I get pinged every other week on LinkedIn by Northwestern Mutual Financial Advisors. I typically just ignore them. Recently, I had a conversation with one and he was pointing out things that I “may do better”. I have most of my money on Amazon RSUs and S&P 500 ETFs. Would it be worth to invest with a Financial Advisor? Is it worth it get Life Insurance with them instead of complementing the Amazon one? TC: 270k #personalfinance
Northwestern Mutual is a scam. The people they hire don't know anything about money or wealth. At your TC you should continue handling finances yourself in my opinion (especially if your W2/stocks are your only income sources). Consult with a good tax attorney if you start getting into alternative investments.
How do I find a good Tax Attorney?
Graham Stephen is all you need in life /s
I've had really positive experiences with northwestern mutual. They are policy holder owned and very secure ratings. People just don't like being told they don't have enough life insurance or that they should diversify.
Would you recommend complementing the employer provided life insurance or would you buy it from a different provider?
I bought my own whole life policies outside employer. My employer coverage is about 1.5 million but if I ever lose employment, it's gone and then I've got a gap in coverage to deal with. I own about 450 in my own coverage that's pretty cheap while I'm young and healthy. This means I'm always insurable. And no matter what happens with employer, my family won't be completely high and dry. I also got disability and in some states (not CA) you can add a long term care rider. My employer life insurance is through MetLife and personal is NWMutual.
If you want life insurance, get term instead of whole life. Term is a commodity and you can get it anywhere. Just an FYI, when you try getting term, they will always push whole life as the commission is 10x vs term.
Would you get a term policy outside of what you have with your employer? What would be the benefit of doing this? For example, Amazon pays for 2 years of base salary in life insurance, and I complimenting with 8 more years of base salary (10 years total).
It really depends on your situation. I have a young daughter so have $1.5m in insurance outside of my work (only $20k). I chose that amount so that it would help but not be a lotto ticket for my wife in case something happens.
There are some excellent experienced advisors at NM and many novice inexperienced ones. A great adviser goes a long way.
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No they are scam. Only makes sense for high salary ($1 million+ a year) jobs for the tax effectiveness. Most devs with high comp have it in stock so you can just sell it for long term cap gains
Awesome! Thanks for the advice