MILWAUKEE, July 10, 2013 /PRNewswire/ -- While the job market continues to be challenging, Northwestern Mutual is on pace to surpass its largest recruiting goal in the company's 156-year history. The company announced today that, year-to-date, it has recruited more than 1,100 financial representatives across the country – a more than 8% increase from 2012 – and nearly 3,000 financial representative interns. In January, the company announced its most aggressive recruiting effort as it sought to recruit more than 5,500 financial professionals.
Today's announcement comes on the heels of last week's release of the June unemployment figures from the Department of Labor that showed that the national unemployment rate stayed steady at 7.6%.
"Our aggressive recruiting efforts stand out in today's challenging economy, where other companies are struggling to find the resources to offer more employment," said Steve Mannebach, vice president – field growth and development at Northwestern Mutual.
This year marks the second consecutive year that Northwestern Mutual has increased its recruiting goals to record levels. In 2012, the company's efforts were a success as it surpassed its recruiting goal of 5,000 financial professionals.
Mannebach also attributes the growth of Northwestern Mutual's network of financial representatives to the company's financial strength and its industry-leading dividends, which the company recently announced would total more than $5 billion in 2013.i
Strong Need for Financial Planning
"We're seeing a strong demand nationwide for our holistic planning approach, and our recruiting goals are a direct result of that," said Mannebach.
Earlier this year, Northwestern Mutual released findings from the company's 2013 Planning & Progress Study, showing that 63% of Americans believe their overall financial planning needs improvement and 50% have no plan in place.
"These findings reinforce that Americans need to place a greater emphasis on developing a comprehensive financial plan and work with professionals to help them stay on track for long-term financial security," said Mannebach. "For a professional with the right background considering a new career, now is good time to look into the world of financial planning."
Northwestern Mutual expects that more than half of its new financial representatives this year will be professionals who believe they have hit a ceiling in their current career and are looking for an opportunity to grow.
"We have seen a huge surge in 'career changers' in our recruitment efforts, as they are migrating over for various reasons, whether it be a lack of growth in their current position, the economy or a cap on income," said Mannebach. "Regardless of their background, we have seen that many bring the same core skills needed to succeed, ensuring they continue their strong track record in this industry."
Career seekers can learn more about a financial representative career by contacting a nearby Northwestern Mutual office. Please visit http://www.northwesternmutual.com/find-an-office.aspx to find a local office.
Company Receives Numerous Honors
Northwestern Mutual received numerous honors in 2013, including being named one of the "World's Most Admired" life insurance companies by FORTUNE® magazine.
The company also received the following recognitions:
- Recognized in Training Magazine's "Training Top 125" as having one of the best training and development programs in the country. (February 2013)
- Awarded highest financial strength ratings to any life insurer by all four of the major credit rating agencies: A.M. Best Company, A++ (highest) April 2013; Fitch Ratings, AAA (highest), December 2012; Moody's Investors Service Aaa (highest), December 2012; and Standard & Poor's AA+ (second highest), June 2013.
- Named a "Best Place to Work in 2013" and a recipient of the Employees' Choice Award by Glassdoor.com. (December 2012)
- Recognized as a top 10 biggest independent broker-dealer, as measured by total annual revenues, in leading investment industry publications Investment Advisor magazine, Financial Planning magazine and Financial Advisor magazine. (June 2013)
- Ranked first in the insurance industry and 17th overall among service companies in Selling Power Magazine's annual "50 Best Companies to Sell For Now" list. (November 2012)
Learn more about Northwestern Mutual Careers on YouTube
- A Day in the Life: Recent College Graduate @ Northwestern Mutual
- A Day in the Life: Financial Representative Intern @ Northwestern Mutual
- A Day in the Life: Career Changer Joining Northwestern Mutual
About Northwestern Mutual
Northwestern Mutual is among the "World's Most Admired" life insurance companies in 2013 according to FORTUNE® magazine and has helped clients achieve financial security for more than 156 years. As a mutual company with $1.4 trillion of life insurance protection in force, Northwestern Mutual has no shareholders. The company focuses solely and directly on its clients and seeks to deliver consistent and dependable value to them over time.
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 holistic 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.
i The policy dividend is reviewed annually by the company's Board of Trustees. Dividends are not guaranteed beyond 2013 and are subject to change.
SOURCE Northwestern Mutual