Pros
I can't think of any pros for the Northbrook/Deerfield office, which is unfortunate because I don't think that office does any justice for Northwestern Mutual as a whole.
For those considering jobs in Chicago, here are a few pointers:
- The Wacker Dr. and Rosemont offices are saving the culture for Chicago. Be wary of the others, particularly Deerfield.
- Find someone to talk to in order to get an honest opinion before accepting a position (especially for an assistant/AFR to a financial advisor). Each advisor is very different. Few treat their employees well. I HIGHLY RECOMMEND: find someone in the same position or ideally, a former employee at that office(filter on LinkedIn and shoot them a message). Assistants, especially those in the district offices, know the advisors well and could hopefully be trusted to give you an honest review.
Here's the reality: you likely stumbled upon a financial advisor that is looking for an assistant.
PROMISING IF: they are a rookie rep (0-3 years max) with the company. That means they likely are doing well enough in premium/goals to afford an assistant, which means that they have a promising future ahead. In the interview, drill them to ensure that this is the career they want. Good news is, those that don't succeed or hate it, don't stay longer than 1 or 2 years.
SUPER SKEPTICAL IF: Veteran financial advisor (worked 5, 7, 10+ years) is looking for an assistant and has 0-1 other assistant. If you are being hired by a veteran advisor, and you are about to be hired as their only assistant, DO NOT fall for the trap. Remember, they are sales people first, so manipulation is an actual strength for them. In this scenario, the financial advisor likely filters through assistants frequently. Which means, their assistants are over-worked, underpaid, under-appreciated, etc. - hence the turnover. To confirm, feel free to ask: how long did your last assistant work with you/how many assistants have you had during your time with NM?
I'm going to be very frank here: most veteran advisors making a cringe-worthy amount of money. And I mean A LOT of money. They spend more time running like chickens with their heads cut-off around the office because their life is consumed by a money-making mindset, rather than giving you the time of day so you can be trained well and grow professionally. If you are a strong enough candidate, a veteran advisor will also likely jump to give you an offer because they are desperate - they could only survive so long without having a committed assistant to prevent their business from drowning.
Cons
Once again, this review is based on the Northbrook/Deerfield office, which I don't think speaks for the company as a whole:
1) GENDER DISCRIMINATION. It's real. It's felt. It's not okay. I helped a financial advisor hire an assistant and he did not want a male assistant. Males' resumes were discarded. Only females were interviewed in the process.
2) ZERO DIVERSITY: Feel free to count the amount of male financial advisors. I can help you (9/10, if not all). Feel free to count the amount of females financial advisors (as it stands, ZERO). Female assistants: about 25/30, male assistants: about 5/30.
I have no comment regarding race. You can guess the majority. This is not the Northwestern Mutual people know. This is not okay.
3) Salary Discrepancies. There's a huge gap in salaries for the same positions - it all depends on the advisor you worked for. From knowledge, AFRs/assistants ranges went from $40-60K. You're going to be low-balled. Negotiate because I promise you're worth more than the initial offer they put down. I also got scolded for knowing people's salaries, talking about them and addressing the discrepancies. This is not okay.
Overall, I am disappointed with the Northbrook/Deerfield office, the management and culture there. I wish I knew what I know now before I was manipulated into my offer . Financial advising is actually important though. And some advisors at NM are commendable. Please ask around before you fall into the same trap as I did. Ask former employees of the office. Ask current ones. Just do not accept an offer blind-sided.
