Over the summer, I interned at Northwestern Mutual.
Northwestern Mutual has its financial representatives create holistic plans for
individuals. This means that the financial representative will obtain clients
and have a financial plan be put in place which includes life insurance,
disability insurance, health insurance, long term care, mutual funds, stocks,
bonds, 529 educational plans, 401K plans, and several other plans that the
client feels that will best suit his or her financial plan.
The financial representative has a responsibility of managing
and making money for both the company and its clients. My boss over the summer was Joe Guin, who is
one of the top producers in terms of the amount of money he brings in for the
company and himself. If he never worked a single day for the rest of his life,
he would bring in a million dollars since he has so much money in his assets under
management.
He brings out the example of a standard principal agent
model, as he found the balance of making money for himself, his clients, and
the company. Northwestern Mutual takes in a certain percentage of the money
that Joe brings in, and Joe makes the remaining percentage of the money that he
brings in for the clients. The clients keep the profit that the whole life
insurance policies bring in during the long term, as well as the profits from
the bonds and stocks that are in place. Joe found the balance of bringing money
in for Northwestern Mutual, himself, and his clients. He is the perfect example of how to deal with different
goals or views and bring them all together: everyone wants more money.
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