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Can Northwestern Mutual offer me anything competitive?

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  • djohnflatfeecfp
    replied
    Have him take you out to a few dinners to try and convince you to stay.  Maybe you can slowly get back some of the commissions you paid him.

     

    As Hank said - run, don't walk!

    Leave a comment:


  • huskie92
    replied
    Good idea. Done




    Suggestion:  Edit the title to the correct name of northwestern mutual.  If you do a forum search on northwestern mutual this one doesn’t show up because of incorrect name.  Seems like a useful thread because of the ubiquity of NM at residency programs and the generally poor practices of NM based on the response to this and other threads.
    Click to expand...


     

    Leave a comment:


  • notadoc
    replied
    Suggestion:  Edit the title to the correct name of northwestern mutual.  If you do a forum search on northwestern mutual this one doesn't show up because of incorrect name.  Seems like a useful thread because of the ubiquity of NM at residency programs and the generally poor practices of NM based on the response to this and other threads.

    Leave a comment:


  • Jason Veirs
    replied
    As others have mentioned, NWM's policies are severely overpriced, but yet they still continue to be a main player in the insurance industry, as they HEAVILY recruit new agents and try to get them to sell to their "warm market", by bugging all of their family and friends and asking them to talk about insurance. Most agents end up losing said friends and failing out of the business within a few years, but a few of them continue to go on and become 'successful'.

    They will also tell you that a WL policy offers tax-deferred growth and that you can access the cash via a policy loan, which is essentially tax-free, but don't buy into it. It's essentially a "bank on yourself" sort of concept that many of the captive carriers pound into the head of their agents. They also try to come across as 'advisors', which is quite comical.

    Anyway, he will continue to call you, so I would just avoid his calls. In fact, there's an old saying in the industry which refers to many of the captive agents, and it goes like this: Hire them in masses, train them in classes, and then fire their....

    Either way, it's a good thing that you found WCI and purchased his course, as you will not make these sort of mistakes moving forward.

    Leave a comment:


  • The White Coat Investor
    replied
    For those of you who said, "Who needs a WCI Online Course?", well, now you know. I get emails like this every day. I haven't put one on the inappropriate WL policy thread in a while though. Probably ought to.

    Thanks for buying the course huskie92, and no, there is no reason to go back and meet with the NML advisor. You are likely going to face some tough questions about whether to keep policies you've already bought unfortunately. These posts will help:

    https://www.whitecoatinvestor.com/how-to-evaluate-your-own-whole-life-policy/

    https://www.whitecoatinvestor.com/how-to-dump-your-whole-life-policy/

    Leave a comment:


  • Lithium
    replied
    Hopefully the WCI course teaches you what the conflicts of interest are for insurance agents and financial advisors.  To sum it up, insurance salesmen get gigantic commissions from selling products, and when they charge for assets under management (i.e. their compensation scales linearly with how much you invest with them) they will almost always advise you to invest in their accounts, rather than do anything else (HSA, 457(b), paying off your mortgage, buying investment properties, the list goes on).

    I'd move those old Roth IRA's out ASAP.  The only thing unique about their IRAs is they're probably charging fees for services you can essentially get for free through any self-directed broker.

    Leave a comment:


  • ACN
    replied
    This is a business decision.  Take emotion out of the equation.

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  • VagabondMD
    replied
    ^^

    I totally agree. Stop returning his calls. Do not meet with him. He is a well-trained salesperson and will get you to buy stuff that is not in your best interest. He is not your friend.

    Leave a comment:


  • Rando
    replied
    The short answer is no.  On the investment side you will be better off either finding a reputable financial advisor, or doing it yourself after you learn the basics.  As far as insurance goes I used to have NWML for both life and disability, and was able to get much better pricing through an independent agent that worked with multiple insurers.

     

    I don't know specifics about their IRA's and you don't say what the holdings are in your IRA, but again my guess is you could do better elsewhere.  i suspect you are being charged fees and the holdings are in mutual funds with relatively high expense ratios.  Using a low-cost brokerage for the IRA's and building a simple investment plan would probably be much better than NWM in the long run.  The WCI course will probably answer these questions for you.

    Leave a comment:


  • Hank
    replied
    No.  Nothing.

    Run, don't walk.

    Leave a comment:


  • Can Northwestern Mutual offer me anything competitive?

    I think my NWML advisor feels the breakup coming as my wife and I are beginning to take more control of our retirement. I have told him we are holding off on any more policies etc until I can go out and do some research on my own. I have found them to be much more expensive than other options.  He, of course, responds to me about coming in and he can walk us through all our options for retirement with what we want. So, my question is, Does NWML have any products that are worth while for us looking into? Are they a company we want to get in bed with more than we already are? We have maxed my wife's 401k but not my 403b yet. I also just found out that I am eligible for a government backed 457 plan through my school. Our agent has talked in the past about having assets like a 401k/403b that are pre-tax and then having other assets that are post tax dollars (cue the whole life policy we almost bought into). It was something about balancing tax implications with respect to the market or something like that. To be honest I didn't really understand. We do have some old roth IRA's through them that we don't contribute to anymore. How are their IRA's? Anyways, I have started the WCI course but haven't gotten to the insurance part yet so perhaps my questions are answered there.

    Thanks very much!
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