Richard Worrell, Managing Partner, Northwestern Mutual

In an interview with Invest:, Richard Worrell, managing partner at Northwestern Mutual, credited population growth and a strong regional economy for record-breaking performance across the Carolinas. Worrell also discussed the firm’s approach to talent recruitment. “We don’t recruit from competitors. Instead, we look for people with a track record of success in other areas — those with grit, coachability, work ethic, and leadership potential — and train them from the ground up.”

What factors have contributed most to the firm’s growth in Charlotte over the past year?

There has been incredible growth in North and South Carolina over the last decade. We’re responsible for Western North Carolina and the entire state of South Carolina, and we’ve seen tremendous expansion in both areas. Much of that growth is due to population gains and a strong economy. Over 40,000 people move to Charlotte each year, and both states consistently rank among the fastest-growing in the country. We’ve worked hard to keep up, opening new offices this year in Myrtle Beach and Hilton Head/Bluffton.

We’ve had record-breaking production for six consecutive years, much of which is driven by the region’s economic momentum. We’ve also prioritized recruitment, especially among veterans and college athletes who bring discipline, leadership, and drive.

We’re now at an all-time high in terms of size and are currently the largest Northwestern Mutual franchise in the nation.

What makes Charlotte an ideal location for businesses, and why has it worked well for your firm?

Charlotte is the second-largest financial center in the United States, which is a major advantage. The airport is also a huge asset. You can fly direct to almost anywhere, and you can reach 60% of the country west of the Rockies in under two hours.

Beyond that, the city offers great weather, a high quality of life, and strong community values. We see families move here and stay. It’s a livable city, close to both the mountains and the coast, which makes it an attractive place to recruit and retain talent.

How do you ensure consistent value and service quality across offices as the organization grows?

We’re heavily invested in professional development and credentialing. Our firm has the highest number of Certified Financial Planners in North and South Carolina. Becoming a CFP requires an 18- to 24-month commitment, and once credentialed, there’s no client they can’t help.

That commitment to excellence has led to high client retention, around 97%. On average, our clients stay with us for over 40 years.

Where are you seeing the most demand for your services, and where are you targeting growth?

Our biggest growth area is in wealth management, which now represents about 70% of our business, compared to 30% in insurance. We manage over $9.5 billion in assets, and we’ve grown by more than 20% annually for the past six years.

What differentiates your firm in such a competitive industry?

Northwestern Mutual is unique in that we offer exclusive, proprietary products that no other firm can access. While other firms broker each other’s products, they can’t offer ours. We can still broker theirs. That gives us a strong competitive advantage and allows us to bring the full range of solutions to the client.

How are you attracting and retaining top talent as you grow across the region?

We’re deeply engaged with military nonprofits like Four Block, the Honor Foundation, and Veterans Bridge Home in Charlotte. I personally mentor transitioning service members each quarter through the Honor Foundation. Veterans Bridge Home supports about 3,000 military families annually.

We’ve brought in over 40 veteran financial advisers just in our Charlotte office. Their background in leadership and mission-driven work translates well to our industry.

In what ways is your team working to build future-facing partnerships and programs?
One initiative I’m excited about is our micro-internship program for student-athletes. Traditional internships are tough for athletes because of their schedules, so we created a two-week program that provides training, networking, and résumé-building opportunities.

We also launched NIL (Name, Image, Likeness) partnerships with Furman University, Davidson College, and The Citadel — schools that don’t always have the same opportunities as larger programs. Each school has a student-athlete representing Northwestern Mutual and supporting Alex’s Lemonade Stand, our national charitable partner.

It’s a great way to build brand awareness, promote financial literacy, and support underserved schools and student-athletes.

What would you say to someone considering a career in financial planning?

It’s a challenging career. We’re not selling iPhones. We’re offering intangible, non-demand products. Most people don’t want to think about long-term financial planning, and our economy is largely driven by consumption, not saving.

It takes a certain mindset to help others prioritize long-term security. That’s why we seek out individuals who’ve already shown success elsewhere.

How are you promoting financial literacy and expanding your client base?

We run a robust internship program for college students, with about 3,500 participants nationwide each summer. It’s a great way to expand financial literacy and introduce students to the profession, whether they pursue it or not.

Former interns tend to be five times more productive than non-interns. They understand the demands of the role and are better prepared for long-term success.

How is technology supporting your growth and service delivery?

Northwestern Mutual has invested hundreds of millions into our proprietary financial planning software, PX (Planning Experience). Our goal is for every client to have an updated, dynamic financial plan.

More than 3,000 employees at our corporate office in Milwaukee support this effort. While technology has been transformational, we believe the face-to-face relationship between the advisor and client is irreplaceable. That’s a key driver of our high retention.

What are your top growth priorities for the Charlotte office over the next two to three years?

Our goal is to continue attracting high-caliber talent and developing them into financial advisers. We’re one of the few firms that hires organically. About 95% of our hires have no prior experience in the field.

We don’t recruit from competitors. Instead, we look for people with a track record of success in other areas — those with grit, coachability, work ethic, and leadership potential — and train them from the ground up.