MILWAUKEE, June 25, 2014 /PRNewswire/ -- This year, more than 1.6 million students are expected to receive a Bachelor's degree. However, for many Millennials, this exciting milestone is tempered by unemployment rates that continue to hover in the double digits, staggering student loan debt and the potential evaporation of retirement safety nets (e.g., pensions/social security) enjoyed by prior generations.
Recognizing that Millennials are this nation's economic future, Northwestern Mutual has made a significant and ongoing commitment to developing resources and professional recruitment efforts designed to engage this key segment of the population. Currently, nearly one third of Northwestern Mutual's financial representatives are Millennials and that number is expected to climb as the appetite for guidance grows among this financially precocious generation.
According to Northwestern Mutual's recent 2014 Planning and Progress Study, 61% of Millennial respondents consider themselves to be "highly disciplined" or "disciplined" financial planners, more than respondents from other age groups. However, despite their head start, a solid majority (68%) still see room for improvement in their financial planning, though only a small fraction (13%) currently work with an advisor.
These dynamics, combined with projections that Millennials stand to benefit from roughly $30 trillion in wealth transfer in the next several decades, translate into limitless opportunity for graduates who pursue the advisor career.
"This research confirms what many Millennials already know – we care deeply about our finances," said Chantel Bonneau, a financial advisor with Northwestern Mutual and a Millennial. "Who better to advise us than those with firsthand knowledge of our generation's challenges and priorities combined with an intuitive understanding of how to communicate with us? This is particularly important as we will become the dominant wealth holders in our country."
Bonneau, who launched her career four years upon graduating from UCLA, believes financial advising will continue to grow in prominence as a career path because its attributes reflect what many Millennials value in a professional experience.
"Financial advising offers an incredible opportunity and flexibility as a career option – even at an entry level – and places a premium on entrepreneurship. I can think of only a few careers that directly train you to be both a leader of business and of people," said Bonneau.
Other aspects of financial advising that Millennials find appealing, based on Bonneau's experience with Northwestern Mutual's campus recruiting initiatives, include:
- Career advancement - Financial advisors have substantial control over forging their own path at their own speed. Companies like Northwestern Mutual provide education towards professional designations and credentials that amplify expertise and credibility in the industry.
- Opportunity to make a positive impact – Studies show that Millennials consider making a difference an important driver of job satisfaction. Playing a key role in helping clients achieve financial goals and build long-term financial security is both personally and professionally rewarding.
- Mentoring, guidance and support - While there is plenty of room for entrepreneurship, companies like Northwestern Mutual offer a broad range of resources, mentoring support and collaborative work programs.
For more information, visit http://www.northwesternmutual.com/career-opportunities/financial-representative-careers and TheMintGrad.org, Northwestern Mutual's online financial resource designed specifically for the needs of Millennials.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160 years. Our financial representatives build relationships with clients through a distinctive planning approach that integrates risk management with wealth accumulation, preservation and distribution. With more than $217 billion in assets, $26 billion in revenues and more than $1.5 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.2 million people who rely on us for insurance and investment solutions, including life, disability and long-term care insurance; annuities; trust services; mutual funds; and investment advisory products and services.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; Northwestern Long Term Care Insurance Company; and Russell Investments.
SOURCE Northwestern Mutual