Northwestern Mutual

[VerityFG]

I've got a friend and client whose 23 year old son has been on 3 interviews with Northwestern Mutual. He just found out about it and called me to ask about it.

I told him NWM was a good company and I know their life contract but that's about it. I started at Mass Mutual waaay back and I barely remember how their rookie program worked.

Does anyone know how NWM's program works now, draw, supplement, subsidy, contract for rookies, etc... and maybe how it compares to others?

 

[AnonymousOne]

I've got a friend and client whose 23 year old son has been on 3 interviews with Northwestern Mutual. He just found out about it and called me to ask about it.

I told him NWM was a good company and I know their life contract but that's about it. I started at Mass Mutual waaay back and I barely remember how their rookie program worked.

Does anyone know how NWM's program works now, draw, supplement, subsidy, contract for rookies, etc... and maybe how it compares to others?

T300, enough said............

 

[trustandadvice]

I would give it a very wide berth.

I left there two years ago and was at Northwestern Mutual for 10 years. Before that I was with Merrill Lynch for 10 years. The entire program, in my opinion, for the guys coming in is a complete bait and switch.

The guys who come into the training class are basically forced to do joint work with the guys in the leadership group. They have to split everything 50-50. On the face of that it looks like a good way to learn but in actuality the leadership group, or the college unit directors, etc., are getting expense reimbursements, free staff, and overrides so the split should really be something like 70% to the new guy and 30% to the leadership group. It really is a big swindle for all the new guys to basically give up all of their best relationships to the leadership group, or better said the management.

Also, when I started 10 years ago the new guys (the guys with an average of two years experience in less than five years in the industry) were about 20% of the field force. Now the new guys are about 60% or more of the field force. The managing partners and managing directors are not paying attention to the seasoned reps and the morale is really bad. A lot of Northwestern mutual, experienced, reps have left and gone to other firms. A ton of them have gone with MassMutual. In fact one of our biggest managing partner's son, who is with Northwestern mutual, Peter Hoopis in Chicago, left Northwestern mutual and opened up an office with MassMutual. I would say that overall MassMutual would be a much better choice.

Also, the systems at Northwestern mutual are a laugh. They are not investing in the investment side of the business and the payouts are horrible. For the first two years your friend will get an 80% payout on his investments but then that will drop to 40% or so. He is a contract employee and will be paying all of his expenses and he has to give 60% of his investment revenues to the firm?? Are you kidding me?? Also, because the firm created such a problem with having an uncompetitive platform they are prohibiting reps from getting paid on accounts under $50,000 or hundred thousand dollars, I forget which level. So how many new guys are going to be bringing in a lot of accounts over hundred thousand dollars?? Not many.

Northwestern mutual is a disaster and it is not getting better any time soon. In fact some friends of mine who are still with their agency told me that recently Northwestern mutual has been flying their top reps into Milwaukee because they are having so many leave that they are getting very close to being in emergency mode since their senior reps are bleeding so bad.

It is a complete bait and switch and I would completely stay away.

 

[goillini52]

I've got a friend and client whose 23 year old son has been on 3 interviews with Northwestern Mutual. He just found out about it and called me to ask about it.

I told him NWM was a good company and I know their life contract but that's about it. I started at Mass Mutual waaay back and I barely remember how their rookie program worked.

Does anyone know how NWM's program works now, draw, supplement, subsidy, contract for rookies, etc... and maybe how it compares to others?

Get ready to buy some NWM life insurance.

 

[VerityFG]

I'm in the business. I won't be buying any lol.

Just trying to find out some serious info to assist his decison.

 

[AnonymousOne]

I have hired advisors who have interviewed at nwm, most had a day of cold calls for the interview, I believe nwm called it a day in the field. Whoever was there after so many hours was offered the job.