I worked at Northwestern Mutual full-time for more than a year. The attrition rate in this industry is huge even at older established firms with good reputations like Northwestern. I'm glad you eventually made it with a good firm. It all just seems very fishy and misleading. Roth, 401k/403b/life. But NWM whole life is fucking beautiful. He wants you to be successful, but it just isn't going to be here. A lot of my success can be credited to my knowledge of life insurance and where/how it fits in a portfolio. Make sure the firms you're looking at are actually good firms. She's trained to gauge your personality, and as long as you aren't a completely wet blanket, you'll be qualified to move on to the next round of the interview process. 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). Eventually she'll ask about who you know, but let's not get into that too much. Agree with them. Not bad!! 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. 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). What gives? But before you even get to that point, do your research!! Their employees generally are very young, without a financial education outside of what NWM tells them. What do you think? He keeps talking about how term and especially whole life insurance, should fit in with everyone's budget, because they need it. There are a lot of designations out there, and the CFP is (arguably) the best one. 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. It's just hard to watch my little brother get all stressed out about how many policies he has sold. This is true word for word. transfer my current Mutual Fund into a Variable Rate Annuity. It's shocking how many of my colleagues, extremely successful CFPs, aren't even discussing life insurance. Happy to help. They were good dudes. Just asking for a friend.... 3 months later but I just stumbled across this sub and have a meeting with NWM on Tuesday. Indeed.com estimated this salary based on data from 11 employees, users and past and present job ads. Maybe he will realize, but I doubt it. 90 reviews from Northwestern Mutual employees about working as an Intern at Northwestern Mutual. He's also incentivized to hire you, but he'll make it seem like they don't just hire anybody - and they don't...technically - and even though he'll tell you this business isn't for everybody, you'll realize that this business is for you. The poor kid spent a ton of money on suits, fancy shoes, and a new watch so he could try to look the part. its more the business than anything. I thought he would get an understanding of setting up a plan to reach financial goals, investments, and insurance. 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. Whole life insurance is useful in the exceptional case where someone has more assets than are covered by the estate tax exemption (~$5.45 million). 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. It's unbelievable what they get away with, and it's more of a management problem than anything - the young reps are just trying to do the right thing, but most of them don't think for themselves much, nor do they do enough independent research. Next morning I emailed and text him to cancel the plan. Not many downsides, but it is a very demanding job especially early in your career. In firms like nwm the new agents are the prospects and the managers are the real sales people. 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'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. They'll tell you all their secrets. 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. Plan your career in the wide world of finance. Can confirm that NYL was very similar. 278 Northwestern Mutual Financial Representative jobs available on Indeed.com. All ratings are subject to change. Make sure your brother doesn't burn too many bridges. Each rep would say being a fiduciary is neat, but the products speak for themselves. You had to borrow money from your parents to pay your rent and all the premiums on your expensive life insurance policies - they told you that there's statistics that prove NWM reps who have big policies themselves sell big policies. Term life insurance is not an investment. He seems to be getting brainwashed and being given awful financial advice. Pros. 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. So from what it sounds like, your brother has been sold. I had a friend work there. Northwestern Mutual Financial Representative Intern in the United States makes about $20.09 per hour. And I thought Vector/Cutco was bad! Helpful full-time advisors come along side to offer experience, advice, and leadership in meetings with potential clients. Lasted 4 years, was in the management training program and felt enormous guilt for the "planning" I was doing for people. It sounds like your brother is an insurance agent with some weak technical training and lacks a silver tongue too. You don't want to give 50% of your money to the joint-work partners, so you've been doing more cases on your own, and you just can't close as much business. And some of the joint work partners make mistakes! 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. I worked there straight out of college in 2012. You'll have to split commissions with them, but "it's better to get 50% of something than 100% of nothing." You can lead a horse to water, but he doesn't want to drink. That said, I don't think most people on this sub meet that criteria. He is basically an unpaid salesman right now. NWM disability insurance is actually pretty good, but it's certainly not worth the premiums. It's a lot more work, but you'll be more marketable. This industry is not hiring CFPs or MBAs. You are not missing anything. It sounds good, $200 a month seems right for what I make. They try to sell life insurance to anyone who can sign away on a payment plan. My brother took an "internship" this summer with Northwestern Mutual. He says how can you believe those people, who are they? 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. Make a post, that night he called me for my bank account info. They want naive youngsters whom they can brainwash for a while. Northwestern Mutual as a company is great -- strong financial stability, security, etc, but the culture within their system for women and POC is horrible. He talks about million dollar whole life policies having a "guaranteed cash value", "paying out "dividends", and "growing at 7% each year." He is 19 years old with no dependents. This is a solid review for this firm. A lot of independent firms have reps who began in large firms, so I will definitely give them credit for that. The management in my particular location/agency was absolutely heinous. I tried talking to him about it tonight but he just won't listen. 426 reviews from Northwestern Mutual employees about working as a Financial Representative Intern at Northwestern Mutual. It is basically a pyramid scheme like Vector marketing (selling knifes door to door). It was awesome. They recruit almost anyone and everyone. There was a guy in college I knew that got a job with Northwestern Mutual and kept trying to sell me and my friends insurance policies, and it was annoying to say the least. During the training period, which lasts about a week, you'll learn more about this great company, directly from the people who have succeeded there in your area. I'm partway there with a career change through taking CFP classes but I'm not sure if I'll follow through. 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. They don't even pay him unless he sells X policies. If you are an eight-figure multimillionaire and want to efficiently distribute assets to your descendants, a whole life policy can make sense, since it's distributed outside of the estate probate process. My biggest problem with Northwestern Mutual is the disdain college reps had for the fiduciary standard. You are unfortunately missing nothing here. The ones that are still there, struggling just like you, have the same concerns you have. The cons of pros Like a lot of financial firms, Northwestern Mutual is criticized for its aggressive sales tactics. Stay away from this company, I lost many friends and relatives trying to make "100k+" at age 22. Find out how a financial representative internship provides real world experience and can help launch your career. I interviewed only where I had an in through a friend in the business or an internal referral. Am I missing something here or how do I gently let him know what is really going on? Good when it's a good product. Frustrating when it's not. ... 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. They'll all seem very happy. I could of closed some solid business and decided I liked my friends and family more then a quick check. In short, the answer to your question is yes. You know that. Whenever I got called or emailed this company it was always about the incentives. But then again, if you make it that far you're probably either a sociopath, willfully ignorant, or you just don't care. You’ll gain exposure to modeling, pricing, products, reserving, and marketing, and receive support as you prepare for your actuarial exams. He is committed to his path, and doesn't want to admit that he made a mistake. He showed me some info on his iPad, looked good. I worked at Mass Mutual, and this is THE SAME EXACT STORY. Send him to this topic. Some become successful salespeople, and drink the insurance Koolaid. Tons of great salary information on Indeed.com View Disclosures Hide Disclosures . That's good, right? I have had the enormous privilege of working with the Northwestern Mutual as a sales representative and now in management. 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. You're also kind of frustrated, because you still don't really understand the nuances of the products that well. You are completely right. Soon enough, you'll meet with one of the most affable people you've ever met. It's not a sales pitch but a sob story. 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). 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?? Learn about Northwestern Mutual culture, salaries, benefits, … That's pretty unprofessional to sell to a consultant/supplier. Might as well keep at it. This just isn't the right career for you. Basically anyone asking about joining an insurance company or a career as financial service rep, this will be your life. Check out the surrender charges on that annuity, and make sure you're sitting down first. They all own it. You've already put a lot of work into this thing by the time "basics day" rolls around. Insurance has its place but not the whole profile. He got our phone numbers and called us all several times. You'll get pissed at them, and you won't talk to them (and they won't talk to you). Having a ridiculous experience with a NWM sales person inspired me to pursue a career in real financial planning. "Geez, this product sucks, but Timmy needs this sale...it's tough being a good grandparent these days". Eventually, you'll build a list of at least 100 people that you know in the area - friends, family, and other people with money. They have graphs and shit. Interested in becoming a financial representative? Independent firms are my style, but some independent firms are almost as bad as Mass/NWM etc. He will meet all the expectations that first interviewer set up. So for anyone else reading if you think Mass Mutual is any different, you are wrong. I put all these things in quotations because when I looked at the whole life policy document he had, it said it pays back "dividends" out of the over payments from collected premiums. They are exactly the same based of this story. The Northwestern Mutual Internship has been named one of Americas Top Ten Internships by Vault for 20 consecutive years. To Apply: Please forward a copy of your resume to: Alexa Slack Internship Director Northwestern Mutual (954) 535-9136 alexa.slack@nm.com The hard part about northwestern mutual or any other company like it, is your bosses are sales people (they usually started at the bottom once and rose their way up), and so they're naturally effective at convincing you / selling you. It's at least worth googling, and it actually doesn't look too bad when you search online! Since they recruit new reps on college campuses, maybe this will be useful to one or two people. That will earn your friend a big commission. Cons Some cons of working at Northwestern Mutual is that it is a very hard business and if you don’t give yourself enough time to figure it out, you will fail. He insists I'm being rash. Some of them won't meet with you, even though you're just trying to help them. 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. Now, you may have intelligent friends and family who have done some research, or read some Dave Ramsey, and they know that whole life insurance/permanent life insurance is a bad idea. 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. The first person you'll interview with will most likely be very attractive, and she'll ask some very light questions about yourself. Once you pass the extensive background check (and believe me it's thorough), study for and pass your Life & Health exam, you're good to go! They target these employees because they swallow the pitch hook line and sinker. Then I get home and I'm on my computer. I don't think he even submitted the application I signed. The thing is though, nobody could tell me that, I had to learn it myself. They tend to reel in fresh graduates who are interested in finance and make it seem like a very prestigious place to work with. I have no idea how he was talked into a term life insurance policy at 19. But I would add that the fail rate is high because of the reason you stated but also because a few people realize what they're doing is wrong. Then I Google, find this subeeddit. You've been there a year now. Any advice on how to get in with a good firm would be appreciated. You've been trained to know this. Now I do not work in finance, but I have zero debt, maxed out retirement accounts, and had good success with Vanguard. 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! It's time for your quarterly reviews with the Managing Partner who is never around. Technically it's not a finance job, but my guess is that people will search for it (as I did). For myslef, I kept thinking I was going to leave the business one day, 1 year in, 3 years in, 5 years in, omg I be been doing this for over 10 years. This seriously needs stickied up top. You're HELPING them! I promise my experience was exactly like this. Made us feel very used. As far as how to let your brother know, that's though. Actuarial. This is spot on to what I feel is going on. It was the classic business scheme: "Too good to be true". Once you start working, you'll be persuaded but not forced to take a "joint-work partner" with you. If you're a prospective intern, they'll show you literature about how it's one of the best internships in the nation. It is a hedge against you dying and leaving your dependents destitute. If you're new to the industry and have any questions feel free to hit me up! You haven't spoken to them in a long time, and maybe your career is slowing down a bit. Learn about Northwestern Mutual culture, salaries, benefits, work-life balance, management, job security, and more. It seems he is getting a crash course in life insurance. He already went and took out a term policy for himself. I trust my brother, but I think he's fully drank their cool aid. Of all the wirehouse firms, two have more kool-aid than any others: Edward Jones and Northwestern Mutual. However, I am grateful for NYLs training program -- I feel strongly that it's the best in the industry. The new agents bring in friends and families until their network is exhausted and then they wash out. In a year or two he will likely either be washed out or be singing a different tune. You're welcome. If you have a finance degree you can do much better than this place. Northwestern mutual has a position called "Financial Representative or intern" or something along those lines. I would suggest you go through the process before making a … The training at big firms is usually pretty good in some way or another. Plus, in 2020 Vault ranked us #5 within the financial services industry and also ranked us in the top 10 for overall career development. Plus, you've had a few really big cases, and even with some of the people getting rated on their medical exam who were interested at first, but found the premiums to be just too expensive, you know you have to keep seeing people, seeing people, seeing people... Nine months in now, and you've slowed way down. Why? At the time I thought it might make sense for some people, but not for me. The management team or "coaches" and all are very likeable people. Do you feel like you really need a life insurance policy? Classier than Cutco Knives, but still the same thing. 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. At the end of the meeting, you'll even be able to help the "center of influence"!! 3,065 Northwestern Mutual reviews. Now you're actually kind of excited. They'll have scripts - language that you'll have to memorize, and a time-tested strategy based on a scientific method. Throat punch and then a link to bogleheads ought to do. Get as much information as possible. Thank you! Have them open a Roth IRA instead of selling them permanent insurance that is difficult to get out of. He really believes his "friend" is really trying to help him. As a Northwestern Mutual financial representative, you'll build lasting relationships with your clients and help them achieve their financial goals. Its not just nwm its bankers life, state farm, mass mutual the list goes on. At NWM it was almost entirely sales training, and almost no product training, but the sales training was very good. 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. Which to be fair, in theory, should make him a better salesman. 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. The ending can change but for the most part it will be like that. 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. If you have no dependents or (unlikely) you have enough assets to allow them to live comfortably, you don't need a lot of life insurance. Firms is usually pretty good, but I just stumbled across this sub and have any questions feel free hit. 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