Sales Practices Senior Specialist at Northwestern Mutual

Milwaukee, Wisconsin, United States

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Not SpecifiedCompensation

Senior (5 to 8 years)Experience Level

Full TimeJob Type

UnknownVisa

Insurance, Financial ServicesIndustries

Requirements

Bachelor's Degree preferred or equivalent combination of education and experience in Business Administration, Finance, Marketing, or Pre-Law preferred
FINRA SIE, FINRA Series 6 and 26 or Series 7 and 24 required or can be obtained within 6 months
Minimum of 3 to 5 years of relevant experience; experience in the financial services, Insurance, or Investment industry preferred
Proven ability to diffuse difficult clients, resolve conflict, and handle difficult conversations
Ability to understand, influence, and interact with all types of clients, field and home office partners
Ability to negotiate reasonable resolutions both verbally and in writing on complex non-standard compliance issues and conflicts, in which no prior precedent may have been set, with policyowners, their representatives, field, home office, and regulators

Responsibilities

Determines resolutions in response to sales practices complaints filed against the field force involving non-standard and sensitive issues across all NM products and services; conducts extensive research and consults with law department and Home Office experts
Corresponds and interacts with clients and the field to ensure timely, efficient, cost-effective, and cooperative resolution of complaints, preserving NM's reputation
Files Error and Omissions and bond claims following resolution when appropriate to minimize NM's cost of resolution
Conducts comprehensive investigations of field sales practices, including suspected fraud, violations of company policy, and FINRA/State Insurance Department laws/regulations; performs field audits and interviews
Researches state laws, regulatory rules, and company policies/procedures, consulting lawyers and Home Office experts to determine appropriateness of field activity
Determines appropriate disciplinary action, including issuing letters, recommending fines/enhanced supervision, presenting to Market Conduct Committee, and/or recommending contract termination
Ensures all incidents (complaints, terminations, etc.) are reported to the Regulatory Reporting Team or appropriate regulatory agencies within required time frames
Responds to state insurance department inquiries related to representative terminations for cause resulting from sales practices complaints or investigations
Communicates effectively with the field, demonstrating clear understanding of NM products, policies, and procedures; provides guidance and education on compliance and sales practices to help field grow business compliantly
Participates in committees, special projects, divisional meetings, and case studies as determined by division management
Assists the Law Department in Market Conduct related litigation, including being deposed and providing court testimony
Demonstrates leadership by assisting in the development of P1 Sales Practices Specialists through consultation, case referrals, and training

Skills

sales practices investigations

regulatory compliance

FINRA regulations

state insurance laws

complaint resolution

field audits

disciplinary actions

E&O claims

fraud detection

policy research

Northwestern Mutual

Provides financial security services, and wealth management

About Northwestern Mutual

Northwestern Mutual offers personalized financial planning, life insurance, and investment services, leveraging leading-edge technology to manage over $125 billion in client assets for more than 4.5 million clients.

Milwaukee, WisconsinHeadquarters

1856Year Founded

N/ACompany Stage

Consulting, Fintech, Financial ServicesIndustries

10,001+Employees

Benefits

Growing your Career

Compensation & Time Off

Insurance plans

Health Savings Account

Wellness programs & resources

401(k) plan and cash balance contributions

Risks

Fintech platforms like Carefull challenge traditional financial advisory services.

Internal competition may arise from Wellthi's focus on the Black community.

Customer dissatisfaction may grow due to increased retirement age expectations.

Differentiation

Northwestern Mutual maintains the highest financial strength ratings in the industry.

The company launched 'The Great Realization' campaign to refocus customer priorities.

Northwestern Mutual offers a unique Long-Term Advantage product with life insurance benefits.

Upsides

The aging population increases demand for retirement planning and long-term care solutions.

Partnerships with tech firms enhance Northwestern Mutual's data analytics capabilities.

Digital transformation in insurance leads to more personalized customer experiences.

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