Northwestern Mutual to Be Founding Sponsor of CFP Center for FP

[DHK]

Northwestern Mutual to Serve as Founding Sponsor of CFP Board Center for Financial Planning

Now, I didn't think CFPs (in general) LIKED permanent life insurance? I wonder why they would take the money from the greedy insurance companies that sells "overpriced" insurance?

Or are they more open-minded when you come in with money?

Only time will tell.

 

[Tahoe Ray]

Northwestern Mutual to Serve as Founding Sponsor of CFP Board Center for Financial Planning

Now, I didn't think CFPs (in general) LIKED permanent life insurance? I wonder why they would take the money from the greedy insurance companies that sells "overpriced" insurance?

Or are they more open-minded when you come in with money?

Only time will tell.

I'd be willing to bet that NW has more CFPs associated with them than any other "employer".

 

[DHK]

I thought Ameriprise held that distinction.

 

[Tahoe Ray]

I thought Ameriprise held that distinction.

You could be right. I wouldn't be surprised either way.

 

[kgmom219]

I have never met a NWM or Ameriprise rep with more than 3 years experience that doesn't have their CFP. Some of the associates don't, but if they have been there any length of time, they probably don't have the Bachelors Degree required to get the designation. Otherwise they would have it.

I know that both places (along with NYL, Guardian and Mass Mutual) require the CFP designation to keep climbing up their ladder. So hearing this is far from a shock

 

[scagnt83]

NWM treats the CFP like other career shops treat the ChFC.

At NYL they give you ChFC classes for free. At NWM they either do for free or reimburse fees upon completion... except its for the CFP.


KG, NWM requires agents to have a 4 year degree, that is why they push the CFP.

NYL & Mass do not require a bachelors degree, therefore they push the ChFC more than the CFP. They also treat ChFC agents the same as CFP agents for advancement purposes.

ChFC is treated the same as CFP by state DOIs and securities regulators. So it achieves the same goal (Series 65 equivalent & credibility)

All of them will reimburse agents for CFP or ChFC I believe. They will do the same for some other random designations as well.

 

[kgmom219]

NWM treats the CFP like other career shops treat the ChFC.

At NYL they give you ChFC classes for free. At NWM they either do for free or reimburse fees upon completion... except its for the CFP.


KG, NWM requires agents to have a 4 year degree, that is why they push the CFP.

NYL & Mass do not require a bachelors degree, therefore they push the ChFC more than the CFP. They also treat ChFC agents the same as CFP agents for advancement purposes.

ChFC is treated the same as CFP by state DOIs and securities regulators. So it achieves the same goal (Series 65 equivalent & credibility)

All of them will reimburse agents for CFP or ChFC I believe. They will do the same for some other random designations as well.

Hmmm....that's interesting. (Or new?)

Mainly because when I was interviewing oh so long ago...NYL and Mass wanted me to have the Bachelors, too. And a buddy just got turned down at the Dallas NYL shop due to the lack of the bachelors degree. Maybe its agency specific?

Doesn't matter....its all financial planning and those shops base it off permanent life insurance. Which is a whole different conversation.

 

[scagnt83]

Hmmm....that's interesting. (Or new?)

Mainly because when I was interviewing oh so long ago...NYL and Mass wanted me to have the Bachelors, too. And a buddy just got turned down at the Dallas NYL shop due to the lack of the bachelors degree. Maybe its agency specific?

Doesn't matter....its all financial planning and those shops base it off permanent life insurance. Which is a whole different conversation.

From a corporate perspective, NYL and Mass do not require it but NWM does.

Agencies are given some independence in setting standards. But when I was at NYL I met plenty of agents from all over the country at the national meeting who did not have a bachelors. Our local office had plenty of us who didnt. Im sure they give preference to those with one. I had previous insurance experience so that helped Im sure. (even though it was 10 months of Aflac)

 

[DHK]

It may come down to whether or not you have any other financial industry experience.

When I was hired by Ameriprise 12 years ago, I had just left Wells Fargo as a service manager & personal banker for over 3 years. That experience was helpful in that I was already used to talking to people about their money & finances - just not in a planning context.

Ameriprise required a Series 7 & 66 along with insurance, so when I discovered that Ameriprise wasn't a fit, I was able to get a job with a credit union as an assistant to an advisor. I was with that CU for 3 years, earned my ChFC with them, and was a junior broker when I left them.

For my experience, and probably DUE to my experience, any time I interviewed with any financial services firm, it hasn't ever come up - even when I interviewed with Morgan Stanley a few years ago.

Now, if you have NO experience, then I can see the BA being a more decisive factor. But experience, and being articulate and precise with your language, will 'trump' a formal education... every time.

 

[DHK]

Northwestern Mutual is a founding sponsor for the CFP Board Center for Financial Planning. I don't know why they were doing this. Most insurance companies chose to DISTANCE themselves from the CFP board, rather than supplicate to it.

Northwestern’s CFP disclosures put industry’s fraught questions in focus

You can read the CFP disclosure document for Northwestern Mutual agents here:


I personally think that Northwestern Mutual "sold their soul" to the devil. I don't know what they expected to get out of it - an image of being true "wealth managers"? Or being able to "recruit real planners"? I don't know but I think it was foolish on their part to supplicate to the CFP board and FUELING their agenda.