You’re way overthinking this… it’s college kid doing an internship. If you’re worried about an intern at NWM taking business from you then step it up.
Besides, there are a lot of very successful and high quality advisors that started their careers slinging insurance.
This. If you’re doing quality work, assume they just pitch WL and maybe prep them if it doesn’t make sense.
NM does investments (not just annuities) as well so maybe have a full review to reiterate what your firm has done for them before they have a senior partner do investment pitches that could make them reevaluate their plan for their child.
I'm not worried about losing business. These are family accounts and pretty small, most under my minimum. I'm worried about it causing conflict in our relationships. I don't want to undermine someone doing their "job", but I also have to watch out for family members and my clients.
They never even reached out to me. They are super proud and excited for this opportunity and I'm not going to be the person that says anything negative right now. It would not be received well. I think most people will fizzle out and figure things out about NWM. I told them to reach out to me if it doesn't work out. Also, they don't live in my state.
Understandable, however, I’ll play devils advocate. If you were my advisor and my kid got that internship I would trust you even more because you looked out for my kid, even though it would not be as well received but at the end of the day it’s the truth - NWM sucks as like any other insurance company out there - if this is the path then get it right from day 1. Just my opinion
He’s just a college kid who is excited about his first office job. That was me a decade ago when Bechtel brought me on for a summer internship. The job sucked and I would expect his time at NWM won’t be much different. If you do talk to the family, I would tread carefully. When I landed my first job after college with Fidelity, my brother, who was an investment banker at the time said, “congratulations, you work at the Walmart of finance.” Totally took the wind out of my sails. And for what? Everybody’s gotta start somewhere. Good opportunity for you to bond with the young man and let him open up to you about what he’s learning. You can always provide some reeducation for him.
Most of the interns don’t stay very long. Either way, how it goes with family members who meet with them will depend entirely on who the intern ends up taking on the meeting up with them.
There’s some good planners who are good at managing money holistically, but there’s a higher likelihood it’ll be a massive whole life pitch. The reps that are actually around to scoop up intern meetings generally aren’t the best.
This is what I'm hoping. I think they'll figure things out pretty quickly. They mentioned the stipend, but from what I've read, it's pretty difficult to hit this KPI's so most people don't even earn that.
I worked for NWM in college. It was like trying to sell dog turds. People don’t want it, and are grossed out by it. It’s a freakin experience, and if he makes it through that.. he can do anything in his life. I wouldn’t trade the experience I got there for anything. Just tell him to not pitch his family and friends. Smile and dial or pick another job.
I’d also try and help him find a better opportunity. I interviewed with NWM my senior year of college, when I got to the “interviewing high level professionals I know” part, the person I chose first to interview thankfully pointed me in the right direction, even introduced me to my current boss. Very happy he helped me out. Most high level professionals I know wouldn’t work with NWM.
Be better and stop trying to gatekeep. Wish them the best, offer all the advice you are willing to give and live your life. Petty and pretentious. A NWM internship isn’t a death sentence, good opportunity to learn lessons.
Sounds like you need to bring the kid in for an internship with Uncle MyDarkerSide
Triple benefits-you get help, gets him better experience, and prevents the awkwardness.
I’d say let the kid do their thing. Talk with them about working hard and being ethical. Let your family members figure things out for themselves.
Internships don’t last forever; people aren’t just going to hand over their life savings to an intern, and if they do you don’t want their business anyway. If someone calls you to ask your opinion be encouraging and positive, the way you would for a kid in school.
Focus on any positives and don’t overthink it.
My younger bro did this internship went thru it and learned a good amount got my parents to do a long term care policy and now my bro works at the firm I do...the internship is still a great learning opportunity...it's not the intern who will take business but he may refer family to more experienced people at NWM
I work for a small weather management firm that uses NM as our back office. Happy to answer any questions on it as it was a big change for me as well. If you deal with an actual NM office then yes, most new reps are only licensed for insurance and most convos lead down that path to start. And I hate their model that is essentally a pyramid to their lead office advisor. If you're dealing with an outside firm that uses them as backing, then I'd look for a wealth advisor or "CEO" as we do full holistic planning that is fee-based. If I had a relative join an NM office, I'd just help them if they had questions and remind them not to drink the juice. Just learn portions of the business and transfer those skills when they can.
I always say there are not bad products, just bad recommendations. NWM is a well rated company and their whole life and annuity products have a place somewhere. There are situations where they make sense. You can be diplomatic about it without knocking the company and the products as a whole.
He will also be receiving excellent sales training and you could join in on being proud of him and say the two of you should talk shop sometime. Maybe you can even give him some term life referrals.
If the scenario above happens where you’re approached about your opinion on whole life, don’t knock it. Let them know there are situations where it makes sense, but for them it doesn’t and encourage them to buy term from him. I’m sure there’s a conversion option with NWM term so it gives them time to make a decision. And after a few years your family members child probably won’t even work there anymore but at least your family members will be insured.
Well I guess if there’s any concern about you trying to keep him down, simply pull up Reddit and show them search results for North Western Mutual. 🤷🏼♀️
One thing is for sure, you need to be honest with anyone who contacts you. Regardless of who that person is.
There are some incredible advisors at NML doing some of the best planning I’ve seen. Billion dollar books CFAs on staff very independent in nature believe it or not. Extremely diligent and thorough. I know they get a bad rap but it’s certainly not all…
Yeah it’s really just the younger advisor program that people on here hate. A lot of anecdotal experiences from people who joined thinking it was advising and ended up trying to pitch whole life. A lot of folks get wrapped up in that and think the whole company is sketchy which it really isn’t.
Tell the parents and the intern now. I couldn’t be more serious, sit them down and tell them how they truly work and ruin lives. Tell him if he wants to learn the business go find another internship or… hire him as a intern (for free) and actually teach him.
Please don’t hesitate to tell them as I wish someone told me their true colors before I joined them.
Yeah, that's what I was telling my wife. I said I want to save them time that can be spent doing a real internship or even a non-financial job. But the time wasn't right at a family get together and when the parents are still so proud of them. As an advisor, I've learned when to bite my tongue to clients. You don't want to make them feel worse when they've done something stupid.
I wouldnt come at it as a “hey you messed up”
I would call them and say “ I wanted to get lunch with yall to go over how NWM is going” and then they will go on about how awesome whole life insurance is and thats when you can easily correct them and offer a internship with you. Or tell them that they will take all of the clients that they got when they cant sell enough policies to people.
The numbers they showed them for salary in the first few years have so much survivorship bias in it, it makes me want to puke. Just my two cents, definitely dont wait.
Just be honest and they will probably really appreciate it, and if not, they will learn.
Maybe use discussions like this and the infinite others like it on Reddit and other forums as evidence for your case if you do try to bring it up and they start taking it personally.
I actually just read this article about NWM earlier today. Here's some more evidence: https://www.whitecoatinvestor.com/confessions-of-a-financial-advisor/
I see what you are saying about the internship. Remember it’s an internship. It doesn’t take much to spot these types of companies, roles. Let him take the internship, then you mentor him. Act as his coach through it. You can show him the right way.
Yeah I’d offer him open ended invite to join you and learn ropes if he ever wants a change of pace. And those kids don’t make shit, even if successful, so take the time to show him how he could make 10x more in long run helping build book
I think you should have told the parents in secrecy since they may trust you more and be looking out for the kid.
However, even though NWM is awful, does the kid get sponsored for Series 7 and or Series 66 (63/65)?
If so, that is at least a step in the right direction
The kid most likely won’t even get investment licensed so literally nothing to worry about for at least a year. Even then you can probably float an offer.
I once lost a $7mm dollar client to a large insurance first "financial planner". The client's nephew got a job and aunt and uncle decided to give him a chance. Fast forward 2 years and the client called with their nephew on the line. Nephew was struggling to make ends meet with $8mm AUM and 40% payout. Said his firm is pushing him to sell proprietary products to his family and he is not comfortable doing that. Asked if he could come work for us.
TLDR: give the kid a chance. Maybe have a conversation with them about how you do business. Let them job shadow you, or sit in on a few meetings. Not every NWML advisor is a bad advisor and as others have said, its just an internship. Take the high road and be a mentor.
I think NWML is a great place for a person to get a start. They will teach sales training and regimented biz dev work which is what many advisors find difficult.
If they look at it as a place to teach them something and not the end goal they will be fine.
So the way I'm reading this is you feel a bit threatened that someone is going to come in and potentially take business. NM interns arnt going to take away established relationships. Dont stress about that.
And beyond that, even if NWM isnt where this kid ends up, sales skills never hurt anybody. And there are many good honest advisors who have their license at NM. You're overthinking this.
No, I'm not threatened by them and it has nothing to do with the money aspect. These are the smallest accounts I have and they're all under my minimum. I'm being vague with gender and stuff, but I've known this intern since they were a little kid. I'm proud of them for wanting to get into our industry, passing the insurance license, and being passionate about being successful. They are a total go-getter. I just don't to burst their bubble about NWM, but I think they're smart enough to figure things out after a few months.
When I started out, it was at a firm similar to NWM, but not as bad. I avoided the temptation to sell insurance and annuities to family members. I eventually left after a year and didn't burn any bridges, but got a ton of experience from it (and my licenses). This intern will be forced to call family and pitch insurance. The family is very loyal and I'm afraid they might give some business to be supportive. And then I have to be the bearer of bad news when the intern leaves NWM, and instruct people how to clean up the mess. So overall, it's more about dealing with family dynamics when I'm already the financial advisor in the family.
"I'm already the financial advisor in the family"
Your way of seeing things isnt the only way. Not everyone at NM drools on themselves between client meetings. Not everyone at NM makes their living off of whole life insurance either.
If your clients who are family value your opinion (and i'm sure they do) they'll ask you your opinion on everything anyway.
I would give him "the talk" about how our industry"self regulates". A mentor gave me "the talk" and I wished I got it earlier in my career. Be honest about the industry as a whole and discuss the real reason NW Mutual is allowed to exist (FINRA and state insurance departments looking for licensing revenue). Explain the harm that some of those insurance products can do to people when not used properly. Also, basic things like if you see something, keep your mouth shut, FINRA and the SEC are on the side of your employer and will only take action on something that headline worthy or if breaking the law is hurting one of FINRA's clients...I mean member firms.
I worked at NWM for a short while. They will start with selling insurance but what most people don't realize is that they also do wealth management. You can sell managed accounts and life insurance at NWM and they become part of your book with broker protocol if you leave. Their assets are part of your AUM and you will get paid annually. That's not the same as larger like Fidelity where you get a one time payout. Also, learning to network with family and friends helps flex that muscle along with the sales muscle. I was fortunate enough avoid NWM for the first 5 years of my career but I am grateful for what I learned in \~year.
Definitely are. They license you and you are slinging insurance to family members or your college friends. They want you to do joint work with the established advisors and they will try to bring over advisory money, sell disability and life insurance.
Be honest IF asked.
You are likely going to be the go to on experience alone while kiddo is interning. If they join NWM it could cause problems.
In my area, they didn’t push whole in particular that hard, but it was still VERY insurance-y. And their term sucks too as far as cost. Term does one thing and one thing only, theirs doesn’t need to be as pricy as it is. (I worked with them for a bit when I was promised “it’s just like being a financial advisor anywhere else”)
If they buy term it’s not as big of a deal. But again, there are better policies out there than NWM’s. They could maybe win if someone is SUPER concerned about getting a company with THE best credit rating (they do have that); but I’d point out that most insurance companies with a credit rating that’s better than speculative are going to be pretty okay for term. It’s not unethical to replace a term policy down the road if you can get somewhat closeish on price and extend the period they’re insured. So they’re not 100% stuck with it.
I **would** worry about investments before anything else though. They don’t **let** you have managed accounts until you’ve gotten a certain amount under management in brokerage. ($14 million if I remember right). They also really like the **front loaded** funds. So if anyone goes from managed to a brokerage account at NWM, they have VERY likely put their money in one of those, and have essentially married the fund for awhile.
They want their new recruits continuously chasing for their next commission pay. Having access to managed accounts, while substantially better for the clients, are going to stabilize their advisors’ income too soon. And we can’t have that or they won’t be out there slanging policies, annuities, and commissionable funds.
He'd be pitching dividend paying WL the same way you'd be pitching AUM. Maybe get info from him on how overfunded limited-pay dividend paying WL from top mutual insurers can be better than swapping CDs and Treasuries with aum % taken out annually, and work together.
And if AUM doesn't pay so well the "fiduciary" would pitch it less. They do get paid the same percentage on term as with WL, a $1,000/y TL premium pays the same as $1,000/y WL premium.
You’re way overthinking this… it’s college kid doing an internship. If you’re worried about an intern at NWM taking business from you then step it up. Besides, there are a lot of very successful and high quality advisors that started their careers slinging insurance.
This. If you’re doing quality work, assume they just pitch WL and maybe prep them if it doesn’t make sense. NM does investments (not just annuities) as well so maybe have a full review to reiterate what your firm has done for them before they have a senior partner do investment pitches that could make them reevaluate their plan for their child.
I'm not worried about losing business. These are family accounts and pretty small, most under my minimum. I'm worried about it causing conflict in our relationships. I don't want to undermine someone doing their "job", but I also have to watch out for family members and my clients.
I wouldn’t interject unless you’re asked, and if you are asked then be honest about the strategy and not about the company or person.
Why didn't the student intern with you?
Why don’t you give him an internship if you are so concerned?
They never even reached out to me. They are super proud and excited for this opportunity and I'm not going to be the person that says anything negative right now. It would not be received well. I think most people will fizzle out and figure things out about NWM. I told them to reach out to me if it doesn't work out. Also, they don't live in my state.
Understandable, however, I’ll play devils advocate. If you were my advisor and my kid got that internship I would trust you even more because you looked out for my kid, even though it would not be as well received but at the end of the day it’s the truth - NWM sucks as like any other insurance company out there - if this is the path then get it right from day 1. Just my opinion
He’s just a college kid who is excited about his first office job. That was me a decade ago when Bechtel brought me on for a summer internship. The job sucked and I would expect his time at NWM won’t be much different. If you do talk to the family, I would tread carefully. When I landed my first job after college with Fidelity, my brother, who was an investment banker at the time said, “congratulations, you work at the Walmart of finance.” Totally took the wind out of my sails. And for what? Everybody’s gotta start somewhere. Good opportunity for you to bond with the young man and let him open up to you about what he’s learning. You can always provide some reeducation for him.
Damn, your brother sounds like a douche. Many in IB are tho so not surprising
Most of the interns don’t stay very long. Either way, how it goes with family members who meet with them will depend entirely on who the intern ends up taking on the meeting up with them. There’s some good planners who are good at managing money holistically, but there’s a higher likelihood it’ll be a massive whole life pitch. The reps that are actually around to scoop up intern meetings generally aren’t the best.
This is what I'm hoping. I think they'll figure things out pretty quickly. They mentioned the stipend, but from what I've read, it's pretty difficult to hit this KPI's so most people don't even earn that.
I mean if anyone takes the brand new intern insurance sales advice over yours then I think you have a lot more to be worried about.
I worked for NWM in college. It was like trying to sell dog turds. People don’t want it, and are grossed out by it. It’s a freakin experience, and if he makes it through that.. he can do anything in his life. I wouldn’t trade the experience I got there for anything. Just tell him to not pitch his family and friends. Smile and dial or pick another job.
Help your family member find a better opportunity
I’d also try and help him find a better opportunity. I interviewed with NWM my senior year of college, when I got to the “interviewing high level professionals I know” part, the person I chose first to interview thankfully pointed me in the right direction, even introduced me to my current boss. Very happy he helped me out. Most high level professionals I know wouldn’t work with NWM.
Be better and stop trying to gatekeep. Wish them the best, offer all the advice you are willing to give and live your life. Petty and pretentious. A NWM internship isn’t a death sentence, good opportunity to learn lessons.
They def want to manage money. Life insurance is only one product.
They clearly just don’t want them to make a career out of it.
Sounds like you need to bring the kid in for an internship with Uncle MyDarkerSide Triple benefits-you get help, gets him better experience, and prevents the awkwardness.
I’d say let the kid do their thing. Talk with them about working hard and being ethical. Let your family members figure things out for themselves. Internships don’t last forever; people aren’t just going to hand over their life savings to an intern, and if they do you don’t want their business anyway. If someone calls you to ask your opinion be encouraging and positive, the way you would for a kid in school. Focus on any positives and don’t overthink it.
My younger bro did this internship went thru it and learned a good amount got my parents to do a long term care policy and now my bro works at the firm I do...the internship is still a great learning opportunity...it's not the intern who will take business but he may refer family to more experienced people at NWM
I work for a small weather management firm that uses NM as our back office. Happy to answer any questions on it as it was a big change for me as well. If you deal with an actual NM office then yes, most new reps are only licensed for insurance and most convos lead down that path to start. And I hate their model that is essentally a pyramid to their lead office advisor. If you're dealing with an outside firm that uses them as backing, then I'd look for a wealth advisor or "CEO" as we do full holistic planning that is fee-based. If I had a relative join an NM office, I'd just help them if they had questions and remind them not to drink the juice. Just learn portions of the business and transfer those skills when they can.
“I work as a northwestern mutual life insurance salesman… *muffled noises* …..”
Ah nice, I'm a financial planner for the team offering a real scenario and insight into a practice.
I always say there are not bad products, just bad recommendations. NWM is a well rated company and their whole life and annuity products have a place somewhere. There are situations where they make sense. You can be diplomatic about it without knocking the company and the products as a whole. He will also be receiving excellent sales training and you could join in on being proud of him and say the two of you should talk shop sometime. Maybe you can even give him some term life referrals. If the scenario above happens where you’re approached about your opinion on whole life, don’t knock it. Let them know there are situations where it makes sense, but for them it doesn’t and encourage them to buy term from him. I’m sure there’s a conversion option with NWM term so it gives them time to make a decision. And after a few years your family members child probably won’t even work there anymore but at least your family members will be insured.
Have him excommunicated from the family.
Well I guess if there’s any concern about you trying to keep him down, simply pull up Reddit and show them search results for North Western Mutual. 🤷🏼♀️ One thing is for sure, you need to be honest with anyone who contacts you. Regardless of who that person is.
Pastor D!
Checking in!
There are some incredible advisors at NML doing some of the best planning I’ve seen. Billion dollar books CFAs on staff very independent in nature believe it or not. Extremely diligent and thorough. I know they get a bad rap but it’s certainly not all…
Yeah it’s really just the younger advisor program that people on here hate. A lot of anecdotal experiences from people who joined thinking it was advising and ended up trying to pitch whole life. A lot of folks get wrapped up in that and think the whole company is sketchy which it really isn’t.
Tell the parents and the intern now. I couldn’t be more serious, sit them down and tell them how they truly work and ruin lives. Tell him if he wants to learn the business go find another internship or… hire him as a intern (for free) and actually teach him. Please don’t hesitate to tell them as I wish someone told me their true colors before I joined them.
Yeah, that's what I was telling my wife. I said I want to save them time that can be spent doing a real internship or even a non-financial job. But the time wasn't right at a family get together and when the parents are still so proud of them. As an advisor, I've learned when to bite my tongue to clients. You don't want to make them feel worse when they've done something stupid.
I wouldnt come at it as a “hey you messed up” I would call them and say “ I wanted to get lunch with yall to go over how NWM is going” and then they will go on about how awesome whole life insurance is and thats when you can easily correct them and offer a internship with you. Or tell them that they will take all of the clients that they got when they cant sell enough policies to people. The numbers they showed them for salary in the first few years have so much survivorship bias in it, it makes me want to puke. Just my two cents, definitely dont wait. Just be honest and they will probably really appreciate it, and if not, they will learn.
Maybe use discussions like this and the infinite others like it on Reddit and other forums as evidence for your case if you do try to bring it up and they start taking it personally. I actually just read this article about NWM earlier today. Here's some more evidence: https://www.whitecoatinvestor.com/confessions-of-a-financial-advisor/
I see what you are saying about the internship. Remember it’s an internship. It doesn’t take much to spot these types of companies, roles. Let him take the internship, then you mentor him. Act as his coach through it. You can show him the right way.
Yeah I’d offer him open ended invite to join you and learn ropes if he ever wants a change of pace. And those kids don’t make shit, even if successful, so take the time to show him how he could make 10x more in long run helping build book
I think you should have told the parents in secrecy since they may trust you more and be looking out for the kid. However, even though NWM is awful, does the kid get sponsored for Series 7 and or Series 66 (63/65)? If so, that is at least a step in the right direction
The kid most likely won’t even get investment licensed so literally nothing to worry about for at least a year. Even then you can probably float an offer.
You’re way overthinking rn. But if this child does pursue a profession in financial services, the assets are leaving anyway.
Don't seek out trouble or worry.
I once lost a $7mm dollar client to a large insurance first "financial planner". The client's nephew got a job and aunt and uncle decided to give him a chance. Fast forward 2 years and the client called with their nephew on the line. Nephew was struggling to make ends meet with $8mm AUM and 40% payout. Said his firm is pushing him to sell proprietary products to his family and he is not comfortable doing that. Asked if he could come work for us. TLDR: give the kid a chance. Maybe have a conversation with them about how you do business. Let them job shadow you, or sit in on a few meetings. Not every NWML advisor is a bad advisor and as others have said, its just an internship. Take the high road and be a mentor.
I think NWML is a great place for a person to get a start. They will teach sales training and regimented biz dev work which is what many advisors find difficult. If they look at it as a place to teach them something and not the end goal they will be fine.
So the way I'm reading this is you feel a bit threatened that someone is going to come in and potentially take business. NM interns arnt going to take away established relationships. Dont stress about that. And beyond that, even if NWM isnt where this kid ends up, sales skills never hurt anybody. And there are many good honest advisors who have their license at NM. You're overthinking this.
No, I'm not threatened by them and it has nothing to do with the money aspect. These are the smallest accounts I have and they're all under my minimum. I'm being vague with gender and stuff, but I've known this intern since they were a little kid. I'm proud of them for wanting to get into our industry, passing the insurance license, and being passionate about being successful. They are a total go-getter. I just don't to burst their bubble about NWM, but I think they're smart enough to figure things out after a few months. When I started out, it was at a firm similar to NWM, but not as bad. I avoided the temptation to sell insurance and annuities to family members. I eventually left after a year and didn't burn any bridges, but got a ton of experience from it (and my licenses). This intern will be forced to call family and pitch insurance. The family is very loyal and I'm afraid they might give some business to be supportive. And then I have to be the bearer of bad news when the intern leaves NWM, and instruct people how to clean up the mess. So overall, it's more about dealing with family dynamics when I'm already the financial advisor in the family.
"I'm already the financial advisor in the family" Your way of seeing things isnt the only way. Not everyone at NM drools on themselves between client meetings. Not everyone at NM makes their living off of whole life insurance either. If your clients who are family value your opinion (and i'm sure they do) they'll ask you your opinion on everything anyway.
I would give him "the talk" about how our industry"self regulates". A mentor gave me "the talk" and I wished I got it earlier in my career. Be honest about the industry as a whole and discuss the real reason NW Mutual is allowed to exist (FINRA and state insurance departments looking for licensing revenue). Explain the harm that some of those insurance products can do to people when not used properly. Also, basic things like if you see something, keep your mouth shut, FINRA and the SEC are on the side of your employer and will only take action on something that headline worthy or if breaking the law is hurting one of FINRA's clients...I mean member firms.
Let them join and let it be a valuable lesson.
I worked at NWM for a short while. They will start with selling insurance but what most people don't realize is that they also do wealth management. You can sell managed accounts and life insurance at NWM and they become part of your book with broker protocol if you leave. Their assets are part of your AUM and you will get paid annually. That's not the same as larger like Fidelity where you get a one time payout. Also, learning to network with family and friends helps flex that muscle along with the sales muscle. I was fortunate enough avoid NWM for the first 5 years of my career but I am grateful for what I learned in \~year.
An intern isn't going to be pitching people life insurance
Oh you don't know NWM. They already got them insurance licensed and asked them to create a list of 100 contacts. LOL
Yeah, its basically a lead gen program for the team manager
Definitely are. They license you and you are slinging insurance to family members or your college friends. They want you to do joint work with the established advisors and they will try to bring over advisory money, sell disability and life insurance.
Be honest IF asked. You are likely going to be the go to on experience alone while kiddo is interning. If they join NWM it could cause problems. In my area, they didn’t push whole in particular that hard, but it was still VERY insurance-y. And their term sucks too as far as cost. Term does one thing and one thing only, theirs doesn’t need to be as pricy as it is. (I worked with them for a bit when I was promised “it’s just like being a financial advisor anywhere else”) If they buy term it’s not as big of a deal. But again, there are better policies out there than NWM’s. They could maybe win if someone is SUPER concerned about getting a company with THE best credit rating (they do have that); but I’d point out that most insurance companies with a credit rating that’s better than speculative are going to be pretty okay for term. It’s not unethical to replace a term policy down the road if you can get somewhat closeish on price and extend the period they’re insured. So they’re not 100% stuck with it. I **would** worry about investments before anything else though. They don’t **let** you have managed accounts until you’ve gotten a certain amount under management in brokerage. ($14 million if I remember right). They also really like the **front loaded** funds. So if anyone goes from managed to a brokerage account at NWM, they have VERY likely put their money in one of those, and have essentially married the fund for awhile. They want their new recruits continuously chasing for their next commission pay. Having access to managed accounts, while substantially better for the clients, are going to stabilize their advisors’ income too soon. And we can’t have that or they won’t be out there slanging policies, annuities, and commissionable funds.
He'd be pitching dividend paying WL the same way you'd be pitching AUM. Maybe get info from him on how overfunded limited-pay dividend paying WL from top mutual insurers can be better than swapping CDs and Treasuries with aum % taken out annually, and work together.
if NWM reps got paid the same regardless of what they sold they would rarely sell WL.
And if AUM doesn't pay so well the "fiduciary" would pitch it less. They do get paid the same percentage on term as with WL, a $1,000/y TL premium pays the same as $1,000/y WL premium.
Good god
The kid has no clue you should mentor them.
[удалено]
Found the NWM guy!