[quote=trisyn]I chose this route because I dont have a large natural market, and certainly none of any high net worth. Its much easier to make it in the insurance field your first few years than it is at a wirehouse.[/quote]

Isn't the first requirement of the NWMFN interview to bring in a list of 200 of your "closest" friends?

You will be embarrased at the end of a couple months (which is as long as you'll last) when you see the havoc you have wreaked on your uncles' and former coworkers' portfolios by selling them expensive and worthless ULs and whole life. You are nothing but an insurance salesman and don't forget it.

a couple of corrections: yes we are told to come up with a list of people from our natural market. But never are we forced or encouraged to call on them. My list was way less than 200…didnt matter. And on the topic of ULs, we are taught that they are not right for most clients, especially VULs and as a matter of fact, we just started carrying these products. I dont mind people saying negative things about the company, just please get your facts straight before doing so.

Oh and you are not asked to bring in a list during the interview, it is only after you’ve gone through training.

... the havoc you have wreaked on your uncles' and former coworkers' portfolios by selling them expensive and worthless ULs and whole life. You are nothing but an insurance salesman and don't forget it.

farotech, if you believe your post, you lack of knowledge is an embarrassment.  I have NEVER run across a Northwestern Mutual client who owns a UL policy.  Also, a GOOD life insurance salesman makes a much more positive difference in the lives of their clients than an asset gatherer.  Most people are underinsured and additionally, it is rare that I come across someone  who would not benefit from owning some whole life insurance. 

Trisyn, embrace being an insurance salesman.  You make a difference.

So insurance selling is noble. Then don't label yourself a "financial representative" or whatever, because your job is to do one thing: sell whole life to get max payout.

There used to be an entire site (nmsucks.com) that documented the horrific treatment of NM Mutual and the shoddy "financial advice" (i.e. buy insurance) that NM Mutual gives out. It appears that the site has been taken down. 

farotech, again, your lack of knowledge continues. 

If a Northwestern person can't use a title like "financial representative", then I guess that a wirehouse rep should only be using the title "asset gatherer". 

The truth is that some people at wirehouses concentrate on insurance and some people at insurance companies concentrate on investments.  Plenty of people have well rounded practices despite their place of employment.  Northwestern is like any other company.  They have some excellent reps and some terrible ones.

A website means nothing.  Someone can start a website "Farotech Sucks", it doesn't make it true.  The Northwestern Mutual website got taken down because the person behind the site was a fired employee.  The site was his attempt to solicit lawsuits against the company.  He lost a lawsuit for tens of millions of dollars and the court forced him to take down his bogus site.

I am not a Northwestern Mutual agent.

There are plenty of insurance salesmen at wirehouses. However, those same reps have the ability to sell any fund in the world, whereas NW Mutual reps can sell, what, one family? That's what bugs me about insurance salesmen. Their job is to push whole life insurance, yet they represent themselves as financial advisors, even when they have limited fund families (or just one fund family) to choose from. Most of them can't even sell individual stocks and bonds, or etfs, or anything else but insurance and mutual funds. Someone who can't even sell the vast majority of financial products is not a financial advisor.

another correction: although we have 5 preferred fund families, we are free to choose from thousands of funds. Those with 7s (which makes up a large part of my office) do sell individual stocks and bonds. Like i mentioned in my previous post, there is a significant emphasis put on insurance (LI, DI, LTC) but once you are licensed, you are free to run your business as you like with whatever product you see fit.

farotech, Argue any point that you'd like, but use accurate information.  Northwestern Reps, like reps of any B/D can sell any fund in which their B/D has a selling arrangement.  I know very little about their B/D, but I can tell you that I've been in competition with their reps and the clients have had varied fund holdings and stocks and bonds. 

Their job is to help their clients and make as much money as possible.  This seems to be pretty identical to a wirehouse rep.

[quote=anonymous]

Their job is to help their clients and make as
much money as possible.  This seems to be pretty identical to a
wirehouse rep.

I am in 100% agreement that the core business of NML is selling insurance. 

"An NML reps job is to help the company make as much money as possible. Making money for clients and themselves is "purely incidental" as SEC says." 

What are you trying to say?  It is the same for all registered reps.  I don't know of any registered rep who has as their #1 goal to make money for their B/D.  Many have the goal of doing what is in their clients' best interest.  Others have the goal of doing what is in their own best interest.   Never have I met an RR that is trying to maximize B/D profit.

"NML reps main line of work is selling NML's participating WL."

As a blanket statement, it simply isn't true.  It depends on the specific rep.  It is true for many reps.

They also rep for NML's proprietary funds and insurance products.

That's true, but they also rep for non-proprietary fund and non-proprietary insurance products.

I would GUESS that NML reps who are properly licensed could work on a fee basis through their corporate RIA.

I'm not trying to defend them, but we should be posting accurate information.  Most people at insurance company B/D's are insurance salesman.  Most people at wirehouses are asset gatherers.  However, what most people do doesn't have much relevance.  It's about the individual and what the individual does.  I know someone at a wirehouse who only sells insurance.  I know someone at an insurance B/D who only gathers assets.  I know plenty of people at both who concentrate on fee-based financial planning.

[quote=farotech]

There are plenty of insurance salesmen at wirehouses. However, those same reps have the ability to sell any fund in the world, whereas NW Mutual reps can sell, what, one family? That's what bugs me about insurance salesmen. Their job is to push whole life insurance, yet they represent themselves as financial advisors, even when they have limited fund families (or just one fund family) to choose from.

This is the difference between being a "captured agent" and an independent who can contract with just about anyone they want and an agent at a B/D with selling agreements with many insurance companies.  This also one of the main reasons I utimately chose the independent route for my business.

Most of them can't even sell individual stocks and bonds, or etfs, or anything else but insurance and mutual funds. Someone who can't even sell the vast majority of financial products is not a financial advisor.

I find that a good insurance agent can provide some very valuable financial advice on strategies, that the client will not get from their investment representative.  Buy sell funding, estate equalization, wealth transfer techniques etc which are all typically funded by insurance products.  You don't see very many representatives at broker dealers approaching clients on these issues.

It's unfair to say that just because someone doesn't sell stocks, bonds and ETFs they are not doing financial planning.   There are people who hold a series 7 and are definitely NOT financial planners.

I work for Northwestern but am likely going to a wirehouse soon as I feel it is an important step in my career development. However, I would like to know if Dust Bunny is correct with wealth transfer techniques and if a NM agent can do a GRAT? Thanks for your help.