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  • VagabondMD
    replied




    Sounds like they just follow a good marketing plan for targeting physicians. Can you imagine if people chose their doctors in the same way?
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    Many do.

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  • jfoxcpacfp
    replied
    Sounds like they just follow a good marketing plan for targeting physicians. Can you imagine if people chose their doctors in the same way?

    Leave a comment:


  • jpa
    replied
    They came and gave us a free-lunch and presentation on disability insurance while i was a 2nd year med student.  I'm suspecting they're also going to be at our loan counseling session at the end of 4th year.  I'll take all the free food they want to throw at us, but I (respectfully) told all my friends that 75% of what they said was misleading/bad advice and refer them to WCI

    Leave a comment:


  • RogueDadMD
    replied
    They've got their own niche group marketing to docs. They have periodic dinners targeting docs from my U at fancy steakhouses.

    I had the impression they have okayish advice at a high price. Didn't know they pushed whole life so hard.

    I briefly worked with a group (Larson Financial) that was started by someone who used to work for NWM. Larson focuses entirely on docs (and dentists).

    I got occasionally decent advice, increasingly bad service over the time I was with them, and was charged a high price (outrageous AUM fees). We cut ties when one of their company namesakes breached my contract (since WCI doesn't want libel issues -- I'll give the caveat that this is view isn't shared by Larson, and I didn't pursue anything other than getting some of my fees back).

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  • OUSOONERDOC
    replied
    I currently have term and disability with NWM. They did come speak to our med school and residency class. Luckily I was already an avid reader of WCI and didn't fall for the Whole life or financial planning ploy. I think I told them, "My financial plan is easy, pay off my student loans. I don't need to pay you to tell me that."

     

    It is on my to do list to shop around to see if I can get better prices on the term and disability since I have had them for about 3 yrs now.

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  • Hank
    replied
    NWM "financial advisor"? Perhaps salesweasel would be a more appropriate phrase.

    Has anyone here received worthwhile advice about using an employer's qualified funds, doing a back door Roth, refinancing and paying off student loans, or purchasing a residence? Any suggestions on taxes other than to purchase whole life and/or an annuity? Have any of these Northwestern Mutual guys claimed to act as a fiduciary?

    There are a lot of things that real financial advisor should help you with. Somehow with NWM the answer always is an insurance product. Not the highest quality, best priced insurance product, but the one from NWM.

    Again, salesweasels.

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  • VagabondMD
    replied
    NWM seems to have a strong marketing program geared toward physicians, perhaps more focused and successful than competitors like Mass Mutual and New York Life.

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  • Muaddib
    replied
    I got hooked by NWM after training, asked one of my partners about financial planning and he gave me the name.  didn't know much at the time.

    My partner had super over funded his whole life policy so the cash value had just started to make good returns (at year 7).  He had said they hemmed and hawed about whole life vs term before starting but by that point it made more sense to keep the policy.

     

    I should have thought something was up when 1 year after starting our "relationship" with NWM, I received a generic email from the "financial planner" seemingly a mass email asking for motivated people who were interested in a job in the the exciting and fulfilling field of insurance.

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  • Miss Bonnie MD
    replied
    Seems like they have relationships with many residency programs and they do "free" seminars. It wasn't NWM for me, but some other company that kept emailing me during residency offering similar services.

     

    Thankfully I was clueless AND ignorant so ignored all the emails, lol, until I finally read WCI's book etc.

    Leave a comment:


  • WallStreetPhysician
    replied




    So I just read yet another thread where a physician graduated training with an annuity from NWM. What is it about this one company that so many physicians graduate training tied to one of their products? Do they have some kind of exclusive contract with a lot of medical schools and training programs? Has anybody in forumland had a good experience with this company?
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    When I was an intern, a Northwestern Mutual financial advisor gave us a talk about personal finance and investing. In just an hour, it was hard to get through much and it was much more common sense stuff to even non-financially oriented interns. They had snagged the program director when he was a resident, so that's why he came in to talk with us. I occasionally get hospital pages from financial advisors (not necessarily NM) -- not sure how they're able to pull that off, but it's kind of messed up.

    -WSP

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  • jfoxcpacfp
    started a topic Northwestern Mutual

    Northwestern Mutual

    So I just read yet another thread where a physician graduated training with an annuity from NWM. What is it about this one company that so many physicians graduate training tied to one of their products? Do they have some kind of exclusive contract with a lot of medical schools and training programs? Has anybody in forumland had a good experience with this company?
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