Northwestern Mutual Advisor Review

Pros and Cons of Northwestern Mutual

Types of Clients

Per its Form ADV Part 2A, Northwestern Mutual serves the following types of clients:

• Individuals (average- and high-net-worth)
• Pension and profit-sharing plans
• Trusts
• Estates
• Charitable organizations
• Corporations

The firm does not, however, list any minimum account requirements for its investment management or financial planning services on its website or SEC documentation. Rather, the website explains that it depends on your needs. If you’re considering working with Northwestern Mutual, you’ll need to communicate with an advisor in more detail to determine whether there are any requirements and if you can meet them.

Financial Advisor Services

Northwestern Mutual offers a blend of financial planning, insurance solutions, and investment advice through its network of advisors. While the firm emphasizes holistic financial planning on its website, much of its specialized services are through referrals to third-party advisors. According to its Form ADV Part 2A, this falls under the Referral Services Program.

Below is a breakdown of the firm’s services, either offered directly or through referral:

• Financial planning. Advisors in Northwestern Mutual’s network assist with building a comprehensive plan composed of several aspects of your finances, including estate, retirement, and education planning.
• Investment advice/management. The firm provides non-discretionary portfolio recommendations and may connect you with a third-party advisor for deeper investment guidance or active management.
• Insurance solutions. A leader in the insurance industry, the company provides various services, including life, long-term care, and disability insurance.
• Private wealth management. If you’re a high- or ultra-high-net-worth client, the firm can pair you with a third-party advisor firm in its network to assist with ongoing or active wealth management.

Fee Structure and Cost

Per its client-facing brochure, Northwestern Mutual’s advisory fees are on a “case-by-case” basis. Additionally, it explains that it doesn’t automatically deduct these from a client’s account or require advance payments. While vague, this likely means you would negotiate with or have a unique fee structure with the advisor the firm connects you with.

Investment Philosophy

There isn’t a singular investment philosophy that informs how Northwestern Mutual advisors manage portfolios or give advice. Rather, the firm relies on the advisors in its network to create their own methods of analysis. These third-party professionals also work directly with clients to create a financial plan and investment strategy that aligns with their needs.

Northwestern Mutual does, however, require its advisors to adhere to a fiduciary duty. By law, the firm must uphold this standard to maintain its status as an RIA with the SEC.

Disclosures

As mentioned above, Northwestern Mutual Investment Services, LLC holds an ongoing status with the SEC as an investment advisor. Because of this, the firm must disclose any disciplinary actions or conflicts of interest to the public in its Form ADV documents. In short, this allows prospective and current clients to make informed decisions about whether to begin or continue with the firm.

According to Northwestern’s Form ADV Part 2A (Item 9), the firm has no disclosures it “believes are material to the evaluation” of its RIA business. However, Northwestern Mutual has a total of 11 disclosures as of 2025, including 10 regulatory events and one arbitration, according to FINRA’s BrokerCheck.

It’s also smart to research any specific individual advisor or professional you may work with. You can do this by using either BrokerCheck or the SEC’s Investment Adviser Public Disclosure (IAPD) website, which will provide information on disciplinary actions, years with registration, and conflicts of interest.

Customer Service and Becoming a Client

If you would like to message its customer service or learn more about its services directly, the most effective way to contact Northwestern Mutual is by visiting its “Contact Us” page. Here, you’ll be able to view phone numbers to reach the company and addresses for its large campuses.

To get started as a client with Northwestern, the easiest way is to go to its “Find a Financial Advisor” page.  This allows you to complete a form and connect with an expert in its network. Keep in mind that the firm will collect information about you (i.e., first and last name, ZIP code, and goals). Additionally, there is an option on the page to look up advisors by name in your area if you would like to do a more independent search. You can also type in just your ZIP code and see a list of all the firm’s advisors near you.

Tips for Choosing a Financial Advisor Firm

As you search for a financial advisor firm, it can be tough to know which option best suits your needs. Above all, a company and its advisors must have your best interest in mind and offer the services you need, such as wealth management or financial planning. Key indicators of the former are those operating as an RIA and individual professionals with notable credentials, such as Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC).

It’s also crucial to pay close attention to a firm’s account minimums and fee structure. Minimums can determine whether you’re eligible for a company’s services. Fees, meanwhile, can often scale up depending on your assets under management (AUM) or be a flat fee, such as hourly or per project. If a firm, like Northwestern Mutual, leaves it up to your advisor to decide, be sure to ask them about it in your initial meeting.

If you need help jumpstarting your search for a financial advisor, we recommend using this free matching tool. After filling out a brief quiz regarding your current finances and goals, it’ll connect you with a vetted professional who suits your needs.

Methodology

This review is based on publicly available information directly from Northwestern Mutual’s website and the SEC. Neither the firm nor its representatives have any say on what we’ve included on this page.

Frequently Asked Questions

What is the typical fee for a Northwestern Mutual advisor?

According to Northwestern Mutual, your advisory fee depends both on your advisor (who is typically a third-party expert it refers you to) and the services you require. In your first meeting with a professional, we recommend asking them directly about their fee structure, including how often you’ll pay and what makes up the cost.

Is Northwestern Mutual a good financial advisor firm?

Northwestern Mutual, while a large financial services firm, can be a bit confusing for clients. It offers most of its advisory solutions by referring you to a third-party professional. This leaves most of your experience up to whomever you’re paired with.

Still, the firm has a solid reputation, ranking eighth overall on J.D. Power’s Investor Satisfaction Study. If you’re considering the firm, we recommend you go to an initial consultation and use what you learn there to determine whether Northwestern Mutual is the right fit.

Is Northwestern Mutual a fiduciary?

Northwestern Mutual’s status as an RIA with the SEC requires it to adhere to a fiduciary duty as it conducts its advisory business. This also applies to its investment advisor representatives (IARs).

Does Northwestern Mutual offer investment management?

Northwestern Mutual offers non-discretionary investment management by recommending basic portfolio strategies. It’ll refer you to a third-party advisor in its network if you need active portfolio management.