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MILWAUKEE, April 6, 2023 /PRNewswire/ -- Northwestern Mutual's wealth management business continued its ascension with another prominent third-party recognition announced this week. Financial Advisor magazine, a leading trade publication for the financial advice industry, ranked the company as the sixth-largest independent broker-dealer firm by gross revenue – moving up one spot from 2022. The firm has maintained a top-10 position on the ranking for more than a decade.
"This ranking proves what we've heard from clients and seen in our business results – more Americans than ever are looking to Northwestern Mutual for wealth management expertise," said Aditi Javeri Gokhale, the company's chief strategy officer, president of retail investments and head of institutional investments. "Our wealth business is growing faster than our competitors, and that's a remarkable accomplishment in this time of market volatility. Most importantly, our approach to planning – combining investments, insurance and annuities – is proven to deliver better financial outcomes to clients more often, and it will continue to fuel our exceptional growth."
Northwestern Mutual is a leading provider of wealth management and investment solutions. In 2022, the firm's wealth business saw its second-highest annual net cash flows of nearly $22 billion, ending the year with $227 billion in total client assets. Additionally, Northwestern Mutual's investment offerings and advisors have received a growing number of accolades and recognition in recent years. Forbes included more than 130 Northwestern Mutual advisors on its 2023 Best-in-State Wealth Advisors lists and 11 advisors were recently recognized by Barron's.
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About Northwestern Mutual
Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With more than $558 billion of total assets being managed across the company's institutional portfolio as well as retail investment client portfolios, nearly $35 billion in revenues, and $2.2 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 97 on the 2022 FORTUNE 500.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.
SOURCE Northwestern Mutual
