Wife has a second interview with them and I wanted to know what people on the street think.

It's a good company in a tough industry. I think the "statistic" that goes around is 11% of the people who start in that business are there after 3 years.

There are people here who can probably talk better about it than I can, but after going through the interview process I decided not to pursue a career with them, mainly for that reason.

Went through the whole interview process with them and they look like a solid start. The only thing I didn't like is that they hinted toward doing a lot of pitching to family and friends.

Personally thought Edward Jones had a better training and resources. As for personal insight on happenings after being hired, I can't help.

Decided on a completely different field.

If you want to go into this industry, I would recommend Edward Jones based on what was mentioned earlier - better training, resources, etc.

I felt like they were trying to sell me a used car. I was offered a job there and before I even left the second interview they were asking for the names and phone numbers of 5 family members. They also said they were having a "mixer" for family and friends of employees and in order for them to come I would have to give them their addresses and phone numbers so that they could send them invitations. Yea right. They will make a sales pitch during the second interview and if you read complaints online that have been filed against them, it will be almost exactly the same. Not trying to say anything bad about your wife but she will soon find out that Northwestern Mutual is a joke of a company. Tell her to ask about training....they will be throwing her to the wolves. I was so turned off by them after the second interview and job offer that I called them the next day and said thanks but no thanks.

Let Big Papa calm you down there lil Nasty. I am not sure who you interviewed with and where, but Northwestern Mutual is one of the strongest and most reputbale companies in the industry. I currently work for them the Dallas branch known as the Texas Financial Group- Dallas.

It really depends on what you are looking for when entering into this industry. A company like and Edward Jones is great if you are looking to enter primarily into investments, but at Northwestern we do wholistic NEEDS BASED PLANNING. So many comnpanies are quick to jump straight into investments without taking the time educate their clients on the risks that could bring their financial plan crashing down in heartbeat.

That being said the industry is a tough one, but we all know the best things in life come from hard work. I couldn't imagine being in a better industry myself, all I do is set appointments with clients and meet with them throughout the day at my convenience. I essentially own my own business, and that is how a career at Northwestern has to be viewed. No one is going to tell you what to do, and when to do it, but we will show you how thousands of others have become successful. This is not a career for someone that is not self-motivated, nor is it a career for someone who cannot take rejection. This industry is all about numbers, no matter which company you are with, I just prefer to be with the best. We have the strongest financial ratings from the top four raters- something that none of the others can claim. We have been voted the most admired in our industry for at least the last 10 years from a survey done amongst inter-industry competitors.

So no, Northwestern Mutual is not a joke of a company. If you are a highly driven, self-motivated person, then you can be successful here. The financial success 10 years down the road is unparalleled, and the ethics of the company fit well with those of fellow Aggies. Sure you will have to start with friends and family to build your business, but I think any entrepreneur would start by letting their friends and family know exactly what it is they are doing. If you have any questions e-mail me I can answer them for you or have them answered. Nathan.cooley@nmfn.com. I for one have seen freedom and success that I would not give up for any salaried job.

Some links for the curious.

northwesternmutual.mediaroom.com/index.php?s=43&item=112

northwesternmutual.mediaroom.com/file.php/83/08+Fortune_E_Print.pdf








[This message has been edited by BigNastyNate (edited 9/11/2008 9:40a).]

Northwestern Mutual is a joke. I understand that you work their and I don't mean to say anything bad about you or the work you do and maybe the location i interviewed with is a poor example but it is not a legit company in my opinion. They are an insurance house that has a high turnover for a reason.

....and Big Nasty. I counted about 10 sentences in your description that were exact word for word descriptions given to me in the interview. Do ya'll have a manual you use or something?

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This industry is all about numbers, no matter which company you are with, I just prefer to be with the best.

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As much as I disagree with the bolded statement above, everything else he wrote is spot on.

Is this career for everyone...no. But for the self-starter, entrepreneurial types there isn't a better choice in any other field.

Just don't go to Ameriprise...they make a joke of our profession.

Agree with InvestorAg... obviously each company shines in their perspective arena. We shine in Permanent insurance, I am not sure what AXA shines in but they are amongst the Top 10 for a reason as well. And lil Nasty, the things I said and that they said to you were for a reason... because they were true. They asked you for 5 names of friends and family to see if you have the ability to be a voracious prospector or not, something that you have to be in the industry. Just because you did not like the industry, that is not a reason to bash one of the biggest and most admired. It is hard to say that a company with the over $150 Billion in admitted assets is a joke my friend.

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They are an insurance house that has a high turnover for a reason.

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In response to this, the whole industry has a high turnover for a reason. It is tough to start a business that is based solely upon a client base, which because of the constant cold calling and unethical practices of some companies, may not want to meet. Second, Northwestern Mutual was an Insurance House, until 1999. Which was, do you know lil Nasty??? The Repeal of the Glass-Steagall Act! Good job there buddy. This allowed the Banks, Investment Companies, and Insurance Houses to all offer the same products and services. Thus, Northwestern Mutual Life becomes Northwestern Mutual Financial Network.


[This message has been edited by BigNastyNate (edited 9/12/2008 9:26a).]

[This message has been edited by BigNastyNate (edited 9/12/2008 9:27a).]

Just curious though.. what location did you interview for?

Like i said, i'm not trying to bash you or your job, i'm just trying to voice my opinion and the opinion of my peers. I am in the industry and NMFN is an insurance house. The Glass-Steagall act has allowed everyone and their brother to sell securities without much experience and sometimes irresponsibly. I don't think that includes NM but the repeal of the act, in my opinion, did not do all that much good.

Insurance is an incredible career, if you are willing to put in the work. It's really that simple. People quit for just that reason - because they quit. This is my 13th year in this industry, and I love it. Nortwestern Mutual is an outstanding company, and the things they are telling you about potential are absolutly true - if you are willing to work for it.

BigNastyNate, would you e-mail me, or give me your contact info? I'd like to bend your ear for a minute.

Thanks.
ryan.crissey@bankerslife.com

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The Glass-Steagall act has allowed everyone and their brother to sell securities without much experience and sometimes irresponsibly. I don't think that includes NM but the repeal of the act, in my opinion, did not do all that much good.

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Agreed.

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BigNastyNate, would you e-mail me, or give me your contact info? I'd like to bend your ear for a minute

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I think he already has insurance TxsAggieFn. Sorry couldn't help it.

Dangit!!

As I read this thread, a couple things come to mind on various points brought up. First off, I am class of '00 & joined Northwestern Mutual right out of college. I've been with them for 8 years now. Therefore, it'd be fair to say I can offer some insight into these comments.

1) The retention rate in our firm is just under 25% of representatives will stay around more than 5 years. That sounds very challenging. However, how is that any different than the norm? In other words, I doubt that over 75% of the 23 year old - 35 year olds in the work force (regardless of industry) have worked at the same company for over 5 years.

2) I see that a couple of you go back and forth on the reputation of Northwestern. Words spoken can either be out of emotion or fact. Emotional comments are stated out of, "I think, I feel,..." Not much to back up those comments other than personal experience.

Factual comments can be supported through logic and research. Every major third party rating agency (AM Best, Moody's, Standard and Poor's, and Fitch) have given Northwestern Mutual the highest possible rating pertaining to its financial strength and stability. Fortune has done a peer study for over two decades now. They have asked each competitor to rank each other in an effort to name the "Most Admired Company" as named by their respective peers. Fortune does this study for several industries. For Northwestern's industry, it has been named as the "Most Admired Company" of its industry every year that Fortune has done its study. These facts trump any individual's emotional comments.

3) To the original question of coastal aggie's concern about his wife's 2nd interview:
It's a pretty broad question of what do people on the street think? Two things:
a) What are you really asking? What do you want to know?
b) Don't leave it to the people on the street and ask what they think. Roosevelt has a great quote that I'd like to ask you to consider:

"It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself for a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."

I can only guess that when you say, "Wife has a second interview with them and I wanted to know what people on the street think.", you are either asking (1) what people think about Northwestern as a company or (2) what people think about the job itself.

You already know what facts are out there about Northwestern's reputation and financial strength. That should answer, factually, what the company stands for.

The quote is to reference the second assumption of what you might be asking. This opportunity is best for someone who desires and is willing to be in business for him/herself. You are not an employee. You run your own business - a business devoted towards securing a client's financial future. The person who has never entered into the arena and faced the trials and challenges of starting his/her own company does not know either the victory nor defeat of that game. He/She is only the critic of the business owner who has dared it all and fought in the arena. The critic is the employee who has always wanted to go into business for him/herself, but wouldn't actually go do it. If you really want to know what this business is all about, then find the ones who have tried and failed or tried and succeeded in building his/her own business. Don't leave it up to the critics outside the ring who never tried.

Lastly, please do not misinterpret what I'm trying to say. I'm not saying the one who has tried to start his/her own business is better than the employee. I only point out, being in business for yourself is NOT for everyone. Doing it or not doesn't make you better than the other. I only said what I said to emphasize the point, getting critique on this decision is appropriate. However, don't put much weight on the comments thrown your direction from those who have never stepped into the arena and want to comment on what it's like to be in it.

Not as good of insight as some of the others, but I have a buddy with them who does EXTREMELY well and has moved up the ladder quickly. He LOVES it there.

I have another buddy who was chewed up and spit out relatively quickly.

My outside perspective is that it is a love it or hate it kind of place with lots of upside but little margin for error.

For not being in the industry, Jock is pretty spot on.

My advice - She will never feel like she's 'ready' to take that plunge. I can come up with many, many reasons not to take a job like this. At the same time, I can do the opposite.

If she wants to do it, do it. Don't have a plan B, don't half-ass it. Any time you think you have a safety net, you psych yourself out of it and basically admit failure.

Jump in and make it happen and if it doesn't, it doesn't. But the opportunity, for the right person, can be the best decision she will ever make.

investorAg83

great advice... thanks

No problem. I don't want to poach (not that she's interviewing with Nate to begin with), but if she'd like to see what her other options might be I'd be happy to get her an interview.

My quick story...I was dead set on joining one company when I was looking and the day before I was going to accept the offer I looked at my options. Looking back (and it could be because I'm biased) but I made the right decision. And it wasn't Northwestern Mutual...I don't want you to think I'm trying to flame their company. It's great.

We're just better

I am a client of Northwestern Mutual. A friend of mine knew I was looking for and advisor and gave my number to her agent.

The first meeting I was a little bit put off by them asking for 5 people they could call. I told him that I wasn't comfortable giving that information away unless someone else brought it up.

We ended up getting some life insurance from them and starting a Roth IRA. I have since refered several people to him once I know they are looking for someone.

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We're just better

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... at Annuities maybe!

Haha...let's not go down that road. I'll own you.

I never worked there but on my 2nd interview I was offered a position and then asked for names. I found that very odd and said I would need more time to think about it. I called a couple of days later and turned it down because I found the whole process very odd that they wanted names before I was actually hired.

Don't know anything about the company but that was my experience.

For the record, I have the same expectations in my second interview with applicants. I don't want their leads...I could really care less about who they know, etc.

The foundation of our business is built upon prospecting and, in general, meeting people. Coming in, you have to have a starting point or you won't make it (cold-calling like in Boiler Room and Wall Street doesn't exist anymore). It can be friends, family, church members, networking connections, anything. I just want to see 3 things:

1) They've really put some thought into this 'career'...this isn't a job.

2) They're capable of meeting people.

3) They won't be afraid of telling people they know about their decision to enter a new career.

When I hire someone, I do everything I can to make sure that they make it (and I've done a pretty good job at developing my hires). I am selective in my hiring because I end up devoting a lot of time to them as well....I'm not going to put my time in with someone who isn't taking this as serious as they should.

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I never worked there but on my 2nd interview I was offered a position and then asked for names. I found that very odd and said I would need more time to think about it. I called a couple of days later and turned it down because I found the whole process very odd that they wanted names before I was actually hired.

Don't know anything about the company but that was my experience

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You are not alone in that experience. That was exactly my experience and exactly what I did. Aside from some other things that really turned me off to the company, the fact that they were pressuring me for 5 names less than a minute after they offered the job was incredibly telling about the company. They, and by "they" i mean the people who work there, will tell you until they are blue in the face that "the industry isn't for everyone" and "they ask you for 5 names for a reason" but they truth is that they really believe it and that is fine. I am just repeating what has been my experience and things that peers in the financial services industry have said to me. I personaly don't like being sold a "used car" during an interview. I think that interviews are supposed to be about selling yourself to the company not vice-versa.

I still wonder which branch you interviewed with? But

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That was exactly my experience and exactly what I did. Aside from some other things that really turned me off to the company, the fact that they were pressuring me for 5 names less than a minute after they offered the job was incredibly telling about the company.

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You still must not understand the industry. And first I imagine that instead of asking you for five names, they most likely asked you to complete 5 market surveys on five people. But, that being said, you either do not understand the industry and you must not be in in the industry (even though you said you were) if you cannot understand the fact that the bloodlife of a career in financial services is through prospecting. If you are not prospecting your family isn't eating and you won't last for more than a month. They did not ask you for 5 names because they are desperate for you to bring business to the company, they want you to show that you have the capacity to be a voracious prospector. We do not want to do business with every John and Jane Doe on the street, that is why you rarely see Northwestern Advertisements. Our goal is not to the the biggest (AIG and you see where that got them), our goal is to be the best. Being the best means having quality clients, most of whom in the beginning will be family and friends, or personal referrals from family or friends. We don't cold call, we don't mine list, we do a good job with a client and get then get introduced to their family and friends to introduce them to the strength of the Northwestern Mutual. Your 5 names, according to the numbers, would'nt result in 1 client. Enough about the names!

Don't you think it's wierd that insurance salesmen are right up there with used car salesmen?? Just because someone disagrees with you does not mean "they don't get it" or that they "must not be in the industry." Come on you seem to be smarter than to make an ignorant statement like that. Like I said, you believe in your work and that is what is important. Please correct me if I am wrong but isn't this a message board??? Wasnt the guy who started this thread asking for what people think??? Seriously calm down and realize that some people don't like NM and i'm sorry but you will have to accept it.

I have interviewed with 7 or 8 different companies regarding a job as a Financial Advisor because I think this is the industry for me.

One of them, I will not name, based in Houston (and none of those mentioned in this thread), did seem to use a "mutual selection" process much described by NastyNate. It was a 15 minute informational interview in which they cared very little about my skills/qualifications and more about me going home and taking a behavioral "personality quiz" and a kind of Wunderlic test. I was very turned off since they seemed to be selling the company to me instead of visa versa.

The other 6 were a lot more informative. They describe the nature of the business, that it requires dedication and willpower and is not easy to get into. They asked a lot of questions about myself and asked why, in my eyes, I would be right for the job. One interview (the FIRST interview out of 3 or 4, as is typical in the industry) lasted almost an hour and 30 minutes and the recruiter would not allow me to leave until I gave her feedback on what I thought of the job, whether I perceive myself as someone who would excel at it, and she had answered any of my questions.

I say there are good and bad companies and even moreso good and bad recruiters. What lil' Nasty Nate is saying sounds like either a bad office or a bad recruiter that had too much to do or more well-qualified candidates so he/she was looking for something in your personality to jump out at him/her. You can't blame all of NWFN for the actions of one person who is perceived to be following the corporate policies as far as recruitment is concerned.

I haven't had anyone ask me for 5 names, but I have had companies request a list of 200-300 people I could network with and/or 10 market research surveys to complete. This is pretty much standard (second or third) interview fare. If you can't handle this, you would not be good at this job.

Gathering the list of 200-300 people and their contact information is first an exercise in networking; how many people do you know that you would contact assuming you got the job? Second, it is the launching point to building your book if you do get the job. You start with 200-300 contacts, talk about their financial situation, ask if they need help, and ask if they can refer you to some of their friends.

The 5-10 "market research" studies you are to conduct serve primarily to see how well you are at talking to and collecting finacial information from friends/family/acquaintances, which is not easy due to the taboo nature of talking about money with anyone, much less anyone that you know. It takes a certain personality to get potential clients comfortable discussing these matters and it's the people who are too abrasive, too quick, or too inquisitive that this practice seeks to weed out.

I'm not in the industry (yet!), so Tyler and Nate can correct me if I am wrong, but from my experiences interviewing, they are not trying to use your interview to sell 5 people you recommend (statistics say you need more like 30-50 contacts for a consultation, and multiple consultations for 1 sale), but more trying to weed you out as a prospective adviser.

[This message has been edited by atxaggie (edited 9/17/2008 2:49p).]

I wouldn't be ripping you if you represented the situation correctly Nate. Compare me to what you want and call me what you please, but the financial ratings of the Northwestern Mutual are a bit different than that of a used car salesmen. And I originally did start off by giving an honest opinion to the poster of this thread, but I felt that you may have limited experience with the company so I challenged some of the opinions that you presented.

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Wife has a second interview with them and I wanted to know what people on the street think.

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Did we answer your question adequately enough??

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Northwestern Mutual is a joke of a company

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Yeah, with 150 billion in assets, 1 trillion dollars in enforce insurance and the highest dividend payout of any insurance company in the world. Also, fortunes most admired 25 years in a row (in the life and health insurance category)



[This message has been edited by Carl Hungus (edited 9/18/2008 2:46p).]

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Yeah, with 150 billion in assets, 1 trillion dollars in enforce insurance and the highest dividend payout of any insurance company in the world. Also, fortunes most admired 25 years in a row (in the life and health insurance category)

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LOL, says the guy who quotes, almost word for word, wikipedia. How about some new talking points guys?

http://en.wikipedia.org/wiki/Northwestern_Mutual_Life

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That being said, it is brutal hard, and not for the faint hearted (little nate) who is not in the business and it is obvious.

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I would be interested to know how it is so obvious. You guys have given me even more insight into the culture of NM. Thanks for the salary history as well. I just love online millionaires.

And the car salesmen comparison was a joke about the stigma of insurance salesmen, LIGHTEN UP.


[This message has been edited by NastyNate (edited 9/17/2008 10:35p).]

Coastal,

I'd like to go back and answer your original question. To take the guesswork out of it, yes, I am a rep with NMFN and I've been there just over a year.

Back when I was in the interviewing process, I talked with a lot of people about the industry and companies I was interviewing with. I spoke with independent financial advisors, doctors, attorneys, and even other insurance agents just to name a few. The general consensus was that Northwestern was a top notch company. In fact, one of the insurance agents I talked to was pretty taken back that I was considering Northwestern. He told me that if he could do it over again, that's where he would have started his career (he's very successful in his mid 50s and my family has done business with him for years).

It's definitely a harsh industry. Nothing about it is easy. The great thing about it is that I'm not in an entry level position. It's definitely an uphill climb, but I look at the reps that are just 4,5, and 6 years ahead of me and I can see the rewards that are there. Then I look at the veterans that are 15, 20, and 30 years ahead of me and I see reps that I want to be like. I brush shoulders and interact with these people every day. That's one of the key advantages compared to other companies.

The only response to other posts I'm going to make is the notion that Northwestern is a "joke of a company." Everyone is absolutely entitled to his or her own opinion, but the source has to be considered. Stating that "it wasn't the right opportunity for me" or "I liked another opportunity better" is much more valid than calling a company a joke.

NastyNate,
I have no clue what your story or experience is with Northwestern Mutual other than interviewing, but the comments you’re making have no basis. If there is something behind your comments other than emotion, it has yet to be shown. I find it ironic that your rebuttal to anything good said about Northwestern is that it comes from another source. Personally, I’m going to trust the opinions of people who have the time and are paid to research companies. With that being said and as it’s been stated multiple times in this thread,
1. Northwestern has the highest possible financial ratings by all 4 major rating agencies (Moody’s – AAA, Standard & Poor’s – AAA, Fitch – AAA, and A.M. Best – A++).
2. Fortune has named Northwestern Mutual “America’s Most Admired Company” 25 consecutive years and running (every year the survey has been conducted) in it’s category.
3. BusinessWeek has named Northwestern mutual “One of the best places to launch a career.”

I could keep going, but I'll save you the trouble and give you the link to where the information is listed. Yes, as I'm most certain you'll bring up, it is from the Northwestern site, but the links in the site are from third party sources who's job it is to research and report on companies.
http://northwesternmutual.mediaroom.com/