I don’t recommend it. Why I rejected the Northwestern Mutual "Internship" I recently posted here asking about the NM internship that so many of us have been offered over the years and was advised not to take it, this is the short story of how I came to the conclusion that this isn't a … Essentially this comes down to knowing one thing to find out if this is a good opportunity for you: are you willing to make a list of all the people you know who might be willing to buy life/disability insurance from you, and are you willing to call them over and over again until they say they wish they had never met you? Plus, in 2020 Vault ranked us #5 within the financial services industry and also ranked us in the top 10 for overall career development." This is a new “scam” that plagues college grads and desperate job seekers. I told them that it has to be strong FA experience or I'm not interested as I already am gaining some experience in that field. The entire internship was so full of pressure that it really took a toll on me, personally. I started as a teller when I was 18 and gained a lot of cross-sell experience, I worked in a good branch that many different employees officed out of, wealth management, mortgage, lending, and some others, so I had a wide breadth of knowledge when it came to that. I'm glad to hear that you can agree with my story. My employer uses the personal banker model that has us doing both small time lending and other retail account openings such as DDA's and CD's, but we also do teller transactions, so it's a mixed role, but I really don't mind it. I have applied to other internships, this one just messaged me randomly and I never applied. Internship program is always ranked in the top internships nationally. This is 100% what they wanted me to do with my dad and his friends/coworkers, and I was't about to. Interview. Pros. Financial Advising Intern - F500 Financials Co. Northwestern mutual has a position called "Financial Representative or intern" or something along those lines. He seems to be getting brainwashed and being given awful financial advice. I thought the same thing about New York Life too. What drew me away was the same concept of trying to sell to my friends and family. Northwestern Mutual's approach to the coronavirus (COVID-19) ... Financial internships that really pay off. I try to talk anyone out of it who is being recruited. Northwestern Mutual. I had a friend work there. Ideal location post graduation: Minneapolis. When I said "none" they told me to think harder and to start asking around at my school. The announcement comes as Northwestern Mutual celebrates the 50 th anniversary of its industry-leading internship program. My biggest problem with Northwestern Mutual is the disdain college reps had for the fiduciary standard. Since its inception, more than 50,000 students nationwide have participated, and Northwestern Mutual is the only company recognized by Vault as a Top 10 internship for 22 consecutive years. Northwestern Mutual Financial Representative Intern in the United States makes about $20.09 per hour. They definitely were seeing the dollar signs on my dad, and of course that would be much more profitable than selling to a bunch of college kids, but it just seems wrong to dupe a college kid like they have been. There was also something sus when at a group interview, the person mentioned that interns made about $100k in one summer from commissions. Wow, I literally posted about interviewing with Northwestern Mutual yesterday, that's interesting. This is where it gets really pyramid scheme-like and MLMish. My recruiter wanted a similar task completed, and said that Thanksgiving would be an especially great time to prospect clients, that's just gross. Thanks. Cons. Time and time again, reps would bombard student org meetings and college classes to talk about finance careers (re: Northwestern Mutual internship program and recruitment). They show me around the office and open with their rather run-of-the-mill meeting room, it can fit maybe 20 people around the table, they tell me "This place is so great because it's full of such great energy and we have to pull extra chairs in because there's so many people here sharing *success* stories. The MLM language really bothered me and that's one of the largest reasons why I feel how i do towards them, it comes off as very non-genuine. There is a three step interview process. Why would any right minded person give their money away to a 20 year old kid whose selling life insurance is beyond me. The firm's summer advisory internship program received the highest score among the 10 best investment bank internships. Doesn't Recommend. Northwestern will tell you this and they'll tell you that, but at the core it's a waste of your time and here's why: 1: They entice you with lingo like "build your own business" and "we will give you so much good experience that can be transferred to any part of the financial industry". 2. Day In The Life – Intern - Duration: 5:27. I guess ill just hope for others and take it as a last resort for the resume building. That is true, but when the majority of people tell me that I will be told to sell to friends and family for a finance position I probably will need to believe them, I have read dozens of people saying the same things on other posts for this company. I have been working at Northwestern Mutual for less than a year. It's like 98% of firms. Sounds pretty accurate to me, they told me they had 16 kids earlier this year, none of them are there anymore, I wonder what kind of sign that could be... As a current finance major, I’m interested in how you’re a personal banker as a college student. Also feel free to PM me with any questions you have, I'm an open book. Tons of great salary information on Indeed.com ... Northwestern Mutual is a big recognizable name and therefore most people trust them implicitly, but it's a shit company. Thread Northwestern Mutual Internship Author Date within 1 day 3 days 1 week 2 weeks 1 month 2 months 6 months 1 year of Examples: Monday, today, last week, Mar 26, 3/26/04 Had the same experience and rejected it. I wonder if it is worth going to if I do not get any other internships to suck it up just to put it on my resume, or if it is better to do nothing than to do this internship. Responsibilities: Performed rudimentary investment research on mutual funds, bond funds, and ETFs based on risk-risk measures. View Disclosures Hide Disclosures . If you're interested in the whollistic side of things, find a firm where the managers also participate in insurance sales. A typical day at work for me included a meeting to layout the work day/week, working with Northwestern Mutual programs to manage customer accounts and applications, communicating with clients. Current Intern - Sales Representative in San Francisco, CA. Discussions about navigating the internship process from application to full time offer. Wasted their summer and hardly made a dime. It recruits summer analysts and … The rep reassured me that this would be worth my time to meet with the actual recruiter, so I figured "why not", and I met with the next person the following Monday. We are pleased to present the 2016 Top College Intern Achievement Award to Alex Meduna of the Tews Network Office. 0 0. I applied online. They emphasize that these people in the video are *successful* because they get up early, and they're *successful* because all they do is call all day. It really is the worst. Disapproves of CEO. Northwestern Mutual is the only company to be recognized as a top 100 internship program 1 for 24 straight years. Awarded in the Insurance category: Life & Health industry, Fortune magazine's annual survey, 2017. The kids in the program always saw me and seemed like they were better than me because they were part of this dumb scheme. I interned at Northwestern Mutual during the summer of 2009 then through the following school year part-time and then again during the summer of 2010. I have a low GPA and no previous internship experience so I ate all that up at first. Learn about Northwestern Mutual culture, salaries, benefits, … They ranked the interns WEEKLY and the top intern got to have his or her own office, instead of being in the "bull pen". They were very easy and the offered important information on the internship. the 1-4 you listed isn't just NWM. 1. It made me very excited for the further parts of the interview process! Turns out he was for his practice and I started. The Inner Class 2,318 views. Build on your classroom learnings while developing lifelong skills! NM is mostly concerned with the people you know, hence why the interviewer asked more questions about my dad and who he works for and how many people he knows, they were prospecting my dad before they really knew who I was. Northwestern Mutual as a company is great -- strong financial stability, security, etc, but the culture within their system for women and POC is horrible. This includes your parents, your friends, cousins, your friend's cousins, your friend's cousin's parents, and so forth. Range: $393 - $431. More posts from the internships community. The videos were pretty standard "this is how great this job is I love my life as a corporate zombie", but the booklet is what's great. Fortune 500 company that brings a lot of experience to the table. Financial Representative - Monthly Intern. I'd love to share with you! DO NOT fall victim to companies like this! It is basically a pyramid scheme like Vector marketing (selling knifes door to door). Turned that down real quick! Former Intern - College Financial Representative ... And although I got some good advice from people outside of the Northwestern Mutual bubble, nothing they told me really prepared me in the way that I wish I had been prepared. Insurance Northwestern Mutual Internship (self.personalfinance) submitted 2 years ago by Rustypancake54 I have no idea if this is a good spot to post this or not but....I have been considering an internship opportunity with Northwestern Mutual. I didn’t even accept an interview with them. Although I didn’t end up liking what I did, that role put me in a better spot overall. That was sketchy. Source(s): summer internship northwestern mutual financial network scam: https://shortly.im/h9Zh7. The process took 4 weeks. For the 2nd interview, the had me fill out a form of 200 people I knew that could benefit from their products. The interview conversations covered; My dad and his job, how “popular” I was in my hometown, and if I’ve talked to my friends about life insurance before. I initially interviewed there for the program and on my way out, I started talking to one of the FAs there that happened to go to my school (I was an incoming senior at the time) . Sounds like deception is a common tactic in a lot of these recruiting scenarios. Are you looking for work similar to this? It's considered an independent contractor (1099) but you have to report to your general agent. Literally had the same experience! granted it's a bit more legit since it's selling insurance instead of fire/ice goat skin condoms for frogs, but it's still an mlm. Had the same experience when I interviewed with them for a full-time position. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. or don't do it under any circumstances? What stuck out the most is that you are encouraged to "write x-amount of lives" in order to earn the silver award or the gold award, and you can get a suit! It can be a great job for the right type of person. The woman who interviewed me even asked how much money I had in my savings account because I “probably wouldn’t be making very much money for the first half-year.” Never responded to any inquiry again after that. I was asked to interview with Northwestern Mutual for an internship program... after reading some other Reddit posts about it I am unsure what to think, some people said it was great and gave them experience but others said they only wanted you to sell insurance to your families and friends and were sort of an MLM. What do you think? If this doesn't bother you that's fine, but this seem scummy to me. $0/mo. 3: You will be selling Insurance to your friends and family, and you will be required to have those same people give you more referrals for you to call. Helpful full-time advisors come along side to offer experience, advice, and leadership in meetings with potential clients. Life and disability insurance, annuities, and life insurance with long-term care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Learn about Northwestern Mutual culture, salaries, benefits, work-life balance, management, job security, and more. When researching these firms their information can be found on the advisor portal and you can learn exactly what the firm does through there ADV pt II. Yes, you'll be on the phone a lot - especially at first. All these FAs selling products they don't even understand to people who understand it even less. 90 reviews from Northwestern Mutual employees about working as an Intern at Northwestern Mutual. even though I never dealt with them, this was 100% what I expected of this internship a decade ago. lol this should be pinned/stickied. Glad you came to the smart decision. It didn't seem right to me and the way it was presented to me was that I was simply seeing if I could do this job, the resume that I handed them already told them that am more than capable of doing so but who knows if this guy even read it, it seemed like he didn't after having to "refresh himself" on it. I went over the materials that I was sent to prepare for my first real interview, it contained two videos and a booklet. I put internship in parenthesis throughout this post because this really isn't an internship, this is just a very low-level sales job that will have your commissions split between the office and you'll get a fraction of what you worked for. Haha they kept asking me how many people do I know that would be interested in insurance. However, they are more concerned with how well you can build and leverage your new network. One final note: I do not have any interest in becoming a financial advisor. They seem to have a pretty high ranking internship program at least according to their site but obviously that can be biased. Press question mark to learn the rest of the keyboard shortcuts. The line that they gave me that got me interested in the first place was the allure of getting the CFP, that will most likely never happen here. Some pros of working at Northwestern Mutual include their top training program, amazing mentors, and the way the managing partners of each firm allow you to make your own schedule. They say they value diversity and inclusion, but the moment you don't "fit in" they make you an outsider. Is the summer internship with Northwestern Mutual Financial Network a scam? I told them that I already have a decent-paying job for a college student (I am a personal banker and have a good history of experience) and that I am looking for an internship with wealth management, financial advising, or trust, the rep sold me hard on this internship that they offer to a few select students and that it's a financial advising position, I was stoked, they even told me that's it's a regular occurrence to get your CFP license while in the internship, that would be awesome! He quit the first day when they asked him to call someone on his contacts list and sell them insurance they dont need. The management in my particular location/agency was absolutely heinous. Always keep that in mind, “I had a bad experience at _____, so you will too,” isn’t always the best argument when it comes to searching for a job experience. Former Intern - College Financial Representative I worked at Northwestern Mutual . If you are still looking for a way to break into the space look for RIAs in your area that are more "boutique" they aren't interested in your friends and family. It’s not a job that anyone can do, or would enjoy doing. We sit down in his window office (because he must be successful) and talk about the actual job. 26:32. My accounting prof said the same thing, even the Business School career center says not go for it if they offer it. Indeed.com estimated this salary based on data from 11 employees, users and past and present job ads. Does anyone have experience with them and this internship program of theirs? my friend told me he got an internship at northwestern mutual as a financial advisor and i was happy for him until i looked it up and realized it's a sales position and more importantly, a disguised mlm scheme. My brother took an "internship" this summer with Northwestern Mutual. Plan your career in the wide world of finance. GPA: 3.71. I interviewed at Northwestern Mutual in September 2020. Northwestern Mutual is an American financial services mutual organization based in Milwaukee.The financial security company provides consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, financial planning trust and private client services, estate planning and business planning. If so, do not do it. But wow your post summed up exactly my impression of North Western Mutual. This seems an awful lot like a upscale version of Vector/Cutco, just want to get some opinions of anyone else with experience here. Stay Woke! First, you must understand that NW has a duality. After some BS’ing with him, I wanted to work for him as a CA and asked if they were hiring in that role part time. "Northwestern Mutual is the only company to be recognized as a top 100 internship program1 for 24 straight years. Wow! Theres still a lot of selling, but that's just the norm in FA until you build a big enough book where you can just service your existing clients needs. New comments cannot be posted and votes cannot be cast, More posts from the FinancialCareers community. I ask them some real questions about their experience and what not, they've been here for about 7 years including the internship, they're fairly good at doing this but they also primarily meet with college students to recruit them, and that's where they get paid. Make your own schedule and you get to be out interacting with clients. During COVID-19 they were all on the phone. As a financial representative intern, you’ll have meaningful mentorships, access to strong professional networks, and immediate career opportunities with virtually unlimited earning potential. Press J to jump to the feed. I recently posted here asking about the NM internship that so many of us have been offered over the years and was advised not to take it, this is the short story of how I came to the conclusion that this isn't a good choice for a vast majority of people. My honest review of the Northwestern Mutual Financial Advisor internship I did in the summer of 2017. Northwestern Mutual Internship (Originally Posted: 10/15/2007) I did a search and noticed the recent post about the Internship through Northwestern Mutual and was surprised at the negativity. They weren't quite as upfront about how much they're just using you for your network, and they also pulled the bait and switch on me talking about how they don't believe in cold-calling, that they'd pay for my credentialing, and reassuring me that it would be a comprehensive financial planning internship, followed by the would-be "mentor" sending me an Excel spreadsheet asking for 100 names of friends, family, and people I've meet through my current sales network. I had the same experience with Prudential. Trust me, I was there and It was disgusting to see. Should I only do it if the other internships do not message me back? Lemme know what you think about em, I'm kinda on the fence. I recently was invited to come meet with someone at the local NM office by their college campus director. Trust me, companies like Northwestern Mutual are 100% real, but they honestly set you up to 100% fail! At Northwestern Mutual ®, success is mutual.When you intern with us, you’re opening the doors to your future career. 10/10 would reject again. Press J to jump to the feed. Plus, in 2020 Vault ranked us #5 within the financial services industry and also ranked us in the top 10 for overall career development.". Press question mark to learn the rest of the keyboard shortcuts. The Northwestern Medicine Pre-Medicine Internship provides you with an opportunity to work at a premier academic medical center and to learn more about medical professions. They then explain to me that senior employees get window offices and newer ones don't, okay great, I don't care. I took that knowledge and went to another bank full time for a short time before I moved and joined with who I'm with right now. 2: you are right, all they did was cold call crap you never want to do and! Kids who CA n't afford it the disdain college reps had for the Mutual... 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