College Financial Representative Intern

Job Description

About Company

Northwestern Mutual is a Fortune 500 company with over 165 years of experience in comprehensive and innovative financial planning. Their mission is to help clients achieve financial freedom by combining the expertise of their financial professionals with personalized digital experiences and industry-leading products.

Key aspects of Northwestern Mutual:
• Services Offered: They offer a tailored approach that includes multiple financial strategies such as insurance, investments, and annuities, designed to reinforce each other and keep clients on track to meet their financial goals.
• Financial Strength: They are noted for their unmatched financial strength among U.S. life insurers, with high ratings from major credit rating agencies (Moody’s Investors Service, A.M. Best Company, Fitch Ratings, S&P Global Ratings).
• Client Base: They serve 5.0+ million clients and growing, managing or holding $257 billion in retail investment client assets.
• Workforce Structure: Financial Representatives and College Financial Representatives are considered independent contractors for income tax purposes and “statutory employees” for Federal Insurance Contributions Act (FICA) tax purposes. Their income is production-based.
• Culture & Values: Northwestern Mutual values an inclusive and belonging workplace, striving to create teams that reflect their customers and communities, fostering an environment where all employees are welcomed, valued, and heard. They are recognized for their diversity and inclusion efforts.
• Awards & Recognitions:
• Top 100 Internship Programs, Yello x WayUp (2022)
• Forbes’ Best Employers for Diversity (2018-2021)
• Best Place to Work for LGBTQ+ Equality – Human Rights Campaign Corporate Equality Index (2015-2021)

Job Description: College Financial Representative Internship Program

This internship program at Northwestern Mutual provides guidance, connection, and a framework for college students to build an integrated financial planning practice from the ground up. It is designed to mimic the full-time Financial Representative career, offering a hands-on experience in financial services.

Overview of the Program:
• Interns, from varying academic backgrounds, begin building a financial planning practice.
• They engage with local and nationwide experts, gain access to exclusive financial products, and receive the support of a Fortune 500 company.
• The program aims to build confidence, develop a professional network, and help people achieve financial freedom.
• The role emphasizes that hard work pays off, as compensation is performance-based.

Key Responsibilities:
• Business Development: Learn how to prospect and network to build your own business and client base.
• Strategy & Execution: Develop and execute on a personal business strategy.
• Client Engagement: Call on potential clients and set meetings to understand their financial goals.
• Financial Planning: Prepare financial plans and offer useful recommendations to clients.
• Software Exposure: Gain exposure to proprietary financial planning software platforms.
• Training & Development: Participate in weekly coaching, training, and development meetings.
• Licensing: Receive support for and obtain Risk Product State Licensing (Life, Accident, and Health).
• Skill Building: Build essential life skills that create future career opportunities.

Program Structure & Benefits:
• Flexible Schedule: The program offers a flexible schedule designed to accommodate a student’s life and classes.
• Year-Round Participation: Option to participate in the internship program year-round, allowing continuous growth.
• Certifications Support: Support for obtaining additional registrations and certifications such as the Series 6 & 63 or CFP® (eligibility required).
• Recognition & Leadership: Opportunities to get inspired at local and national recognition events, gain access to leadership programs, and collaborate with industry experts.
• Growth Opportunities: Access to diverse resources across the company culture to ensure personal and professional growth.
• Full-Time Opportunity: Eligible students have an opportunity to interview for a full-time Financial Representative or Advisor role upon graduation.

Qualifications:
The ideal candidate for this internship possesses:
• Academic Status: Must be a full-time student; juniors and seniors are preferred.
• Entrepreneurial Spirit: Possess entrepreneurial ambitions and a curiosity for sales.
• Campus Involvement: Highly involved on campus (e.g., leader, athlete, campus organizations, student government).
• Time Management: Excellent time-management skills are crucial.
• Financial Interest: An interest in financial literacy and planning tools.
• Business Acumen: Business savvy and a desire to increase critical thinking abilities.

Compensation & Benefits:
• Earnings: Performance-based earnings and revenue, meaning income is directly tied to production and success.
• Incentives: Learning and Development Incentives of up to $1000/month (not inclusive of earned commissions).
• Bonuses: Productivity Bonuses.
• Licensing Support: Comprehensive support for obtaining various insurance licenses (life, health, disability insurance, long-term care).
• Registration Support: Support for SIE, Series 6, and Series 63 registrations (eligibility required).
• Salary Range: The stated salary range is USD $500.00 – USD $1,000.00 /Yr. This appears to reflect the base incentives/stipends before performance-based commissions and bonuses are factored in, as the primary compensation model is production-based.