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  • jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8142
    Joined: 01/09/2016

    So I just read yet another thread where a physician graduated training with an annuity from NWM. What is it about this one company that so many physicians graduate training tied to one of their products? Do they have some kind of exclusive contract with a lot of medical schools and training programs? Has anybody in forumland had a good experience with this company?

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #50283 Reply
    WallStreetPhysician WallStreetPhysician 
    Moderator
    Status: Physician
    Posts: 226
    Joined: 01/15/2017

    So I just read yet another thread where a physician graduated training with an annuity from NWM. What is it about this one company that so many physicians graduate training tied to one of their products? Do they have some kind of exclusive contract with a lot of medical schools and training programs? Has anybody in forumland had a good experience with this company?

    Click to expand…

    When I was an intern, a Northwestern Mutual financial advisor gave us a talk about personal finance and investing. In just an hour, it was hard to get through much and it was much more common sense stuff to even non-financially oriented interns. They had snagged the program director when he was a resident, so that’s why he came in to talk with us. I occasionally get hospital pages from financial advisors (not necessarily NM) — not sure how they’re able to pull that off, but it’s kind of messed up.

    -WSP

    Former Wall Street trader, current physician and blogger @ http://www.wallstreetphysician.com
    "As Gordon Gekko might say, 'Fees never sleep'" - Warren Buffett

    #50284 Reply
    Miss Bonnie MD Miss Bonnie MD 
    Participant
    Status: Physician
    Posts: 497
    Joined: 02/14/2017

    Seems like they have relationships with many residency programs and they do “free” seminars. It wasn’t NWM for me, but some other company that kept emailing me during residency offering similar services.

     

    Thankfully I was clueless AND ignorant so ignored all the emails, lol, until I finally read WCI’s book etc.

    "Being rich is having money; being wealthy is having time."

    Miss Bonnie MD --> Wealthy Mom MD @ http://wealthymommd.com

    #50287 Reply
    Liked by Vagabond MD
    Avatar Muaddib 
    Participant
    Status: Physician
    Posts: 27
    Joined: 07/18/2016

    I got hooked by NWM after training, asked one of my partners about financial planning and he gave me the name.  didn’t know much at the time.

    My partner had super over funded his whole life policy so the cash value had just started to make good returns (at year 7).  He had said they hemmed and hawed about whole life vs term before starting but by that point it made more sense to keep the policy.

     

    I should have thought something was up when 1 year after starting our “relationship” with NWM, I received a generic email from the “financial planner” seemingly a mass email asking for motivated people who were interested in a job in the the exciting and fulfilling field of insurance.

    #50300 Reply
    Liked by Tim
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3481
    Joined: 01/21/2016

    NWM seems to have a strong marketing program geared toward physicians, perhaps more focused and successful than competitors like Mass Mutual and New York Life.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #50303 Reply
    Liked by Craigy
    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1408
    Joined: 03/27/2017

    NWM “financial advisor”? Perhaps salesweasel would be a more appropriate phrase.

    Has anyone here received worthwhile advice about using an employer’s qualified funds, doing a back door Roth, refinancing and paying off student loans, or purchasing a residence? Any suggestions on taxes other than to purchase whole life and/or an annuity? Have any of these Northwestern Mutual guys claimed to act as a fiduciary?

    There are a lot of things that real financial advisor should help you with. Somehow with NWM the answer always is an insurance product. Not the highest quality, best priced insurance product, but the one from NWM.

    Again, salesweasels.

    #50306 Reply
    Avatar OUSOONERDOC 
    Participant
    Status: Physician
    Posts: 20
    Joined: 01/05/2017
    Earnest refinancing bonus

    I currently have term and disability with NWM. They did come speak to our med school and residency class. Luckily I was already an avid reader of WCI and didn’t fall for the Whole life or financial planning ploy. I think I told them, “My financial plan is easy, pay off my student loans. I don’t need to pay you to tell me that.”

     

    It is on my to do list to shop around to see if I can get better prices on the term and disability since I have had them for about 3 yrs now.

    #50308 Reply
    Liked by Tim, Craigy
    Rogue Dad, M.D. Rogue Dad, M.D. 
    Participant
    Status: Physician
    Posts: 975
    Joined: 03/07/2016

    They’ve got their own niche group marketing to docs. They have periodic dinners targeting docs from my U at fancy steakhouses.

    I had the impression they have okayish advice at a high price. Didn’t know they pushed whole life so hard.

    I briefly worked with a group (Larson Financial) that was started by someone who used to work for NWM. Larson focuses entirely on docs (and dentists).

    I got occasionally decent advice, increasingly bad service over the time I was with them, and was charged a high price (outrageous AUM fees). We cut ties when one of their company namesakes breached my contract (since WCI doesn’t want libel issues — I’ll give the caveat that this is view isn’t shared by Larson, and I didn’t pursue anything other than getting some of my fees back).

    http://www.RogueDadMD.com

    An alt-brown look at medicine, money, faith, and family

    #50311 Reply
    Avatar jpa 
    Participant
    Status: Resident
    Posts: 73
    Joined: 03/03/2016

    They came and gave us a free-lunch and presentation on disability insurance while i was a 2nd year med student.  I’m suspecting they’re also going to be at our loan counseling session at the end of 4th year.  I’ll take all the free food they want to throw at us, but I (respectfully) told all my friends that 75% of what they said was misleading/bad advice and refer them to WCI

    #50316 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8142
    Joined: 01/09/2016

    Sounds like they just follow a good marketing plan for targeting physicians. Can you imagine if people chose their doctors in the same way?

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #50324 Reply
    Liked by Craigy
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3481
    Joined: 01/21/2016

    Sounds like they just follow a good marketing plan for targeting physicians. Can you imagine if people chose their doctors in the same way?

    Click to expand…

    Many do.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #50348 Reply
    Liked by Craigy, Zaphod
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8142
    Joined: 01/09/2016

    Sounds like they just follow a good marketing plan for targeting physicians. Can you imagine if people chose their doctors in the same way?

    Click to expand…

    Many do.

    Click to expand…

    You guys do dinner seminars with cool slide-shows and freebies? What has this world come to?

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #50349 Reply
    Liked by Craigy
    Avatar AR 
    Participant
    Status: Physician
    Posts: 851
    Joined: 03/10/2016

    I was contacted by an NWM financial advisor who left me a message yesterday offering his services. Maybe I’ll return the call for to see what he says and for my own amusement.

    I’ll report back here if it happens.

     

    #50356 Reply
    Avatar AR 
    Participant
    Status: Physician
    Posts: 851
    Joined: 03/10/2016

    He will call.

    Don’t spend too much of your time.

    Click to expand…

    There is absolutely zero chance I will use this guy for anything.  Once I get bored, the call will end. I normally have about a 30 minute commute, so I’ll schedule it for that time.  Not a lot of productive stuff I can get done then anyway.

    #50362 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4546
    Joined: 05/13/2011

    I find it incredibly disappointing to see a mutual company with the business practices I see from NML.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #50364 Reply

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