NWM, SENIOR College Student Looking for Some Advice

[famous]

Hello all,

I am trying to reach out today and get some much needed advice. I have been a shadow follower on this forum for some time and am happy to finally reach out.

let me give you a little background about myself. I am a senior Economics student at the University of Arkansas. I have taken classes in Life and Health, property and causality, and Risk management. I am well aware of the washout rate and hard work that it takes in reaching out to family in friends to sell certain products. My end goal is to start off in insurance and progress over into financial planning and investments.

My first question is in regards to Northwestern mutual. I currently live in Fayetteville Arkansas which in perspective is about 4 hours from Dallas. my girlfriend is a Junior here so I was thinking about sticking around and working for NWM before I transfer down to Dallas next May. - (I am currently in the final hiring process at NWM) I have 4 months until I graduate and the director that I spoke to explained to me that they want to have me get my series 6 and 63 licenses before I go to 3 week sells school in June; which I feel is a great added incentive.

Is NWM worth it, or should I try somewhere else? Should I stay in Fayetteville Arkansas for a year before transferring to Dallas or just try to find something down there now? If I do go to Dallas would someone like NYlife, Merrill lynch, etc. be better? Is anyone on this board currently located in Dallas that could offer a little insight. Sorry that the post is so long.

 

[DHK]

I don't believe we have any current career agents from NWM on the board. If you do a search, you may find some colorful posts about them in the past. I'd search for Northwestern Mutual in thread titles and take a look at those and think of how long ago they were.

I won't tell you TO go or NOT to go with them. That's up to you. I will only suggest that, if this '3 week sales school' doesn't measure up, that you have other training resources to rely on for your success.

Btw, Merrill Lynch and NYLife/NWM have completely different business models and objectives. Would you rather be securities-based (with a $250,000 minimum relationship?) or life insurance-based?

 

[scagnt83]

Generally speaking, NWM is an excellent company to start with. Hands down some of the best training in the industry. (im former NYL, but Im friends with guys who are former NWM).

Usually, I am not a huge fan of getting your securities license before sales school. However, you being in college, you are already in "study" mode. Plus you have much more time to study now than when a career is in full force.

However, I disagree on getting your series 63. Get your Series 66 instead. It allows for "Fee Based" planning acting as a Fiduciary for the client. That is the direction the industry is headed. It is not all that much harder than the 63. I guarantee you will be glad you have it over the 63.

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Do you want to be a true "financial planner" who is focused on a persons all around financial well being, or an "asset manager" who's main priority is to grow assets. NWM can teach you how to be a true planner. Merrill is nothing but asset management (no matter what they might tell you otherwise).

 

[famous]

DHK,

Thanks for getting back with me so fast! I've read a lot of what you have posted and it has been nothing shy of amazing advice.

I have done a lot of researching NWM, on this site in particular, and have noticed that they do not seem to be a fan favorite. However, there lies my dilemma. I have every possible parameter covered when it comes to immeasurable and I am one of those who will succeed because I do not believe in failing, its not an option. Although like many who enter into this profession a beginner, I do not quite know where to start. I've done research that has said "going captive for a year or two is nice just to learn the basic and learn the industry". However, I am not okay with the bear minimum, I want to enter the market that is going to make me the most successful in the long run.

Also, if you could go back with the knowledge you have today, would you have gone down the same road you did? and what advice would you give to someone today entering the industry to maybe give them a leg up on choosing the right place of employment?

Is securities or insurance a harder barrier of entry? Do you feel that the life span of insurance is still a lucrative career path going in at 22?

Thank you so much!

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Generally speaking, NWM is an excellent company to start with. Hands down some of the best training in the industry. (im former NYL, but Im friends with guys who are former NWM).

Usually, I am not a huge fan of getting your securities license before sales school. However, you being in college, you are already in "study" mode. Plus you have much more time to study now than when a career is in full force.

However, I disagree on getting your series 63. Get your Series 66 instead. It allows for "Fee Based" planning acting as a Fiduciary for the client. That is the direction the industry is headed. It is not all that much harder than the 63. I guarantee you will be glad you have it over the 63.

-----------------------------

Do you want to be a true "financial planner" who is focused on a persons all around financial well being, or an "asset manager" who's main priority is to grow assets. NWM can teach you how to be a true planner. Merrill is nothing but asset management (no matter what they might tell you otherwise).

scagnt83,

Great advice, thank you. If I go to Dallas they have a NYL there, would you say one is better than the other?

To your point about being in "study-mode". That is what I was thinking. The most valuable resource that one has is their time. Its something that you will never get back and currently I have all the time in world (it seems like anyway) to study and take care of things that otherwise would have to end up on top of other time consuming work activities. Currently, them wanting to get them to me now is one less thing that I would have to worry about later and that is one thing that I do like.

I was mistaken when I said 63, 66 is what I meant to say, thanks for the catch.

 

[DHK]

DHK,

Thanks for getting back with me so fast! I've read a lot of what you have posted and it has been nothing shy of amazing advice.

I have done a lot of researching NWM, on this site in particular, and have noticed that they do not seem to be a fan favorite. However, there lies my dilemma. I have every possible parameter covered when it comes to immeasurable and I am one of those who will succeed because I do not believe in failing, its not an option. Although like many who enter into this profession a beginner, I do not quite know where to start. I've done research that has said "going captive for a year or two is nice just to learn the basic and learn the industry". However, I am not okay with the bear minimum, I want to enter the market that is going to make me the most successful in the long run.

Also, if you could go back with the knowledge you have today, would you have gone down the same road you did? and what advice would you give to someone today entering the industry to maybe give them a leg up on choosing the right place of employment?

Is securities or insurance a harder barrier of entry? Do you feel that the life span of insurance is still a lucrative career path going in at 22?

Thank you so much!

You can't un-ring a bell. You can only learn from your mistakes, learn principles, and use that to make new decisions.

Barrier of entry is EASY in this industry. Entry isn't the problem. Staying is.

As far as advice - my sticky thread at the top of this forum should prove quite helpful. Sure, I wrote it almost 6 years ago, but the later posts have some fantastic and inexpensive resources that should be helpful regardless of where you go.

http://www.insurance-forums.net/for...nsurance/guidance-new-life-agents-t29999.html

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BTW, to get and use a Series 66, you have to study and obtain the Series 7. I don't know if NWM will sponsor you for the 7 right out of the gate or not.

Otherwise, you're looking at
- Series 6, 63, 65 (fee-based)
- or 7 & 66 (66 = 63 + 65 in one exam).

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Btw, it's about the local office and training that you get there, not about the company... especially when you're new. Just have a back-up plan in case the training program isn't what it's cracked up to be.

 

[MW Agent]

I never worked for them, but I had friends that did at the same time I was starting. If you can last three years there, I believe you will have a successful career in this business. None of my friends made it and they are now out of the business, but they will teach you the correct work habits that allow success in this business.

A lot of hard working, never failed, newbies come into this business. Hard working is critical to success. However, it also requires a thick skin and a high self esteem that allows you to work hard at the right things. I find the latter to be more rare.

The good part about NML is they won't allow you to drag on for a long time before you find out if you have both attributes. You will either be well on your way to success or they will fire you.

I wish you the best, it's a great business for those that survive the first five years.