Northwestern Mutual, established 168 years ago and ranked 109 on the Fortune 500, presents itself as a prominent American financial institution, offering specialized financial advice. The company describes its financial advisors as “trusted partners” who assist clients in reaching their financial goals. It is also recognized as one of the best employers for recent graduates, attracting many college students seeking internships in financial services.
Every year, interns arrive at Northwestern’s modern offices for a three-month program, often alongside full-time financial representatives, many of whom were recent graduates. The company’s recruitment efforts at colleges emphasize the promise of lucrative careers in finance, enticing students with slogans like “The Career You Want at a Company You’ll Love.” Job postings highlight “performance-based pay” and “uncapped earnings,” creating an allure of potential wealth.
An internship applicant, Jeremy Biar from Texas A&M University, attended a recruitment event where he was encouraged by speakers touting the benefits of becoming a financial advisor at Northwestern. During the interview process, however, he encountered atypical questions more aligned with fraternity recruitment than professional hiring.
The training for interns focused on networking rather than financial education, with an emphasis on compiling extensive contact lists to generate sales leads among friends and family. Interns are pressured to maintain daily call quotas, but critiques arise concerning the effectiveness of this approach, highlighting concerns that the model may not adequately prepare them for careers in financial advising.
Conversations with current and former employees reveal a pattern in which recruitment efforts appear to prioritize contact generation over developing future financial advisors. Critics argue this could reflect a systemic issue within the company. Although claims of substantial earnings exist, many representatives report earnings beneath livable wages before exiting the company.
The company’s focus on selling whole life insurance products raises additional questions. Whole life insurance is expensive and often fails to meet financial needs, with some agents admitting that they promote these policies as foundational to financial plans despite their complexity. This has led to concerns about the adequacy and suitability of the products being sold.
As Northwestern continues to recruit aggressively, the long-term impact on both its clients and new advisors remains to be seen.
Source: https://www.theguardian.com/business/2025/nov/24/northwestern-mutual-insurance-jobs-hiring