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Wednesday, Aug 10, 2022

Women in Finance: The Advisor Experience

Northwestern Mutual is more than 160 years old, but it’s on the cutting edge of the financial services industry. Serving holistic financial planning tailored to its clients’ needs, the firm is a leader in financial security, but also for its approach to the development and attraction of women financial advisors.

The company has a long and distinguished reputation for developing talent, staying true to its value that advancing the skillset and careers of its financial representatives is worth the investment. In addition to the sophisticated, on-the-job training that the company is known for, Northwestern Mutual Los Angeles is tailoring the advisor experience to the increasing number of women joining the firm. In a traditionally male dominated industry, the company is working to ensure its representatives reflect the demographics of the individuals, families and businesses it serves. By 2025, Northwestern Mutual Los Angeles offices plan to grow their presence of women advisors by 25%.

Through an approach of active listening, top-down education, and structural support, Northwestern Mutual Los Angeles is creating a thriving environment for professional women. The firm has instituted a network-wide Women’s Council, whose mission is to “elevate women by acknowledging their unique strengths and challenges as they strive for educational mastery and career excellence.” Company leaders also listened to their women advisors, many of whom stated they would benefit from customized support and resources, especially at the jumpstart of their careers, and implemented the Big Sister program, connecting each new woman advisor with another woman at the firm for support, camaraderie, and questions.

Additionally, many experts believe women’s time out of their careers to have children is a significant contributor to the gender pay gap. To improve equity in this area, Northwestern Mutual Los Angeles continues to evolve its unique maternity plan, becoming one of the first firms in the company’s nationwide network to provide payments during leave, increased short-term disability coverage, and a return to work allowance.

Not only is Northwestern Mutual Los Angeles challenging gender disparity in the financial services industry, but they’re combating agism, as well. The average age of financial advisors across the financial services industry is 52-53, while the average age of financial advisors at Northwestern Mutual is 31. Northwestern Mutual advisors can grow with their clients, and clients can see themselves reflected in their advisor. Studies have shown that thoughtful financial planning is more important to millennials than their predecessors – and knowing that an advisor will stick with them through retirement is appealing to younger generations (according to a Guardian study).

Northwestern Mutual offers the unique opportunity for a career marked by independence yet supported by the strength of a FORTUNE 500 company. Advisors have flexibility over their career trajectory as business owners, not simply as corporate employees. The company has an understanding around what it means to be human and invests in extraordinary talent.

“We galvanize our team members by prioritizing every person’s unique contributions. We are committed to investing in bringing out their extraordinary talent. We successfully attract and develop top talent and they are energized to stay because of the depth of opportunity we offer them,” says Matt Plocher, managing partner, who began his career at Northwestern Mutual 30 years ago as a college intern.

This unique approach to advisor training and development is based on Northwestern Mutual’s vision of the future. At Northwestern Mutual, you can find an advisor who understands you and meets you and your family where you are. To find an advisor, visit losangeles.nm.com.  

Northwestern Mutual Los Angeles provides an exciting opportunity to impact people’s lives through the power of financial security. The network offices, located in downtown Los Angeles, West Los Angeles, Manhattan Beach, and Ontario, are growing. If you are an entrepreneurial professional looking for a career change and would like to learn more, please call (213) 634-2597 or scan the QR code accompanying this article.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries.

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