Northwestern Mutual Life Insurance Co. has unveiled plans to hire 5,000 new financial advisers, representatives, and interns in 2025, aiming to meet the rising demand for financial guidance, according to an AM Best report.
This expansion follows a recent study indicating that financial insecurity has reached its highest level in nearly a decade, affecting 30% of Americans.
John Roberts, Northwestern Mutual’s chief field officer, highlighted the increasing demand for financial advisers as more individuals seek professional support to navigate their financial concerns.
The company emphasized its commitment to diversity by recruiting professionals from various career backgrounds and providing extensive training, professional development, and mentorship opportunities.
This hiring surge comes amid an industry-wide adviser shortage driven by an accelerating retirement rate. Northwestern Mutual cited research showing that financial advisers are retiring faster than new professionals are entering the field, contributing to a projected shortfall of approximately 100,000 advisers.
Beyond adviser demand, the company’s research found that over 100 million Americans are either uninsured or underinsured, with a widening gap between retirement savings and financial goals.
A 2024 study revealed that nearly two-thirds (64%) of individuals who work with a financial adviser report feeling financially secure, compared to only 29% of those without one.
The hiring initiative aligns with Northwestern Mutual’s broader strategy to expand its advisory force. In Oregon, the company plans to add 83 financial professionals, with opportunities in Portland, Lake Oswego, Bend, and Eugene. Meanwhile, Northwestern Mutual Goodwin, Wright aims to recruit 30 additional financial advisers, representatives, and interns in 2025.
Financially, the company remains strong, reporting a record surplus of $40 billion for 2024—an increase of over $1.9 billion from the previous year. With total revenue surpassing $38 billion, Northwestern Mutual holds a Best’s Financial Strength Rating of A++ (Superior), underscoring its financial stability, according to AM Best.
