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I interviewed with them for that program and to me, it sounded like a cutthroat sales position where you sell their insurance products to your family, friends and acquaintances you haven't talked to in years, basically anyone you can sell to at the expense of your reputation, private life, etc. You're not given any warm leads or anything because it's not like a regular RIA at big firms, and you literally start from scratch by going through your contacts list.
Best program there is — you learn everything you need to know specially when it comes down to Client facing. When done the right way, you’ll do real financial planning that is valuable to clients. He’ll also learn how to run a business. If for whatever reason Northwestern doesn’t work for you, you can go to an RIA firm or a big bank in the offer for you upwards of 100 K.
Thank you for the insight. Do you know what the base salary is for an FA? I know most positions there are commission based.
I completely disagree with FA1 and agree with the other comments. All it is, is a sales position to sell life insurance not a single person in my training class was a CFP or was even thinking about getting one. Success is only measured by sales. You don’t even receive a base salary. And yes, you are supposed to provide them with a list of 200 people, your best prospects, and they keep that list even if you leave.
I don’t even know how an NWM or NYL or other insurance company agent can get a CFP when they are so product oriented.
It's for people who don't have the degree/connections/grades to get a real job in finance so they harass people into buying shitty life insurance.
That said, if you don't have a way to get into real finance it's better than alternative steps you can take.
better know 200 old people with cash to hand over to your superior.
Not to be elitist, but not an FA. If they pass a standard for the title Financial Advisor, none of them will get it.
Their insurance products are OK, but the pressure to sell them is not good for clients.
I've taken so many from them I've lost count. Energy time I start with the wife's 403b, do a review, Shoe them math, and get transfers.
That being said, take the opportunity if it's your only option, but go in eyes wide open, and be ready to jump when something better shows up.
It’s the sleaziest of sleazy roles. Pays well if you meet your goals. Also, better not be afraid to ask anyone (including family and friends) for business.
it’s a scam, they have you sell to your family
Run!! Go work for Fidelity or Schwab to gain industry experience and certifications then transition to a RIA.
It is a heavy sales role, if you have no other options when you graduate, take it if you want to get into personal finance industry. If you have other options you're likely better off. I went corporate finance instead.
Sell to all of your contacts, if you hit their goal they will pay you and train you if not you hit the bricks with a sore a**. 0/10. If you’re looking for experience in a high pressure sales role and look at your relationships as potential transactions go for it.