Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Alternatives to Northwestern Mutual

Explore comparable wealth management services with these four platform alternatives

Avatar

By

Shannon Terrell

Updated

Fact checked

Northwestern Mutual offers one-on-one access to financial advisers that can help streamline and automate your investment journey. But the service isn’t for everyone — its fee structure is unclear and you need a portfolio of at least $25,000 to get started. Compare your investment service options with these four Northwestern Mutual alternatives.

Northwestern Mutual alternatives

Empower

Empower

4.1 / 5 ★★★★★

Go to site
This investment platform offers up a unique combination of savings accounts, financial tools and wealth management services, but high portfolio minimums make it prohibitive. To be fair, Empower won't be the right fit for everyone. You need a sizable portfolio of at least $100,000 to qualify for its wealth management services. And while its fee structure is clear, it's not exactly the most competitive on the market — lower rates can be found with robo-advisors like Betterment and SoFi.
Account typesRobo-Advisor
Annual fee0.89% on balances up to $1,000,000
Available asset typesStocks, ETFs

Facet

Facet Financial Planning

Go to site
Gain access to one-on-one investment support with a financial adviser for a flat annual fee based on your investment needs. Facet specializes in advisory services — it doesn't actually offer investment accounts. Instead, it helps investors with their existing portfolios as long as they're willing to pay the cost of the service: $480 per year for access to a dedicated financial adviser and $800 per year for investment management services.
Account typesBrokerage, Retirement
Annual fee0%
Available asset typesStocks

TD Ameritrade

TD Ameritrade

4.4 / 5 ★★★★★

As one of the largest and best-equipped brokerages in the US, TD Ameritrade has plenty to offer both passive and active investors alike. TD Ameritrade has a little something for everyone: a robo-advisor for portfolios of $500 or more and wealth management services for portfolios of at least $25,000. Its management fees scale based on the size of your portfolio, with its most competitive rates reserved for investors with portfolios over $250,000.
Account typesBrokerage, Retirement, Education, Custodial, Specialty
Annual fee0%
Available asset typesStocks, Bonds, Options, Mutual funds, ETFs, Currencies, CDs, Futures, Forex, Treasury Bills

Betterment

Betterment

4.2 / 5 ★★★★★

This well-rounded robo-advisor offers competitive rates and no account minimums, so even those new to the game are welcome to sign up. Betterment is one of the better-equipped robo-advisors on the market. It offers a solid lineup of account options, tax-loss harvesting, automatic rebalancing and fractional shares.
Account typesRetirement, Robo-Advisor
Annual fee0.25% on balances up to $99,999
0.4% on balances of $100,000+
Available asset typesETFs, Cryptocurrency

Pros and cons of Northwestern Mutual

Northwestern Mutual’s financial planning has its perks, but there are several significant drawbacks to consider.

Pros

  • Dedicated human advisers. This platform’s wealth management service connects investors with one-on-one support from dedicated financial advisers.
  • Account variety. Northwestern Mutual’s advisers can help you manage a variety of investment accounts, including IRAs, 401(k)s and 529 plans.

Cons

  • Lack of transparency. Northwestern Mutual states that its fees are negotiated on a client-by-client basis — so you won’t know how much you’ll pay for its services until you’re well into the application process.
  • High minimum. To open an investment advisory account through Northwestern Mutual, you’ll need a portfolio of at least $25,000.

How to transfer your brokerage account

Ready to switch it up? The account transfer process will depend on which platform you plan to move to. For information specific to the Northwestern Mutual account transfer process, reach out to a rep during business hours and ask about applicable fees and next steps.
Here’s a look at the typical process:

  1. Contact your new broker to inform them of the transfer and provide them with your Northwestern Mutual account number.
  2. Complete any required transfer paperwork from your new broker. For accounts under $250,000, you may be asked to notarize your signature. For accounts over $250,000, you may be asked for a medallion signature guarantee.
  3. Submit your transfer paperwork to your existing broker.

The account transfer process typically takes between seven and 10 business days.

Compare financial advisory accounts

1 - 5 of 5
Name Product Minimum deposit Signup bonus
Vanguard Personal Advisor
Finder Rating: 3.8 / 5: ★★★★★
Vanguard Personal Advisor
$50,000
N/A
Financial advice powered by relationships, not commissions.
Go to site
More Info
Empower
Finder Rating: 4.1 / 5: ★★★★★
Empower
$100,000
N/A
Unlimited financial guidance plus optional professionally managed ETF portfolios.
Go to site
More Info
WiserAdvisor
Not rated yet
WiserAdvisor
$0
N/A
Compare top financial advisors matched to your specific needs.
Go to site
Datalign
Not rated yet
Datalign
$0
N/A
Get matched with a pre-screened financial advisor at no cost.
Go to site
Facet Financial Planning
Not rated yet
Facet Financial Planning
$0
Flat-fee financial guidance from a certified financial planner for between $$2,400 and $8,000 per year.
Go to site
loading

Paid non-client promotion. Finder does not invest money with providers on this page. If a brand is a referral partner, we're paid when you click or tap through to, open an account with or provide your contact information to the provider. Partnerships are not a recommendation for you to invest with any one company. Learn more about how we make money.

Finder is not an adviser or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.

More guides on Finder

Ask an Expert

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site