Richard Worrell, Managing Partner, Northwestern Mutual – Charlotte
In an interview with Invest:, Richard Worrell, Managing Partner at Northwestern Mutual – Charlotte, highlighted key milestones, such as servicing over a billion dollars in assets under management1 and leading the company in new representative productivity. He also emphasized the office’s commitment to holistic financial planning and community engagement.
What have been key milestones and achievements for the Charlotte office over the last few years?
Charlotte is the second-largest Northwestern Mutual network office out of 78 nationwide, and we’ve achieved some key milestones. Over the last 12 months, we have serviced $5.57 billion in assets under management1. Among other Network Offices within Northwestern Mutual, Northwestern Mutual – Charlotte is #1 for insurance premiums2. The Charlotte office is #1 in the number of total new clients brought to the firm2. Additionally, we led in new financial representative productivity2. These representatives are in the first five years of their careers. That’s something we’re particularly proud of.
How has your office’s approach helped clients navigate the current economic landscape, especially with all the uncertainty?
We guide our clients through a comprehensive planning process. Northwestern Mutual Charlotte has many CERTIFIED FINANCIAL PLANNER® professionals, and we take pride in being credentialed when it comes to financial planning. Instead of focusing on transactional product sales, we lead with a long-term plan and follow-through, which helps alleviate uncertainty for our clients, both in good markets and bad.
How are you using technology to enhance the client experience and financial planning solutions?
Northwestern Mutual’s corporate office, based in Milwaukee, has invested into our planning technology. The financial planning system we use is called PX, which stands for Planning Experience, and we have over 3,000 people in our tech division working to provide our representatives with the best platform in the industry.
What trends are you observing in the Charlotte market regarding financial planning needs for individuals and businesses?
Charlotte is one of the fastest-growing cities in the U.S., with about 117 people moving here every day — around 42,000 annually.
We’re actively recruiting to keep up with this growth. We believe this will be our best hiring year ever, and we’re currently third in the nation for total hires at Northwestern Mutual, competing with much larger cities like New York, Los Angeles, and Houston. Charlotte is a fantastic city and, as a result, our office consistently ranks among the top in production across the company.
What differentiates Northwestern Mutual from other players in the market?
One of the things that makes us unique is that our products are only available through a Northwestern Mutual advisor. Most of the financial planning industry operates more like a brokerage, where advisors have access to products from various companies — particularly insurance companies. Our competitors don’t have access to Northwestern Mutual products. While our representatives primarily offer Northwestern Mutual products, they also have the ability to work with the entire marketplace to meet the needs of our clients, giving us a competitive advantage.
What is the importance of holistic financial planning in today’s economy, especially in terms of wealth management, estate planning, and long-term care strategies?
Long-term care planning is especially important in holistic financial planning and is a significant part of our discussions with clients. The long-term care landscape has changed dramatically over the past few decades. That said, we remain fully committed to long-term care planning and continue to support our clients.
What role do community engagement and local partnerships play in the Charlotte office’s success, and how do you contribute to their vision?
I’m very involved with Veterans Bridge Home, a nonprofit that helps military veterans transition back into civilian life. I was on the board for nine years and am incredibly proud of the work we’ve done in the Charlotte region, serving about 3,500 military families each year. We assist with everything from employment to housing and counseling. I’m also a volunteer with The Honor Foundation, where I mentor special forces members from Fort Liberty (formerly Fort Bragg), helping them transition into civilian employment. In our Charlotte office, we currently have 40 former military members working with us, and hiring veterans has been a key initiative. We’re deeply committed to supporting military nonprofits like The Honor Foundation and Veterans Bridge Home.
How do you see the financial services landscape evolving over the next few years, particularly in southeastern markets?
One of the challenges in our industry is that the average age of a financial representative is increasing. Northwestern Mutual is one of the few companies bringing young talent into the field. We have a robust college internship program, with about 3,500 students participating each summer, and this year we’ll hire over 3,500 new advisors nationwide, most of whom have no prior experience. The average new hire at Northwestern Mutual is 30 years old, which is half the age of the typical financial advisor. Many competing firms focus on recruiting from other firms rather than bringing in new people. We’re bringing in new, energetic individuals who want to make a long-term career in this field. Our Charlotte office specifically focuses on recruiting transitioning military personnel and former college athletes. We currently have over 65 former college athletes on our team.
As Northwestern Mutual continues to grow in Charlotte, what are the top priorities for the office moving forward, and how do you plan to achieve those goals?
One of our main priorities is to bring more women into the industry. Historically, financial services have been male-dominated. We’re working hard to increase the number of female advisors. Diversity is also a major focus for us — our industry has traditionally lacked diversity, which doesn’t reflect the market. As Charlotte’s growth includes more diverse families, we want to ensure we’re serving the entire community. Diversity and inclusion are critical for us, and we’re committed to reflecting the market we serve.
For more information, please visit charlotte.nm.com.
