Career Excellence, Support Systems, and Inclusive Leadership in Financial Services

Sarah Walter [00:00:00]:

I've I've always been an early adopter of any shared services. I see them as an opportunity to leverage other people's strengths and our local leaders investment in growth. And I think anytime you have those things available to you, even if you're not sure how they're going to work, you know, our our firm tends to create those and provide them at low or no cost to our advisors that are willing to utilize them as we build them out. Because sometimes they don't always work, but I found that they usually do. And I I just love using our team because it just gives me so much more bandwidth to focus on growing the relationship side of this without having to be a marketing expert.

Leah Alter [00:00:56]:

Hi there. Thanks so much for joining us. I'm Leah Alter. And I'm Joanna Ehresman. And this is WomenShare, a celebration of women in financial services.

Joanna Ehresman [00:01:07]:

Before we get into our episode, we want to take a moment to thank Axtella, our presenting sponsor of WomenShare. Axtella is dedicated to helping financial professionals take their practices to new heights.

Leah Alter [00:01:19]:

So if you're ready for a firm that goes the extra mile for its advisors, check out Axtella today at go.axtella.com/womenshare. That's go.ax tella.com/womenshare.

Joanna Ehresman [00:01:37]:

Alright. So today, we are joined by Sarah Walter, managing director at Northwestern Mutual. And while Northwestern Mutual's roots are based in life insurance, the company has grown to offer so much more. Sarah has been with the firm for more than 20 years, starting as a financial representative before moving into corporate leadership roles. Outside of the office, Sarah and her husband are kept busy with their 3 children. We're looking forward to diving into more of Sarah's career story today, and we expect that you'll walk away with a fresh new understanding of what Northwestern Mutual, an established pillar of our industry, is all about. Sarah, welcome to WomenShare.

Sarah Walter [00:02:17]:

Thank you so much for having me.

Leah Alter [00:02:20]:

We don't often hear about people spending the entirety of their career in one organization anymore. And Joanna and I were both at previous organizations for a long time, but, so far off, for as long as that you have been there, which is amazing, we're really interested in your story of how you've traversed your different roles within the Northwestern Mutual, you know, kind of ecosphere, and specifically, the fact that you've worked on both sides of the table. I think that just gives such an interesting perspective both, being an advisor and in the in a corporate leadership role.

Sarah Walter [00:02:57]:

Yeah. Thank you for asking a little bit about that. So my path over the last 22 years was definitely not one that I have seen anyone take before me. In fact, as I think back to it, I've had 7 different roles that actually didn't exist in our local firm until I had them. And it's not like I saw myself as some big trailblazer or anything, but I I do attribute that to a couple things. First, my leader and mentor in this business really was one who saw my work ethic and my potential from the beginning and just And to try something new and trust myself that I would figure it out. So my mentor really offered me the opportunity as a financial representative straight from campus. So I didn't have any internship experience, but he saw my potential.

Sarah Walter [00:03:59]:

And, you know, at some point, like, really, I knew I needed to make a pivot, and he encouraged me to look at other opportunities within our office because he really believed that I should be here. And he said that to me. He said, maybe this isn't the right thing right now, but I believe in my heart that you should be with Northwestern Mutual. And it was him telling me that that really kept me pursuing what was next. And, later on, he became the managing partner and was looking to really build out our training and development. And I was his very first hire when he became the managing partner, and that's where I found my passion in developing some other advisors and really working in that space of coaching and developing some of the most productive advisors that we had seen in our our office here locally and, made a pretty big impact in the company as well. So that's what I really found that passion and was able to pursue that more. Still lying to myself about the fact that I came here to own a business, not just grow other people's businesses, which I was doing.

Sarah Walter [00:05:16]:

I found a lot of enjoyment in. And so eventually, I I reached out to Mark, my managing partner, who really was open to, you know, helping me determine what was next in that space.

Joanna Ehresman [00:05:30]:

Wow. Well and we've talked a lot on this show about the importance of those allies and those sponsors, which it sounds like Mark definitely was in your career. And, also, it's great to hear that there was this healthy environment where you could share, hey. Here are my career aspirations, and it's not perceived as, oh, you're not committed. You're not in the game in this role. It's like, hey. How can we help you get there, right, within the organization? So that's that's just a phenomenal story.

Leah Alter [00:05:58]:

Well and also being able to acknowledge that you want have wanted and desired different things at different points in your career and that all those things get to be true at the same time. It's not one or the other. It's a both and, which I just I mean, talk about a metaphor for life. Right?

Sarah Walter [00:06:19]:

Yeah. I I was engaged when I started here. So, obviously, I became married, and, we had some struggles getting pregnant for a little bit of time there. And I wasn't really interested in making a lot of, big career moves out of my life because I was going through a lot. And so there was different phases of my life where I felt like I had the confidence to take more risks. And I just always felt like I could talk about that with him and others, and they were always gonna support me. So that's been, really a a really a gift for me over my career.

Joanna Ehresman [00:06:52]:

Wow. I can imagine. It's great to hear that there's that support there. So I'd love to hear a little bit more too about how Northwestern Mutual supports advisers with their organic growth. And as we were getting to know each other, we got to meet Jenna on the the corporate marketing team or the, you know, marketing resource that works with the advisers. So tell us a little bit about how is that relationship, between the corporate entity, what's done in the field, and also curious to hear if there's anything that you're seeing right now that what's really working to help with growth at Northwestern Mutual.

Sarah Walter [00:07:24]:

Yeah. So Northwestern Mutual really invests heavily in our training and development of financial representatives and advisors. So we wanna make sure that we're ensuring that they have the tools and the skills to grow organically. So outside of just the traditional classroom training that we provide, we have an incredible marketing team at our home office in Milwaukee that invests in our overall brand and adviser experience to provide them tools for a variety of different stages in their business. Some examples would be custom websites, social media platform, you know, technology to bring in leads and help them create some custom marketing material and even sponsorships and some branding, you know, across the nation. But, locally, which is really where I find, this is like an expansion of my team. So we have this local team that Jenna leads, just dedicated to supporting my marketing strategy, but also those of our representatives and advisers. So as a benefit to our firm, you know, they they consult with our advisors to create their marketing strategy and keep them on track for it.

Sarah Walter [00:08:42]:

And and as well as they plan really high level client events and co invest in sponsorships and community partnerships with us and just truly support our representatives and advisers in in building their business within the markets and the clients that they wanna serve. So I plug into that support for my social media posts, which is fantastic. And I bring clients and centers of influence into really special events like a singer songwriter experience that we've done or a family fall event at a local corn maze. They even helped me create a local 5 ks for for the community that I'm in to expand our reach. And those things are hard to kind of get started and to have that marketing brand behind me has been really tremendous. So today, it's it's really helping, support my leadership team and, expand in the the eastern metro of the Twin Cities here and really build out those those marketing events that, are specific to the areas that I wanna to grow. Yeah.

Joanna Ehresman [00:09:49]:

And I think that you're hitting, Sarah, on one thing that is has been so pervasive in the conversations we've had with the successful advisers on the show is, you know, balancing, yes, there's advertising or more traditional marketing channels like social media and that sort of thing that are really broad, but then this balance of the local community tie. And it seems like, specifically, with Northwestern Mutual, right, that's a lot of how the offices, you know, build the brand in their local market is really giving back, you know, being involved a 5 k. That's really interesting. You know? Just a fun way to to build those ties, and I suppose naturally then expand the network of of folks that you're talking to who are then interested in meeting with you.

Leah Alter [00:10:33]:

I also, like, you know, high five to, like, the corporate, you know, Northwestern Mutual because there's a lot of organizations telling advisors, like, we're gonna help you grow. You're gonna get all the support and it's, you know, it's sometimes there and it's sometimes not. And it's just really nice to hear from an advisor's perspective that they feel really supported in that way because it is so important to get that support, particularly when you're a smaller office. Right? When you don't have, you know, your own full marketing team, that sort of thing. So, big big ups to them, for for helping you get that done. Yeah.

Sarah Walter [00:11:18]:

Yeah. It's been, you know, now over 20 years being here to see the growth and the transformation of that support over that time is just Right. So crazy. So I definitely don't take it, for granted all that they do today because none of this stuff, like, really existed when I started. So it's pretty awesome.

Joanna Ehresman [00:11:40]:

And I can imagine you're probably one of the advisers, like, thinking back to my corporate experience. You know the advisers who really understand the company and how far things have gone. I can imagine you're probably a resource they turn to to be like, hey. We're thinking of doing x, y, and z. You know, what do you think of that? How can we help shape it? Right? Just because you have seen so much at the organization.

Sarah Walter [00:12:00]:

Yeah. I think I've I've always been an early adopter of any shared services. I see them as an opportunity to leverage other people's strengths and our local leaders' investment in growth. And I think anytime you have those things available to you, even if you're not sure how they're going to work, you know, our our firm tends to create those and provide them at low or no cost to our advisors that are willing to utilize them as we build them out. Because sometimes they don't always work. But I thought that they usually do pay at because sometimes they don't always work. But I found that they usually do. And, I I just love using our team because it just gives me so much more bandwidth to focus on growing the relationship side of this without having to be a marketing expert.

Joanna Ehresman [00:12:49]:

Love that. Love that.

Leah Alter [00:12:50]:

Well said.

Joanna Ehresman [00:12:50]:

Yes. Before we get into our next question, our longtime listeners to the show know how passionate Leah and I are about the next generation of women investors and advisers.

Leah Alter [00:13:01]:

We are so proud to be partnering with Xtella who's providing amazing resources for professionals through their efforts like the NOVAS Web Collective, which enables members to network, connect, and gain insights from their peers.

Joanna Ehresman [00:13:16]:

So if you want in on that, check out all they have to offer at go.extella.com/womenshare. That's go.extella.com/womenshare.

Leah Alter [00:13:28]:

And what we were just talking about, Sarah, just really also, like, I joined the industry kind of randomly, and I was on the business development recruiting side of things right out of the gate. And what you were just talking about in terms of those resources, those shared services resources can be, like, a big game changer when you're talking about recruiting, and getting advisers excited about your organization. So in your time at Northwestern Mutual, you've been a leader in that advisor recruiting and and, kind of helping them build and develop. Will you share more about the development of your young advisors? And there are you seeing any trends, with this that the next kind of generation advisors that are gonna be joining us in this industry?

Sarah Walter [00:14:22]:

Absolutely. I'm so passionate about the training and development support that we provide for new representatives and advisors coming into our business. So whether they are joining our college internship program or there may be earlier in their career making a change or even our successful career changers that are making a pretty significant pivot midway through with their career, and really need to ensure that they get off to a fast fast start. Our multifaceted approach is really a differentiator, I feel, And that comes across in my conviction of their support when I am talking to them in the recruiting and selection process. So we're known for helping people start in this field who don't have a background just like you, Leah, don't have a background in finance. And, actually, 98% of our advisors come to Northwestern Mutual without industry experience. Wow. Yeah.

Sarah Walter [00:15:23]:

I was actually shocked even when I saw that statistic. So, you know, we we first off select the right people, and, we care more about their vision for their life, the values, the character of the person that they are, and how we experience them in that way throughout that selection process, the ways they persevered in their life. We care about those things more than just a resume. So, that's the first piece.

Leah Alter [00:15:51]:

And you have no bad habits to break.

Sarah Walter [00:15:54]:

Very true. Very true. Yes. And, you know, so once we get those people in that process, you're you're always recruiting your advisers, whether they're in onboarding, 1 year in, 10 years in, or 20 years in to the career. But in that onboarding phase, that's a critical time where they made a big decision, anxiety sets in. And, so we're we are right alongside them during that process, helping them think through their market strategies, getting them to be comfortable actually approaching some of their their people in their natural markets that they might wanna build their clientele around and helping them with that, see the and how fruitful that can be with the tools we provide them. We teach new reps, how to build that personalized financial plan so they can feel really confident that they have a tool that is different and simplistic in how they present it, the complex in the financial different elements that they're bringing into the plan. And we teach them how to become a self employed business owner.

Sarah Walter [00:17:03]:

No one knows how to do that when, you know, they come into this business or, like, we're not born with knowing how to run a business. So we teach them how to do that. And we have a national training program. So from the headquarters in Milwaukee, our home office, we get to tap into that national training program in a Fortune 111 company that has resources around our sales cycle, products, planning process, and we we infuse, expert insights from our advisors and leaders that are just out there doing the work every day where they get to share their best practices and just pick the brain a little bit. And that's just really the the beginning of their launch. Once they go through our initial training, we teach them in the work. I always say it's like you can only learn how to swim in a classroom for so long. You gotta jump in the pool.

Sarah Walter [00:17:55]:

Or because we're in Minnesota, I'll say, like, you gotta get on the ice, you know. So so, yeah, we we do that through our joint work culture so that they can learn alongside experienced successful representatives and advisers who don't need the business, but really just want to give back to the system. They and they want those people to have a successful, launch and, an incredible experience in just learning the art of our business. My role as a leader and my passion, again, it's just really to coach and mentor them. So much of starting this and working with with people that tell us what their goals are, but not don't always align their actions from a client perspective with those goals. Like, that can be emotionally challenging. And so having that space to help them navigate those stresses or the things that they're going through or sometimes even the lies they're telling themselves in their head, but it's it's really to protect them from jumping out of their comfort zone here and there. And and so we we work through the coaching of the mindset piece, and, that's what I love doing with with our advisors, to help them be successful.

Sarah Walter [00:19:10]:

And so, you know, everyone here listening, if you're in this industry already, you already know that our field is just one of integrity and doing what's right. And so we also wanna make sure we're creating an environment that's inclusive for men, women, other diversities so that we just feel like we can have that sense of belonging, and we meet them where we're at where they're at. So, without that, you know, no one will will really perform at their best. And so combine this training, development, coaching, and just culture that we've created, hopefully, is something that can really enable them to grow their their firm here and do that with a lot of new client acquisition and retention and success.

Leah Alter [00:19:57]:

Well and I know you're gonna get into it, but, like, when we talk about younger generations, like, that is what they're looking for. They're not looking for, you know, just just to be a cog in the wheel and just kinda fit into something. They wanna feel like they belong, that there's ownership, that they're part of the growth, part of the all of that. So getting ahead of that and creating that culture has to be kind of helping you as you dive into this next generation.

Sarah Walter [00:20:30]:

Yeah. Then to your second question is just around this next generation, Gen z specifically. We know that this generation is more diverse than ever before. So we're just passionate about recognizing those differences, celebrating them, and supporting them differently. So we have a local DEI committee, which I was fortunate enough to be the cofounder of, and that's evolved, you know, since I started it, at that time. And just having that long term DEI strategy where you know you're never done in this space. You are always growing. Right.

Sarah Walter [00:21:05]:

And sharing that sharing that with the next generation and and sharing with them things you're doing that you're learning, so so that they can see that in action is really critically important for them to feel like it matters and it's not just a phrase you're using. So over a decade ago, we also started a local, women's support group, which I know this group is really very excited to hear. So

Joanna Ehresman [00:21:31]:

Do tell. Do tell.

Sarah Walter [00:21:32]:

Yeah. Yeah. So well, today, that it really was like a round table discussion at the time with our female advisors. And now today, it's really evolved into a women's affinity group, not only here locally, but our our home office has affinity groups. We have an association. All women in all roles can participate in that. They can advocate for what what their, needs are and the priorities are for us to to really move forward in the entire company. And we have multicultural and LGBTQ plus groups as well.

Sarah Walter [00:22:07]:

Even our training rolled out last week with 7 different languages now that we can offer. And I will tell you, I don't think there was anything but English when I started here. So to see that progress Yeah. Is just really, really cool. So all that stuff is important, especially for this next generation.

Leah Alter [00:22:25]:

But, like, the investors. Right? It's making it more accessible for people to invest. Mhmm. We've said this so many times on the show where people think that financial planning and working with an advisor is just for rich people, and and that's just not the case. It's it's for everyone. And and to your point about meeting people where they're at, that is a a really important step in doing that. So bravo.

Joanna Ehresman [00:22:52]:

Yes. Much to be celebrated.

Sarah Walter [00:22:53]:

Thanks for bringing that up. Because it's not just about, you know, meeting the needs of our advisers. It's also serving those markets. Right? Being able to do financial planning in, different languages, and and that's that's really exciting. So, great progress that we've made there. A couple other things I'm seeing from Gen z is, they care about the larger impact on our community. So in our world, highly impact motivated. So having charitable opportunities, whether they can give, you know, in their time, talent, or treasure is really important to the local and national level.

Sarah Walter [00:23:29]:

So we share these on social media in our selection process. Our firm has provided over $1,000,000 over the last 5 years to our local M Health Fairview Children's Masonic Hospital. And so we're just really passionate about, putting a lot of our focus on ending childhood cancer. And my office has volunteered at the hospital. We adopt a family over the holidays to support a family. Who do just a ton of other volunteer opportunities like at the Miracle League for disabled kids who are able to play sports but can do it through them. It's just able to get out there and be active in doing good. So creating those opportunities to give back is really important and attractive to this next generation.

Sarah Walter [00:24:10]:

The last thing that I know about this new generation, so if you're bringing in this Gen z, they just want explicitly clear descriptions of what it takes to be successful and make sure that you do that. They just want to know that they have a big opportunity and rewards. It's challenging. We'll tell them, you know, this is challenging. Otherwise, everyone would do it because the rewards are pretty tremendous. But then we share with them the proven path to success, and then we coach to that. So there's no surprises.

Joanna Ehresman [00:24:42]:

From everything that you described, I just keep thinking of, like, how supportive for this environment like, for this industry. Like, how supported these professionals probably feel and helps them to grow their career. So thanks Northwestern Mutual, for doing your part to help address our pipeline problem in the industry. Okay. So there's so much that you've covered that you're doing today. Like, give me a couple of things of what are you excited about for the future for Northwestern Mutual?

Sarah Walter [00:25:09]:

Yeah. I just see a tremendous growth for Northwestern Mutual. We have continued to grow over the last, several years, especially through and after the pandemic. So not just in clients, but just connecting to generations of clients planning, which historically, as you mentioned, like, really known as a life insurance company. Oftentimes, if we're not connecting to that next client or that the kid or grandkids of those clients, those assets have been leaving us in the past, and now we are really retaining those relationships. So that's creating, not only generational planning, but also generational wealth management businesses where we are connecting through the layers of advisors in our firms. We're growing in diversity. So as my office's first female managing director in over a 100 years, it's pretty exciting and important to me.

Sarah Walter [00:26:09]:

And we have, in my opinion, one of the most entrepreneurial leadership opportunities in the US Financial Services marketplace. I I still own my business. I'm not an employee of Northwestern Mutual. I represent Northwestern Mutual, and I get to grow the culture and the and connect with the people here that I that really see helping cast out the connect to the vision that I've casted. So that's pretty cool.

Leah Alter [00:26:34]:

It's really cool, and it's really just so inspiring to see you having grown and be thriving in basically something that you've created for yourself within an industry that's very structured. And I think that that is such a great lesson for any listening, certainly for us too which is you don't have to fit in a box. Like, you can create a career within this industry, that works for you that that, you're passionate about. And we are it is crystal clear how passionate you are, and, I just love that so much. Alright, Sarah. We ask every guest, what is the best career advice that you have received?

Sarah Walter [00:27:26]:

It's pretty simple for me. I'd say just be great where you're at. You can probably tell that I always have my eyes on the future. I wanna grow. I I always wanna be learning and challenging myself, but I also say no to protect the things that I've said yes to in the present and to be really good at the things that are right in front of me, the role that I'm currently in. When I've done that, the future has always come faster in a in a far greater way than I ever even imagined. So, yeah, I think that's the best advice I I've heard.

Joanna Ehresman [00:27:58]:

I love that. And, actually, now I'm reflecting on, am I doing that? Maybe I should do more of that. Like, versus always thinking and striving for the next thing. So, Sarah, this has been so much fun. Thank you for being here and sharing your story, and I feel like, you know, sharing the Northwestern Mutual story because, like, we were talking about I think I had probably the understanding of what what the organization was as of the early 2000, and just hearing how it's changed and grown and the opportunities there was really exciting. So if someone listening to the show wants to get in touch with you, what is the best way for them to find you?

Sarah Walter [00:28:34]:

Yeah. Well, thank you so much for having me. I really appreciate it. I'm on LinkedIn. You can find my me on my website. Email is probably the simplest to share, verbally. So sarah.walter@nmdot com, and I believe you'll have it in the show notes. So We thinking

Joanna Ehresman [00:28:50]:

that we can do. Yes. So we'll we'll make sure all of that is linked. We'll be tagging you on LinkedIn as well, but, it will be related to this episode here on the show on our website. And I wanna take a moment again to say thank you to our sponsor, Axtella, a network of firms that goes the extra mile for the next generation of women advisors and investors. For more information, visit them at go.axtella.com/womenshare. That's go.axtella.com/womenshare.

Leah Alter [00:29:20]:

And it flew by, but that is our show for today. And if ours is a mission that you want to share in, please subscribe to the show on whatever platform you love to listen to your podcasts. With that, I'm Leah Alter.

Joanna Ehresman [00:29:34]:

And I'm Joanna Ehresman, and we'll catch you on the next episode of WomenShare.