I have a friend who has an interview with them in a few days. He has no business or financial background, but has an interview as an associate. I know the advising industry well (I am an RIA), but have not heard much about Northwestern Mutual's program. I do not want to give him any negative views on the company, but want to be completely honest that he might end up fired for not producing and then they take his clients.
Does anyone have any insight?
I own an RIA, and went through a program similar to this a decade ago.
The programs are a joke, especially at NWM. The goal will be to sell your family and friends whole life insurance. Not sure how you can help break this news to him, but I wish you luck!
I just told him that I, as an independent RIA, was not sure how NWM did their training process, but I have heard they will make you sell insurance first to friends and family. I told him if he really wanted to get into the industry, an Edward Jones style program would be a lot better for him. I was very honest with him and shared my own experiences/ challenges being an RIA. He did not take the job.
Even an EJ program is bad. I think putting them straight to a grid (i.e. 90% payout) is the only real way to do it and then allow them to own their clients. I sense that if you allow them to leave, even if they are successful, they will not want to, as the inconvenience of transitioning and the headaches of other stuff will not be worth an extra ~5%.
I agree. Do you mind if I PM you?
Happy to talk!
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