Financial Representative | Pittsford, NY | Jun 25, 2020
The Worst Decision You Will Ever Make
This is only in regards to the Financial Representative role within Northwestern Mutual. From what I know from regular employees, they are treated well.
The recruiting team at NM will convince you that you will be a business owner and have freedom to build the practice you want. This just isn't true, and even if it was, you cannot be mediocre at this job to make a living wage.
I joined NM because it fulfilled one of my life goals of business ownership. I was originally drawn to the great positive impact a Financial Professional can have on their community. People need the services offered. I still hold this belief despite my poor experience working there. It turns out, however, that you really don't own any business within NM. The freedom they will pitch to you about this position is mostly a lie. NM Home Office will monitor and have significant oversight into everything you do (you could argue that they should, it just doesn't quite align with what they pitch you when they recruit you detailed below). Your business will not have the flexibility to deviate even a little to accommodate your style, personality, or preferences. You are pigeon-holed into a position to do it their way or fail out. The more unfortunate part of this is that the company adheres to an 60+ year old and obsolete method of client acquisition. The company is very slow to change, and even falls behind on technology, information security (don't worry not on the client side, their system for client
ProsFlexible, Challenging, Unlimited Income Potential*, Phenominal Community and Client Impact, Independence, Good Health Care, Great Products
ConsCommission Only, Low Commission Rate, Old-Fashioned Support System, Very Difficult, Recruiting Ideals are Misleading, Lack of Real Ownership, Archaic Client Acquisition, In Reality: No Livable Income for at Least a Couple Years
Bad experience, deceitful company, YOURE AN INSURANCE SALESMAN, NOT an advisor as they claim
Working at Northwestern Mutual was bad, it is a company for someone that is experienced and already has a book of business.
REALLY hard to be successful unless you're at the right environment.
If you do not possess a "start my own" business mindset, you will NOT be successful. There is NO salary, ONLY commission based and bonus on performance.
Training is 3 weeks. UNPAID. You have to cover all costs to get to and from the office if you're commuting by mass transit. THEY WILL NOT PAY ANYTHING TO YOU OTHER THAN YOUR BUSINESS THAT YOU BRING IN!!!!
They will make you build a list of 200 names composed of friends, family, ex-coworkers and etc when you come in to train for them. Then they will teach you about their products and services as well as language. Then they will have you dial everyday to set up appointments in what they call "prospecting day weekend" where you will try to tell your friends and family what you do and then they will push you to sell them Life insurance and insurance products.
After you graduate from their training program they expect you to have minimum of 25 appointments PER week. Anything less you will be in danger of being let go.
This is a opportunity for someone that has a large warm circle and is able to cold call (2-400 dials a day) to build a practice.
This company wants you to sell LIFE INSURANCE!! It is NOT a financial services company. They tell you they are but they are only an insurance company and offer the most basic
ProsGood Comp, Good training, You learn alot, Flexible hours, days off whenever you want to take them.
ConsNo salary, No help, On your own, you pay for rent on everything, you sell insurance, cold calling
4.0
Financial Representative | Denver, CO | Jan 19, 2018
Family-like environment; teams operate independently; little room for advancement
I worked for NM for years, and I can't think of a more admired or stable financial company, or one with more integrity - in fact, no matter what happens for me professionally, I won't move my investments from NM and will NEVER move or cancel my life insurance. The conviction the workforce has around NM's products is exceptional, because the products themselves are exceptional, and this conviction elevates those who work there. There's definitely a sense of belonging to a mission for good when you work here. This sense of belonging helps create closeness among those in the same offices and agencies, which is wonderful - I felt a tremendous amount of affection and respect for my colleagues, and the quality of my life has been enhanced by their friendships.
That said, as a team member - NOT as a financial rep; I can't speak to that - there are some drawbacks:
- There's a lot of gender stratification in terms of the roles. While this isn't the case 100% of the time, the men tend to be the sales reps and the lead advisors, and women comprise most of the support staff. From the outside looking in, this is anachronistic; from the inside looking out, while you get used to it, it's can be demoralizing. There are efforts to recruit and maintain more women, and there are several woman-led teams that are just absolutely crushing it, but it still looks and can feel like quite the boys' club.
- Related: the company - at least in the Denver area, but perhaps nationwide - is guided
1.0
Technical Support Specialist | Franklin, WI | Nov 29, 2015
Long term contract helpdesk work
It's soul crushing, it's gut wrenching, it's tireless, thankless work, but the paycheck is steady and you'll have more management than you'll know what to do with. Welcome to the world of long term contract IT helpdesk work.
Contracting can be a great way to get into a field and a company, but with a company that runs a 50/50 contractor/employee workforce there are some fine print issues you always want to be aware of.
The fine print of this position: You won't be a real employee so benefits will be gained through your contracting agency and can be near nonexistent. You won't be a real employee so you won't get to take part in the company's culture, or team building exercises. Advancement will be all about networking, but you need to focus on getting converted first, which can be very hard depending on how the company likes to manage their contract workforce. The work is demanding and you're kept to a much stricter set of metrics. You won't be learning or exercising new skillsets that have real world application. If you need time off, it will be a struggle, as will gaining raises. You'll have team leaders, department heads, support leads, and of course your contracting firm management, balancing all the management and management styles can be very tricky, as well as trying to navigate how to please them all, while delivering world class service, but don't worry though some of them might not even remember your name most days...
I know my review can make it seem rather
ProsSteady work, Steady pay, Anonymity
ConsContract work
2.0
Financial Representative | Nowhere, OK | Feb 18, 2019
Enter at own risk......
It is a 100% commission job with no base salary. They do provide a small weekly stipend for new hires while they are going through training. In the beginning, it appeared to be a great place to work, based on the motivational speeches, stories of personal impact, and huge earnings potential. As a new financial representative you need to come in with a ton of contacts and money in the bank. You could go weeks and months without any income. You spend most of your day calling or having meeting with "prospects". There are a lot of daily/weekly/monthly training meetings with groups and leaders. At times there are almost too many meetings. In the beginning you are basically hounding your family, friends, and acquaintances to purchase life, disability, and long term care insurance from you. You also end up hounding those same people to provide you with more contacts to hound. You have certain productivity goals each day/week/month that revolve around phone calls and meetings. If you call enough people and set enough meetings you "should" get the expected number of new clients and lives. There is a minimum new client and lives goal that must be met by the 6 month mark. If you don't meet that minimum you are encouraged to move on. While you trying to get your business off the ground and generate income in your first 6 months, sometimes spending nights and weekends working, you are expected to study for/take multiple state insurance license tests and the 6/63 security license exams. T
ProsGreat new hire training. Great environment for learning (personal/professional). Great tools.
ConsUnrealistic sales goals. Working in a "bull pen". Too many meetings. Not enough private rooms.
5.0
Financial Representative | Phoenix, AZ | Jan 31, 2013
Challenging, completely dependent on your own effort, enjoyable environment, excellent training
As a financial representative for Northwestern Mutual, I viewed it as an extension of my teaching career, just a whole different subject and much bigger "students". I used many of the same skills to be successful in both the financial and education environments. I found the work to be rewarding & a privilege to work with people on one of the most important aspects of living a "good life" - finances and protecting loved ones.
I built my practice from the ground up; I did not have many referrals to start with so built my practice initially by cold calling and joining many community groups such as a Chamber of Commerce to meet potential business contacts & clients on a favorable basis. It was not an easy start, but it brought out just how much tenacity I have because then in my 2nd-3rd year, my practice grew leaps and bounds. I was able to afford my own full-time office manager and won awards at both the local and national level. I ended up having 60% individual sales to administrators mostly in education field, engineers mostly in the high tech industry and executives mostly in the high tech and marketing industries (and, of course, their families). The other 40% was to business owners as individuals and adding to their employee benefit packages offered on a voluntary basis. This not only involved group health, disability and long-term care insurance products, but also the company's investment program (executive bonus, 401(k) / SEPP.
Northwestern Mutual's training program was c
Proslearn what "you are made of" to succeed, enjoyed "game" of sales process, learned from mentors, then become the mentor.
Cons24/7 mentality & pust to grow your business never stops
4.0
Financial Representative | New York, NY | Feb 26, 2014
Great office culture
My typical day starts off with confirming appointments, rescheduling if needed, updating my employers and accommodating the staff. Once my employer's schedule is set for the day and he knows where he needs to be and what he needs to do, I move onto the administrative work. I fill out all the paperwork, handle all the underwriting, create illustrations, answer emails, and resolve any and all client problems. At the end of the day, I continue to fill up my employer's calendar; the busier he is, the better his business, the happier we both are.
In this industry, I learned a lot, but not everything, about the finance world, especially in insurance and investments. I have sat through workshops featuring legends in this industry and have learned so much. I know how to run all the illustrations catered to each client's needs and limitations. I learned how to fill out paperwork quickly and correctly. I quickly picked up how to speak to clients and how to answer their questions concisely. Most importantly, I learned how to time manage and multi-task. In addition, we have a technology coach who comes once or twice a month to update us on everything and because everyone else in the office did not really understand technology, I took it upon myself to learn everything so that we would not have to wait for our tech-coach to come to help us resolve any issues.
In the beginning, managing such a heavy calendar and work flow was difficult. Thanks to my employer and the staff members, t
4.0
Financial Representative | Wausau, WI | Feb 6, 2015
May 2015 NWM opened office in Wausau
Typical day... (fluctuates as I make my own schedule)
- Get in to office at 7:30am (unless their is a morning meeting or social)
- 8-9am settle in, catch up on emails and prepare to call
-Religiously 9-10am calling potential and previous clients to set new or updating meetings (average 40 calls a day that are "warm calls", if doing cold calls 160-I stayed away from "cold calling")
- 10-10:30am preperation for the days cases that havent been prepared from previous night
- 10:30-11:30am first meeting
- 11:30am-1pm second meeting (lunch meetings)
- 1-2:30pm third meeting
- 2:30-4pm forth meeting
- 4-5pm 5th meeting or night phoning for those not reached on past morning times
- 5-5:30 posting and planning (post for the day and plan for tomorrow)
- 5:30-7 Wednesday and Thursday open for a night meeting
- hour and a half time slots built in for hour meetings for travel time (all meetings were not at my office) and for other delays to keep my schedule on time
- Weekends were open for traveling out of town for meetings (I worked for a year in Superior/Duluth doing same job and I still service and work with most of my clients from that area
One tip I learned: That a day very rarely goes as planned in this line of work and to be prepared for any cancellations with productive, revenue generating, activities to be most efficient with my time.
Management: I managed filling application, submission, underwriting process and delivery. While keeping up with the client throu
ProsMaking a difference in peoples lives, Flexibility and freedom with the accountability being myself and my compensation
ConsBreaking through the stereotypes of insurance and financial world, in doing so, gaining a person's trust for the best
Financial Representative position with emphasis on Representative. Look, as an intern you are looking for a good learning experience and a further understanding of the business/industry. I can't say that Northwestern Mutual didn't provide me that. However, it was clear after a short while that the company isn't what they appear to be. They employee a TON of "advisors" however 70%-80% don't have a finance background at all. You'll notice very few if any have real financial advisor designations (CFP, CPWA, CPFA). The reason for this is that they aren't advisors. They are salesmen that offer a variety of life insurance products that have HUGE commissions. They are only concerned with how many individuals and families they can get in front of. Quantity, quantity, quantity. That is merely what the internship program is designed to do.
"Advisors" use the internship program to basically pay for leads. The weekly stipend of 100 dollars comes out of their pocket. Northwestern Mutual doesn't pay for it. Each intern brings in 200 prospects initially, and for college undergraduates, these are usually friends and family. After these are exhausted, the expectation is to go prospect and find more. If you don't, your time in the program is over. Not a bad deal for the "advisors" as their investment in the program (anywhere from $1,000 to $10,000 usually) can result in huge return as the interns bring them new business.
My recommendation: understand the business model. Be careful and d
Northwestern Mutual Dallas-as a Financial Representative a typical day is you making phone calls and scheduling meetings (as many meeting you can possibly fill your schedule with, knowing 50% will not meet). If you can constantly stay on the phone and call people to schedule appointments you will do well in this career! The job in itself is great because you have a flexible work schedule, but also with a flexible work schedule means if you do not work you are not getting paid. You are your own business owner and you are responsible to take care of everything as far as expenses go etc. (meeting with clients/taking them for meals, all health insurance/hiring staff). The workplace culture is definitely competitive everybody wants to make money. If you are not bringing in business (high net worth people) do not expect to have friends. I also say in this role culture does not even matter. The business teaches you resilience and builds character because of all the rejection you are getting constantly. Although the career is a rotating door it is extremely rewarding 20 years looking forward because you will have residuals. The hardest part of the job is making ends meet at the earlier stages, do not forget you are 100% COMMISSION. If you do not come from a wealthy family that can support you financially or a spouse that can cover expenses until you get the boat to float you will sink for sure in this career. I learned what it truly meant to be a business owner (the long hours, the r
Questions And Answers about Northwestern Mutual
How long does it take to get hired from start to finish at Northwestern Mutual? What are the steps along the way?
Asked Aug 10, 2016
In the El Paso area it will be 4 interviews. I was told, out of 30 interview; only one would get hired. Take it as you will, it sounds like a scam.
Answered Jun 8, 2020
Again I do not know the answer to that question I would contact the local office for the answer to that question as it has been some time since I have worked there
Answered Oct 18, 2017
What is the interview process like at Northwestern Mutual?
Asked Jun 29, 2016
The interview process is going to be different for each network and further, for each individual office. My process was rather lengthy (6+ weeks) that included a thorough introduction to Northwestern Mutual and how they work with clients. It included a phone screen, multiple in-person interviews and I was even invited on a company-sponsored retreat before being fully on-boarded.
That being said, there is a tendency to over-promise on expected compensation and to shy away from exactly how much work will be needed to make the position work. It's a phenomenal opportunity for the right person.
Answered Oct 15, 2019
There was a three-step interview process where I met with the talent acquisition team. Standard questions were asked – your background? Your interest? What can you bring to the team atmosphere?
Answered Feb 10, 2019
What is the work environment and culture like at Northwestern Mutual?
Asked Aug 25, 2016
Horrible. Worst job ever. Managers are rude. Pay is lowsy. Never paid fees to work in my life but did it here. They are an all around scam. They treat employees and customer horribly and are a SCAM. Avoid like the PLAGUE. The only jobs available in most states are sales. Its a giant PYRAMID SCHEME for customers and employees. I hope they go out of business really soon. The world will be a better place when they do.
Answered Sep 11, 2019
It varies from office to office, but the Chesterfield Valley office had a great culture. Lots of inclusion. The leadership team is very supportive.
Answered Oct 11, 2017
If you were in charge, what would you do to make Northwestern Mutual a better place to work?
Asked Jan 4, 2017
I would lead and manage my talent to retain every representative, rather than haplessly recruiting anyone with a pulse because the business model is to attrit every new agent and keep their book of business to distribute to the Managing Director’s personal client list.
Answered Aug 18, 2020
Its an awesome place to work.
Answered Apr 7, 2020
How are the working hours at Northwestern Mutual?
Asked Jun 30, 2016
Working hours are great. Flexible start times.
Answered Oct 17, 2017
Stressful, but enjoyable for the right person. You get to help people with a lot of different things. It's very impactful work, but the stress can be a lot.
I worked 7:30 AM - 6 PM on most days
