Northwestern Mutual has announced plans to recruit more than 5,000 financial professionals in 2025. According to InvestmentNews, the company cites increasing demand for personal financial guidance and a looming shortage of financial advisors as key drivers behind the initiative.

The insurance giant and independent broker-dealer aims to fill roles across full-time financial advisors, representatives, and college interns. The recruitment effort comes as Northwestern Mutual's recent Planning and Progress Study reveals that nearly one-third of adults feel uncertain about their financial future.

The need for new advisors is underscored by a 2024 McKinsey & Company report estimating a shortfall of approximately 100,000 financial advisors within the next decade. Insurance broker-dealers could face even greater pressure, with Cerulli projecting a negative compound annual growth rate of 2.6% for such firms through 2028.

To support its expansion, Northwestern Mutual is investing in training and mentorship programs and continuing to develop its college internship program as a key talent pipeline. InvestmentNews reports that the firm currently operates a network of 22,000 financial advisors and team members, with 8,013 financial advisors as of the end of 2024—an increase from 7,499 at the close of 2022.

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