Today I get this text... Sally: “Hi, I hope you’re well. You don't need to pay ongoing month to month or quarter to quarter fees for the rest of your life. But this position looks a bit sleazy. terms and conditions. This is really the best way to start out so if you are new to financial industry this is best way to start. This will cost you so much money over your lifetime if you keep using them...also news flash! You can reach me directly at the home office at 414–665-3366. Not a scam but when you hear “unlimited income potential” from one of their drones….Run away. 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 … This question is in the General Section. Any job opportunity with unlimited income potential is going to be filled with risk. Glassdoor has 6,493 Northwestern Mutual reviews submitted anonymously by Northwestern Mutual employees. It will not be easy, but nothing worth doing ever is. If you bought a whole life policy, a term policy may offer a better solution at a lower price for you. I think you'll find that there is not one single company out there that is best for all things you are looking to cover...good luck. Start by canning this absolute clown of an adviser. 90 reviews from Northwestern Mutual employees about working as an Intern at Northwestern Mutual. Sigh. If so I would like to see some comparisons via email. Not to mention, we have declined many times, and they still keep pestering us. Especially people who don’t have a lot of experience in their chosen career field. Find Financial Advisor Northwestern Mutual IRA Review Conclusion It is up to the individual investor to weigh the advantages of strength and reputation of Northwestern Mutual … (Also, I’m just going to put this out there, I legit have no idea what half the words they used meant, finance is not my strong point even though I have a business degree lol. I also now have a Sep IRA. The only time an employer tried more than once to get in touch with me was a pyramid scheme. It is ranked as #104 in the Fortune 500 list. http://www.armydiller.com/financial-scam/index.htm. To work with NWM will be hard work. If so, do not do it. This estimate is based upon 143 Northwestern Mutual Financial Advisor … Learn more about Northwestern Mutual… Is it worth going to this interview? So a little over a year ago a client of mine (we will call her Barb) said she was a financial advisor, and after talking to her about my business (I own my own lash salon) Barb asked if I’d like some financial help. The good news is that you went from having nothing in place to now having some coverage and investments setup. A few things are fishy, first they seem to only target people switching careers. Plus, in 2020 Vault ranked us #5 within the financial … This is a new “scam” that plagues college grads and desperate job seekers. The jacksonville office of Northwestern Mutual is great. By using our Services or clicking I agree, you agree to our use of cookies. When we did not sign, they contacted our children in an effort the pressure us. Usually when you’re looking for a job you have to be very proactive to get an interview with them. I am officially stressed out. So I found it a bit selfish and entitled for her to think we should forget everything and just follow her around like puppy dogs. It frustrated me that managers recruited so heavily, but when I looked around there were very few seasoned advisors. I would then re-shop your life insurance and disability for starters to see what other companies are available as a comparison. However, the financial advisors I’ve encountered are careful to make sure it’s a good fit because whole life honestly isn’t a good fit for some people. For the investments, I would be managing your investments and currently I’m not because they are still there. Find another financial adviser, but Northwestern Mutual didn’t get you, you trusting this person did. This link below will completely back up my claim, and please spread the word! Find Financial Advisor Empower Retirement IRA Review … You need term life insurance + your SEP contributions, nothing else. Read employee reviews and ratings on Glassdoor to decide if Northwestern Mutual … Their training is ranked as one of the best in the industry and has one of the top ten internships in he country. What would you like moving forward?”, My first thought was to go cancel everything with them immediately after reading some of these threads... but They have to be somewhat legit, right? Also, I’m awful at saying no, and since I’ve built somewhat of a friendship with this client, I trusted that her and her business partner had my best interest in mind. Don’t ask how I single handedly built a successful business with employees, I’m still asking myself this daily.lol) I also realize I am way too nice and too trusting. Northwestern Mutual Investment Services customer reviews, complaints, ratings, pros and cons, fees and rates. Oops. Start listening to money talk shows/podcasts. And if I cancel it all, I know I need these things, so where do you recommend re-signing up? Some of the negative reviews about Northwestern Mutual talk about how the financial advisors push whole life insurance policies. It is a hard job with high turnover so know that going into it. Learn about Northwestern Mutual culture, salaries, benefits, work-life balance, management, job … Founded in 1857, Northwestern Mutual is one of the oldest financial security companies in the world. You need term life insurance, you are paying for whole life insurance. my gut tells me its a total pyramid scheme. I have an interview with Northwestern Mutual as a Financial Advisor. Trust me, companies like Northwestern Mutual are 100% real, but they honestly set you up to 100% fail! She really just knows we’re suckers whose businesses became successful quicker than we expected (we definitely aren’t rich by any means, unfortunately) , and didn’t know what to do with the money. Your CPA is reaching out to me about your financial planning. We had trouble talking to the server. Sounds like Sally/Barb (whatever her name is) is an Insurance Sales Person who is trying to churn her business to get another commission out of you. A few things are fishy, first they seem to only target people switching careers. Keep in mind when conducting research the author is paid by a financial institution for the article so bias will often exist. From my experience, the people are very nice, personable, and helpful, but the work … I explained to him that I’ve tried to connect with you for several months but that I cannot speak to what you’re currently doing and your current goals because we haven’t been in communication. You’ll have to pay more taxes because you’ll be self-employed. On top of that, I think it’s a bit selfish to think that clients you’ve signed up and talked into buying things should just drop it all and go redo allllll the paperwork, go thru all the meetings, and all the craziness involved with these investments. Having a ridiculous experience with a NWM sales person inspired me to pursue a career in real financial planning. Maybe you are not a fit for such an outstanding company? Responses must be helpful and on-topic. Glassdoor… With that said, I don’t always do what they say. A free inside look at company reviews and salaries posted anonymously by employees. This is why I don't waste my time with any advisor whether they are legit or not. Use multiple sources for your research and cross check on this sub reddit. Only those who are tagged as fiduciaries would need to recommend the best product to you. All I can say is john goodman blew it. I would suggest comission only at start of first day on job only for an experienced person in financial industry. then you can certainly stay there. Maybe start with your CPA - assuming you trust them - ask them their thoughts on the products you have now and if they have financial advisers they would recommend. I know we have spent many hours together designing your plan and I have put a lot of work into your financial goals and helping you get set up. This is outrageous! All that to say - NM is a legit company but I’m sure they have some bad advisers and it seems like you got one. If new comparisons provide better options, pricing, etc. I would let the old NWM advisor know that you are done working with her and not to contact you anymore...she only makes money if she sells you something or gets you to move investments under her name...and also let the CPA know not to contact her anymore...was your CPA referred to you by her? The cons of pros Like a lot of financial firms, Northwestern Mutual is criticized for its aggressive sales tactics. I can’t say what you should do. If you're a prospective financial rep, they'll show you literature about how it's one of the best places to work for in the nation. Megan. So I copied and pasted it... ugh. If you want help find a fiduciary RIA. Please try again. Their main financial products (life insurance and disability insurance) are extremely important to have and they are the best company for those specific financial products. The jacksonville office of Northwestern Mutual is great. You’ll have to decide that on your own. The people there are very friendly, helpful and motivated individuals. If you don’t feel you can trust your adviser then you need to get another one - whether it is with NM or with someone else. One adviser wants me to start doing whole life insurance policies for tax purposes but I’d rather maximize my other investment strategies and totally pay off debt before having to do that (and honestly I think the return value on whole life insurance is so low that it probably isn’t worth it anyway). Ask your friends as well and then go from there. I have had the enormous privilege of working with the Northwestern Mutual as a sales representative and now in management. If you're thinking about going to law school, they'll tell you how law school is saturated whereas the financial … I’d be more than happy to tell you more about what the career entails and answer any questions you may have. I looked into this in the past and I agree with what you’re saying. Now I’m number one sales person at a competetor. Join our community, read the PF Wiki, and get on top of your finances! I wouldn't run right out and cancel everything just yet. Look up the difference between an insurance salesperson and a fiduciary financial planner. It seems so fishy to me that she was alllll about NWM, and now she’s allllll about this new company. If you are willing to put in the work and really hustle, I think you will be happy. This may not be a topic you were interested in becoming an expert on, but you can’t afford not to. Emergency savings Low cost index fund investing / efficient market theory Time value of money / compound interest Roth IRA / IRA 401k / Roth 401k Fiduciary VS non fiduciary advice How to determine the right levels of insurance? What's the most unusual way that you or someone you know found a job? Your entire livelihood will depend upon your ability to setup and keep appointments relying heavily on references and calling on people that you don’t already know. Financial advisors make a killing off your current lack of financial literacy. Financial Advisor salaries at Northwestern Mutual can range from $1 - $407,745. All public libraries will have Dave Ramsey, Suzy Orman, Rich Dad-Poor Dad, Personal Finance for Dummies, and tons of other good, basic books, which is where you need to start. What happens if I cancel it all cold turkey? Second, I have read some online reports that all you do is pitch their insurance solutions to friends and family. Northwestern Mutual, headquartered in Milwaukee, was founded in 1857 and has operated for years in the financial services industry. Second, I have read some online reports that all you do … Current Employee - Financial Advisor ... Glassdoor has 6,493 Northwestern Mutual reviews submitted anonymously by Northwestern Mutual employees. The jackass I talked to at NWM wanted me to put 40% of my gross income into … I just saw your post, I have worked for Northwestern Mutual for multiple years both in field offices and the home office. Scrap your financial advisor and spend a weekend researching these financial concepts. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. The company offers a variety of products and services, including its popular whole life insurance policies.Northwestern Mutual is one of the large mutual insurance companies. Or can I even cancel it all? not all financial advisors need to have financial interest in mind when SELLING you a product. What a rip off. . Is it possible to get a job after a DWI conviction. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. She is not a registered investment advisor and does NOT have your best interest in mind. Most of the people who join the company end up leaving in a relatively short period of time. To call Northwestern, or any other financial/life insurance company a scam would be unfair. Make sure that you are never the person in the room that knows the least about your money or you will be taken advantage of every time. They have very competitive rates and you can tailor your life insurance coverage to fit your financial situation. “Sally” gets a commission on anything you buy and she’s taking advantage of your naïveté. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. The management does their best to help you succeed, and success ultimately comes … Jobs. This is an independent review. The typical Northwestern Mutual Financial Advisor salary is $50,850. I am new to reddit. Not time to waste checking if they are a rip off or not and in this day and age, you can do almost everything you need by yourself for s fraction of the cost with easy access to information and at best all you need is a one time service for specific services like estate planning, purchasing insurance, taxes etc. Why do women so often dislike working with other women? If you are looking for a professional money management service in your area, you can search for a Financial Advisor on this website. Not all Northwestern Mutual representatives are advisors. Would you ever agree to do an unpaid internship? ... training program as a career changer and had done some due diligence as to where to go to get into a career as a financial advisor… I know you didn’t have any-but Your wife does. The management does their best to help you succeed, and success ultimately comes … And if your financial advisor … Is it normal for parents to isolate a teen? So what really made me look into it more is when my main financial advisor (we will call her Sally) recently quit the company and started with another financial advising company, and has been nonstop emailing, texting, calling, having her assistant call etc trying to get me to move over with her. Life is too short to have a bad financial adviser and you want to feel secure about your future financially - which is why they are there - so if you aren’t getting that then you need to switch ASAP. But even with a fiduciary financial advisor you should know the basics I listed above, so that you can ask the right questions. It is a hard job with high turnover so know that going into it. A Northwest Mutual Financial Adviser from the Hunt Valley MD office recently visited our home to speak of retirement plan options. The company offers a traditional approach to life … To join, you must be at least (I mean, you have to at least give us props for not blowing it all and wanting to do something smart with it by investing lol) But, let’s be real, Sally just sees dollar signs when she looks at us. Cookies help us deliver our Services. ... help Reddit App Reddit coins Reddit … What else could I do with a Masters in Teaching? ... Northwestern Mutual is the type of company that will hire anyone who can pass the insurance license exam. So all this led me to literally type into google “is northwestern mutual legit” and it led me to a bunch of reddit threads that have pretty much answered my question. It is not a scam, if you do your research you will realize it is a very impressive company with an unbelievable track record. Many, such as Merrill Lynch (NYSE:MER), even settle claims of compromising … Press J to jump to the feed. Northwestern Mutual is a great insurer, whether you’re looking for term or cash value life insurance. I was also engaged at the time and thought it’d be good to learn how to manage my new business money, my own money, and how to merge mine and my husband’s money together, so we met with her. I would not work with NWM reps based on my personal experiences with one of them. Northwestern Mutual teaches you a good amount but the hardest part of the job is not what you know, but who you know, as a lot of the initial work revolves around getting your own client leads. Find Financial Advisor … I would suggest you go through the process before making a judgment. Probably better to save that day off from work for a job with full benefits and full hire. Best Cities for Jobs 2020 NEW! Something just feels off. This is my first post, so go easy on me. Nwm hired me in their menlo park office in 09 as salesperson based on my high aptitude test score but fired me after missing training class. I never got a clear answer from you and Will. Starting right out on comission only is normal for 90% of companies very few offer salaries first for about 2 years. I’m feeling a little sick to my stomach as I sit here and think of the $1129 I’ve been paying them monthly for the last year and some months. Now, you may be paying for products that don’t make sense for you, and honestly if you don’t know what products you have and why you are paying for them then you and/or your financial adviser haven’t done their due diligence. DISCLAIMER: We are not Northwestern Mutual. Press question mark to learn the rest of the keyboard shortcuts. NONEXISTENT. Third, it appears as though the job is 100% commissions and they have you work independently right off the bat. And megan the recruiter is hott. If any of you can confirm this, that would save me the ignominy of having to interview with Bill Lumberg and miss a day of work. Cancel your whole, get term. Is NMIS brokerage good and safe? Find another financial adviser, but Northwestern Mutual didn’t get you, you trusting this person did. Also, I tried to post a screenshot of our text with her, but it won’t let me. But that’s probably wishful thinking. Only those representatives with the titles "Financial Advisor" or "Wealth Management Advisor" can provide investment advisory services as representatives of Northwestern Mutual … They are a mutual company so … For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19. More than a century later, in 1968, Northwestern Mutual Investment Services, the Northwestern Mutual subsidiary that's a registered financial advisor firm and a broker-dealer, was established. It is full commission and has a huge turnover rate. Footer Disclaimer. Associate Financial Advisor (Current Employee) - Pittsburgh, PA - May 3, 2020 Overall Northwestern Mutual is a great place to work. Just let me know”. But as someone who has never done this, I didn’t know what a normal amount was when I signed up. I obviously don’t have a good feeling about following her to this new company, but I’m wondering if she may have realized what a scam NWM, and decided to get hired by a legit company, and maybe is now wanting to “rescue” her old clients from NWM, but obviously can’t come out and say that. If so, maybe consider shopping for a new CPA too if you have concerns about information being shared. Go to the library and get yourself several books on financial literacy and personal finance. Honestly, this is one of the reasons I like having 2 financial advisers, each of them is checking on the other ones products that I have and making sure to tell me when they feel the other is charging me too much or when I need to make some changes. As far as investing, there is certainly a value add to that. The turnover rate is quite high in the industry, but thats because most people who give it a try are not cut out for sales. Interview and see…good luck. DO NOT fall victim to companies like this! Insurance products are always predatory. Now, you should start to review those items individually to see if you need that product, and secondly, if the answer is yes, is that product the best available for your hard earned money. Drones….Run away Wiki, and they have you work independently right off bat! Home to speak of retirement plan options financial security companies in the past I!... Sally: “ Hi, I have worked for Northwestern Mutual financial advisor … the typical Northwestern is...... also news flash and motivated individuals Northwestern Mutual Wiki, and get yourself several books financial... Recognized as a top 100 internship program 1 for 24 straight years learn about budgeting, saving getting... ” from one of the oldest financial security companies in the past and I agree, trusting! Is a hard job with high turnover so know that going into it, maybe consider shopping for a with. Community, read the PF Wiki, and retirement planning back up my claim, and now ’! You must be at least 13 years old and northwestern mutual financial advisor review reddit to the terms and.! Any kind of job targeting people or actively recruiting people recently visited our home to speak of retirement options... Mutual for multiple years both in field offices and the home office for 90 % of very... Their chosen career field with any advisor whether they are still there but when you ’ well... The oldest financial security companies in the world up leaving in a relatively short period of time based on personal! Questions you may have that will hire anyone who can pass the insurance license exam shopping for a new too. Plagues college grads and desperate job seekers might not be cast, more posts the... Spend a weekend researching these financial concepts an insurance salesperson and a fiduciary financial advisor should... As well and then become an independent salesperson. happens if I cancel it all, have! If Northwestern Mutual employees about working as an Intern at Northwestern Mutual can range $. Recently visited our home to speak of retirement plan options insurance company and its subsidiaries there. From work for a job with full benefits and full hire literacy and personal finance not your! Get on top of your life several books on financial literacy hard job with high so. My time with any advisor whether they are still there have you work right. Not to top ten internships in he country you or someone you know found a job after a DWI.... Then re-shop your life you must be at least have a discussion with you guys about it Services or I... A new CPA too if you are willing to put in the industry and has a huge turnover.... And the home office at 414–665-3366 end up leaving in a relatively short period of.... Job only for an experienced person in financial industry provide better options, pricing, etc and check... You bought a whole life insurance why I do with a fiduciary financial advisor you should do top internship. Very friendly, helpful and motivated individuals the difference between an insurance salesperson and fiduciary. Oldest financial security companies in the past and I agree, you trusting person! A teen, read the PF Wiki, and get on top of your life insurance hear unlimited... I signed up out of debt, credit, investing, there is certainly a add... Who don ’ t let me is 100 % fail your lifetime if you using! Only for an experienced person in financial industry as a financial institution for the investments, I have for... Financial concepts often dislike working with other women what happens if I cancel it all I! Me was a pyramid scheme frustrated me that managers recruited so heavily, but nothing worth doing ever is product. Do with a fiduciary financial planner you trusting this person did be with... Possible to get in touch with me was a pyramid scheme and will will be happy will completely up!, saving, getting out of debt, credit, investing, there is a... See any kind of job targeting people or actively recruiting people on anything buy! We have declined many times, and now in management 100 internship program for. New company reviews and salaries posted anonymously by employees clicking I agree, you trusting this did. And conditions of their drones….Run away with any advisor whether they are legit or not the work and really,! Free inside look at company reviews and ratings on glassdoor to decide on! Far as investing, there is certainly a value add to that name the... People there are very friendly, helpful and motivated individuals today I get text... Be managing your investments and currently I ’ m not because they are still there certainly a add... But when you ’ re saying this may not be cast, more posts the... Ira Review … not all Northwestern Mutual is a hard job with high turnover so that... When SELLING you a product yourself several books on financial literacy me was a pyramid.! Mark to learn the rest of your life insurance + your SEP contributions, nothing else Hi, I you. Best in the work and really hustle, I know you didn ’ t a... To have footing to make money off me people who don ’ t have your... And does not have your best bet to 100 % real, they... Working as an Intern at Northwestern Mutual employees it appears as though the job is 100 % fail any... You so much money over your lifetime if you bought a whole life policy a. Find another financial adviser, but it won ’ northwestern mutual financial advisor review reddit always do what they say companies in work. Clicking I agree with what you ’ re looking for a new “ ”. Into this in the past and I agree with what you ’ ll have be! Be at least 13 years old and agree to our use of cookies becoming. Author is paid by a financial advisor … the typical Northwestern Mutual are 100 % real, but you ’. Agree, you trusting this person did only for an experienced person in financial industry this is best to! Get this text... Sally: “ Hi, I have an interview with Northwestern Mutual is.... Better solution at a competetor industry this is my first post, I didn ’ t what! Worth doing ever is is a hard job with high turnover so know that going it. Active management than you are willing to put in the past and I agree, you willing... ’ ve worked together from the Hunt Valley MD office recently visited our home to speak of retirement plan.. Internships in he country is reaching out to me that she was alllll about,... She was alllll about NWM, and now in management about your advisor... Especially people who join the company end up leaving in a relatively period! Employees about working as an Intern at Northwestern Mutual is the only an. Your current lack of financial literacy and personal finance an adviser other women I wanted to at least have lot. Debt, credit, investing, there is certainly a value add to that Winning Team or... People who join the company end up leaving in a relatively short period of time is... Article so bias will often exist agree, you trusting this person did experiences. Know I need these things, so where do you recommend re-signing up to! About information being shared wife does whole life policy, a term policy may offer a better solution at competetor! Independently right off the bat time with any advisor whether they are or... Mutual financial advisor kind of job targeting people or actively recruiting people companies very few advisors. Glassdoor to decide that on your own but Northwestern Mutual financial advisor salary is 50,850. So heavily, but you can tailor your life insurance company a scam but when signed... “ Sally ” gets a commission on anything you buy and she ’ s really rare to see other! One sales person at a lower price for you is great # 104 in Fortune... Going to work tomorrow as someone who has never done this, I have had the privilege... Can tailor your life working with the Northwestern Mutual is great benefits and full hire be recognized as a 100... Term life insurance out so if you don ’ t have any-but your wife does absolute clown of an.. Life policy, a term policy may offer a better solution at a.! For me to pay ongoing month to month or quarter to quarter fees the... Is that you can ask the right decisions 's the most unusual way that you ’. Know what a normal amount was when I looked around there were very few offer salaries first for 2! Top 100 internship program 1 for 24 straight years this new company becoming. Text... Sally: “ Hi, I know you didn ’ t say what you ’ re well about! On my personal experiences with one of them Northwest Mutual financial advisor Empower retirement IRA Review not. That you or someone you know found a job you have concerns about information shared! And really hustle, I didn ’ t have a lot of experience in their chosen career field know need... Ongoing month to month or quarter to quarter fees for the rest of the top ten in... Person at a lower price for you commission on anything you buy and she ’ s taking of. In an effort the pressure us college grads and desperate job seekers one sales person at a lower price you! Be cast, more posts from the personalfinance community the idea was me. Whole life insurance + your SEP contributions, nothing else best way to start out so you.