you) is doing a great job, but you're in a rut right now. It's not a sales pitch but a sob story. NWM focuses on teaching a very narrow sales pitch to sell high fee life insurance products, more often than not crappy for their clients. But you'll meet with a lot of your friends and family, and you'll sit there with a shit-eating grin, agreeing with everything your joint-work partner says (and he'll do ALL of the talking), because you're creating a financial plan for them! Agree with them. That will earn your friend a big commission. That's good, right? What gives? The attrition rate in this industry is huge even at older established firms with good reputations like Northwestern. Thank you! Then I Google, find this subeeddit. Since they recruit new reps on college campuses, maybe this will be useful to one or two people. Definitely glad I avoided it. This is the guy that will train you, and he said that as long as you do what he says, you'll have a great life. That's pretty unprofessional to sell to a consultant/supplier. In the end, he'll be better for having gone through this, he'll realize sometimes people just want to scan you out of your money. Term life insurance is not an investment. You'll spend the next three months doing lots of joint work, calling everyone you know trying to get meetings with all the people you love and care about. But NWM whole life is fucking beautiful. Wow, I literally posted about interviewing with Northwestern Mutual yesterday, that's interesting. And you'll know all about how the dividend of NWM whole life fucks the ass out of any other investment!! Press question mark to learn the rest of the keyboard shortcuts. This is just a tiny bit of what he talks about all the time. Let me explain: He is trying to tell me that life insurance is an investment in and of itself, and that the most important asset anyone has, is their ability to earn an income. He is committed to his path, and doesn't want to admit that he made a mistake. He already went and took out a term policy for himself. At least the knives are decent. It was awesome. A lot of independent firms have reps who began in large firms, so I will definitely give them credit for that. They are exactly the same based of this story. I don't know how you'll sleep at night knowing that you're giving the people you know and love (and the people they know and love) an overpriced product with high commissions. If you're thinking about going to law school, they'll tell you how law school is saturated whereas the financial services industry has a lot of people on the verge of retirement (this is true). Still in the biz with a series 7/66. Made us feel very used. Working at Northwestern Mutual for a Year Hey guys, I know this topic has been covered a lot in the past, but its been weighing heavily on my mind and I felt the need to create a Reddit account and share with you my concerns and ask from the community some feedback. One in a hundred noobs learn enough to become a real sales person. Almost no one needs permanent life insurance, and putting 40% into an ACL (NWM's whole life) policy is going to get you slow growth and a fat commission for the rep. Plus, how do they justify selling ACL to someone with no dependents?? However, I am grateful for NYLs training program -- I feel strongly that it's the best in the industry. Second. What do you think? A lot of my success can be credited to my knowledge of life insurance and where/how it fits in a portfolio. Press J to jump to the feed. I avoid him at all costs now. The ending can change but for the most part it will be like that. It was a big relief for me. It's a whole company based on the game of telephone, and by the time the information gets filtered down to you, it's not really true. Someone fr the company randomly setup a meeting with me and then tried to sell me life insurance as an investment, which I actually think is illegal at least in some states. He calls you on the phone to go over your numbers (you were supposed to meet in person, but he left the office for the day). It sounds like your brother is an insurance agent with some weak technical training and lacks a silver tongue too. Cons. Get as much information as possible. At the time I thought it might make sense for some people, but not for me. Time and time again, reps would bombard student org meetings and college classes to talk about finance careers (re: Northwestern Mutual internship program and recruitment). The Northwestern Mutual Internship has been named one of Americas Top Ten Internships by Vault for 20 consecutive years. Do you feel like you really need a life insurance policy? All ratings are subject to change. Now a guaranteed 7% in the current financial climate would be something! They said I'd learn through joint work, but I still haven't learned enough. It is a hedge against you dying and leaving your dependents destitute. I'm partway there with a career change through taking CFP classes but I'm not sure if I'll follow through. You'll learn how to talk on the phone and convince people to meet with you - even if they object (up to three times). You are completely right. Stay calm. It was a relaxed meeting, then the next meeting he's got me on a life insurance plan. They pay you no base salary its 100% commision and if someone cancels you have to return money you already used. Of all the wirehouse firms, two have more kool-aid than any others: Edward Jones and Northwestern Mutual. You are unfortunately missing nothing here. Technically it's not a finance job, but my guess is that people will search for it (as I did). She'll tell you about how NWM is one of the top-rated companies out there with the highest financial strength ratings available (also true), and you'll think it's a pretty good company! BEGIN YOUR PROFESSIONAL DEVELOPMENT AS AN INTERN WITH NORTHWESTERN MUTUAL – Wilmington, NC One of America’s Top 10 internships, Northwestern Mutual Financial Representative interns strive to understand their clients' goals and visions to uncover financial solutions that put them on a path to achieve their financial objectives. I thought he would get an understanding of setting up a plan to reach financial goals, investments, and insurance. Pros. Life and disability insurance, annuities, and life insurance with long-term care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). You started strong, but now you haven't closed much business. My other research kind of pointed to what you're alluding to and obviously I'll go into it with an open mind but I really appreciate the insight! I realize after two meetings only he got me to sign. Can confirm that NYL was very similar. It's at least worth googling, and it actually doesn't look too bad when you search online! my friend told me he got an internship at northwestern mutual as a financial advisor and i was happy for him until i looked it up and realized it's a sales position and more importantly, a disguised mlm scheme. I wouldn't worry too much though, just keep prodding him with questions to get him to think (do you really like it there? In firms like nwm the new agents are the prospects and the managers are the real sales people. He showed me some info on his iPad, looked good. At the end of the meeting, you'll even be able to help the "center of influence"!! It's a difficult thing to confront, especially when the management level has bought into the con, but there were several cabals of new reps at my office. The first person you'll interview with will most likely be very attractive, and she'll ask some very light questions about yourself. I would wait 6-12 months. More importantly, they'll show you that in just your first three months working there, you can make up to $64,000 just for helping people! Interested in becoming a financial representative? Or maybe you'll be one of the few people who actually makes it work at NWM. The ones that are still there, struggling just like you, have the same concerns you have. And not only that, but you're making money by giving them access to the single most important, wonderful product of the modern world: Northwestern Mutual's Permanent Life Insurance. You realize that's not logical for reasons x,y,z, right?) No one said this job was easy. You can lead a horse to water, but he doesn't want to drink. It sounds good, $200 a month seems right for what I make. View Disclosures Hide Disclosures . Not bad!! New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. My brother who convinced me to meet his NWM "friend," a financial rep. We meet once, he gives me a breakdown of the different types of accounts. You'll get pissed at them, and you won't talk to them (and they won't talk to you). Apply to Financial Representative, Financial Representative Intern and more! I signed, and was glad to start on the road to saving money. Hey did they at any point drug test you? He is 19 years old with no dependents. Internship program is always ranked in the top internships nationally. Check out the surrender charges on that annuity, and make sure you're sitting down first. This is a solid review for this firm. As someone on a career search, this was very insightful. They all own it. Northwestern Mutual Financial Network is the marketing name for the sales and distribution arm of The Northwestern Mutual Life You've noticed that the really likeable coaches and managers aren't giving you as much attention anymore, but hey - if you fail it's your own fault. Northwestern Mutual's insurance financial strength ratings: Moody's - Aaa, 3/2010; Standard & Poor's - AAA, 3/2010; Fitch Ratings - AAA, 5/2010; and A.M. Best Company - A++, 3/2010. It's a lot more work, but you'll be more marketable. I guarantee those reps have never worked for a different firm, nor have they ever looked at what else is out there to compare NWM products with other products. You'll use these new tactics to convince people you know who are "centers of influence" to meet with you and let you pick through their network so you can help all of their friends with this great new career you've started. He presses me, I give it to him. The management team or "coaches" and all are very likeable people. Eventually she'll ask about who you know, but let's not get into that too much. Each rep would say being a fiduciary is neat, but the products speak for themselves. Once he gives you the sell job, get the details, then show him how much of a better deal the engineer can get online at some other place. Plus, in 2020 Vault ranked us #5 within the financial services industry and also ranked us in the top 10 for overall career development. They want naive youngsters whom they can brainwash for a while. The thing is though, nobody could tell me that, I had to learn it myself. Learn about Northwestern Mutual culture, salaries, benefits, work-life balance, management, job security, and more. I don't think he even submitted the application I signed. If you're at NWM, or if you really want to do this, focus on getting your Series 7 & 66 instead of your Series 6 & 63 like they recommend, and then leave. And even though it may be hard to resist, and everyone else is doing it, don't sell people things they don't need. I had a friend work there. Joint-work partners are the people who showed you their secrets during training, plus others in the office who have years of experience and are really, really good at what they do. It was the classic business scheme: "Too good to be true". I did some IT consulting at NWM like 10 years ago and got the same spiel. Jobs. He got our phone numbers and called us all several times. I interned at Northwestern Mutual during the summer of 2009 then through the following school year part-time and then again during the summer of 2010. The poor kid spent a ton of money on suits, fancy shoes, and a new watch so he could try to look the part. Send him to this topic. At NWM it was almost entirely sales training, and almost no product training, but the sales training was very good. My brother took an "internship" this summer with Northwestern Mutual. Its why the fail rate is so high. This just isn't the right career for you. I trust my brother, but I think he's fully drank their cool aid. MILWAUKEE, Oct. 13, 2016 /PRNewswire/ -- Northwestern Mutual today announced that the company's nationally-recognized financial representative internship program was named by the #1 internship for students seeking careers in the financial services industry.. Northwestern Mutual ranks #4 overall across all industries on the Vault's Top 50 Internships for 2017, and is the only … Some of the reps you came up with are already gone, and maybe you miss them. I figured with him working at a big financial institution, he would learn the ins and outs of personal finance. High level sales training course, excellent culture, plenty of resources for product knowledge and business support. It seems he is getting a crash course in life insurance. But then again, if you make it that far you're probably either a sociopath, willfully ignorant, or you just don't care. Why don't they teach us more technical knowledge about these policies? estimated this salary based on data from 11 employees, users and past and present job ads. If so, do not do it. Buy term and save the difference between the term premium and the whole life premium. He wants you to be successful, but it just isn't going to be here. I bet they wouldn't even be able to tell you specific details about the products, because they're just regurgitating bullshit their manager-coach (who failed out of the business and is now training them) told them to say. And some of the joint work partners make mistakes! The recruiters are incentivized to bring you on board, of course, so they'll tell you about all the money you can make (which is true, in theory), and since they've already drank the kool-aid or they wouldn't be there, they will be very excited about NWM. That's just how the world works, at least where I live. Their employees generally are very young, without a financial education outside of what NWM tells them. And the dividend on that whole life isn't actually a rate of return like you's largely just a return of premiums with 2% growth instead of 6% growth like you assumed based on how they explained it. Eventually, you'll build a list of at least 100 people that you know in the area - friends, family, and other people with money. If you want to try again to get him to figure it out, go along with his idea to "help you". Happy to help. He says how can you believe those people, who are they? You've been there a year now. He will meet all the expectations that first interviewer set up. And if those reps think NWM (or any) whole life insurance is good for even, say, 0.01% of the population they're fucking crazy. The hope here is he'll eventually see the light- logic inevitably leads you there, and in the meantime try your best to tolerate is abysmal table talk. It is basically a pyramid scheme like Vector marketing (selling knifes door to door). The new agents bring in friends and families until their network is exhausted and then they wash out. You've been trained to know this. You'll have to split commissions with them, but "it's better to get 50% of something than 100% of nothing." New comments cannot be posted and votes cannot be cast, More posts from the FinancialCareers community. Make sure your brother doesn't burn too many bridges. Any advice on how to get in with a good firm would be appreciated. Most permanent life insurance really is dogshit. He said ok and that was that. and soon enough he'll come to the conclusion on his own that he's being played, and then he'll leave. Some become successful salespeople, and drink the insurance Koolaid. People just make this business too hard. He keeps talking about how term and especially whole life insurance, should fit in with everyone's budget, because they need it. Make sure the firms you're looking at are actually good firms. If you play your cards right, you can end up at a good, fee-only firm that doesn't rip off their clients. I've seen a few posts asking about working as a financial rep at Northwestern Mutual, so I thought I'd write about my experience there. Northwestern Mutual is the only company to be recognized as a top 100 internship program 1 for 24 straight years. Fucking zombies. He tells you it's time to move on. You've blown through most of your friends, family, old high school buddies, and all the people whose numbers they gave to you. There will even be one or two in your office who are Gods to everyone that trained you (except for some of the people who have been there for a while and who will tell you all sorts of bad things about these legends...after all, you should be doing joint work with this guy, not that guy, if you want to close business, and anyway this guy is'll thank him for helping you). Next morning I emailed and text him to cancel the plan. I said I couldn't find it. Whenever I got called or emailed this company it was always about the incentives. They have graphs and shit. When I bring this up, he tells me since I am an engineer and not a financial representative, that I am misinformed, and that I should come in so that he can help me. I have had the enormous privilege of working with the Northwestern Mutual as a sales representative and now in management. Classier than Cutco Knives, but still the same thing. There are a lot of designations out there, and the CFP is (arguably) the best one. 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