Northwestern mutual financial advisor?

Hi everyone! I (23f) was recommended a financial advisor from Northwestern Mutual by some friends. We had a chat over the phone, and she seemed friendly and helpful. She mentioned she’d help with budgeting and investing for the first time. It sounds good, and at this point, I don’t have to pay for her services.

Has anyone here had any experience with their financial advisors? Are they credible? Or should I go somewhere like Fidelity? I liked how focused she was on educating me as a beginner, but I just want to make sure I’m not falling into anything sketchy (pyramid scheme vibes, maybe?). We were connected randomly, so I’m feeling a bit suspicious.

I’m doing my research on the company, but I’d love to hear about your experiences with them or anything you’ve heard! I’d really appreciate any advice, especially since I’m just starting to learn about finances. Thanks in advance!

90% of Northwestern Mutual’s ‘financial advisors’ are insurance salespeople in disguise. Chances are, the conversation will eventually turn into a pitch for Whole Life Insurance.

Source: My friend worked there for a few months and confirmed this.

@Micah
I can’t stress this enough—stay away from NW Mutual. It’s really all about selling insurance, and they’re not looking out for your best interests.

Source: I went through an interview with them after college and was really put off by how they described their clients and career path.

@Perry
What did they say about the clients and career path?

Valentine said:
@Perry
What did they say about the clients and career path?

They basically said the goal is to build up as many clients as possible and push Northwestern Mutual products, even if those clients don’t really need them. It was all about maximizing cross-sales. You start by calling friends and family and then move on to cold calls. According to them, if you build your client base, you’ll be able to relax and let them pay for your lifestyle later. It was all very focused on making money for the company and not really helping people.

Northwestern Mutual is primarily an insurance company, and their ‘advisors’ are more like insurance salespeople. You can get great financial advice here on this forum or through a platform like Fidelity or Vanguard without getting tangled up in insurance sales.

@RyanYoung
Exactly. The best move for a beginner is to keep things simple. Check out “The Simple Path to Wealth” by JL Collins. It breaks down investing in a way that’s easy to understand. Also, platforms like Fidelity or Vanguard offer solid advice without trying to sell you unnecessary products.

When people talk about NW Mutual financial advisors, what they really mean is insurance salespeople. These ‘advisors’ are often there to sell you whole life insurance, which most people don’t need. At 23, you probably don’t need a financial advisor unless you’re handling significant assets. You can start by following the basic financial principles available in the forum’s resources.

Here’s a simple path:

  1. Contribute to your 401k at work.
  2. Build up an emergency fund in a high-yield savings account.
  3. Open a Fidelity or Vanguard account and invest in a low-cost index fund, like the Fidelity 500 Index Fund.

No need for expensive insurance products at this stage.

These people are insurance salespeople, not financial advisors. They’ll likely recommend products that are not in your best interest. Skip it and go with a platform like Fidelity or Vanguard instead.

Thanks so much for all the feedback! I’ve decided to cancel the appointment and stick to learning on my own for now.

Toby said:
Thanks so much for all the feedback! I’ve decided to cancel the appointment and stick to learning on my own for now.

Good call. At the firm I work for, we’ve seen too many people end up locked into expensive insurance plans with these advisors.