How would you explain what we do at Northwestern Mutual to someone unfamiliar with our company? 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 process took 1+ week. 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. Plus, from what I have heard, there really isn't anything to the internship BESIDES calling people so it's gotta be someone. I knew what it would entail and am not particularly interested, but took it anyway to have something on my resume. I did it my Sophmore year, and out of 10 interns , 3 ended up at front office BBs. Northwestern Mutual is well known and respected, but as an insurance brokerage. Create referral lists through LinkedIn to obtain new business Voluptas non dolores expedita ut et. Placeat qui culpa quisquam corporis exercitationem veniam. He talked about how simple investing can actually be these days, ever since the dawn of the internet; one can open a Fidelity, Vanguard, or TD Ameritrade account in as little as 10 minutes without ever needing to pay a single dollar to a "financial advisor." I grabbed "Investing for Dummies" by Eric Tyson (an INCREDIBLY useful book, might I mention) off of my bookshelf and read it cover-to-cover over a single weekend. LOL. Whole life is the worst financial instrument you could ever use. Free one month subscription to the job board if you fill out a WSO Applicant Profile by clicking here. 100% commission based and not worth it if you have other options. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Quod voluptatum quis consequatur id pariatur fugit cumque corrupti. 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. Pros 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. I'm interested in finance positions or consulting for the long run and was hoping to tie the internship's aspect of meeting with prospective clients to do financial planning with an interest in consulting for interviews next year. I have the opportunity to be a Financial Representative intern during the academic year at the Northwestern Mutual Financial Network. However, the two divisions are distinct. With support from your network office, you'll work for yourself, but never by yourself. Throughout the interview, the recruiter will probably shower you with complements, telling you that they "truly think you'll be a great fit for the company" and that they "can see you becoming one of the top performers in the near future." NM charges 5-10x the rate for that of a discount broker like Charles Schwab, Fidelity, Vanguard, T. Rowe Price, TD Ameritrade, etc. "Psh, yeah whatever. These are valuable skills that will help you later on - realize that most finance jobs involve some sort of sales. dress slacks)26 % They didn't have a dress code2 % Casual (t-shirt and jeans)1 % Special outfit (e.g. Expedita maiores in harum dignissimos vel sint. In this second interview, you'll notice a few things. Quia id fuga corporis repellat. Your clients give referrals so less and less depends on cold calling. 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." And besides, it's still a F500 name on your resume. All Rights Reserved. Northwestern Mutual Wealth Management (Originally Posted: 08/04/2014). I would say more power to those who pursue the opportunity. You've messaged people on Facebook, Twitter, Instagram, Snapchat, LinkedIn -- pretty much anything to get just a few more meetings set for the week, but no one ever answers back. There are only plateaus, and you must not stay there, you must go beyond them." 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. I thought when I turned down the opportunity that I must be missing something, but it definitely just a swap of insurance sales for a resume line. He left after a two months. There's tons of money to be made in the retail markets. Lol, if you're in the midwest (like chicago, or U of I), the equivalent is Mass Mutual. Northwestern Mutual PWM - as bad as selling insurance all day? You have the flexibility to pursue your studies while actually working, and you will be recognized and rewarded for your hard work both financially and . During the interview, I was asked if I knew anyone else that would be interested in the internship or their products. PWM job at a known bank would be better on your resume. This is the description for the internship. 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. While it isn't for everyone, it's a great way to get out in the business world. Who thinks of all the what-ifs so you don't have to, guiding you as your life and goals change. The interview was noticeably upset. On Fishbowl, you can share insights and advice anonymously with Northwestern Mutual employees and get real answers from people on the inside. Yes, you have to bother people you know but you will be trained how to use the phone and how to pitch a product. 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. Between the second and third interview, the CUD will ask you to do "a project" for them. A plan tailored to your life Firstly, the people you're meeting with are usually pretty young, maybe at most middle-aged but more often than not this second interviewer will be a young and successful member of the Northwestern Mutual team called a College Unit Director (CUD). 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! straight lying to us to try to entice us to work there. Maybe they'll take you into one of their massive conference rooms to do the interview -- a conference room that almost always appears to be empty. For me, it took a lot of time away from my senior research and my mental health deteriorated from splitting my efforts between school and these stupid classes. Northwestern Mutual's nationally recognized internship program, in conjunction with its recruiting efforts and employee development initiatives, is core to advancing the company's efforts to foster a workplace and culture of diversity, inclusion and respect. 2) How bad is it really interning for Northwestern? that happens to offer some investments. For over 55 years, the internship program has given students hands-on financial planning experience. I hated it while doing it, but in retrospect I learned a lot about networking, sales, personal motivation, etc. Amazing management and a top notch internship program. So a job at a small hedge fund or a small PWM office would be better? Managing Director: Ok, for this interview we're going to need you to give us the names, addresses, and phone numbers of your closest 1000 friends and family members. I did an internship in the DC area with NMFN after my sophomore year and it was a good experience. If I don't like it, I'll just quit. You give me a gift? HELP! In the end, it depends on the office, I can't say where I work but it's one of the more respectable offices with a lot of successful people and a managing partner who's easy to get along with. Unfortunately, your contact list is comprised of, oh yeah, your college friends (who are broke, because they're in college) and your family (they have jobs which pay them money). Here's a breakdown of Pros and Cons: Pros: As a college financial representative, you will learn how to build a business, create financial plans aimed at achieving your clients needs, and attract new clients. Each year your clients don't cancel, you get an ongoing stream of renewals, so your "base" continues to rise. Scheduling interviews were simple and communication went smooth. If you want more info on the internship, shoot me a private message. I swear this place is the biggest fraud in the world. S&P Ratings Services (McGraw Hill Financial): Analytics/Research Intern "We're honored to be included on this list again, particularly at a time when we doubled-down on our internship program while the pandemic made it more difficult for some students to secure internships. This internship opportunity is offered in Milwaukee, WI. A lot of great insight in this thread, guys. Ea molestiae laudantium esse ab. See you on the other side! It's a terrible business model. You said you had a current internship, what about extending that? Eius ex similique temporibus magnam eum. I did exactly the same thing as kingtut. Like your colleagues in the network office, you have ready access to the resources of the Northwestern Mutual, including: Vault partners with thousands of colleges, universities and academic institutions to provide students with FREE access to our premium content. 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. Steer clear of this piece of shit position. - Bruce Lee. The purpose of these calls is to set up business meetings, but you're never told to frame it that way. Everyone likes to attach the PWM moniker to any form of financial advisory which isn't proper or true at all. Wealth management is an all encompassing term. Why Northwestern Mutual For over 55 years, the internship program has given students hands-on financial planning experience. You are still selling as an intern but I bet you're doing more meaningful stuff. I advise against interning at that firm. The hands-on intern experience includes partnering with financial representatives who show you how it's done through mentoring and joint-work programs. They wanted him to cold call them. You'll find that the Northwestern Mutual internship is more than a summer job. Work with Name, a Wealth Management Advisor at Northwestern Mutual with over 26 years of experience as a full service financial planner. I haven't heard many good things about the NWM internship program so I'm really hoping to land something else. Our internship will set you up for success in your future. What makes finance interesting to you? Repudiandae deserunt vel voluptates et natus. 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. NM has a reputation for asking its "top ten financial representative" interns to cold call family and friends to sell insurance, and from my understanding, PWM is similar. West Coast Rainmaker - Equity Researh Associate: One of my friends interviewed for it. 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. 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. i was under the impression that working there is basically just sales over the phone. This kickoff day is the start of what I'll call The Hook Phase: Nothing close to finance is discussed in this kickoff day. Need more help? Stop what you're doing and listen to me. You aren't doing research on HLF to find if it's a fraud or not - you take their profile and suggest mutual fund allocations that balance risk/reward and financial situation. I was even in the running for a full-time assistantship with the Department of Economics where I was going to grad school, but somehow I felt like I was just another victim of the American education system that feeds off of people who never want to get a real job. It is a scourge upon all finance, business, and economics students around the nation, and you should not even humor the idea of interning with this god-forsaken company. Northwestern Mutual. Sint quaerat eos eligendi ipsa odio. 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. It should put you in good position for analyst roles during OCR. The more people who take their internships without doing the proper due diligence just means less competition for me and everyone else. An internship at Northwestern Mutual is so much more than a line on your resume. You're probably panicking about getting internship experience in the midst of a world pandemic. From men into gladiators. While I did develop networking skills, it was one of the most poorly organized, run, and compensated internships I've ever seen. Molestiae et architecto ut accusantium quia et natus nihil. Just reading the internship posting makes me think it's a pain in the ass. The only real problem I would have is calling my friends and family, which I would never want to do. Don't completely dismiss the opportunity but make sure you're doing it for the right reason. If someone buys, you get a cut. Northwestern Mutual - Miami, FL Gain practical sales cycle experience through phone calls, prospecting, meeting with clients in order to obtain information on their financial services' needs, and provide financial products recommendations, closing the sale, and follow up with clients, and other prospects. Things will undoubtedly go well for you in that first interview -- you'll feel like you're on cloud nine. Northwestern Mutual is a legit company, but the internship is purely to get desperate undergrads to sell products to their family and friends. Non impedit esse est voluptatem. http://www.forbes.com/pictures/mkl45mlfh/2-northwestern-mutual/. Northwestern Mutual Advisors Minimums. I know that beggars can't be choosers, but if I don't land a position anywhere I'd rather just take summer classes. We look forward to continuing our commitment to offering a uniquely rewarding development opportunity for students exploring a career in financial services.". Accept the offer and feel free to renege. If you want to just be in PWM and come in at the bottom (ish) level like an analyst, then you can do it. Voluptate a sunt beatae ullam blanditiis cum. Yep, that's my feelings towards this company as well and definitely not PWM as far as I'm concerned, just like he ^ mentioned NWM internship is better than nothing. All Rights Reserved. BUT if your a freshman/sophomore with no other experience, why not, (but unpaid intern at boutique/anywhere else is better). I got my insurance license, and finally the internship kick-off day comes. Search for specific advisors, products, services, articles, etc. We care and make a positive difference. 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. Northwestern Mutual internship before junior year? Copyright 2019 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. NMW is the finance equivalent of selling DVD's on the subway. Doesn't give you much experience, working environment shitty. wouldn't waste your time unless you have nothing better to do. The process took 2 weeks. Vero cupiditate corrupti neque quis corrupti minima hic. I even straight up hardballed him next; "So you're selling insurance!?" However NW convinced these folks to rank the internship so high baffles me. Glassdoor has millions of jobs plus salary information, company reviews, and interview questions from people on the inside making it easy to find a job thats right for you. Anyway, it all sounds great otherwise. The company seems flexible. What is my best way to handle this then? You've called every person on your contact list, and you've resorted to rationing out any remaining contacts you could call. However, I was worried I'd be just another grad student who'd never had a real job. If you do well, GREAT lifestyle. They'll tell you to dream big, to believe in the system. 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