Northwestern Mutual

  www.northwesternmutual.com
  www.northwesternmutual.com

Northwestern Mutual Reviews in New York City, NY

Updated October 17, 2014
Updated October 17, 2014
1,391 Reviews
3.7
1,391 Reviews
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Northwestern Mutual Chairman and CEO John E. Schlifske
John E. Schlifske
259 Ratings

Review Highlights

Pros
  • If you are one of the few that make it (5%), there is unlimited income potential (in 54 reviews)

  • Unlimited earning potential, full autonomy with work (in 37 reviews)


Cons
  • Will have to sell life insurance to friends and family which could be awkward for some (in 113 reviews)

  • There is no base salary so getting started is very difficult (in 46 reviews)

More Highlights

86 Employee Reviews Back to all reviews

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  1.  

    Great Place to Learn the Industry

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

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

    Pros

    Top quality, exclusive products offered through Northwestern Mutual's insurance branch. Very supportive office culture and training staff. Multiple levels of support built into the corporate structure, which make you feel like you are a part of something rather than just a number. Stipends and high commission for first year are definitely a plus. Offer Series 6 and 63 certification among others the further along you get.

    Cons

    Need to have a healthy market to begin with. Difficult to "turn off" at the end of the workday. Somewhat negative connotation towards insurance makes your higher commission products a bit more difficult to pitch, but if you can get someone to hear you out on the benefits of these products, there is so much potential there.

    Advice to ManagementAdvice

    Acknowledge that cold calling should be mixed in with warm market leads ASAP rather than when you are losing steam, so as to prolong the life of the warm market and take the edge off of days of cold calling.
    Need to have personalized business cards ready upfront as the generic Northwestern Mutual business cards caused some confusion/didn't instill a sense of authenticity or credibility to the financial representative.

    Recommends
    Neutral Outlook
    Approves of CEO
  2.  

    good company if you can sell

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Intern in New York, NY
    Current Employee - Intern in New York, NY

    I have been working at Northwestern Mutual as an intern (less than an year)

    Pros

    company recognition, training, great environment. Everyone is very friendly with each other and are there to help obtain new clients. Training program is also good, which is why the internship program is well regarded.

    Cons

    low pay, selling insurance is how you will make most of your money, wealth management exists but varies from rep to rep

    Advice to ManagementAdvice

    management in this company isn't that important since each rep works for themselves

    Recommends
    Neutral Outlook
    Approves of CEO
  3.  

    Campus Recruiter

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Campus Recruiter in New York, NY
    Former Employee - Campus Recruiter in New York, NY

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

    Pros

    NMFN's Home Office roles out a very clear recruiting process, a lot of great marketing material and great training on behavioral interviewing. I worked in a field office, as a junior level employee I still had a lot of responsibility and visibility. It was a great environment to learn sales and cold calling for candidates - a great foundation for the rest of my career. Took the initial fear out of picking up the phone and making a dial. Performance plans and production expectations are extremely clearly defined - overall a great training platform.

    Cons

    Salaries are low since this is a field office and cost center expenses are closely monitored, individual producers need to pay salaries out of their own production. A lot of the back office / support roles are filled by junior candidates that aren't true professionals - they are groomed into the role because they can be paid lower than individuals with experience. This creates a very informal and at times unprofessional work environment.

    Leadership is also a factor of the field office that you are working in, we had a great MP - when he left the new MP came in and changed the vision entirely.

    Advice to ManagementAdvice

    It's great to hire junior/entry level individuals to give them a crack at their first professional job, however more time needs to be spent on the professional development of these individuals. If you're going to hire recent college grads, you owe it to them to ensure they have been properly mentored to conduct themselves in a formal business environment.

    Recommends
    Neutral Outlook
    No opinion of CEO
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  5.  

    It is good experience, but it is extremely difficult to create your own customer base.

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

    I worked at Northwestern Mutual as an intern (less than an year)

    Pros

    flexibility, friendly office staff, good experience on resume, well known company, leader in financial services industry

    Cons

    splitting commission with mentors, cold calling friends and family, generating all your own leads, only having your life/health insurance license and not series 6/7, only making money on life insurance products

    Advice to ManagementAdvice

    Help us generate leads and stop having us call friends and family bothering them for life insurance; Also you need to advertise more like other insurance companies

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  6.  

    Commision only with a snobby bring me profits or get kicked to the curb.

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

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

    Pros

    unlimited potentialf if you are one of the few that can make it past the rough start. There are other financial advisor jobs that pay you a base salary that help you more as well.

    Cons

    They have no idea how to help you build a solid prospecting plan without calling on your family and friends. This may cause a lot of people to be angry with you.

    Advice to ManagementAdvice

    Help your reps obtain prospects or hire someone to help. Calling family and friends can only go so far for some people.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7.  

    Good experience and paid well for an internship

    • Comp & Benefits
    • Culture & Values
    • Career Opportunities
    Current Employee - Intern in Rye Brook, NY
    Current Employee - Intern in Rye Brook, NY

    I have been working at Northwestern Mutual as an intern (less than an year)

    Pros

    Learned a lot and left with a good understanding about the insurance business

    Cons

    Discovered this was not a career I wanted to pursue, work was a little boring at points.

    Recommends
  8.  

    Great people to work with.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Wealth Management Intern in New York, NY
    Former Employee - Wealth Management Intern in New York, NY

    I worked at Northwestern Mutual as an intern (less than an year)

    Pros

    I interned in wealth management department. I had the opportunity to learn from investment specialists and financial advisor who always took their time to answer my questions

    Cons

    I did not get paid

  9.  

    Great team environment.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Back Office Professional in New York, NY
    Former Employee - Back Office Professional in New York, NY

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

    Pros

    A lot of fun if you enjoy a challenging sales setting.

    Cons

    Initial startup can take time to gain traction.

    Recommends
    Positive Outlook
    Approves of CEO
  10. 2 people found this helpful  

    Great Place to Start Advisory Career - Ends There

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

    I worked at Northwestern Mutual as a contractor (more than an year)

    Pros

    -Great place to get started from scratch if you want to be a Wealth Advisor. You are guaranteed 6 months - I encourage you to learn everything you can.
    -They pay for all licensing in all states
    -No BS, no-excuse atmosphere (people that only talk the talk are either out in first 6 months, or quit) so the idiots literally take care of themselves
    -The majority of employees are extremely close and genuine people
    -This is a sales job and earning potential is unlimited
    -Work/Life Balance is second-to-none
    -You learn, really quick, what not to do in this busiess

    Cons

    -Production is based on proprietary products only - major conflict of interest for clients
    -Limited investment products (packaged products only) - how do you honestly execute a client's true financial plan with a limited product base?
    -Super-conservative investment strategies (they're an insurance company first, advisory second)
    -Insurance only your first year (don't let them convince you otherwise)
    -Series 6 and 63 only. If you want Series 7, they will laugh at you
    -Managers that don't listen to you (They - your Field Director - receive(s) 30% of all your commission, whether they're helping you on your cases or not)
    -Invasive client-meeting process from the initial meeting, up to the final meeting and asking for referrals
    -"The Granum system doesn't fail an agent, the agent fails at the Granum system" (more like potential clients call BS on Northwestern's methods, and never become clients in the first place)
    -Don't drink the Kool Aid
    -You will be forced to back-door your own personal network, often times losing friends in the process
    -After six months they charge you rent.
    -After three years, commission payout is 55% of first-year premium.
    -No leads provided, and cold-calling is seriously frowned-upon (cold calling is vital for anyone without a natural, High Net worth Market)
    -There's a reason why they aren't on the Forbes Top-100 Asset Managers list.

    Advice to ManagementAdvice

    You're all drinking the Home Office Kool Aid, so nothing I say here will do anything.

    Recommends
    Neutral Outlook
    Approves of CEO
  11.  

    The culture is great and it's a great place to work if you want to have a flexible work schedule.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Representative in New York, NY
    Current Employee - Financial Representative in New York, NY

    I have been working at Northwestern Mutual full-time (more than an year)

    Pros

    The training program is amazing and new reps do joint-work with senior advisers in order to learn how to conduct meetings on their own. The support system is great as well. You are paired with a mentor to help you succeed.

    Cons

    The job is commission based and you have to pay for everything from office rent to paper clips. You also have to build your own book of business from nothing.

    Advice to ManagementAdvice

    The leadership is outstanding and everyone wants to help you succeed. Since you are your own boss, you get to make your own decisions about how much time you take off.

    Recommends
    Positive Outlook
    No opinion of CEO

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