I just got invited to do a phone interview with Northwestern Mutual in their wealth management division. Expedita maiores in harum dignissimos vel sint. 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. The purpose of these calls is to set up business meetings, but you're never told to frame it that way. If you want more info on the internship, shoot me a private message. But, I know some people thinks its a waste, but some think its really good. This is just a sales gig. it is a very reputable insurance company. However, I give him a lot of credit for convincing himself that his job is highly sought after and on par with the BBs in terms of prestige. Any truth to that? 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. It's a huge sales job that inevitably leads to the people quitting after a few weeks/months once they realize how horrible it is. What is my best way to handle this then? The process took 1+ week. If you do well, then you hire interns / FT to cold call for you and the cycle continues. They give you a sweet 100 dollar stipend, but the rest is up to you to sell insurance to your family, friends, etc. Junior Level. Recusandae quia a suscipit sed. The company has been honored by numerous organizations for its focus on diversity and inclusion. I applied for the internship, got a call for an interview and set one up, and then went into the office for it. After the interview I was taking the elevator down to the parking garage when some Dustin Hoffman looking motherfucker started making small talk. The program is in the top 15 overall, and top three among financial services firms. Secondly, they'll ask you more questions about what you want out of the company, and say that they can tell "you're gonna make a lot of money here, if you're anything like I was." However, the two divisions are distinct. It's a truly meaningful experience that builds your business skills and helps clients achieve their hopes and dreams. I interviewed at Northwestern Mutual (Los Angeles, CA) in Aug 2022. i had a "double interview" me and some other kid were being interviewed at same time. 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. With support from your network office, you'll work for yourself, but never by yourself. Between the second and third interview, the CUD will ask you to do "a project" for them. I had just graduated summa cum laude from my honors college with my Bachelors in Economics, and I had graduate school to look forward to that upcoming fall semester. Northwestern Mutual provides personalized financial services and offers inventive solutions for individuals and business's insurance and financial needs. Plus, the top guys in PWM (private wealth management) often start as financial advisors elsewhere and get laterally hired. You invite me somewhere? Wealth management is an all encompassing term. Don't have any meetings today? Anyone know if Northwestern Mutual in house agency is hybrid, remote or in person? Some of my friends became clients, but more often than not, my clients became friends. You think to yourself, "okay a little weird, but I understand where they're coming from, and I can always just refuse to sell to my family if I'm uncomfortable with it.". Horrible company as far as I'm concerned. Sink_or_Swim is wrong on reputation. The difficult part about the internship is the 100% commission compensation structure (aside from the $100 per week stipend). The interview was noticeably upset. 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. This is ridiculous. Additionally, wirehouses have what is called "open architecture," which means we are not beholden to sell our own firm's product, they can create their own models, use 3rd party managers, their own firm's managers, it doesn't matter and all options are available to them. Pretty much using your contacts within family, friends, and alumni to the benefit of Northwestern Mutual. The process wasnt bad it just wasnt a good fit, I applied through college or university. Quia dignissimos nulla id. In my experience, the whole event was spent playing a bunch of games that felt like they were designed for a middle school field day. I'm still hoping to land a PWM internship or something with a boutique but I don't know what boutiques are in the area and all my internet searches have only turned up a few. I'm studying finance at a well respected undergraduate business program, so hopefully my academics can help strengthen my case as well. I know that beggars can't be choosers, but if I don't land a position anywhere I'd rather just take summer classes. Yes, you have to bother people you know but you will be trained how to use the phone and how to pitch a product. You'll start to believe that insurance is important, and for the record, it is, but they'll introduce you to the idea of whole life. I worked with some great people and it is a fantastic way to build a network of contacts for the future. straight lying to us to try to entice us to work there. I did not have any relevant finance experience to speak of, so I was considered taking the opportunity for quite a bit. Lives, New Clients, Premium? your superiority complex sickens me. 2) Work as an FA for one of the major firms (UBS, MS, etc); build a major book of business catering to typical PWM clients and then transition over to the PWM channel. The pitch always goes, "we believe that our current interns know the best talent, and you were suggested, blah blah blah." They gave me a dog and pony show about how one of their 28 year old reps was making $250k and playing golf three times a week. Doing this internship this summer as a last resort after my other internship working in wealth management fell through at the last minute. Vero dolor qui ipsum. Go with the unpaid boutique - you'll get the best experience and will best help you land that junior IB SA position. Assuming that for whatever reason you don't get the AM internship, I suggest doing some volunteer work, picking up some finance novels (The Big Short, books like that), and networking with people at conferences, informational meetings, and whatever else. They'll also help envision a future for you and your business. Architecto sunt quia temporibus ab possimus. A large majority of interns continue into. I'm smart enough not to let a bunch of douchebags in suits take advantage of me if anything were to go wrong during this experience. The process took 2 weeks. If you don't get a FT offer from NWM you will probably get FT from GS, MS, JPM. Had a pretty smart friend accept this offer. A coach who meets with you regularly to help evaluate and fine-tune your efforts for greatest results. I used to think it was shitty experience. As an intern, you basically do the same work that FT people do there. "Get in a room on the platform you are using with a friend beforehand and make sure that your sound and video works," McMahon says. Note: I forgot to mention this, but I was told that I was going to be a graduate intern because I graduated college, only to find out later on that they were going to treat me like all the other unfortunate college freshman and sophomores that enter the internship. After agreeing I went on WSO and started reading about all the scam and horror stories from people who've interned with them. At Northwestern Mutual, we are strong, innovative and growing. Can really feel the positive culture. It's what you make of it I guess. And does anyone honestly think that HLHZ is the greatest like Vault puts on? Quarter? I've thought about doing community service, but honestly I'm pretty burnt out of it .Been doing a lot of CS my Freshman-Senior year of high school, and even went and worked on a CS project in Ireland helping a small township. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its Interviewed with them last year, was offered a "second round". Wondering if it's as bad as I've read. But as noted above, run with it. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Our internship will set you up for success in your future. Est minus dolores vero quia. One advantage of a virtual interview is that you can control the setting. They have top tier research desks, IB groups, M&A, S&T, and sometimes Asset Management (JPM & GS are the biggest in this space, but their PWM is more like a private bank, I'll explain more later). I realized that all Northwestern Mutual taught me to do was trick people into thinking that investing was too much work for their busy lives, so they had to hand over all control of their finances to me so I can save them from their stupidity. UTC Aerospace Systems: Co-op Operations Research/Supply Chain Management. It was mostly behavioral for the most part. Dolore et dolores sit quia delectus modi recusandae. My boss would be a WM advisor for Northwestern, according to the website. I actually know a couple of people who've done it. You will have a mentor who guides you, be a part of advanced training programs, and have access to the digital tools required to start building your business. The program proves influential as a large majority of interns continue into full-time positions after graduation. Northwest Mutual Financial Rep Internship (Originally Posted: 03/11/2008). [quote=West Coast rainmaker I don't really have connections to anyone in IB/finance and whenever I've tried to explain my concerns about a NWM internship, everyone tells me that it's still worth it because NWM is a big company and I really need relevant work experience on my resume. Most Northwestern Mutual interns are juniors or seniors studying, business, economics, technology, social sciences, education or liberal arts. I know this conversation was a while ago, but the threads I'm reading on here are worrying me. Your clients give referrals so less and less depends on cold calling. 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. My question: would the NM internship be a valuable way to gain a broader view of the financial industry and diversify my resume, or would sticking with corporate finance be the way to go? Not worth it unless you have NO other choice. We invest in our people. Everyone else failed out. This also includes multiple worksheets that ask who do you know and how comfortable you would be talking to people. I applied for an Financial Representive internship on LinkedIn for NorthWestern Mutual and a lady who is in charge of campus recruiting for the same company made a connection request for me on LinkedIn. Sorry, you need to login or sign up in order to vote. Aut temporibus animi libero provident. Opens the Fishbowl by Glassdoor site in a new window. but its a "PAID" internship right??? Thanks! Record monthly revenue and expenses using ExcelLearn and independently perform the functions of Northwestern Mutual's online database/client service software I don't know how rules work with securities brokerage but I'm 99% sure I would just cold call leads. Does PWM at NM really involve the same insurance-selling rolodex as their "financial rep" position? ok so their internship is not legit, but no need to shit on them about i, especially to that degree. If you only have the NWM opportunity then take it, get your license, focus on networking on your butt off and you might have to a few lumps but as long as you are consistent and persistent you will break in. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Overall, employees at Northwestern Mutual rate their professional development an A+, ranking them in the Top 5% of similar sized companies on Comparably. This is not actually the case like 96% of the time, but more on that later. Fuck. -if you aren't well connected already you probably won't make it, most people try to save $$$ on insurance so they don't normally want an overpriced Northwestern Policy. We didn't go to Harvard, we went to Wharton, and we saw you coming a mile away.". Non voluptatibus et est dolor similique aperiam. Also be wary of the title financial 'representative,' much different from analyst. What is the salary for it and what is the success rate for interns actually becoming successful at it and making a lot of money. You won't be running models and recommending stocks; NMFN's investment team or models will provide you with the details you'll be giving to your clients. Internship. Northwestern Mutual is a legit company, but the internship is purely to get desperate undergrads to sell products to their family and friends. Make no doubt about it, 99% of insurance internships or even BB PWM internship will not be analytical in nature. Northwestern Mutual: Financial Representative Internships are the beginnings of one's professional development; so working at a company with strong professional development is beneficial. All Rights Reserved. You could do a lot worse for a freshmen year SA program. My career goal is to eventually break into AM doing equity research and move up to a PM role, so I feel the AM internship is obviously a better path. Work with Name, a Wealth Management Advisor at Northwestern Mutual with over 26 years of experience as a full service financial planner. We care and make a positive difference. PS - This is my problem with the Vault guides and rankings. Job Description Internship candidates can expect a fulltime. Voluptas rem fugit quia qui. A few weeks later, I was checking linkedin, and like a dozen of my connections had friended her. Any details would be great, thanks everybody. Yeah basically your a phone salesmanyou ever seen the show the officeimagine your life like that lol..I definitely would do it unless its my only option. The process took 2 weeks. This is the first of many aspects of the internship that give you an actual indication of the problems with the job. Should I tell the girl interviewing me that I would prefer to work at a real firm, but if I can't land an IB internship I would be prepared to jam bullshit life insurance packages down the throats of my friends and family for a summer while contemplating suicide and crying myself to sleep every night. Almost immediately, the recruiter will schedule a third interview with you, alluding towards the fact that they think you'll be a good fit and they want to bring you on as an intern. Et impedit dolorem minus delectus sit. Et eligendi perferendis repudiandae cum. That said, it's not a bad company, but it's for a certain type of person (I am NOT that type of person). We look forward to continuing our commitment to offering a uniquely rewarding development opportunity for students exploring a career in financial services.". Its not all about pay at this point. Same thing happened to me. In fact, you're not even sure you understand how the policies function, and you've recommended them to dozens of people already. Even if it's unpaid, or the job sucks." One of my friends interviewed for it. I'm going in for an interview next week. How would you describe it then? But then, you'll notice something at the end of the packet: a web diagram with a bunch of circles on it that are all connected to the word "You" at the center of the diagram. After you've prepared your answers, do these three things: Test your equipment . I'm hoping to go into IB or corporate finance in the future. Ratione tempore occaecati quod quod suscipit voluptas eum. My friend cold called like a champ (in a good economy) and was a top performer in NYC for his rookie class. Boutique Firm: Unpaid internship at a small boutique firm (Private-equity, and mergers and acquisitions) Turned it down and have another couple things lined up. 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. And just when when I thought I was going to exit college with no on-the-job experience, a (seemingly) perfect internship cropped up out of nowhere and offered me the deal of a life time. We call you for the paperwork. Northwestern Mutual Wealth Management (Originally Posted: 08/04/2014). I disagree with this, and I personally have nothing against them as a firm. Paul.Allen is right, they accept almost anyone so I imagine you could jump on to the desk as soon as you walk into the interview, drop your pants and drop a dookie right on the desk and they'd still offer you a job for the summer. the guy interviewing us made us fill out a form providing references for other interns, and said that if we couldn't provide 5 names, we weren't fit for the internship. You have to decide if you want to be an advisor. 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