'Friends block you': NW Mutual sold grads a dream job that left them ruined
21 hours ago
- #insurance-sales
- #financial-ethics
- #predatory-recruitment
- Northwestern Mutual markets itself as a prestigious financial advisory firm but primarily pushes interns and new graduates to sell whole life insurance policies to their personal networks.
- Interns are required to gather contacts from friends and family, make cold calls, and sell expensive whole life insurance policies, often without proper financial training.
- Whole life insurance policies, which Northwestern heavily promotes, offer poor returns compared to traditional investments and are difficult to cancel without financial loss.
- Many interns and new hires drop out due to low earnings, high pressure, and ethical concerns, with turnover rates estimated at over 90% in the first year.
- Northwestern’s recruitment tactics target college students with promises of high earnings and a career in financial planning, but the reality is focused on insurance sales.
- Former employees describe a toxic, cult-like sales culture that prioritizes quotas over ethical financial advice, leading to strained personal relationships.
- Despite regulatory fines and criticism, Northwestern continues its aggressive recruitment and sales strategies, benefiting from legal loopholes in financial advisory titles.
- Lawmakers and consumer advocates criticize the company’s practices, but strong industry lobbying has prevented stricter regulations on insurance sales.