Northwestern Mutual Life Insurance Co. has announced plans to hire 5,000 new financial advisers, representatives, and interns in 2025 to meet the increasing demand for financial guidance, according to an AM Best report.
The move comes in response to a study showing that 30% of Americans are experiencing financial insecurity, the highest level in nearly a decade.
According to John Roberts, Northwestern Mutual's chief field officer, the demand for financial advisers is growing as more people seek professional help to address their financial challenges.
Roberts also pointed to the fact that a generation of advisers is approaching retirement, while more Americans are considering career changes. These factors, he said, have created a unique opportunity for professionals to enter the financial services industry.
"These converging trends are creating an unprecedented opportunity for the financial services industry, and for mission-minded professionals ready to elevate not only their careers, but the lives of others," Roberts said in a statement.
The company emphasized that its financial advisers come from diverse career backgrounds, with extensive training, professional development, and mentoring offered to new recruits.
The need for more advisers is growing amid an industry-wide retirement wave. Northwestern Mutual cited research showing that financial advisers are retiring faster than new ones are being recruited, contributing to a projected shortage of about 100,000 advisers.
In addition to the demand for advisers, Northwestern Mutual’s research found that more than 100 million Americans are uninsured or underinsured, and there is a growing gap between people’s retirement savings and goals.
A 2024 study revealed that nearly two-thirds (64%) of those working with a financial adviser report feeling financially secure, compared to just 29% of those without one.
The hiring initiative is part of a broader effort by Northwestern Mutual to expand its advisory force, according to the report.
In Oregon, the company plans to add 83 financial professionals, with positions available in Portland, Lake Oswego, Bend, and Eugene. Additionally, Northwestern Mutual Goodwin, Wright plans to recruit 30 new financial advisers, representatives, and interns in 2025.
Financially, the company is in a strong position, reporting a record surplus of $40 billion for 2024, an increase of more than $1.9 billion from the prior year. Its total revenue exceeded $38 billion, and the company holds a Best’s Financial Strength Rating of A++ (Superior), reflecting its financial stability, AM Best reported.
