Northwestern mutual financial advisor
Recently got approached by a NW financial advisor pitching in about financial planning to build wealth, tax efficiency etc. Anybody has any experience with these people? Is it worth to work with them? So far I've been just investing in stocks myself, nothing else from investment perspective. Goal is obviously to grow my Net worth. #personalfinance #investments
Why wouldn’t you just use a fidelity advisor since you’re probably already a customer? I used to get pinged by NWM people years ago. No, I’m not in the finance stuff at fidelity - I’m tech. I don’t use anyone there myself.
Interesting. I never thought of contacting fidelity people. I should reach out. Thanks for the tip.
Yeah, you already have your 401k there, if you participate at Amazon. NWM is just bad news, imo.
Lol buy a term life n put the rest into spy or voo Hes just looking to make a payday off you
Yeah I was also thinking the same and I never even entertained them in the past. Now since I'm not that aware of various other investment avenues (bonds, mutual funds, term insurance) and especially tax efficiencies that I could take advantage of, I thought to play along this time... but so far only had initial call and they are planning to have a more detailed financial planning call soon.
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Red flag
You can get a term insurance and possibly disability insurance along with LTC raider if you are in Washington. That gives a good security net for your family. Rest invest in a automated index fund.
Do research and compare different FAs. A good FA is great. A mediocre or bad FA will take your money and not do what they should for you. Really bad ones will bleed you with fees. They should be able to do things for you that you can’t easily do yourself. That’s why it’s their full time job and not yours. Also look for an independent fiduciary. They shouldn’t be trying to sell you a bunch of annuities or whatever or charge by transaction.
They’re trash, selling some useless stuff, I did two sessions with them and I’m probably blocking their contact info
Lol as a former NM employee in their former Russell investment arm, I can tell you that the whole point of doing the plan is to sell you an overpriced whole life insurance policy they will market as in investment. They will collect a nearly 50% commission and lock you into a trash product you have no business investing in. They are incredible sales people, but fleece their clients by and large with tier 3 overpriced investment products and overpriced insurance. Newer “financial reps” insurance agents are on 100% commission, no salary and basically have to schlep whole life to keep their job. The only person who will win in this scenario is your insurance agent masquerading as a financial advisor. It’s extremely shady and the clients don’t know the financial incentive the rep has to market the product. Ultimately, at an insurance company, all roads typically lead back to insurance in some shape or form. I also spent 3 years as an exec at another big 6 insurance firm. Feel free to reach out to a local JPM advisor in your region to discuss options. They have a fiduciary duty to our clients and will operate on an on going monthly consulting fee structure that mitigates conflicts in most cases. Legacy stock or mutual funds or etf accounts you have that are self directed by you will have zero fees in a JPK brokerage. The advisor can advise on if for free, but you will only pay fees on assets the advisor is running or outsourcing to third party managers. Depending on your net worth, many of our high end estate, financial and tax planning strategies are free if you are a client.
How do I get out of the whole Life insurance? I bought it to get out of WA cares Tax as I had no other option. Is it easy to get out?
Well, that is something you want to consider. And if you already made a substantial single premium down payment, you won’t be able to exit for years without getting eviscerated as your cash value is likely far less than your premium outlay. So, I would first find out why’s your current cash value is, find out what type of provisions exist to remove it, usually in form of loan and then consult your tax advisor. I am also insurance licensed purely for consulting purposes for our advisors but we broker out to market place if client needs life insurance and we do it with no proprietary carrier and commissions are leveled across the board. We generally use term for younger individuals unless it is someone far older who is using the death benefit for estate and tax mitigation purposes. Just so you are aware, i am salary / bonus employee and collect no form of commission incentives, purely an internal consultant for the firm. But, in the future I would inquire about the commissions collected from the rep in this sale either via percentage of premium or dollar amount collected. This can help you sniff out if the sales rep is heavily conflicted in their advice. I hope this helps.
Hahaha yes people fall for life insurance all the time
Yeah I'm not a fan of life insurance except... if that more than offsets my tax obligation
Lol, you might be a good customer for them in that case