He mentioned that, due to the way the laws in this country were written, commissioned advisors like myself didn't need to act in their clients' best interests -- only a Registered Investment Advisor has a legal responsibility to give honest advice to their clients. Subsidiaries includeNorthwestern Mutual Investment Services, LLC(NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). They give you a sweet 100 dollar stipend, but the rest is up to you to sell insurance to your family, friends, etc. Anyway, I'm a freshman at the University of Non-Targets, and I got a call today from Northwestern Mutual's finance department, and the lady I spoke to wanted to bring me in for an interview this Friday for a summer internship. The pitch always goes, "we believe that our current interns know the best talent, and you were suggested, blah blah blah." Not sure where that number is from, lol. If you're anything like how I was when I graduated from college, you had 3 minimum wage jobs on your resume and no internship experience. I know this b/c my friend has had a successful career at NM and this is how you start out. My friend who is very successful brought on some of our other friends who were in between jobs and wanted to give it a try. They must be the real deal! I did it my Sophmore year, and out of 10 interns , 3 ended up at front office BBs. The problem is, whole life sales make BIG $$$ for insurance agents, so naturally Northwestern Mutual will tell you it's the best invention since sliced bread. Great experience doing pitches, plenty of face-to-face meetings with clients, improve selling skills, can make decent money if you put the effort in, flexible hours, top ranked internship by Vault, Princeton Review, etc. Don't completely dismiss the opportunity but make sure you're doing it for the right reason. -John D. Rockefeller, "I'm not sure what the four 9's do, but the ace, I think, is pretty high.". Northwestern Mutual: Financial Representative Any advice is greatly appreciated, so please feel free to comment. The interview process was overall easy. Everyone likes to attach the PWM moniker to any form of financial advisory which isn't proper or true at all. It won't impress IB recruiters, but if it helps you become more outgoing and develop sales skills (read: sell yourself), it can be a big boost. Did that for few years successfully. Who cares? Accept the offer and feel free to renege. Any thoughts? If you have nothing else lined up, sure take it, but after having a first round interview there a few years back, I would never interview there again. You'll be better off for it. Sit assumenda explicabo est voluptas eos quas. But as noted above, run with it. It highly depends on which office/group you'll be working for, at least from my experience. I would say more power to those who pursue the opportunity. Had an internship with them last summer. ER - Hearing back after first round interview? Professional Development at Northwestern Mutual. This one is where they pull out all the stops. I would rather sell knives door-to-door. I haven't heard many good things about the NWM internship program so I'm really hoping to land something else. However, the two divisions are distinct. Keep office supplies well stocked, you can ask during the interview, but my guess is yes. I didn't go back and ended up with a much better and much more relevant internship. Pretty much a sales job where they want college kids to leverage their family/friend networks in order to sell life insurance. Boutique Firm: Unpaid internship at a small boutique firm (Private-equity, and mergers and acquisitions) Very high failure rate and you'll learn quickly whether you can handle dialing 100 phone #s only to get 2 people to take a meeting, one of which will cancel last minute. My day consists of showing up at a little before 9 because that's when we are suppose to begin. Your earning potential is driven by you through sales and commissions. The interview process definitely took a couple rounds here and there but it was not too bad. The benefits far out-weigh the negatives if you're an entrepreneurial type and you want to own your own business. Voluptatem rerum illo ut incidunt. PWM job at a known bank would be better on your resume. (I simply go home after "training" out of frustration). The Northwestern Mutual Internship is a joke. It's what you make of it I guess. I am assuming that you are asking if it is possible to start out at NWM, gain some experience and then transition into PWM at a major firm. This to all my hatin' folks seeing me getting guac right now.. "And my straw reaches across the room, and starts to drink your milkshakeIdrinkyourmilkshake! During the interview, I was also asked how many people I knew and how long I had been living in the area. If you do get FT, lots of their analysts go on to HPY bschool or Blackstone, Apollo, Carlyle, and Bain. It all starts with a great internship. Ut itaque aut quibusdam vero maiores officiis consequatur. Northwestern Mutual. I appreciate your advice and will definitely consider it. We invest in our people. Northwestern Mutual Internship Program Ranks Among Nation's Best, Media Relations, 800-323-7033, mediarelations@northwesternmutual.com. At Northwestern Mutual, we are strong, innovative and growing. Northwestern Mutual Internship Question (Originally Posted: 03/27/2013). Ready to get started? My first internship was with an Insurance firm as well, it's a good way to make some part time income and have something to write on your resume. My current internship options for this summer are listed below, and I was wondering if I could get some input into which option I should accept. I know I was weirded out about it, and I'm a pretty good interviewer as it is. IF I were you, I would absolutely just go in for the first meeting, get a feel for the company, their culture and the career and THEN make up your mind-I almost turned them down right away, and honestly, I'm so glad I didn't. WSO depends on everyone being able to pitch in when they know something. However NW convinced these folks to rank the internship so high baffles me. I would do some volunteer work, but I've already got 200 hours of volunteer CS on my resume. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Ratione tempore occaecati quod quod suscipit voluptas eum. As for reputation, NMFN is very highly regarded within the industry. With support from your network office, you'll work for yourself, but never by yourself. Sink_or_Swim is wrong on reputation. Anyway, it all sounds great otherwise. Northwestern Mutual is well known and respected, but as an insurance brokerage. Yahir Hernandez, Financial Advisor. It's not an easy field to work in, but you walk away with some amazing sales and account management experience from the first day on the job. Next comes the Brainwash Phase (or more aptly named, the Kool-aid Phase): You're already hooked, so you might as well make the best of the internship, right? There are no limits. Needless to say I declined the second interview. All Rights Reserved. Record monthly revenue and expenses using ExcelLearn and independently perform the functions of Northwestern Mutual's online database/client service software Yes! At Northwestern Mutual, we are strong, innovative and growing. Most Northwestern Mutual interns are juniors or seniors studying, business, economics, technology, social sciences, education or liberal arts. I was moments away from accepting an offer the summer going into my junior year, but the entire process didn't feel right. Over the next few months, you'll do a bunch of prep courses and meetings to prepare you for what all your CUDs and trainers refer to as "the summer of a lifetime." or Want to Sign up with your social account? I've heard stories of people saying it's crap and others who like it. You've come to the realization that your circle is a lot smaller that you originally thought, and with you constantly hounding friends to set up meetings with you, that circle is only getting smaller. They pulled my resume from my schools career site and call me about once a month asking if I want to do an internship. Steer clear unless you're just looking for a resume filler. I know what you're thinking: how were you supposed to advise people with no previous planning experience? For someone who is looking to get into a different area of finance, this may or may not be a good internship. Intern at Northwestern Mutual Financial Network (Originally Posted: 01/28/2012). This is a year-long internship. Start/manage a local CS initiative and recruit your classmates to participate in and you really have something worthwhile to talk about. Vero inventore commodi perferendis ducimus. There is a big difference between the quality of the company and the quality of the internship. Any tips. World-class Northwestern Mutual products and services including life insurance, disability income insurance and education funding options, as well as retirement planning, estate planning and investment options. They'll tell you to dream big, to believe in the system. If you don't get a FT offer from NWM you will probably get FT from GS, MS, JPM. I think that would look a lot better than the internship. Honestly I do not feel you would have much of a chance getting into PWM by starting at a place like NWM but anything is always possible. If you think you might want to be in anything that requires sales skills, these are great jobs. Once we do start, our "training" consists of them asking how our sales are doing as well as the head of the office blowing smoke up his own ass about his apartment in battery park. I actually know a couple of people who've done it. I interviewed at Northwestern Mutual. The CUD serves a few different functions to further the deception that you've stumbled upon this awesome opportunity. Don't do it. They've called me literally 4 times over the last month asking to interview me for a summer position. Plus, the top guys in PWM (private wealth management) often start as financial advisors elsewhere and get laterally hired. FSC, those are all good ideas and if I can't land a position anywhere I plan on taking summer classes. I did this internship last summer and was sold on the career about a month and a half after I started. Once they are done asking about our sales and how many calls were making every day, they tell us to start cold calling again and that's it. How they do this is really a genius move, because they've disarmed any objections to their business model before you've ever had time to ask a question. And our investment management? It is not a respected name in any regard but at the very least it shows an interest in finance. Northwestern Mutual Advisors Minimums. But from what people are saying here, could having the internship on my resume hurt me since no one really thinks highly of it? One advantage of a virtual interview is that you can control the setting. What are your career goals? I used to think it was shitty experience. It's this unique susceptibility that's developed through The Grooming and The Hook phases that allows Northwestern to bear down on you with their company philosophy and business model. Another is a personality worksheet where they test if you would be a fit for the company and where your personality lies within their tests, Anonymous Interview Candidate in Columbia, MD, I applied through a recruiter. Take some summer classes if you can / want to, too. If you're me, you may even be told that you're such a special applicant they're going to give you a private 2nd interview, rather than the group interviews they usually perform at this point in the process (to this day, I'm aware of no other interns in my class who had to go through a group interview, so it's very possible the recruiter just flat out lied -- a concept you'll get used to as the internship progresses). Also be wary of the title financial 'representative,' much different from analyst. For more information, please see our Its not all about pay at this point. Hey! One of my friends interviewed for it. Eos tempora et adipisci qui suscipit. Is it possible to successfully break into PWM by starting as a Financial Advisor at Northwestern Mutual? Doing a NWM internship would be worse than sitting on your couch for the entire summer and playing video games. We look forward to continuing our commitment to offering a uniquely rewarding development opportunity for students exploring a career in financial services.". After I told you what the boutique does, which one would you recommend that I pursue? Go with the unpaid boutique - you'll get the best experience and will best help you land that junior IB SA position. Quasi facilis dolores iste autem eum adipisci accusamus. I do think their practices with college students are shady, but there are plenty of pyramid schemes college kids get involved in so this is not the worst thing for a college kid, not by a long shot. They handed me a packet of information which included a blank list that I was supposed to populate with 100 names and phone numbers and return to them if I wanted to intern. Maybe you even bring this objection to your CUD. Good discussion a few months ago on Northwestern Mutual in the link below. -----------------------------------------------------------------------------------------------------------------------------------------------------. It's the joint work partner doing all the work, and you never learn anything outside pushing whole life insurance on people that can't afford it. I'm interviewing in their St. Louis office, but so far I have zero information about whether this will actually be a insurance selling role or not. I've heard of them literally putting a piece of paper infront of an applicant and having them list relatives and friends who could buy products. All Rights Reserved. If you don't know a lot of well off people you wont do well. From men into gladiators. My friend cold called like a champ (in a good economy) and was a top performer in NYC for his rookie class. Last summer and was sold on the career about a month asking if I want to own own. 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