Thursday, July 15, 2010

Northwestern Mutual Financial Network - The Holter Group

Jeffrey Magedanz
BBA: Marketing

Northwestern Mutual Financial Network is a Mutual Insurance company based in Milwaukee, Wisconsin. The company has been in existence since 1857 and provides several financial services, including life insurance, long-term care insurance, disability insurance, annuity services, mutual funds, and employee benefit services. The company is the largest individual life insurance provider in the country, and has maintained the highest ratings possible for insurance financial strength from each of the 4 major rating agencies. Among these rating agencies, A.M. Best, Standard and Poor’s, Moody’s, and Fitch Ratings all awarded Northwestern Mutual with the highest possible rating level. Northwestern Mutual IS the standard that other insurance companies strive to achieve.

Northwestern Mutual has been financially strong enough that they have been able to pay out a dividend to their policy owners every year and have never had to take a government bailout to ensure their stability. The company was largely un-phased by the financial downturn of 2008, and was still able to provide its policyholders with an increased divided from 2007 to 2008. While many companies have been laying off employees or making wage reductions in the wake of the financial recession, Northwestern Mutual increased their hiring rates of new Financial Representatives in 2009-2010 by planning on adding nearly 3,000 new reps nation-wide, understanding that in order to grow their business, the financial representative is the one who must participate on the front lines. The company is the strongest in its industry and intends to remain that way with a commitment to growth, and first rate training of new employees to ensure a confident and versatile sales force.

As a financial representative with Northwestern Mutual it is my job to help my clients achieve financial security in life. Financial security means different things to different people at different times in their lives, generally it addresses such issues as dying too young, becoming sick or injured where you are unable to earn a paycheck, and addressing certain financial planning ideas for the future such as retirement and estate planning. As a financial representative I act as a conduit between my clients and the different products and services that Northwestern Mutual has to offer, I create individual accounts and help to service them as needed throughout the length of their contracts.

I have learned a lot about the products and services offered through the Financial Services industry, as well as the importance of believing in the products that you are selling. I have had the opportunity to go on meetings with several full time representatives and hear their different styles of selling, which have helped me to develop my own language when meeting with potential clients. I have also learned how to handle objections and rejection in general, there are many days where I will make 40 phone calls and only set meetings with 2 or 3 prospects, and it can sometimes be difficult and frustrating to deal with. This internship has already done a great job of teaching me to manage my time effectively, and is really giving me a crash course in how to run my own business.

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