Northwestern Mutual

  www.northwesternmutual.com
  www.northwesternmutual.com
There are newer employer reviews for Northwestern Mutual

 

Overall company is solid, district office lacks proper management.

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Financial Representative in Peoria, IL
Former Employee - Financial Representative in Peoria, IL

I worked at Northwestern Mutual full-time (more than an year)

Pros

Stability of company and products is adequate.

Cons

"Be your own boss" means "as long as you do what we ask." Local office lacks sales management and leadership.

Advice to ManagementAdvice

Recruit and train good management first, then you will be able to develop younger reps and new-to-the-business advisors that will stick around.

Doesn't Recommend
Neutral Outlook
Approves of CEO

1456 Other Employee Reviews for Northwestern Mutual (View Most Recent)

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  1.  

    Unless you are a financial representative, don't expect any growth opportunities professionally or financially.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL

    I worked at Northwestern Mutual full-time (more than 3 years)

    Pros

    Every office has a different culture and I would urge anyone looking at opportunities as a Financial Representative/Advisor or a staff position to look at many different offices. The company overall has a very friendly culture and is usually the reason most people will stay.

    NMFN provides a great internship experience if you can handle rejection and can start a business from contacting your friends and family to sell whole life insurance. Again, your experience will greatly vary depending upon which office you intern with.

    Cons

    Staff: NMFN offers little to no growth opportunities. There are no outstanding company benefits (average vacation time and does not promote work/life balance). There is hardly any opportunity to grow financially (although you find many of the offices claim to help employees grow "personally, professionally, and financially.") This is typically only the case if you are a representative with the company.

    Financial Representative: The FR career has a very difficult start up - roughly 80-85% of all new FRs do not make it to their 5th year. Once you are a 5th year rep, you will most likely stay with the company for the remainder of your career. NMFN has a model for recruiting students directly from the college campus however the retention rate for newly graduated seniors (with no previous internship experience) is the lowest.

    Advice to ManagementAdvice

    Pay attention to your staff and change your recruitment model. NMFN has a poor structure for promoting staff and little to no structure to support the thousands of representatives recruited each and every year.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  2. 1 person found this helpful  

    Financial Rep who failed

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Representative
    Former Employee - Financial Representative

    I worked at Northwestern Mutual full-time (less than an year)

    Pros

    You learn about the insurance industry. You also learn a ton about sales. If you can sell insurance, especially to strangers, you can sell literally anything.

    Cons

    Basically, if you don't have a natural market in the area, i.e. people whom you KNOW are willing to buy insurance, you are going to have a very difficult time. In order to be successful, you need to be motivated, put in a ton of work, and operate off of referrals as quickly as possible.

    I didn't have a natural market going in, and instead relied on my alumni database to set meetings. I was at work by 7:30AM every day, called around 50 people a day to set meetings, and would bring along as much joint work as possible. Regardless of my effort, I wasn't able to close many deals, hardly at all. For that matter though, neither did my joint work. There are a lot of emotional highs and lows in this business. There is also a lot of stress. I did get better at every aspect of the process during my six months, but there wasn't enough compensation coming in to continue my fight.

    Senior reps are there to help you. If you put forth the effort, they want to help. That said, they are also looking out for themselves, and rightfully. You're bringing business to them in exchange to see their skills in action. Some are definitely better than others, and some are more ethical than others. Generally you split commissions on joint work 50/50, and the "lives" for policies issued. Most senior reps are willing to do joint work when they don't have something else scheduled, or you ask early enough. Most prefer the person you're scheduled to meet to have a high income and be married.

    Honestly, some of the senior reps can come across as a little sleazy; flashy suits, whitened teeth, and a breath of arrogance. Sometimes there's a lot more confidence than actual intelligence... but you NEED to be confident to sell. You should like to talk.

    First year reps are all pretty stressed out. Some get pretty down on themselves. There is a very high turnover rate. I'd estimate about 80 or 90% in the first year leave. It's tough, no doubt about it. If you have a lot of family who are willing to buy, or a lot of friends who are married, this could be a lot easier for you. However, even people who say they will definitely buy insurance, prior to starting, won't. and some of your closest friends who you'd assume would help with referrals won't, while some people whom you won't expect will give you a ton. There's no way of telling.

    Overall, I learned a lot. It was a good experience, but I'm definitely glad it's over.

    Advice to ManagementAdvice

    Learning by trial and error is costly to new reps in time, money, and stress. I think I would have done a lot better as an Assistant Financial Rep before becoming a Financial Rep... instead of going in as a Financial Rep. Trainning just didn't cut it. Be HONEST about the turnover rate and give reasonable expectations of compensation during the interview process. Don't promise a rose garden, let potential reps know what they're getting into. Many will still accept the job offer.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
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