Northwestern Mutual Internships

I'm going in for an interview next week. Does anybody know anything about their internship program?

http://www.northwesternmutual.com/career-opportunities/financial-repres…

It's seems like it's going to be a lot of cold calling. Is this type of thing worth doing? I am currently a sophomore at a state school.

Internship at Northwest Mutual Review

Our users unanimously agree that the program is not one that you should be targeting if you are interested in gaining a meaningful internship experience.

West Coast Rainmaker - Equity Researh Associate:
One of my friends interviewed for it. They actually give you a worksheet where you list all the people you know, and then you are supposed to call those people to sell them Northwestern products.

1man2nv - Asset Management Analyst:
Yeah basically you’re a phone salesman......you ever seen the show the office...imagine your life like that lol.....I definitely would do it unless it’s my only option.

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Yeah basically your a phone salesman......you ever seen the show the office...imagine your life like that lol.....I definitely would do it unless its my only option.

You give me a gift? *BAM* Thank you note! You invite me somewhere? *POW* RSVP! You do me a favor? *WHAM* Favor returned! Do not test my politeness.
 

Thanks for the link, and all the other info. What is my best way to handle this then? 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.

 

The way their HR reps hand recruiting is reflective of their business. HR basically cold emails and contacts every possible outlet that could provide them with students to enslave. 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. Going to the interview will basically be them gauging YOUR interest in the job. The ball is in your court so you keep THEM on the hook until you have no other options and then see about working for them.

 
roymondito:
There are people making Nikes in Asia who feel sorry for Northwestern Mutual interns
LMAO
You give me a gift? *BAM* Thank you note! You invite me somewhere? *POW* RSVP! You do me a favor? *WHAM* Favor returned! Do not test my politeness.
 
1man2nv:
roymondito:
There are people making Nikes in Asia who feel sorry for Northwestern Mutual interns
LMAO

I need to stop reading this website during class. I just burst out laughing when I saw this (as I did the NWM stint for a month. Got a nice dinner party invite out of it. Free drinks

 

It highly depends on which office/group you'll be working for, at least from my experience. I did this internship last summer and was sold on the career about a month and a half after I started. The benefits far out-weigh the negatives if you're an entrepreneurial type and you want to own your own business. Compensation is extremely good if you're successful as well. If you're considering working for NMFN in a big city, however, I really wouldn't recommend it. I was working in a state in the South so making $45k-$60k in the first year and $300k+ after 5-6 years is much more appealing, especially considering you can work a 50 hour work week and completely control your entire business model.

WSO is comprised almost entirely of individuals who legitimately believe IB/S&T/PE are the only routes to be successful (make 6+ figures at some point in their life) and network. Don't completely dismiss the opportunity but make sure you're doing it for the right reason. Plus, the top guys in PWM (private wealth management) often start as financial advisors elsewhere and get laterally hired.

Feel free to PM me if you want more info!

 

Just got back from my interview, I pretty much knew what to expect, thanks to you guys. I was out partying pretty late last night, I was extremely lucky that I didn't vomit during the interview. After the interview I was taking the elevator down to the parking garage when some Dustin Hoffman looking motherfucker started making small talk. The door literally opened and I stumbled out and started yakking all over the show. The look on the guy's face as the elevator door closed was priceless.

Oh, and I stole their pen... should I give it back when I go in for round two?

 

Yeah, I guess everyone else already got to the point: The Northwestern Mutual internship isn't all that awesome. You're pretty much selling insurance to your "contact list." 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). As a result, you end up pitching insurance and annuities to your family, and what are your parents going to say when you start telling them how to manage their hard earned cash? "Stop calling the house, shouldn't you be studying or something?" Hard to get much out of an internship with that format.

 

I was just looking on this, and I'm a former Northwestern Mutual Intern. I had an amazing experience, and trust me, I wasn't even expecting to accept their offer- my background was music, I never thought I'd be in a career like this, HOWEVER, I couldn't find any other career where I had as much of an opportunity to get paid to be who I am, to get to meet people and help people on a daily basis. This is a sales career, but it's not salesy- I never did any cold calling, and I certainly wasn't looking to just sell to friends and family. Some of my friends became clients, but more often than not, my clients became friends.

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. I'd also encourage you to speak to some more former interns.

 
erinliz:
This is a sales career, but it's not salesy- I never did any cold calling, and I certainly wasn't looking to just sell to friends and family. Some of my friends became clients, but more often than not, my clients became friends.

Wow, I'm a defender of NM, but this is over the top. How did you not do any cold calling?

As I've posted before, a close friend works for NM and makes more than most on Wall St. (for his age). You work on commissions and your job is to cold call and set appointments for your boss. You sell life, disability, retirement planning, investment advice. If someone buys, you get a cut.

It's a VERY difficult job, but doesn't require the highest IQ, just people skills. 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.

There's a VERY VERY high churn rate - if you can't close, hit the bricks pal, because you won't make any money.

If you do well, GREAT lifestyle. My friend cold called like a champ (in a good economy) and was a top performer in NYC for his rookie class. Your clients give referrals so less and less depends on cold calling. Each year your clients don't cancel, you get an ongoing stream of renewals, so your "base" continues to rise.

If you do well, then you hire interns / FT to cold call for you and the cycle continues.

Don't have any meetings today? Stay home, take a long weekend, whatever. Again, you'd better not do it if you haven't found success, but once you have, you make your own hours.

 

Hey! but its a "PAID" internship right??? and Its one of the TOP TEN internships!!! LOL

I love how they promote that on their postings. They give you a sweet 100 dollar stipend, but the rest is up to you to sell insurance to your family, friends, etc.

 

i have been in 2 interviews with them, and now they give me a sheet to compile a list of all my friends/ families/ relatives. so is it the market that im gonna work with??!!

 

I'd try and find something else. They pulled my resume from my schools career site and call me about once a month asking if I want to do an internship. Looked it up on my school's site after the first time they called and saw that they had one listing for an intern whose entire job was to lead recruiting initiatives for more interns...

Sounds like cutco for life insurance.

Steer clear unless you're just looking for a resume filler. Unpaid internship at a boutique bank or buyside firm would be way better.

 

I have a close friend who is ~30 and making big $ at Northwestern.

  • Internship is talking to family / friends and cold calling alumni to set up appointments for you and your internship director
  • Goal is to sell those contacts on life insurance, or NMFN's investment products
  • This is a sales job
  • If you set appointments and contacts become clients, you get a % upfront and an ongoing stream every year
  • There is a very high fail rate. 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. Everyone else failed out.
  • Failing out basically means you spend 3 months, exhaust your network, and haven't sold enough to make your own rent

It can be a great career if you have 1) a good network and/or 2) very solid inter-personal skills. 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.

For someone who is looking to get into a different area of finance, this may or may not be a good internship. 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.

As for reputation, NMFN is very highly regarded within the industry. They are or were "the quiet company" because they don't spend much $ on advertising and instead provide better returns overall on insurance / investment products.

 

Essentially what everyone else has said. Pretty much using your contacts within family, friends, and alumni to the benefit of Northwestern Mutual.

Doesn't give you much experience, working environment shitty.... wouldn't waste your time unless you have nothing better to do.

Maximum effort.
 

I found the internship experience to be pretty great. 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. I never "hit up" friends or family and was extraordinarily successful with leveraging college alumnus.

The difficult part about the internship is the 100% commission compensation structure (aside from the $100 per week stipend). Many interns tend to get burnt out and quit. You get what you put into the job - if you advise a client with a large Estate Planning case and earn a commission exceeding $200k it might not be a bad summer.

 

Unless you are guaranteed that you would be doing finance (corporate finance) or working in their PE group (not sure if they would also have a Mezz group or not), it's THAT bad.

Worst case, take the NW job and keep looking. If you find something else, bail on that company b/c they treat young employees like shit. Or just keep looking in general b/c any other job would be superior.

 

Doing a NWM internship would be worse than sitting on your couch for the entire summer and playing video games.

You will be calling your friends and family and pitching them life insurance. I would rather sell knives door-to-door.

Don't listen to their marketing BS either. They were on campus for a "career night" when I was in college and tried to pitch themselves as some sort of investment firm, making it sound like you'd be figuring out which stocks and investments their clients should buy. Some quick fact checking showed that was certainly not the case, and worst of all, you had to pay "rent" or some shit so you could actually wind up selling insurance to your friends and having to pay for the experience.

Shut that shit down and figure something else out. It is a life ruiner.

 

my little bro did the NWM internship during his sophomore summer and it was strictly cold-calling and sales

the next summer he locked down a gig with a top MM in IBD in NYC

all that said, he did play lacrosse at a lower-tier Ivy

 

Is this for their corporate HQ in Milwaukee or a district office where you'd be selling insurance? Both have their ups and downs but either way NWM is known for having a great training program. You could do a lot worse for a freshmen year SA program.

 
psv:
Is this for their corporate HQ in Milwaukee or a district office where you'd be selling insurance? Both have their ups and downs but either way NWM is known for having a great training program. You could do a lot worse for a freshmen year SA program.

I applied for their SA program through their corporate website which didn't really give any specifics. 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 can't imagine the people they recruit for their sales positon have any sort of experience, so maybe there's a slim chance I could leverage my current IM experience for an intern position in their HQ? I will probably go to the interview just to see if I can do that, but otherwise I don't plan on taking it.

FSC, those are all good ideas and if I can't land a position anywhere I plan on taking summer classes. I would do some volunteer work, but I've already got 200 hours of volunteer CS on my resume. Reading is going to be what I'm doing regardless of where I end up.

 

NMW is the finance equivalent of selling DVD's on the subway.

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. Take some summer classes if you can / want to, too.

in it 2 win it
 

Their internships are ridiculous. 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.

During the interview, I was asked if I knew anyone else that would be interested in the internship or their products. I politely said "I do not." The interview was noticeably upset. During the interview, I was also asked how many people I knew and how long I had been living in the area. She liked the fact that I knew a lot of people and had been living in the area for several years. While she did not say this, she hinted that Northwester Mutual only considers people who have a network. Why? So you can sell their products to your network.

As an intern, you basically do the same work that FT people do there. You make cold calls every day (you are expected to set aside a few hours for this) and are expected to get your friends and family members to buy from you. They are awful! I cannot understand why they are still ranked so highly for internships.

 

@FSC

Northwestern Mutual is actually a very well regarded company. As far as the actual insurance goes, they are probably the most prestigious and well-capitalized company in the entire industry. Many fortune 500 c-level executives use their products as do many extremely wealthy families.

For a freshman at a non-target this is not the worst opportunity in the world. Yes, you have to bother people you know but you will be trained how to use the phone and how to pitch a product. These are valuable skills that will help you later on - realize that most finance jobs involve some sort of sales. If nothing else, it at least helps you get a better internship next summer.

 
psv:
@FSC

Northwestern Mutual is actually a very well regarded company. As far as the actual insurance goes, they are probably the most prestigious and well-capitalized company in the entire industry. Many fortune 500 c-level executives use their products as do many extremely wealthy families.

For a freshman at a non-target this is not the worst opportunity in the world. Yes, you have to bother people you know but you will be trained how to use the phone and how to pitch a product. These are valuable skills that will help you later on - realize that most finance jobs involve some sort of sales. If nothing else, it at least helps you get a better internship next summer.

So you work for them?

in it 2 win it
 
psv:
@FSC

Northwestern Mutual is actually a very well regarded company. As far as the actual insurance goes, they are probably the most prestigious and well-capitalized company in the entire industry. Many fortune 500 c-level executives use their products as do many extremely wealthy families.

For a freshman at a non-target this is not the worst opportunity in the world. Yes, you have to bother people you know but you will be trained how to use the phone and how to pitch a product. These are valuable skills that will help you later on - realize that most finance jobs involve some sort of sales. If nothing else, it at least helps you get a better internship next summer.

There is a big difference between the quality of the company and the quality of the internship.

Just because I was given a janitorial job at JP Morgan doesn't mean I should take it.

 
StryfeDSP:
2) How bad is it really interning for Northwestern? From what I've read it's obviously going to be a sales job, but I really wouldn't mind doing sales and cold calling. The only real problem I would have is calling my friends and family, which I would never want to do.

I know a few kids who have done it and trust me, if you don't want to call your family and friends then who are you going to call? Are you gonna have the balls to open the phone book and start calling every doctor/lawyer in there? Plus, from what I have heard, there really isn't anything to the internship BESIDES calling people so it's gotta be someone. You said you had a current internship, what about extending that? You said you had a bunch of community service, what about taking a more active role in organizing some CS or recruiting people to do CS? I think that would look a lot better than the internship. Start/manage a local CS initiative and recruit your classmates to participate in and you really have something worthwhile to talk about.

This to all my hatin' folks seeing me getting guac right now..
 
Cruncharoo:
StryfeDSP:
2) How bad is it really interning for Northwestern? From what I've read it's obviously going to be a sales job, but I really wouldn't mind doing sales and cold calling. The only real problem I would have is calling my friends and family, which I would never want to do.

You said you had a current internship, what about extending that? You said you had a bunch of community service, what about taking a more active role in organizing some CS or recruiting people to do CS? I think that would look a lot better than the internship. Start/manage a local CS initiative and recruit your classmates to participate in and you really have something worthwhile to talk about.

I was recruited at the boutique IM firm I'm at to assist over my winter/spring break with a large project they were working on with a partner AM firm. It's not a formal program, and they don't offer summer positions. I'm still in the process of cold emailing/calling alumni (fraternity) so there may be a slim chance for me to land something at a boutique still.

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 know that beggars can't be choosers, but if I don't land a position anywhere I'd rather just take summer classes.

A lot of great insight in this thread, guys. Thanks!

 

I know this conversation was a while ago, but the threads I'm reading on here are worrying me. I'm a rising junior and took the Northwestern Mutual internship this summer because I wasn't able to land anything else as a sophomore. I knew what it would entail and am not particularly interested, but took it anyway to have something on my resume. 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. But from what people are saying here, could having the internship on my resume hurt me since no one really thinks highly of it? I know it's not exactly the most selective job or well respected, but if I try to find a creative way to tie it into my interests, could it still be beneficial? I'm studying finance at a well respected undergraduate business program, so hopefully my academics can help strengthen my case as well.

 

Had an internship with them last summer. Good experience and learned a lot but like you said, its all cold calling and selling insurance. I loved the company, hated the job. But if that's what you want to do, it is a very reputable insurance company.

 
seiberjb:

it is a very reputable insurance company.

I disagree with this, and I personally have nothing against them as a firm. 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.

But their reputation is not good, for a couple of reasons: recruitment practices as mentioned in this thread, and their platform. I wish I could tell you people were agnostic when it came to firm reputation in PWM, but NW Mutual is not considered PWM, they're an insurance company, similar to NY Life, Prudential, Nationwide, Metlife, etc. that happens to offer some investments.

If you said you were in private wealth management with NW Mutual during a conversation, the other person would probably say "I thought that was insurance?" In order to be PWM in my opinion, you have to have open architecture, membership on NYSE (or if you're small, representation like through Pershing or First Clearing), and some sort of research or Asset Management arm, however small.

Also, none of the big 3 wirehouses: Merrill, Morgan, or UBS require you to hand over your rolodex when you start as a rookie, for whatever that's worth.

 
blkmr:

I just received a semester internship at Northwestern in PWM, and I'm trying to figure out if it's a worthwhile. NM has a reputation for asking it's "financial representative" interns to cold call family and friends to sell insurance, and from my understanding, PWM is similar. However, the two divisions are distinct. Does anyone know about NM PWM?

I advise against interning at that firm. I interviewed back in ugrad freshman year. At this point, assuming I'm in a recruiting roll, I'd be critical, to say the least, of a CV with NWM on it. Hold out for something better. They wanted me to basically give them my Rolodex before they even officially hired me. They also said the president of my school had good things to say about me. It just didn't smell right. Keep in mind my experience was with one branch office in particular and is not representative of the whole firm necessarily, but that doesn't keep me from advising against it.

 

Like someone said above, I'd hold out for something else. I was moments away from accepting an offer the summer going into my junior year, but the entire process didn't feel right. For example, before you even get an offer they ask you to write down numerous contacts (potential sells) and to put down the names of people you think might be interested in the job...that was weird to me.

I have a couple friends who started off the summer with this role and only one is still with NW Mutual because he has sold to his family, his family switched over policies, etc. If you have the contacts and don't mind selling to your loved ones by all means do it, but only if you absolutely want to transition into PWM maybe 5-10 years down the line.

 

Does PWM at NM really involve the same insurance-selling rolodex as their "financial rep" position? This is the description for the internship.

Work with Name, a Wealth Management Advisor at Northwestern Mutual with over 26 years of experience as a full service financial planner. He manages investments, estate planning, life and disability insurance, long-term care insurance, and retirement planning for high net worth individuals.

The Fall Semester Intern will be responsible for assisting the team, both with day-to-day tasks and long term projects. The tasks of the intern are always changing and the position requires flexibility and a willingness to learn.

Responsibilities: •Assist in the planning and execution of large-scale marketing projects •Record monthly revenue and expenses using Excel •Learn and independently perform the functions of Northwestern Mutual’s online database/client service software •Create referral lists through LinkedIn to obtain new business •Manage email correspondence on behalf of the office, maintaining a high level of professionalism and accuracy •Learn about Northwestern Mutual’s various product lines and what best suits our clients’ needs •Work with the team to prepare for client meetings •Assist office staff across all clerical functions including filing, copying, and scanning •Keep office supplies well stocked

 

you can ask during the interview, but my guess is yes. I'd say "will my responsibilities entail reaching out to potential new clients to tell them about the benefits of the firm/___ advisor's practice?" or more directly: "will I be cold calling or calling on friends/relatives with the end goal of setting an appointment for the advisor or selling them myself?"

best to get shit like that out of the way early.

 
Cardinal:

Used to get calls once or twice a month from "friends" who got jobs at Northwestern Mutual. Seems like they hire anyone and just have you spam cold call anyone you know. Horrible company as far as I'm concerned.

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. 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. The cold calling does suck tho but eventually after that internship I landed a BB PWM internship during the semester. Small steps, maybe do this internship for the summer then try to get a PWM internship or off-cycle internship during the semester. It should put you in good position for analyst roles during OCR

 

Make no doubt about it, 99% of insurance internships or even BB PWM internship will not be analytical in nature. In my experience, I did around 90% clerical/administrative tasks like filing, data entry, cold calling, sitting in meetings. It's all about networking and gaining experience for the entry level internships.

 
LSO: You collect yourself, reasserted, brush off your pants and fondly pinch-sharpen the creases, and make a mental note to send your impeccable resume to Ogilvy & Mather (just so you can reject them).
I am permanently behind on PMs, it's not personal.
 

I have a friend who is taking this internship this summer...does anyone know someone who has actually done it? Wondering if it's as bad as I've read.

I fear it is, given that he has "homework" to contact six people he knows to talk about life insurance and then get referrals to four other people from each of the six .......

 
touchdown227:
I have a friend who is taking this internship this summer...does anyone know someone who has actually done it? Wondering if it's as bad as I've read.

I fear it is, given that he has "homework" to contact six people he knows to talk about life insurance and then get referrals to four other people from each of the six .......

Friends do not let friends intern at Northwestern Mutual.

 

Yeah, a guy in the gym here told me he had a job waiting for him back at home with his "Business Administration" degree and I chuckled a bit under my breath, asked him where it was, and had a hard time keeping a straight face when he said Northwestern Mutual. I even straight up hardballed him next; "So you're selling insurance!?" "Yeah," he goes, "Financial Sales."

I am permanently behind on PMs, it's not personal.
 

Lol, if you're in the midwest (like chicago, or U of I), the equivalent is Mass Mutual. Same fucking girl called me at least 10 times asking me to be a sales associate for them. 3 of those 10 times I told her to take me off of whatever list she was coldcalling from.

A few weeks later, I was checking linkedin, and like a dozen of my connections had friended her.

Array
 

northwestern mutual is a total joke when it comes to these internships. i interviewed for a position for the summer after my freshman year not knowing any better, and during the interview, realized how big of a scam it was. i had a "double interview"... me and some other kid were being interviewed at same time. 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.

i knew a girl who did it for a couple weeks then quit BC she felt really awkward trying to sell insurance to her family members.... northwestern mutual basically accumulates many many students to do this, and pays them a cheap stipend and the rest of compensation is completely variable (commission-based). so they take hundreds of interns in and then use those networks to sell insurance to webs of thousands of ppl across the country. absolutely great for them, but awful proposition for most of the interns.

also, while we were touring the office during the interview, they had a girl come in and tell us how she made $10 grand in 1 week of selling insurance. what a joke. straight lying to us to try to entice us to work there.

 

I remember interviewing at Northwestern while I was a sophomore. I am a rising senior now and I still get at least 1 phone call a month from one of three local branches. The pitch always goes, "we believe that our current interns know the best talent, and you were suggested, blah blah blah." Either the biggest scam or smartest business model I've seen.

 
rmahal:
I remember interviewing at Northwestern while I was a sophomore. I am a rising senior now and I still get at least 1 phone call a month from one of three local branches. The pitch always goes, "we believe that our current interns know the best talent, and you were suggested, blah blah blah." Either the biggest scam or smartest business model I've seen.
it's both: absolutely simple but effective business model. very little risk, but very easy for them to build out their network thru the interns.
 

I used to think it was shitty experience. But, for someone who is a freshman or sophmore, its great to be able to put on a resume early on. Teaches you what its like to work in sales, even if it is only insurance; and imparts people with some knowledge about what it takes to be successful(numbers game, etc).

This and cold-calling are some of the best ways to start out, I think.

Array
 
Khalil:
There's tons of money to be made in the retail markets. Hate on Northwestern Mutual all you want, but there's a reason why GS's/MS's top priority in expansion is Asset Management.
nobody is hating on northwestern mutual as a company, but their internship program is a joke.
 
Khalil:
There's tons of money to be made in the retail markets. Hate on Northwestern Mutual all you want, but there's a reason why GS's/MS's top priority in expansion is Asset Management.
Khalil's round 20 interview with GSAM

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.

Khalil: But I already gave you 500.....

Managing Director: Oh yeah by the way I got some sweet steak knives, would you like to buy some?

 

The Northwestern Mutual Internship is a joke. My last round required me to write a list of the wealthiest people I know, followed by calling them and trying to sell them insurance. 100% commission based and not worth it if you have other options. I

 

I'm in it right now and the answer is definitely no. Even corporate finance at a taco stand would give you more experience than NMFN. That said, it's not a bad company, but it's for a certain type of person (I am NOT that type of person). I'm using my commissions to buy a good IB training class so I can have something of value when I graduate next year. Pros -you get to sell insurance if that's your thing or you learn that you don't like insurance and want an actual salary -if you do well and drink the kool-aid, you'll more than likely get a full time offer Cons -you have to come up with a list of 200 people when you start -you will have weekly sales meetings where the coach puts interns on blast for not making enough dials (you should have AT LEAST 25 PER DAY and 40 IS IDEAL) -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

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. I won't slander them like everyone else, but you need to know exactly what you're in for ahead of time, save yourself a headache.

"And my straw reaches across the room, and starts to drink your milkshake...I...drink...your...milkshake!"
 
SmokeyG:
People certainly won't look down on it. I know people in BB IBD and in PE that did this as their first job. It's not fun though, and your friends will begin to hate you as you incessantly ask them to buy insurance and for references.

do you know how they made the move over to IBD and PE? i assume it wasn't a direct jump? i was under the impression that working there is basically just sales over the phone. doesn't seem to be much overlap between that skill set and the one required for banking

 

Just wanted to say, yea it sucks. But IT IS better than nothing. People here say it's a total waste of time, but a resume filler no1 can argue with. I did it my Sophmore year, and out of 10 interns , 3 ended up at front office BBs. One who did it in his Junior year went on to S&T at Citi, and another 2 I think IB at DB. I ended up in a Big 4 Valuation group. Granted the other interns were from Brandeis and NYU. But regardless...it's better than nothing.

 

If you don't know a lot of well off people you wont do well. The end.

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee WSO is not your personal search function.
 

From what I've heard, it's basically a phony sales job with a small weekly stipend. There are much better things to be doing your freshman summer. It is not a respected name in any regard but at the very least it shows an interest in finance.

 

Small HF job would be much better. Small PWM job is probably about equal. PWM job at a known bank would be better on your resume.

Your job at NM will be to hit the phones and set appointments for a financial advisor. It is a sales / cold calling job. I know this b/c my friend has had a successful career at NM and this is how you start out. He know runs a unit which includes college interns.

Sink_or_Swim is wrong on reputation. Northwestern Mutual is well known and respected, but as an insurance brokerage. Same as MetLife.

If you are thinking that you'll want to get into investment banking or other "high finance" jobs, this internship or a PWM internship only go on your resume to show that you have interest in the field. You won't pick up much in terms of knowledge or capability at either. If you think you might want to be in anything that requires sales skills, these are great jobs. 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.

 
grosse:

Small HF job would be much better.
Small PWM job is probably about equal. PWM job at a known bank would be better on your resume.

Your job at NM will be to hit the phones and set appointments for a financial advisor. It is a sales / cold calling job. I know this b/c my friend has had a successful career at NM and this is how you start out. He know runs a unit which includes college interns.

Sink_or_Swim is wrong on reputation. Northwestern Mutual is well known and respected, but as an insurance brokerage. Same as MetLife.

If you are thinking that you'll want to get into investment banking or other "high finance" jobs, this internship or a PWM internship only go on your resume to show that you have interest in the field. You won't pick up much in terms of knowledge or capability at either. If you think you might want to be in anything that requires sales skills, these are great jobs. 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.

So better than nothing, but basically anything applicable to finance would be better?

 

Don't do it. I knew a kid in it. He left after a two months. During his first week, they told him to take a blank sheet of paper and fill it out with all his relatives and friends with their phone numbers and emails. They wanted him to cold call them.

Array
 

The above post is completely correct, the only reason they recruit is to try and obtain your friends/relatives contact info. I know you didn't mention compensation but I guarantee it is commission based. Also be wary of the title financial 'representative,' much different from analyst.

 

Yeah, that's what I was thinking too. 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.

My main worry is that because NWM is a big name and a Vault top 10 internship, it might look better on my resume.

 
Whompwhoopyeah:

One of the top firms on the Street. Amazing management and a top notch internship program. If you don't get a FT offer from NWM you will probably get FT from GS, MS, JPM.

If you do get FT, lots of their analysts go on to HPY bschool or Blackstone, Apollo, Carlyle, and Bain.

Good luck!

I heard Citadel is thinking of recruiting exclusively from NWM starting next year.

"When you stop striving for perfection, you might as well be dead."
 

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. In my experience I have really only seen two different ways people come into PWM:

1) Straight out of college, starting on the bottom doing all the grunt work and then work up to either the portfolio management or relationship management role.

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.

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.

 

I'll throw something out there only because I successfully switched from an FA role at an insurance firm to BB PWM.

You have to decide if you want to be an advisor. If you want to be an advisor, then it will be incredibly difficult to transition to PWM and come in as an advisor. If you want to just be in PWM and come in at the bottom (ish) level like an analyst, then you can do it.

If you do well enough after breaking into PWM then you could try to become an Advisor, but from my experience most firms hire Advisors laterally from the other firms/banks.

I left my role as an FA and broke into PWM as an analyst hoping to learn and gain experience.

 

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.

Beast
 

from my blog, in response to a question about NW Mutual: //www.wallstreetoasis.com/blog/how-pwm-really-works-part-1-of-past-presen…

thebrofessor:

They have a bad rep because they recruit college kids to cold call for them, and the general perception of them by wirehouse brokers is all they have is proprietary product and no “platform.” I’m sure there are good brokers who do well at that firm, but most of our competition is against other wirehouse brokers, regionals, and occasionally private banks, so I don’t have much experience with them.

Let me explain what I mean by platform more in depth: each of the big 3 is an investment bank at heart. 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). 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.

It’s been my observation that insurance companies are especially bad with proprietary products (State Farm selling you State Farm mutual funds, and they can’t offer anything else), so most wirehouses lump NW Mutual in with that stigma. If we were interviewing for an analyst/jr. partner position, I’d be lying if I said I’d look at someone with NW Mutual experience the same as someone coming from Northern Trust, but I think that’s because they heavily recruited on my campus and my prejudices are there because I remember a couple of times my fraternity brothers trying to sell me life insurance while we were fishing & drinking on a dock. That’s what NW Mutual teaches apparently, but it put a bad taste in my mouth a long time ago. All of that said, don’t get too caught up on firm names, concern yourself more with having resources (research, trading, big back office) and open architecture, and have as many informational interviews as you can if you’re looking for jobs.

 

Absolute joke. Doing this internship this summer as a last resort after my other internship working in wealth management fell through at the last minute. My day consists of showing up at a little before 9 because that's when we are suppose to begin. All full time and upper level reps don't show up until 20-30 minutes after we are supposed to start. 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. 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. (I simply go home after "training" out of frustration). It makes sense why the compensation is so awful- we don't do anything. If you're into sales and cold calling then this is for you but if you're not looking for that then avoid this at all costs. If we actually learned about investments and different financial instruments I wouldn't be so frustrated but the point of an internship is to learn. At this point in the summer I am going to be leaving and working at a damn deli. Thankfully I still have next summer and will get a better head start on recruiting. Have a good day everyone and avoid NWM at all costs!

 

I actually know a couple of people who've done it. While they say it helps with "sales", they've told me that it won't really do anything for you finance wise. You basically drive around on your own dime and bug family and friends to sign-up for insurance. It's all commisson based, and it can be embarassing in front of your family and friends trying to pitch them life insurance. I know that paints a rough picture, but that's the gist of it from what my 3-4 friends who've done it said.

 

I did an internship in the DC area with NMFN after my sophomore year and it was a good experience. WallStreethokie hit some of the points (i.e. selling insurance, doing pitches, etc.), but I think it helped me last a job this upcoming summer at a BB. Here's a breakdown of Pros and Cons:

Pros: 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.

Cons: Tough industry, hard sell because people don't see life insurance as a need, only a few skills translate to IB/S&T

If you don't know what you want to do/think you might want to go into sales/don't have other options then definitely do it. I worked with some great people and it is a fantastic way to build a network of contacts for the future. If you want more info on the internship, shoot me a private message.

 

Did it last summer like Wahoo - He hit the nail on the head. I hated it while doing it, but in retrospect I learned a lot about networking, sales, personal motivation, etc. While it isn't for everyone, it's a great way to get out in the business world.

PS - This is my problem with the Vault guides and rankings. NMFN takes TONS of people. And does anyone honestly think that HLHZ is the greatest like Vault puts on? Nothing against HLHZ, but I def. get the feeling that the Vault can be bought.

 
 

This sounds awful lmao. I got an interview at this small securities broker near me that just opened an office here, soooooNWM is definitely a no. Selling life insurance to my family, and friends (who are 18-20)?!?! I don't know how rules work with securities brokerage but I'm 99% sure I would just cold call leads.

Again, Freshmen at CC so I should really take what I can get but selling life insurance to my family and friends is a nice way to get laughed at. I'm not sure how different it is being in PWM. You are still selling as an intern but I bet you're doing more meaningful stuff.

EDIT: had the interview with NWM, same as I read here. $100 a week stipend plus deal commission ; I straight up asked about contacting my friends and family. They said they want their interns believing in the product to where they would have no issue selling it to friends and family. Turned it down and have another couple things lined up. This is just a sales gig. I was told that the average financial advisor makes $250k a year on average. Not sure where that number is from, lol.

Array
 

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I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

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"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

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Monkey see. Monkey Doo [Doo].
 

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